Tax

  • December 07, 2022

    'Unfortunately' NYC Can't Nix Trump Golf Deal Post-Verdict

    A spokesperson for New York City Mayor Eric Adams said Wednesday the city had once more sought to extract itself from a golf course contract with the Trump Organization, but that even the recent tax fraud conviction had "unfortunately" not given it an easy out.

  • December 07, 2022

    Ohio Justices Send Solar Fees Case Back To Clarify Tax Issue

    The Buckeye State's high court on Wednesday mostly upheld the Public Utilities Commission of Ohio's order directing utility companies to collect fees for a $20 million fund incentivizing solar energy production, though it sent a case challenging it back to the commission to clarify if customers should be stuck with a commercial tax.

  • December 07, 2022

    SEC Seeks Input On Tax Effects Of Stock Buyback Plan

    The U.S. Securities and Exchange Commission on Wednesday called for additional public input on a proposal that would require additional disclosures around corporate stock buybacks, reopening the proposal for comments in light of a new tax on buybacks that goes into effect next year. 

  • December 07, 2022

    Horse-Racing Authority Given Too Much Power, 6th Circ. Told

    The Sixth Circuit on Wednesday weighed a constitutional challenge to the regulatory power held by a private entity tasked with establishing certain horse-racing rules, as states and industry organizations urged a panel to find the law that created the entity takes too much power away from the Federal Trade Commission.

  • December 07, 2022

    Fla. County Fights Tax Bill On Property In Neighboring County

    Pinellas County told the Florida Supreme Court on Wednesday that it should not have to pay taxes on property it owns in Pasco County because as a unit of the state, it has the same sovereign immunity that the state does.

  • December 06, 2022

    Michigan Says Auto Co. Can't File Old Losses Under New Tax

    An attorney for the Michigan tax department on Tuesday pointed to a typo in his opposing counsel's brief to start up his argument that an auto parts company can't claim a $12.8 million tax credit for business losses, telling a panel of state appeals court judges that the business was not in fact participating in the tax program at issue. 

  • December 06, 2022

    Tribe Sues To Block Wash. From Imposing Retail Taxes

    A northern Washington tribe is suing the state in federal court to avoid paying sales tax on retail purchases sent to its reservation, claiming the tax is discriminatory because Native American consumers must cough up delivery fees that often exceed the tax in order to qualify for an exemption.

  • December 06, 2022

    Truck Sales Co. Says It's Not Liable For $2.2M Tire Excise Tax

    A Houston truck sales company asked a Texas federal court to dismiss $2.2 million in excise taxes on tires from China, saying another entity is the importer and therefore liable.

  • December 06, 2022

    NY AG Agrees To Exclude Ivanka From Trump Org. Monitor

    New York Attorney General Letitia James has agreed to exclude Ivanka Trump from a court-ordered monitor of the Trump Organization amid an ongoing $250 million fraud lawsuit.

  • December 06, 2022

    NJ Hotel Wins Fight With Town Over Property Tax Break

    A town's attempt to change the calculation of a hotel's annual payment in lieu of taxes to be based on the income of the hotel owner's parent company instead of the direct hotel owner's revenue was rejected by a New Jersey state appeals court Tuesday.

  • December 06, 2022

    Trump Org. Convicted Of Criminal Tax Fraud In NY Trial

    A Manhattan jury convicted two Trump Organization companies Tuesday of a $1.76 million tax fraud conspiracy involving their longtime chief financial officer, Allen Weisselberg.

  • December 06, 2022

    Colo. Panel Skeptical Of State's Cigarette Tax Argument

    The Colorado Department of Revenue got tough questions from a panel of Colorado Court of Appeals judges Tuesday about how a state law prevents cities from imposing sales tax on cigarettes while also getting a state share of cigarette tax revenue.

  • December 06, 2022

    IP Firm, Attys Owe $346K In Payroll Taxes, US Says

    The U.S. government asked a D.C. federal court Tuesday to force a law firm specializing in intellectual property to pay $346,000 in payroll taxes and penalties, saying the firm and its managing partners have not paid the bill in full since 2016.

  • December 05, 2022

    Calif. Gov. Unveils Penalty Proposal For Excessive Oil Profits

    California Gov. Gavin Newsom unveiled legislation Monday that would impose a penalty on oil company profits in excess of levels set by lawmakers, as the Legislature entered into a special session to pass what he called a price-gouging penalty.

  • December 05, 2022

    Facebook Users Say Meta Collected Tax Info During E-Filing

    Two anonymous Facebook users accused the social media giant's parent company of collecting sensitive information from popular tax filing websites H&R Block, TaxAct and Tax Slayer to feed its advertising algorithm, breaking privacy and taxpayer protection laws.

  • December 05, 2022

    FTX's Auditors Face Class Action Over Crypto Co.'s Collapse

    Two accounting firms that inspected FTX's books have been hit with a proposed class action over claims that they, along with several of the bankrupt crypto exchange's executives, misrepresented its financial health, causing losses for investors when the company eventually went under.

  • December 05, 2022

    Chrisleys To Appeal Bank Fraud, Tax Evasion Sentences

    Todd and Julie Chrisley of the reality television show "Chrisley Knows Best" said Monday they are appealing their convictions and the 12- and seven-year prison sentences they were slapped with in late November after federal prosecutors accused them of carrying out a $36 million bank fraud scheme and evading taxes.

  • December 05, 2022

    Michael Avenatti Gets Another 14 Years For Client Theft

    Michael Avenatti was sentenced to 14 years in prison by a California federal judge Monday for stealing from four clients — to be served after the five-year federal sentence he's currently serving — and was ordered to hand over approximately $8 million in restitution to his victims and $3 million to the IRS.

  • December 05, 2022

    Ex-IRS Criminal Investigation Head Joins Winston As Partner

    A former chief of the Internal Revenue Service's Criminal Investigation division who oversaw significant investigations has joined Winston & Strawn LLP as a partner in its litigation department, the firm announced Monday.

  • December 05, 2022

    Jury Mulls Trump Org. Tax Fraud Case After Warning On Bias

    A Manhattan jury on Monday began deliberations in the district attorney's tax fraud case against the Trump Organization after receiving instruction on New York's peculiar corporate criminal liability law and a renewed warning against anti-Trump bias.

  • December 05, 2022

    The 2022 Law360 Pulse Prestige Leaders

    Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys, ability to secure accolades and positive legal news media representation.

  • December 05, 2022

    In Law Firm Race For Revenue, Top Dogs Stand Alone

    Inflation, hand-wringing over the economy and even a possible recession will do little to close the widening revenue gap between a handful of legal giants grossing billions each year and other law firms, with longtime market consolidation only solidifying their dominance as BigLaw braces for a downturn.

  • December 02, 2022

    Biden Tells Justices Texas Judge Erred Axing Debt Plan

    The Biden administration on Friday asked the U.S. Supreme Court to stay a Texas federal judge's ruling that struck down his student debt relief plan, arguing that the lower court relied on a claim that wasn't even asserted by the program's challengers.

  • December 02, 2022

    Biden Goes Too Far With Debt Plan, 17 States Tell Justices

    A group of 17 states led by Utah and Ohio asked the U.S. Supreme Court to reject the Biden administration's request to lift the Eighth Circuit's nationwide injunction on his student debt relief plan, saying the president can't use his position to sidestep the law to fulfill a campaign promise.

  • December 02, 2022

    Trump 'Explicitly' Approved Tax Fraud, DA Says As Trial Ends

    Manhattan prosecutors on Friday directly accused former President Donald Trump of authorizing tax fraud by his executives in closing arguments of the criminal trial in New York state court against his Trump Organization companies.

Expert Analysis

  • 3 Pricing Trends In Law Firm Use Of Litigation Funding

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    As BigLaw firms increasingly include litigation funding as a financing option for clients, internal pricing groups are taking the lead on standardizing and centralizing firm processes, and aggregating risk budgets, says Brendan Dyer at Woodsford Group.

  • Clean Hydrogen Developers Should Track Incentives, Risks

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    Clean hydrogen project developers and investors should be aware of new funding opportunities from the U.S. Department of Energy and tax benefits under the Inflation Reduction Act, but must also guard against risks associated with new and evolving technologies, say Pamela Wu and Kirstin Gibbs at Morgan Lewis.

  • Safeguarding Attorneys' Greatest Asset: Our Mental Health

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    Attorneys who understand that mental fitness is their most valuable characteristic should prioritize mental health care accordingly, including with certain activities they may not realize qualify as self-care, says Wendy Robbins at Holland & Knight.

  • IRS Starts Clock On Energy Projects' Labor Rule Exemption

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    A U.S. Department of the Treasury notice published this week started the 60-day clock for clean energy projects seeking to be grandfathered from having to meet new labor requirements to qualify for enhanced tax credits, and uncertainty about how the provisions will apply should be incentive for some investors to begin construction soon, say attorneys at Eversheds Sutherland.

  • Foreign Tax Credit Proposal Is Some Help, But More Is Needed

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    New foreign tax credit regulations proposed by the U.S. Treasury Department provided some measure of relief on cost recovery and royalty withholding, two of the most troublesome aspects of the 2021 final foreign tax credit regulations, but the final regulations are still harmful to many taxpayers, making litigation inevitable, say attorneys at Fenwick.

  • Expect Seamless Transition To Controversial Ariz. Flat Tax

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    The unexpectedly early implementation of Arizona's new 2.5% flat income tax rate in January should be a painless and welcome change for individual taxpayers, even as the long-term impact on state and local economies is the subject of debate, say Karen Jurichko Lowell and Pat Derdenger at Lewis Roca.

  • Opinion

    Law Schools Are Right To Steer Clear Of US News Rankings

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    By opting out of participating in the U.S. News & World Report annual rankings, law schools abandon a profoundly flawed system and free up their resources to adapt to the tsunami of changes overtaking the profession, says Nicholas Allard at Jacksonville University College of Law.

  • Opinion

    Litigation Funders Seek Transparency In Disclosure Debate

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    Litigation funders want to correct the record on calls for funding disclosure in the name of transparency, as this purported justification obscures the disclosure's adverse effects — prejudicing plaintiffs' cases and discouraging the assertion of meritorious legal claims, say Dai Wai Chin Feman and William Weisman at Parabellum Capital.

  • Anticipating The New Congress' Private Sector Investigations

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    With Republicans claiming a new majority in the House of Representatives in the upcoming Congress, corporates and individuals should expect a sea change in Congress' investigative priorities and areas of focus — and private sector entities can take prudential steps in the near term to best prepare for and mitigate risk, say attorneys at Latham.

  • 5 Principles For Better Professional Development Programs

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    The pandemic and ensuing "great resignation" have resulted in a more transient legal work force, but law firms can use effective professional development programs to bridge a cultural gap with new associates and stem associate attrition, says Matthew Woods at Robins Kaplan.

  • Opinion

    Tax Equity Requires Reinstating The Home Office Deduction

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    Congress should restore the home office deduction for W-2 workers in the interest of tax equity because permanently remote workers now bear the cost of creating quiet, dedicated work spaces, a pandemic-related shift unforeseen when the deduction was eliminated by 2017's Tax Cuts and Jobs Act, say James Mahon and Samantha Lesser at Becker.

  • Series

    My Favorite Law Prof: How I Learned To Practice With Passion

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    First Circuit Judge Gustavo Gelpí recalls how Suffolk University Law School's Joseph Glannon taught the importance of the law as both a tool and a profession, and that those who wish to practice law successfully must do so with love, enthusiasm and passion.

  • Ohio Tax Talk: One Step Closer To Telework Income Tax Clarity

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    An Ohio court's recent ruling in Morsy v. Dumas that Cleveland must reimburse city tax on income an employee earned while she worked from another state during the pandemic is limited in the time period to which it applies, but may have important ramifications for the Ohio municipal income tax system as a whole, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.

  • Keys To IRA Tax Breaks For US Green Energy, EV Production

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    The Inflation Reduction Act includes three powerful tax incentives for domestic production of renewable energy projects and electric vehicles — but there are key questions that investors and manufacturers must ask when evaluating whether they can take advantage of these incentives, say attorneys at Troutman Pepper.

  • Questions To Ask Before Making A Lateral Move As Partner

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    Law firm partners considering lateral moves should diligently interview prospects — going beyond standard questions about compensation to inquire about culture, associate retention and other areas that can provide a more comprehensive view, says Lauren Wu at VOYLegal.

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