Tax

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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.

  • 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.

  • March 18, 2024

    Mass. Condo Owners Didn't Prove Property Was Overvalued

    Two Massachusetts property owners failed to prove their condominium was overvalued in the 2022 tax year because they didn't account for differences in the comparable properties they offered, the state tax board said in a decision released Monday.

  • March 15, 2024

    Colo. Judge Iffy On State's Logic For Netflix Sales Tax

    A Colorado state judge Friday seemed skeptical of the state's arguments for why a Netflix subscription should be subject to sales tax, commenting that she has no illusions of owning "Bridgerton" when streaming the show online.

  • March 15, 2024

    Colo. OKs Local-Option Property Tax Credits

    Local governments in Colorado will be authorized to grant property tax incentives to encourage improvement in areas of local concern under legislation signed into law Friday by Democratic Gov. Jared Polis.

  • March 15, 2024

    Ohio Ambulance Co. Says HR Firm Botched Tax Returns

    An Ohio ambulance company accused its human resources management firm of failing to accurately prepare and submit amended tax returns that would have allowed the company to claim pandemic-era tax credits, according to a complaint filed in an Ohio federal court.

  • March 15, 2024

    Justices Told Estate Incorrectly Taxed On Insurance Payout

    The federal government's argument that the $3.5 million in life insurance proceeds a company used to redeem a deceased owner's shares increased both the company's value and its dead owner's estate tax liability ignores "economic reality," the estate told the U.S. Supreme Court on Friday.

  • March 15, 2024

    IRS Asked To Change Effective Date In Part-Time Worker Rule

    The effective date for proposed IRS rules on participation of long-term, part-time employees in retirement plans would violate administrative law if not changed in final regulations, an attorney speaking for a benefits organization told the agency and the U.S. Treasury Department at a hearing Friday.

  • March 15, 2024

    Trump's NY Trial Delayed After Late Document Dump

    A New York judge on Friday postponed for at least several weeks the Manhattan district attorney's hush money trial against Donald Trump, citing a last-minute deluge of discovery from federal prosecutors.

  • March 15, 2024

    Feds Want 6 Years For 'Poster Boy' Of Mass. Police Corruption

    Boston federal prosecutors have recommended nearly 6 years in prison for a former Massachusetts trooper who they say is the living embodiment of police misconduct in light of his trial convictions for stealing overtime pay, lying on his taxes and cheating to get student financial aid for his son.

  • March 15, 2024

    Attys, Broker Fight For Advice-Of-Counsel Defense In Tax Trial

    Two St. Louis attorneys and a North Carolina insurance agent staring down criminal tax charges in North Carolina federal court said the government can't prevent them from relying on advice-of-counsel defenses at their upcoming trial, arguing they've handed over all the information prosecutors need to prepare.

  • March 15, 2024

    DOL Says PBGC Overpayment Returns Don't Violate ERISA

    The U.S. Department of Labor's employee benefits arm says it won't take enforcement action against pension plans that return overpayments made by the nation's pension backstop agency during the COVID-19 pandemic, as Congress continues to probe an accidental $127 million overpayment to a Teamsters plan.

  • March 15, 2024

    $3B In Employment Tax Credits Claimed In Scheme, Feds Say

    Three New Jersey men who said they were leaders of religious and charitable organizations fraudulently claimed nearly $3 billion in employment tax credits from a federal pandemic loan program, according to a criminal complaint filed in New Jersey federal court.

  • March 15, 2024

    Direct Hit On Tax Regs Unlikely If Justices Ditch Chevron

    A decision from the U.S. Supreme Court later this year on two cases challenging the so-called Chevron doctrine, which gives federal agencies wide latitude to interpret ambiguous laws, isn't likely to immediately affect tax regulations.

  • March 15, 2024

    Colombia, Norway Aim To Harmonize UN And OECD Tax Work

    Colombia and Norway are aiming to bring the best aspects of the OECD's tax work into negotiations at the United Nations while drafting a framework convention on global tax cooperation, officials said Friday during a conference in Paris.

  • March 14, 2024

    Tupperware Pans Investor Suit Over 'Small' Accounting Errors

    Tupperware wants to dismiss a proposed class action accusing it of damaging investors by knowingly issuing misleading financial reports, arguing the suit fails to show it acted with ill intent when releasing the allegedly inaccurate information to the public, and that its restatements did not actually hurt shareholders.

  • March 14, 2024

    Taiwanese Gov't Proposes Filing Of Electronic Invoicing

    The Taiwan government's executive branch approved a draft amendment to the island's Value-added and Non-value-added Business Tax Act that would require businesses to file electronic invoices on an open database, the Ministry of Finance announced Thursday.

  • March 14, 2024

    Economists Suggest UN Tackle CFC Rules, Other Tax Policies

    Governments should look at coordinating globally on controlled foreign corporation rules, economic substance requirements, financial transparency, excess profits taxes, inheritance taxes and wealth taxes in negotiations on the nascent United Nations tax convention, economists said Thursday at a conference in Paris.

Expert Analysis

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • What To Know About Employee Retention Credit Disclosures

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    Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Unpacking FinCEN's Proposed Real Estate Transaction Rule

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    Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • How New EU Tax And Transfer Pricing Rules May Affect M&A

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    Companies involved in mergers and acquisitions may need to adjust fiscal due diligence procedures to ensure they consider potential far-reaching effects of newly implemented transfer pricing measures, such as newly implemented global minimum tax and European Union anti-tax avoidance directives and proposals, says Patrick Tijhuis at BDO.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • Demystifying IRS' Claims Of $851B Return On Investment

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    The IRS' recently released analysis, estimating a $851 billion return on the government’s $80 billion investment in the agency, represents a huge increase over its 2022 estimate and that of the Congressional Budget Office and may be best viewed as a best-case scenario, says Joyce Beebe at the Baker Institute.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Opinion

    NY Shouldn't Pair 421-a Restoration And Good Cause Eviction

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    The good cause eviction system of rent control should not be imposed in New York, nor should its legislation be tied to renewal of the 421-a tax abatement program, which New York City desperately needs, says Alexander Lycoyannis at Holland & Knight.

  • Opinion

    A Proposal For Fairer, More Efficient Innocent Spouse Relief

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    Adding a simple election to the current regulatory framework for innocent spouse claims would benefit both taxpayers and the Internal Revenue Service by alleviating the undue burdens placed on those the program was intended to help and improving agency collections in such cases, says Laurie Kazenoff at Kazenoff Tax.

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