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Tax
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May 08, 2024
DOD Trucking Contractor Owner Indicted On $1M Tax Evasion
The owner of a trucking company that hauled military supplies for the U.S. Department of Defense tried to evade more than $1 million in taxes partly by using a nominee company headed by her former dispatcher, according to an indictment by a federal grand jury in Ohio.
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May 08, 2024
Colo. Lawmakers OK Historic Structure Tax Credit Extension
Colorado's tax credit for rehabilitation of historic structures would be extended and apply to structures as young as 30 years old under legislation approved by the Senate and headed to the governor.
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May 07, 2024
LA Cannabis Co. Owes $216K In Taxes, City Says
Los Angeles has slapped a Venice cannabis shop with a lawsuit accusing it of shirking a more than $200,000 tax obligation, asking a state court for to force the dispensary to pay up.
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May 07, 2024
Tax Software Co. Still Can't Trim Rival's Trade Secrets Suit
A corporate-focused tax preparation software company still can't pare back a suit alleging that it poached workers from its rival's recently acquired company, a Pennsylvania federal judge ruled Tuesday.
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May 07, 2024
6th Circ. Considers Rebooting Crypto Reporting Challenge
Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.
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May 07, 2024
Industry Groups Suggest Changes To Aussie Reporting Rules
A coalition of global fund industry associations asked Australia to further amend its proposal for public country-by-country tax data reporting by including, among other measures, a provision that would allow companies to withhold sensitive information, according to a letter released Tuesday by the U.S. Treasury Department.
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May 07, 2024
Colo. House OKs Conservation Easement Tax Break Extension
Colorado would extend its conservation easement tax credit through 2031 and raise its statewide annual cap on available credits under legislation approved Tuesday by the state House of Representatives.
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May 07, 2024
India High Court Says Biz's Tax Refunds Can't Be Held Back
Indian tax authorities must refund value-added taxes of 225 million rupees ($2.7 million) to a business instead of withholding them to offset future tax liabilities, the country's top court ruled.
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May 07, 2024
Employment Agency Owner Admits Hiding $10M In Income
The owner of a temporary employment agency pled guilty to filing false federal business tax returns to conceal more than $10 million in corporate income, the U.S. Department of Justice announced Tuesday.
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May 07, 2024
NC Firm Beats Appeal In Fee Fight With Fla. Client
A North Carolina state appeals court on Tuesday affirmed a lower court's denial of a motion to dismiss a breach-of-contract lawsuit filed by Raleigh-based law firm Wilson Ratledge PLLC, agreeing the fee dispute with two Florida-based companies falls under the state court's jurisdiction.
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May 07, 2024
Colo. Senate Approves Property Tax Cuts
Colorado would extend temporary property tax rate reductions into 2024 and set lower rates for future years under bipartisan legislation passed Tuesday by the state Senate that is forecast to save property owners nearly $1 billion in its first year if enacted.
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May 07, 2024
Stormy Daniels Tells NY Jury 'Fear' Drove Hush Money Deal
Adult film star Stormy Daniels detailed for a Manhattan jury on Tuesday how a sexual encounter with Donald Trump in 2006 led to an alleged $130,000 hush money payment in 2016, describing how it was "fear and not money" that led her to make the deal.
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May 07, 2024
Coverage Recap: Day 9 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day nine.
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May 06, 2024
Trump's NY Jury Sees Paper Trail From Alleged Cover-Up
New York prosecutors began the third week of Donald Trump's criminal trial on Monday with a parade of documents demonstrating in minute detail how the former president allegedly misbranded hush money reimbursements as legal fees after the 2016 election.
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May 06, 2024
Unclaimed Property Class Action Against Pa. Treasurer Axed
A Pennsylvania federal judge has tossed a potential class action challenging the constitutionality of the state's unclaimed property law, finding that the state treasurer doesn't have to pay interest on property that was otherwise abandoned.
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May 06, 2024
NJ Justices Erase Gov't Workplace Probe Confidentiality Rule
The New Jersey Supreme Court on Monday struck down part of a state statute that directs investigators to request, but not require, confidentiality in discrimination or harassment investigations involving state workers, ruling the provision still reached too far and chilled protected speech.
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May 06, 2024
Japan Floats Top Seat For Small Islands At UN Tax Convention
The United Nations committee responsible for negotiating a framework convention on tax should have a co-chair for small island states in a subgroup that leads drafting of proposals, Japan's government said Monday.
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May 06, 2024
Coverage Recap: Day 8 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day eight.
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May 06, 2024
Clifford Chance Continues 2024 Growth In New York, Houston
Clifford Chance continued its recent aggressive expansion by growing its Houston and New York offices with two attorneys specializing in energy, taxation and mergers and acquisitions, bringing the firm's lateral hires up to 10 attorneys in 2024.
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May 06, 2024
Trump Media Hires Auditor To Replace Firm Accused Of Fraud
Trump Media and Technology Group Corp. has hired a new auditor, replacing its predecessor firm, which was permanently suspended by securities regulators Friday for alleged "massive fraud" regarding its work with hundreds of clients, according to a filing Monday.
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May 06, 2024
NY Judge Holds Trump In Contempt Again, Threatens Jail
Donald Trump was once again slapped with criminal contempt and a fine on Monday after the New York judge presiding over his hush money case found that he violated a gag order for the 10th time, explicitly warning that further violations could land the former president in jail.
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May 04, 2024
IRS Seeks More Info On Purpose Test In Buyback Tax Regs
The IRS is seeking more information on fine-tuning a test in proposed rules on the stock buyback tax meant to assess whether the principal purpose of a U.S. subsidiary's funding purchase of its foreign parent's stock is to avoid the tax, an agency attorney said Saturday.
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May 03, 2024
Hope Hicks Tells Jury Of 'Access Hollywood' Tape Fallout
Hope Hicks, a former senior aide to Donald Trump, took the witness stand Friday in the former president's Manhattan hush money trial and described the fallout during the 2016 campaign after the release of the notorious "Access Hollywood" video and as word of his alleged extramarital affairs began to spread.
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May 03, 2024
Gannett Can't Dodge Tax Firm's Defamation Case
Gannett Co. can't escape a defamation case accusing it of writing misleading articles saying Ryan LLC, a tax services and technology firm, engaged in shady business practices, a Texas appeals court ruled, finding the media giant isn't shielded from the claims by the Lone Star State's anti-SLAPP law.
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May 03, 2024
Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told
Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.
Expert Analysis
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New Hydrogen Regulations Show The Need For IP Protections
The introduction of hydrogen regulations, such as the IRS' proposed tax credit for clean hydrogen under the Inflation Reduction Act, are reshaping the competitive landscape, with intellectual property rights an area of increased emphasis, say Evan Glass and James De Vellis at Foley & Lardner.
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DC's Housing Tax Break Proposal: What's In It, What's Missing
Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Opinion
Biden Admin's March-In Plan Would Hurt Medical Innovation
The Biden administration's proposal to reinterpret the Bayh-Dole Act and allow the government to claw back patents when it determines that a commercialized product's price is too high would discourage private investment in important research and development, says Ken Thorpe at the Rollins School of Public Health.
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Class Actions At The Circuit Courts: February Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five notable circuit court decisions on topics from property taxes to veteran's rights — and provides key takeaways for counsel on issues including class representative intervention, wage-and-hour dispute evidence and ascertainability requirements.
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US-Chile Tax Treaty May Encourage Cross-Border Investment
Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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How 3 New Laws Change Calif. Nonprofits' Legal Landscape
Legislation that went into effect on Jan. 1 should be welcomed by California’s nonprofit organizations, which may now receive funding more quickly, rectify past noncompliance more easily and have greater access to the states’ security funding program, say Casey Williams and Brett Overby at Liebert Cassidy.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Planning A Defense As IRS Kicks Off Sports Losses Campaign
Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.
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What New Calif. Strike Force Means For White Collar Crimes
The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Deferral Pointers For Employers After $700M Ohtani Deal
Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.