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Tax
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March 04, 2025
Dispensary Fights Counties' Extra Pot Tax In Mo. High Court
A Missouri appellate court correctly found that counties wrongfully imposed a 3% additional sales tax on cannabis sales that were already subject to tax by a local government, a dispensary told the state Supreme Court.
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March 04, 2025
NY Creates Framework For County Tax On Short-Term Rentals
New York established a framework for counties to impose tax on short-term rentals as part of a bill signed by Democratic Gov. Kathy Hochul.
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March 04, 2025
Trump's Mexico, Canada Tariffs To Face Legal Tests, Pros Say
President Donald Trump placed 25% tariffs on all goods from Canada and Mexico on Tuesday, citing drug trafficking as the core reason he used untested emergency tariff powers, a course of action that will face legal scrutiny, tax professionals told Law360.
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March 04, 2025
Trump Asks 2nd Circ. To Take Over Hush Money Appeal
President Donald Trump asked the Second Circuit to take over his New York state court appeal of his hush money conviction, saying the "extraordinary" case implicated official acts from his first term.
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March 04, 2025
Steptoe Boosts Trade Team With Ex-Trump White House Atty
Steptoe LLP said Monday it's strengthening its international trade and regulatory compliance practice with the addition of a former associate counsel to President Donald Trump who also worked at the Office of the U.S. Trade Representative.
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March 04, 2025
IRS Asks To Toss Abbott Labs' FOIA Action For Tax Records
Discovery limitations in a U.S. Tax Court case apply to documents related to an Internal Revenue Service investigation of Abbott Laboratories' transfer policies and thus mean that Abbott can't access them with a Freedom of Information Act request, the IRS told a D.C. federal court.
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March 04, 2025
IRS Crypto Summons Broke Privacy Law, 5th Circ. Told
The IRS failed to comply with privacy law in seeking a cryptocurrency executive's third-party bank records, the executive told the Fifth Circuit, saying the agency never notified his attorney even though it was aware he was represented by counsel.
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March 04, 2025
Ore. House OKs Extending Medical Provider Taxes
Oregon would extend the sunset on medical provider and insurance assessments, worth more than $5 billion over four years and used to help fund state healthcare programs, under legislation approved by the state House of Representatives.
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March 03, 2025
Mich. Homeowners Denied Cert. In RICO Foreclosure Suit
A Michigan federal judge followed a recent string of decisions denying class certification to homeowners who allege local governments profited from the sales of their tax-foreclosed property, rejecting Wayne County residents' attempt to certify a class of people who say a racketeering scheme stripped them of their foreclosed homes' surplus equity.
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March 03, 2025
Transparency Law Flouts Biz Owners' Privacy, Judge Says
A Michigan federal judge on Monday ruled the Corporate Transparency Act's beneficial ownership reporting requirements constitute an unreasonable intrusion into business owners' privacy, shortly after the U.S. Department of the Treasury said it was suspending enforcement of the embattled law.
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March 03, 2025
IRS' Hunter Biden Whistleblowers Seek Retaliation Probe
Two Internal Revenue Service agents who accused the U.S. Department of Justice of mishandling an investigation into former President Joe Biden's son Hunter Biden faced retaliation, they said in a complaint filed Monday with the Merit Systems Protection Board.
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March 03, 2025
EU Investigating Over $13B In VAT Fraud
While just 18% of all the European Public Prosecutor's Office fraud investigations that were open at the end of 2024 concerned value-added tax fraud, they accounted for over 50% of estimated damages to the EU budget — €13.15 billion ($16.7 billion) — it said Monday.
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March 03, 2025
Convicted Drexel Professor Gets 2 Years For Tax Evasion
A Drexel University accounting professor convicted on tax evasion charges for failing to report $3.3 million in income from a Trenton, New Jersey, pharmacy was sentenced to two years in federal prison on Monday, according to acting U.S. Attorney Vikas Khanna.
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March 03, 2025
Treasury Halts Enforcement Of Corporate Transparency Act
The U.S. Treasury Department won't enforce the Corporate Transparency Act on U.S. businesses and will change regulations so it only applies to foreign companies registered stateside, according to an announcement that activists said invites criminals into the U.S. and lawyers said could provoke judicial scrutiny.
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March 03, 2025
Holwell Shuster Atty Fights NJ Tax On Insurance Contribution
A Holwell Shuster & Goldberg LLP attorney asked the New Jersey Tax Court to cancel an income tax assessment from the state Division of Taxation that he argued erroneously included contributions to a former employer's healthcare plan in his taxable income.
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March 03, 2025
Colo. Says 1933 Dictionary Supports Netflix Subscription Tax
The plain meaning of tangible personal property has long encompassed Netflix streaming video subscriptions, Colorado's tax department told a state appeals court, urging it to allow a sales tax on the company's products.
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March 03, 2025
Eversheds Lands 12 Chamberlain Hrdlicka Tax Attys In Atlanta
Eversheds Sutherland has grown its Atlanta office by bringing on a dozen tax controversy attorneys from Chamberlain Hrdlicka White Williams & Aughtry PC, the firm announced Monday.
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February 28, 2025
Calif. Tribe Didn't Comply With Tobacco Laws, Judge Says
Federal tobacco regulators were justified in blocking the Twenty-Nine Palms Band of Mission Indians from shipping cigarettes after its wholesale products were resold to people without tribal affiliation, a California federal judge has ruled in a lawsuit that argued the concept of tribal sovereignty was being turned on its head.
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February 28, 2025
Mich. Justices Reject Credit Suisse's NOL Carryforward Bid
The Michigan Supreme Court on Friday denied Credit Suisse's bid to appeal a lower court's decision that barred the bank from straying from the federal method of determining taxable income to carry forward $21.3 million in losses on its state returns.
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February 28, 2025
FinCEN Delays Corporate Transparency Act Deadlines
The Financial Crimes Enforcement Network said it will not take any enforcement actions against companies failing to file or update their beneficial ownership information reports pursuant to the Corporate Transparency Act until an interim final rule becomes effective.
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February 28, 2025
Justices Asked To Review IRS Crypto Doc Seizure Case
A cryptocurrency investor who lost his challenge to the Internal Revenue Service's seizure of his account records has asked the U.S. Supreme Court for review, saying the 1976 legal doctrine that sank his case is outdated and fails to meet digital realities, including decentralized banking.
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February 28, 2025
Minn. Justices Send Golf Course Dispute Back To Tax Court
The Minnesota Supreme Court booted a county's property tax fight with the former owner of a golf course back to the state's tax court, saying the lower court's decision to keep the case alive was not a final order subject to review by the justices.
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February 28, 2025
China Signals Retaliation Following Extra 10% US Tariff
The Chinese government said Friday it will pursue additional "countermeasures" if President Donald Trump's administration follows through on plans to impose an extra 10% tariff on Chinese goods.
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February 28, 2025
Financial Adviser Denied Bond After Admitting $37M Tax Fraud
A Mississippi federal judge denied bond to a financial adviser who admitted promoting an illegal tax shelter involving royalty deductions that caused a $37 million tax loss, according to court documents.
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February 28, 2025
Taxation With Representation: Gibson Dunn, Skadden
In this week's Taxation With Representation, Blackstone acquires Safe Harbor Marinas, National Grid sells its green subsidiary in the U.S. to Brookfield, Apollo Global Management buys Bridge Investment Group Holdings Inc., and Teleflex splits into two publicly traded companies.
Expert Analysis
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Tracking Implementation Of IRA Programs As Election Nears
As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Takeaways From Justices' Redemption Insurance Decision
The U.S. Supreme Court’s recent decision in Connelly v. U.S. examines how to determine the fair market value of shares in a closely held company for estate tax purposes, and clarifies how life insurance held by the company to enable redemption of a decedent’s shares affects that calculation, says Evelyn Haralampu at Burns & Levinson.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Navigating New Safe Harbor For Domestic Content Tax Credits
The U.S. Department of the Treasury’s recent notice simplifying domestic content calculations for certain solar, onshore wind and battery storage projects, which directly acknowledges the difficulty for taxpayers in gathering data to support a domestic content analysis, should make it easier to qualify additional domestic content bonus tax credits, say attorneys at A&O Shearman.