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Tax
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March 20, 2024
EU Floats Alternative To Unanimity As Bloc Eyes Growth
The European Commission floated an alternative Wednesday to unanimity voting on matters such as tax as it seeks to streamline the way the bloc reaches decisions amid talk of expanding the number of EU countries.
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March 20, 2024
IRS Grants Income Exclusion To Those Fleeing 6 Countries
Individuals who fled conditions in Ukraine, Belarus, Sudan, Haiti, Niger and Iraq after specific dates in 2023 can exclude foreign earned income, and can exclude or deduct housing costs, from gross income that year because of adverse conditions in the countries, the IRS said.
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March 20, 2024
Law360 Announces The Members Of Its 2024 Editorial Boards
Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.
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March 20, 2024
King & Spalding Adds Ex-PwC Tax Pro As Partner In NY
An experienced tax attorney has joined King & Spalding LLP in New York after working at PricewaterhouseCoopers LLP for six years.
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March 19, 2024
Chicago Voters Nix Tiered Rates On Real Estate Transfer Tax
Chicago voters rejected a contentious referendum Tuesday night that would have authorized the city to impose tiered real estate transfer tax rates including an increase for properties sold at $1 million and higher.
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March 19, 2024
UN Experts Aim To Finalize Tool For Model Treaty Updates
The United Nations' tax committee is aiming this week to finalize a tool to facilitate faster adoption of updates to its model tax treaty within bilateral negotiations, although some members remain skeptical about its usefulness, according to discussions Tuesday.
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March 19, 2024
Minn. BCBS Wants Toss Of DOL's $66.8M Tax Liability Suit
An insurance company is urging a Minnesota federal judge to toss a U.S. Department of Labor suit alleging the company improperly collected at least $66.8 million in state tax liability from plans it administered to pay in-network providers, arguing plans allowed the practice and participants weren't injured.
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March 19, 2024
Staffing Co. Owner Gets 4 Years For Hiring Untaxed Labor
The owner of a staffing company in Key West, Florida, that hired untaxed and unauthorized workers was sentenced by a Florida federal judge to four years in prison and ordered to pay $3.5 million in restitution to the U.S. government, according to court documents.
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March 19, 2024
GILTI Figures Into CFC Applicability Project, Official Says
The U.S. global intangible low-taxed income system is factoring into continuing Internal Revenue Service work on whether a tax code provision limiting corporations from offsetting income with net operating or other tax losses after ownership changes applies to controlled foreign corporations, an agency official said Tuesday.
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March 19, 2024
NC Panel Rules Nonprofit Not Entitled To Tax Exemption
A North Carolina manufactured home community doesn't qualify for a charitable tax exemption because providing land for housing units isn't considered equivalent to providing affordable housing for low-income individuals, the state appeals court ruled Tuesday.
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March 19, 2024
Md. House OKs Special Tax Rates For Vacant Property
Maryland would let the Baltimore city council and county governments in the state impose special tax rates on vacant or abandoned property under a bill passed by the House of Delegates.
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March 19, 2024
Fla. Judge Inclined To Grant CNN's Costs In Defamation Suit
A Florida judge said Tuesday he might trim parts of CNN's $320,000 request for attorney fees and costs incurred defending a defamation suit brought by a West Palm Beach pediatric heart surgeon but declined the doctor's request for a wholesale reduction.
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March 19, 2024
Colo. Panel OKs Expanding Historic Structure Tax Credit
Colorado would expand its tax credit for preservation of historic structures, reducing the age requirement for the properties, postponing the sunset of the credit and making other changes under legislation passed by the state House panel.
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March 19, 2024
EU Parliament Committees Approve AML Laws
Two European Parliament committees approved new anti-money laundering legislation Tuesday for the European Union to create a single rule book for all 27 EU countries and to establish a common enforcement authority.
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March 19, 2024
Md. House OKs Property Tax Credits For Residential Projects
Local governments in Maryland would be authorized to grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved by the state House of Delegates.
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March 18, 2024
Trump Can't Use Quasi-Advice Of Counsel Defense In NY Trial
Donald Trump cannot use an informal "presence of counsel" defense in the Manhattan district attorney's hush money case against him, a New York judge ruled Monday, rejecting a strategy that would have allowed the former president to blame his ex-attorneys without having to divulge details about the purported legal advice.
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March 18, 2024
NY Gov. Audits Pot Regulator After Troubled Rollout
New York Gov. Kathy Hochul on Monday announced an audit of the Empire State's embattled cannabis regulator to address the rocky implementation of the adult-use marijuana market, which has been plagued by delays, litigation and an explosion of unlicensed sellers.
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March 18, 2024
Justices Won't Review Dead Film Exec's IRS Summons
The U.S. Supreme Court on Monday denied a request from the daughter of a dead film executive to consider invalidating an IRS summons for her father's financial records, letting stand a Ninth Circuit decision that found the agency sought the records in good faith.
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March 18, 2024
Werfel Calls Online Biz Account Authentication A Challenge
Establishing an effective user authentication method for companies using online business tax accounts is a challenge for the Internal Revenue Service and the agency wants suggestions on how to do it, commissioner Daniel Werfel said Monday.
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March 18, 2024
Tennis Job No Reason To Slice 'Varsity Blues' Term, Feds Say
A tennis instructor job in New York is no reason to grant an early end to the home confinement portion of a sentence given to a former Georgetown University coach for his role in the "Varsity Blues" college admissions scandal, prosecutors told a Massachusetts federal judge Monday.
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March 18, 2024
Gov'ts Widely Back Building Capacity Of Tax Authorities
Building the skills and capacities of tax authorities to implement international tax standards should be a central focus of global tax cooperation at the United Nations for governments to gain revenue, officials from the U.S., the African Group and many others said Monday.
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March 18, 2024
Trump Says He Can't Secure Bond For $465M Fraud Judgment
Former President Donald Trump told a New York appellate court Monday that posting bond while he appeals a $465 million judgment against him and his business empire for allegedly defrauding banks and insurers is a "practical impossibility."
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March 18, 2024
Ore. Tax Court Rejects Valuation Corrections By County
The Oregon Tax Court agreed with a residential property owner that a county assessor's corrections of a valuation due to errors were not valid, restoring the valuation to the property's real market value before the corrections.
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March 18, 2024
Md. Senate OKs Letting Only Owners Appeal Tax Values
Maryland would allow property tax assessment appeals only by the owners of the properties in question under emergency retroactive legislation approved by the state Senate.
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March 18, 2024
Feds Want 12 Years For Ex-Broker In Fraud, Tax Case
A former mortgage broker whose decadelong fraud scheme tricked more than a dozen people out of $8 million and caused more than $3 million in tax losses should spend 12 and a half years in prison, the government told a Rhode Island federal court.
Expert Analysis
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Perspectives
A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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A Milestone For Offshore Wind In Maine
Recently signed legislation directing Maine to procure up to 3 gigawatts of offshore wind by 2040 offers indisputable promise that the state will soon welcome commercial-scale offshore wind development off its shores, says Joshua Rosen at Foley Hoag.
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Rebuttal
Mallory Ruling Doesn't Undermine NC Sales Tax Holding
Contrary to the conclusion reached in a recent Law360 guest article, the U.S. Supreme Court’s recent Mallory ruling shouldn't be read as implicitly repudiating the North Carolina Supreme Court’s sales tax ruling in Quad Graphics v. North Carolina Department of Revenue — the U.S. Supreme Court could have rejected Quad by directly overturning it, says Jonathan Entin at Case Western Reserve.
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Opinion
Calif. Policymakers Should Aid Crashing Cannabis Market
As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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Opinion
Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.
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Recalling USWNT's Legal PR Playbook Amid World Cup Bid
As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.
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Looking Behind The Curtain Of Residential Transition Loans
As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.
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IRS Criminal Probe Spells Uncertainty For Malta Pension Plans
The IRS’ recent scrutiny of Malta pension plan arrangements — and its unusual issuance of criminal administrative summonses — confirms that it views many of these plans as illegal tax evasion schemes, and the road ahead will not be smooth and steady for anyone involved, say attorneys at Kostelanetz.
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Perspectives
Mallory Gives Plaintiffs A Better Shot At Justice
Critics of the U.S. Supreme Court's recent decision in Mallory v. Norfolk Southern claim it opens the door to litigation tourism, but the ruling simply gives plaintiffs more options — enabling them to seek justice against major corporations in the best possible court, say Rayna Kessler and Ethan Seidenberg at Robins Kaplan.
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IRS Announcement Will Aid Cos. In Buyback Tax Planning
Recent IRS transitional guidance regarding current requirements for reporting and payment of the stock repurchase excise tax will help corporate taxpayers make decisions about records retention and establishing reserves for future tax payments, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.
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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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Opinion
Mallory Opinion Implicitly Overturned NC Sales Tax Ruling
The U.S. Supreme Court recently declined to review Quad Graphics v. North Carolina Department of Revenue, but importantly kicked the legs from under Quad's outcome a week later, stating in its Mallory decision that the high court has the prerogative to overrule its own decisions, says Richard Pomp at the University of Connecticut.