Tax

  • June 18, 2025

    £20M Buybacks Weren't Mainly For Tax Benefit, UK Court Says

    Obtaining a tax advantage wasn't the main purpose of two businessmen arranging £20 million ($26.8 million) in share buybacks, despite that being the effect, so they aren't liable for an anti-avoidance action by HM Revenue & Customs, the U.K. Upper Tribunal said in overturning a lower court's ruling.

  • June 18, 2025

    Mushroom Farm Faces $6M Tax Liens Tied To Fraud Case

    A defunct Pennsylvania mushroom farm failed to pay the outstanding balance in a payroll tax fraud case that sent its owner to jail last year and owes more than $6 million worth of tax liens, the U.S. Department of Justice told a federal court.

  • June 18, 2025

    Mich. Housing Co-Op Suit On Hold After Disclosure Exemption

    A Michigan federal judge hit pause on a lawsuit from a group of housing cooperatives to escape requirements of the Corporate Transparency Act after the Financial Crimes Enforcement Network said it would give U.S.-based entities a break from the rules.

  • June 18, 2025

    Okla. Apartments Not Subject To Property Tax Bump Transfer

    An Oklahoma apartment complex is not subject to the county's increased tax assessment that is allowed when a property's title is transferred just because the limited partnership that owns the complex changed ownership, the state Supreme Court ruled. 

  • June 17, 2025

    Baker Tilly Hit With Investor Suit Over Failed LA Projects

    Two investors have sued accounting firm Baker Tilly US LLP, its subsidiary Squar Milner LLP, a Los Angeles developer and others in California state court, accusing them of deceiving the investors on a pair of real estate projects that ultimately failed.

  • June 17, 2025

    Ill. Increases Sports Betting, Tobacco Tax And Taxes Airbnbs

    Illinois increased its tax on sports betting and tobacco products and extended its tax on hotel operators to include short-term rentals like Airbnbs and Vrbos under a budget bill approved by the governor.

  • June 17, 2025

    Ill. Toy Makers Seek Justices' Early Review Of Trump Tariff Suit

    Illinois-based toy makers challenging President Donald Trump's emergency tariffs on Tuesday requested the U.S. Supreme Court consider their case before it is reviewed by the D.C. Circuit, arguing a stay to an injunction is allowing duty collections to continue and is damaging the companies.

  • June 17, 2025

    Commodities Scheme Operator Gets 65 Years, Owes $75M

    The operator of a commodities scheme who evaded taxes and stole precious metals from his clients was sentenced to 65 years in prison and ordered to pay more than $75 million in restitution Tuesday by a Delaware federal court that also denied his request for a new trial.

  • June 17, 2025

    DOJ Seeks 5 Years, $10M For Fla. Man Hiding Swiss Accounts

    A Miami man who lied to authorities and others for decades about his Swiss bank accounts should pay $10.3 million in unpaid taxes and face a maximum five-year prison sentence based on his plea agreement, the U.S. Department of Justice told a Florida federal court.

  • June 17, 2025

    Democrats Probe Palantir About IRS Taxpayer Database

    Ten Democratic lawmakers demanded information Tuesday from the head of Palantir Technologies Inc. about media reports that the software company is working with the IRS to create a searchable database containing sensitive taxpayer information — claims the company denied almost immediately.

  • June 17, 2025

    Ex-Hoboken Official Gets 2 Years For $450K Embezzlement

    A former Garden State municipal official was sentenced to 24 months in federal prison after pleading guilty to embezzling hundreds of thousands of dollars from city programs and filing false tax returns, federal prosecutors announced Tuesday.

  • June 17, 2025

    Senate Bill Could Hike Taxes On Litigation Funding Profits

    Sen. Mike Crapo, R-Idaho, chair of the Senate Finance Committee, released the committee's budget reconciliation proposal Monday evening, which includes proposed reforms to third-party litigation funding.

  • June 17, 2025

    Sam's Club $310M Tobacco Tax Bill OK'd By Ill. Appeals Panel

    A Sam's Club outlet in Illinois was correctly assessed $310 million for its failure to pay county tobacco taxes on cigarettes it sold to out-of-county retailers, a state appeals panel said in a judgment, reversing a circuit court decision.

  • June 17, 2025

    Judge OKs Deal To End LeClairRyan Founder Tax Claims

    A Virginia bankruptcy judge Tuesday approved a settlement striking LeClairRyan PLLC founder Gary LeClair from the list of owners of the defunct firm, relieving him of responsibility for a share of the firm's nearly $21 million in tax liabilities.

  • June 16, 2025

    US, UK Reach Trade Deal On Cars; Steel Tariffs Still Unresolved

    President Donald Trump signed an order Monday enshrining the nation's new trade deal with U.K. governments under which the U.S. agreed to slash tariffs on 100,000 imported U.K. automobiles and auto parts, while eliminating tariffs on certain aerospace products but leaving steel and pharmaceuticals tariffs for future negotiations.

  • June 16, 2025

    Fla. Investor Exploited Puerto Rico Law To Avoid $7M Tax Bill

    A Miami-Dade County investor has pled guilty to filing a false tax return with the Interanl Revenue Service in an attempt to shield $30 million in trading proceeds from capital gains taxes by moving to Puerto Rico and retroactively changing the status of his company to an S corporation.

  • June 16, 2025

    Book Profits Much Higher Than Taxable Income, Paper Says

    Companies report about three to four times higher profits on financial statements for investors compared with the taxable income they report to authorities, a phenomenon most prevalent among multinational corporations, which suggests book profits underestimate profit shifting, the EU Tax Observatory said Monday.

  • June 16, 2025

    Finance Influencer Admits To Tax Fraud In $20M Ponzi Scheme

    An Ohio social media finance influencer pled guilty to wire fraud and abetting a false tax filing tied to a $20 million real estate Ponzi scheme he was operating between 2019 and 2023, the U.S. Department of Justice said.

  • June 16, 2025

    Trump Eyes Trade Deal With Canada During G7 Summit Talks

    President Donald Trump said at the G7 summit Monday that he would work with Canadian Prime Minister Mark Carney to reach a trade deal, raising the possibility that an agreement could be struck before the multilateral meeting concludes.

  • June 16, 2025

    Wealth Taxes, End Of Profit Shifting Worth $2.6T, Group Says

    World governments could raise about $2.6 trillion annually, more than enough revenue to finance most climate-related needs, if they collectively adopted low-rate wealth taxes beginning with the richest 0.5% and stopped multinational corporations from shifting profits, the Tax Justice Network said Monday.

  • June 16, 2025

    Microcaptive Seller Agrees To Pay IRS Promoter Penalties

    A California-based insurance provider agreed to pay the Internal Revenue Service penalties for setting up microcaptive policies between 2005 and 2012 that the U.S. Tax Court had ruled in 2019 were insurance arrangements that did not deserve a favorable tax treatment, the IRS announced Monday. 

  • June 16, 2025

    ESOP Urges Court To Keep IRS Rule Challenge Alive

    An employee stock ownership plan and its related parties urged a Wisconsin federal court Monday not to toss their case against the IRS alleging the agency targeted them with additional tax reporting rules, saying the lawsuit does not illegally stop the agency from collecting taxes.

  • June 16, 2025

    Ind. Net Revenue Through May Falls $28M Short Of Forecast

    Indiana's net revenue collection from July through May missed a target by $28 million, a state agency reported.

  • June 16, 2025

    Massachusetts Home Overvalued By $25K, Board Says

    A local assessment of a Massachusetts home lacked persuasive value, a state tax board said, reducing the property's valuation by $25,000.

  • June 13, 2025

    State Dept. Layoffs Still Violate Injunction, Judge Says

    A California federal judge said Friday that planned staff reductions at the State Department would violate her injunction blocking President Donald Trump's executive order directing layoffs at federal agencies, saying she's not persuaded by the government's assertion that the department's reorganization was underway before the order.

Expert Analysis

  • 10 Soft Skills Every GC Should Master

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    As businesses face shifting regulatory and technological uncertainty, general counsel will need to strengthen certain soft skills to succeed, from admitting when they make a mistake to maintaining a healthy dose of dispassion, says Douglas Brown at Manatt.

  • An Unrestrained, Bright-Eyed View Of Legal AI's Future

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    Todd Itami at Covington offers a bright-eyed, laughing-all-the-way, skydive look at what the legal industry could look like after an artificial intelligence revolution, which he believes may happen much sooner and more dramatically than we expect.

  • Tracking The Evolution In Litigation Finance

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    Despite continued innovation, litigation finance remains an immature market with borrowers recieving significantly different terms as lenders learn to value cases, which firms need a strong handle on to ensure lending terms do not overwhelm collateral value, says Robert Wilkins at Lightfoot Franklin.

  • Series

    Volunteer Firefighting Makes Me A Better Lawyer

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    While practicing corporate law and firefighting may appear incongruous, the latter benefits my legal career by reminding me of the importance of humility, perspective and education, says Nicholas Passaro at Ford.

  • Tax Takeaways From Georgia's 2025 Legislative Session

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    Attorneys at Eversheds Sutherland discuss tax-related measures passed by the Georgia Legislature during the session that adjourned on April 4, which included a decrease in income tax rates, an extension of the time in which to a protest tax assessment and cleanup provisions related to launching the state’s new tax court next year.

  • E-Discovery Quarterly: The Perils Of Digital Data Protocols

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    Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can lead to significant inefficiencies, say attorneys at Sidley.

  • Maximizing Exemptions Before TCJA Rides Into The Sunset

    Excerpt from Practical Guidance
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    Individuals with taxable estates can optimize the benefits of estate planning strategies like spousal lifetime access trusts by setting them up before increases in estate and gift tax exemptions under the 2017 Tax Cuts and Jobs Act sunset in January, say attorneys at Katten.

  • Series

    Law School's Missed Lessons: Preparing For Corporate Work

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    Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.

  • A Cold War-Era History Lesson On Due Process

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    The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.

  • Series

    Improv Makes Me A Better Lawyer

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    Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.

  • How BigLaw Executive Orders May Affect Smaller Firms

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    Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.

  • Opinion

    Lawsuits Shouldn't Be Shadow Assets For Foreign Capital

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    Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.

  • How To Accelerate Your Post-Attorney Career Transition

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    Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.

  • Tariffs And FCA Create Perfect Storm For Importers

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    The Trump administration's aggressive tariff policies pose a high risk to certain importation practices that are particularly likely to trigger False Claims Act enforcement, say attorneys at Jeffer Mangels.

  • Opinion

    US Reassessment Of OECD Tax Deal Is Right Move

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    The wholesale U.S. reevaluation of the Organization for Economic Cooperation and Development's global tax deal ordered by President Donald Trump is a positive step that could ultimately create a more durable international tax system, says Anne Gordon at the National Foreign Trade Council.

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