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Tax
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March 22, 2024
Colo. Water District Illegally Doubled Tax Rate, Panel Says
A water conservancy district violated the Colorado Constitution when it doubled its property tax rate without voter approval, a state appeals court ruled, reversing a lower court's decision against a proposed class of property owners.
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March 22, 2024
Colo. Mandates Multistate Online Insurance Tax Filing
Insurance companies in Colorado will be required to pay certain taxes through multistate third-party web-based application under legislation that Democratic Gov. Jared Polis signed into law Friday.
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March 22, 2024
3rd Circ. Says Tax Court Has Power To Tackle Debt Offset Case
A woman whose tax refunds were withheld by the Internal Revenue Service for five years to satisfy what the agency said was her underlying tax liability will get another chance to convince the U.S. Tax Court that the government was wrong, the Third Circuit ruled Friday.
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March 22, 2024
Holland & Knight Hires Caplin & Drysdale Member In DC
Holland & Knight LLP has boosted its Washington-based tax team, hiring a Caplin & Drysdale Chtd. member who first joined his former firm 25 years ago from the U.S. Department of the Treasury.
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March 22, 2024
Colo. Foreign Students Not Residents, Tax Dept. Says
A foreign student, intern or trainee temporarily in Colorado would not be considered domiciled in Colorado under the state's six-month rule and would not need to pay the state's income tax, the state tax department said.
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March 21, 2024
6th Circ. Probes Outside Firm's Outreach To Class Members
A Sixth Circuit judge suggested Thursday that there may be free-speech issues with an order barring outside attorneys from sending solicitation letters to potential class members poised to benefit from a pending settlement over Michigan counties' tax foreclosure practices.
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March 21, 2024
Trump's Mystery Docket: Inside NY's Secretive Filing System
The first criminal indictment of a former American president may have arrived in 21st century New York, but it landed in a court system stuck in the past — where the official record is a disorganized and incomplete mass of paper with no accounting of what's inside.
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March 21, 2024
UN Could Enhance Global Tax Agenda Setting, Officials Say
The United Nations could play an important role in shaping the agenda for global tax negotiations so it better reflects the priorities and concerns of developing countries, a variety of tax officials said Thursday during a conference.
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March 21, 2024
7th Circ. Won't Let Admitted Fraudster Ditch $1.3M Restitution
A woman who admitted to wire fraud in connection with a three-person scheme to file hundreds of false tax returns owes $1.3 million in restitution to the government, the Seventh Circuit ruled Thursday, rejecting the woman's claim that the amount was miscalculated.
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March 21, 2024
IRS Proposes Exceptions For 3rd-Party Summons Notices
The IRS proposed rules Thursday that would allow some exceptions to a requirement that the agency notify taxpayers within 45 days before issuing summonses to third parties in tax assessment and collection cases, including for certain time-sensitive examinations.
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March 21, 2024
Wyden Probes Swiss Bank's Ties To Billionaire Under Scrutiny
The Senate Finance Committee's Democratic majority launched an inquiry into Swiss bank Pictet Group's involvement with a U.S. billionaire under criminal investigation, raising questions about the bank's deferred prosecution agreement and $123 million fine by the U.S. Justice Department, committee Chairman Ron Wyden announced Thursday.
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March 21, 2024
DA Rips Trump For 'Wild' Accusations Over Late Documents
The Manhattan district attorney is pushing back on claims of misconduct from former President Donald Trump's legal team as the two sides spar over the late production of thousands of pages of documents that have cast doubt on the timing of his hush-money trial.
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March 21, 2024
H&R Block Challenges FTC Judges In False Ad Battle
H&R Block asked a Missouri federal court to stop administrative law judges from overseeing a Federal Trade Commission proceeding that accuses the tax preparation company of deceptive advertising, claiming the judges have job protections that unconstitutionally shield them from presidential oversight.
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March 21, 2024
ECJ Adviser Rejects Taxing Foreign Pension Funds Differently
Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.
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March 20, 2024
NY AG Scoffs At Trump's Claim Of 'Impossible' $465M Bond
The New York Attorney General's office on Wednesday disputed Donald Trump's claim that posting bond while he appeals a $465 million civil fraud judgment is a "practical impossibility," arguing the former president and his business empire haven't exhausted all avenues.
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March 20, 2024
NY High Court Revives Suit Against NYC Property Taxes
A lawsuit challenging the fairness of New York City's property tax system lives on, with New York's highest court finding a group's complaint sufficiently pleads causes of action against the city for violations of New York's Real Property Tax Law and the federal Fair Housing Act.
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March 20, 2024
IRS Asks Justices To Scrap Couple's Late-Filed Tax Court Suit
The IRS asked the U.S. Supreme Court to consider reversing the Third Circuit's revival of a couple's challenge to their tax bill, saying the appeals court incorrectly concluded that a 90-day deadline for petitioning the U.S. Tax Court need not always be met.
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March 20, 2024
How The Supreme Court Could Narrow Chevron
After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.
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March 20, 2024
OECD Reports More Compliance With Tax Treaty Standards
The Organization for Economic Cooperation and Development reported Wednesday that members of the group's inclusive framework — countries that have agreed to adopt minimum standards of an international anti-base erosion plan — have increased their compliance with the standard intended to prevent treaty shopping.
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March 20, 2024
IRS Withholding Docs On Partnership Audits, Baker Atty Says
The Internal Revenue Service has not responded to a request for documents pertaining to the agency's scrutiny of large partnerships and should be forced to disclose them, an attorney with Baker McKenzie told a D.C. federal court.
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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.
Expert Analysis
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What Justices' Loper Bright Ruling Will Mean For Chevron
The U.S. Supreme Court's recent decision to hear Loper Bright Enterprises v. Raimondo will ultimately have big consequences for agencies' interpretations of ambiguous statutory language, whether the court lets Chevron deference stand, overturns it entirely, or crafts a new contextual standard, say J. Michael Showalter and Samuel Rasche at ArentFox Schiff.
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State Payroll Taxes Need Remote Work Reforms
To alleviate employer confusion around remote employee payroll tax, lower enforcement costs and better compete for top talent, states should allow a specific number of remote work days without withholding, simplify their administrative requirements and coordinate their tax policy reforms, say attorneys at Miller Canfield.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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Cannabis Supercenters: Key Benefits And Legal Issues
Barstow, California’s novel plan to convert an abandoned mall into a cannabis supercenter could offer a potential blueprint for cannabis companies to thrive in a saturated market and for communities to repurpose underutilized retail spaces — but certain financing, zoning and leasing issues will need to be assessed, says Christopher Gordon at Fox Rothschild.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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Taxing The Digital Economy: The Good, The Bad And The Ugly
U.S. tech companies should watch for important developments in international taxation, including the resolution of Apple's decade-old state aid case, growing frustration with the Organization for Economic Cooperation and Development's global tax plan and adoption of the digital services tax instead, says Joyce Beebe at Rice University's Baker Institute for Public Policy.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.
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Kentucky Tax Talk: Pros, Cons Of The SALT Cap Workaround
Recent legislation that allows pass-through entities to be taxed at the entity level — Kentucky’s response to the federal cap on state and local tax deductions — could result in significant savings for taxpayers, but whether it applies to sole proprietorships and other aspects of the law are unclear, say attorneys at Frost Brown.
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Big Tax Changes For Multinational Cos. In Budget Proposal
The Biden administration’s fiscal year 2024 budget proposes changes that would materially alter decades-old Internal Revenue Code provisions, requiring a shift in multinational corporations' tax planning strategies comparable to that required after enactment of the Tax Cuts and Jobs Act, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.
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Opinion
Attorneys Should Have An Ethical Duty To Advance DEI
National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.
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SVB Collapse Reinvigorates Bank Accounting Debate
Silicon Valley Bank's sudden collapse revives questions over whether fair value or amortized cost accounting is the most appropriate for banks' financial reporting — a controversy that's crucial for understanding what information could have helped market participants better understand SVB's financial condition, say consultants at Analysis Group.
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Data-Driven Insights Are Key To Attracting Today's Clients
As law firm growth slows and competition for clients increases, modern firms must rely on robust data analytics to develop the sector-based expertise and industry insights that clients increasingly prioritize in relationships with counsel, says Lavinia Calvert at Intapp.
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Ghosting In BigLaw: Why Better Feedback Habits Are Needed
Not giving assignments or constructive criticism to junior associates can significantly affect their performance and hours, potentially leading them to leave the firm, but partners can prevent this by asking the right questions and creating a culture of feedback, says Rachel Patterson at Orrick.
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Get Ready For IRS Criminal Crackdown On Crypto
Recent developments at the IRS, from a new operating plan to the announcement of a centralized data center, signal that the agency is ramping up criminal enforcement against those using digital assets to evade tax liabilities — and given its high conviction rate, companies and individuals must prioritize compliance, say attorneys at BakerHostetler.
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Rebuttal
Law Needs A Balance Between Humanism And Formalism
A recent Law360 guest article rightly questions the pretextual pseudo-originalism that permits ideology to masquerade as judicial philosophy, but the cure would kill the patient because directness, simplicity and humanness are achievable without renouncing form or sacrificing stare decisis, says Vanessa Kubota at the Arizona Court of Appeals.