Tax

  • November 26, 2020

    OECD To Deliver Cryptoasset Reporting Standard In 2021

    The Organisation for Economic Cooperation and Development will probably complete an information standard on crypto-assets next year, the top tax official for the 37-nation standards setter told Law360 Thursday.

  • November 25, 2020

    Ex-SCANA CEO Cops To Fraud In Nuke Plant Plans Debacle

    The former CEO of South Carolina utility company SCANA Corp. pled guilty to federal and state charges of fraud stemming from his role in an alleged plot in which the company misled investors about plans for a $9 billion nuclear power plant expansion.

  • November 25, 2020

    Danish Gov't Fires Back At Bid To Toss $2.1B Tax Fraud Suit

    Denmark's government urged a Manhattan federal judge not to toss its enhanced $2.1 billion tax refund fraud suit, arguing the claims are timely and that counterclaims should be rejected on the same grounds the court denied an initial dismissal bid.

  • November 25, 2020

    Manhattan DA Takes Manafort Case To NY's Highest Court

    Manhattan District Attorney Cyrus Vance is moving forward with appealing the dismissal of state fraud charges against former Trump campaign chairman Paul Manafort to New York's highest court, after two lower courts agreed the indictment should be dismissed on double jeopardy grounds.

  • November 25, 2020

    Coronavirus Regulations: A State-By-State Week In Review

    Ahead of the long weekend, when Americans are most known for gathering and traveling, Thanksgiving-minded governors laid down more restrictions as COVID-19 cases continued surging over the past week.

  • November 25, 2020

    Intuit Will Ditch Credit Karma Tax Biz To Save $7.1B Deal

    Intuit will have to sell off Credit Karma's tax business to win the U.S. Department of Justice's blessing for its $7.1 billion acquisition of the credit reporting upstart, the agency revealed Wednesday.

  • November 24, 2020

    Minn. Gov. To Float COVID-19 Tax Relief In Special Session

    Minnesota's governor on Tuesday proposed tax credits for food donations as part of a package of novel coronavirus relief options, but said a proposal to forgive sales tax for businesses could present challenges.

  • November 24, 2020

    Coinbase Ditches 1099-K Form For Next Year

    Coinbase Inc., which is a virtual currency exchange, will not provide Forms 1099-K to its U.S.-based customers next year, the company said in updated guidance published Tuesday. 

  • November 24, 2020

    SG Tells Justices Calif. Donor Privacy Law Unconstitutional

    A federal appeals court erred in upholding a California law requiring charitable organizations to disclose tax information about their largest donors because it infringes on the First Amendment right of association, the U.S. solicitor general told the U.S. Supreme Court.

  • November 24, 2020

    OECD To Hear Public Comments On Tax Project In January

    The Organization for Economic Cooperation and Development will hold online public consultations on the most recent drafts of its proposals to overhaul the global tax system in mid-January, an OECD official said Tuesday.

  • November 24, 2020

    Pa. Retailers Accused Of Wrongly Charging Tax On Masks

    Several Pennsylvania retailers and big-box stores, including Walmart and Home Depot, wrongly charged sales tax on tax-exempt protective face masks and face coverings, claimed a proposed class action filed in a state court.

  • November 23, 2020

    IRS Nixes Purpose-Or-Use Test In Final Like-Kind Rules

    The Internal Revenue Service will not subject property to a purpose-or-use test when determining like-kind exchange eligibility, the agency clarified Monday in final like-kind exchange regulations, thus undoing a provision previously included in proposed rules. 

  • November 23, 2020

    Texas Panel Affirms Tax, Fraud Penalty On $4.8M Plane Buy

    A Texas appellate court upheld a tax assessment and fraud penalty on a company's purchase of a $4.8 million airplane, finding the corporation presented false information while seeking to qualify for a tax exemption.

  • November 23, 2020

    OECD Says 18 Jurisdictions' Tax Practices Now Meet Standard

    Eighteen jurisdictions have improved their tax practices to where they're no longer deemed harmful and now meet an international standard for combating corporate tax abuse, the Organization for Economic Cooperation and Development said Monday.

  • November 23, 2020

    South Dakota Pot Legalization Fought In Court After Passage

    South Dakota's ballot measure broadly legalizing marijuana — which passed with 54% of the vote — is the latest to face a challenge in court after law enforcement officers sued, challenging the measure's validity.

  • November 23, 2020

    Feds Want Former Chicago Alderman In Prison For Tax Crimes

    A former Chicago alderman previously convicted of tax fraud should serve prison time for admitting to dodging taxes on a settlement distribution he illicitly received, the U.S. government told an Illinois federal court.

  • November 23, 2020

    Ex-Fed Chair Yellen Is Biden's Pick For Treasury Secretary

    President-elect Joe Biden is expected to announce former Federal Reserve Chair Janet Yellen as his nominee for Treasury secretary, picking the esteemed economist to become potentially the first woman to serve in the key Cabinet position, according to media reports on Monday.

  • November 20, 2020

    NY Judge Orders Args In AG's Trump Probe Doc Dispute

    A New York judge Friday ordered oral arguments to be held next month in a dispute over subpoenas to entities related to President Donald Trump's businesses, part of the state attorney general's probe over whether Trump inflated his asset values.

  • November 20, 2020

    Taxation With Representation: Wachtell, Kirkland, Latham

    In this week's Taxation With Representation, Home Depot acquires HD Supply for $8 billion, pharmaceutical company China Biologic is valued at $4.8 billion, and Simon Property Group Inc. inks a new $3 billion deal for Taubman Centers Inc.

  • November 20, 2020

    Tax Authorities Breaking EU Payment Rule, Commission Says

    Tax authorities in the European Union are violating a rule that requires them to allow citizens to make cross-border payments to settle tax bills, an EU commissioner said in a letter to a Belgian member of the European Parliament. 

  • November 20, 2020

    Amazon Loses Bid To Lower Wash. Warehouses' $133M Tax Value

    Amazon lost its challenge to lower the combined $133 million valuation of two warehouses near Seattle after the state Board of Tax Appeals rejected the online retail giant's argument that a county board of equalization erred in its valuation.

  • November 20, 2020

    IRS Proposes Exceptions To Partnership Audit Rules

    The Internal Revenue Service outlined several circumstances in which the agency would forgo applying its centralized partnership audit rules, in a set of proposed regulations the U.S. Department of the Treasury made available Friday. 

  • November 20, 2020

    DC Circ. Won't Rethink OK'ing FERC Pipeline Tax Policy Shift

    The D.C. Circuit won't revisit its July decision backing a Federal Energy Regulatory Commission policy that ends an income tax allowance for pipeline master limited partnerships, unconvinced by a pipeline developer's arguments that the commission didn't follow the right process when it enacted the policy.

  • November 20, 2020

    3 EU States Push To Ready A No-Deal Brexit As Talks Stall

    European Union post-Brexit trade talks with the U.K. remained stuck over crucial questions such as competition and dispute resolution on Friday, as France, Belgium and The Netherlands pressed to step up EU preparations for a disruptive no-deal departure by Britain.

  • November 19, 2020

    NJ Pot Regs Bill Advances Despite Social Equity Concerns

    New Jersey lawmakers on Thursday advanced legislation that creates a regulated system for selling adult-use recreational marijuana, despite objections by advocates and industry leaders who say that the measure's social justice provisions are too weak.

Expert Analysis

  • Opinion

    NY Right To Investigate Trump Consulting Fees For Tax Fraud

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    New York authorities correctly put aside political considerations and took the appropriate first step in any tax fraud investigation by seeking bank and corporate records to investigate potential connections between Trump Organization write-offs and income mirrored by Ivanka Trump's consulting company, says Daren Firestone at Levy Firestone.

  • Ethics Reminders As Employees Move To Or From Gov't

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    Many organizations are making plans for executives to go into government jobs, or for government officials to join a private sector team, but they must understand the many ethics rules that can put a damper on just how valuable the former employee or new hire can be, say Scott Thomas and Jennifer Carrier at Blank Rome.

  • NJ Cannabis Strides Highlight Nearby States' Need To Legalize

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    As New Jersey's ballot measure approving adult-use cannabis gives the state a strong head start in the race to legalization, neighboring states Pennsylvania, New York and Connecticut need to move quickly to follow suit or risk losing out on significant cannabis tax revenue, say attorneys at Saul Ewing.

  • Carbon Capture Policy Should Be Aligned For Global Adoption

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    With support from both Republicans and Democrats, carbon capture, utilization and storage technology as a tool for decarbonization may be poised for domestic growth — but the U.S. and the European Union must coordinate their policies to promote a global approach, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

  • A Key To Helping Clients Make Better Decisions During Crisis

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    As the pandemic brings a variety of legal stresses for businesses, lawyers must understand the emotional dynamic of a crisis and the particular energy it produces to effectively fulfill their role as advisers, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • How Federal, State Plans Could Bring Carbon Capture To US

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    Proposals from President-elect Joe Biden, a pair of bills currently pending in Congress and a low-carbon fuels program in California provide insights into how carbon capture, utilization and storage technology could be integrated into the fight against climate change in the U.S., say Hunter Johnston and Jeff Weiss at Steptoe.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • EU Climate Goals Are Hard To Reach Without Carbon Capture

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    The European Union's failure to fully embrace blue fuels, produced using carbon capture, utilization and storage technologies, may hinder the region's pursuit of its aggressive decarbonization goals, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Carbon Capture Tech Offers A Fast Path Toward Climate Goals

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    To meet ambitious climate goals, the U.S., EU and other developed nations must immediately start reducing carbon emissions from fossil fuels, which policymakers can encourage by supporting carbon capture, utilization and storage technologies, say Hunter Johnston and Jeff Weiss at Steptoe.

  • Opinion

    Colo. Tax Vote Offers Insights On Framing Policy

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    Colorado residents’ recent decision to incrementally lower the state income tax rate shows that voters may not consider overarching consequences for infrastructure and services when presented with the opportunity for even a modest tax cut without a specific negative impact, says Trey Rogers of the Denver Metro Chamber of Commerce.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Opinion

    Legal Defense Fund Donations Should Get Gift Tax Treatment

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    Contributions to legal defense funds, which may be used to finance litigation related to the governmental transition, should be treated as gifts instead of income for tax purposes to avoid protracted, politically weaponized litigation, and remain consistent with a government-ethics approach, says Robert Rizzi at Steptoe & Johnson.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

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