Tax

  • April 02, 2024

    Okla. High Court Denies Gov.'s Veto Suit Over Tribal Compacts

    The Oklahoma Supreme Court on Tuesday denied Gov. Kevin Stitt's suit against state lawmakers over two veto overrides on tribal tobacco and motor vehicle compacts, saying the executive branch doesn't have exclusive authority to negotiate state-tribal compacts.

  • April 02, 2024

    Boston Bomber Case Offers Clues For Trump Jury Selection

    A recent ruling that may undo the Boston Marathon bomber's death sentence holds lessons for Donald Trump's upcoming trials, where attorneys will need to make prospective jurors comfortable enough to admit bias before they're picked — and potentially avoid years of appellate fights.

  • April 02, 2024

    Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court

    The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.

  • April 02, 2024

    DOL Narrows Retirement Asset Manager Exemption

    The U.S. Department of Labor unveiled a final regulation Tuesday making it tougher for investment managers with serious misconduct on their records to handle Employee Retirement Income Security Act-covered retirement plans, broadening an ineligibility clause that previously only covered criminal convictions.

  • April 01, 2024

    Trump Posts $175M Bond, Pausing $465M Fraud Judgment

    Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.

  • April 01, 2024

    Trump's Gag Order Expands Over 'Attacks' On Judge's Family

    Donald Trump has a constitutional right to respond to alleged political attacks, but he does not have a right to attack family members of the state judge overseeing his criminal case in New York, the judge ruled late Monday, expanding the former president's gag order in his hush money case.

  • April 01, 2024

    US Support For Pillar 1 Still In Question After House Inquiry

    U.S. lawmakers signaled that they think technical and other issues remain in the OECD's Pillar One taxing rights overhaul during a recent House subcommittee meeting, casting further doubt on the plan's implementation as the timeline to finalize it has slipped.

  • April 01, 2024

    Adviser Gets 4 Years For Fraud, Filing False Tax Returns

    An Indiana investment adviser was sentenced to four years in prison and ordered to pay $6.4 million in restitution for stealing $4.7 million from a client and filing false returns, the U.S. Department of Justice announced.

  • April 01, 2024

    Feds Back Guilty Verdict After Software Execs' Tax Fraud Trial

    Federal prosecutors on Monday defended a jury verdict finding two former software executives in North Carolina guilty of failing to pay employment taxes, saying sufficient evidence supported their convictions.

  • April 01, 2024

    BakerHostetler Adds Partner To Tax Practice Group

    BakerHostetler's Washington office has added a partner from Morris Manning and Martin LLP to join its tax practice group, Baker said in a statement Monday.

  • April 01, 2024

    Jailed Atty Pleads Not Guilty To Witness Tampering In Tax Case

    A Chicago-area lawyer facing more than a dozen criminal tax fraud charges pled not guilty Monday to superseding charges that he tried scripting a bookkeeper's anticipated testimony, but he'll have to wait to learn whether he'll remain jailed until his upcoming retrial.

  • April 01, 2024

    Ore. Tax Court Upholds Nursing Home's $10.6M Valuation

    The owner of an Oregon nursing home did not present enough evidence to change the $10.6 million valuation found by a local assessor, the state tax court said.

  • March 29, 2024

    Petition Watch: Off-Label Ads, Retiree Discrimination & PPE

    A Utah attorney has asked the U.S. Supreme Court to determine whether allegedly retaliatory IRS summonses can be quashed, and two former pharmaceutical executives are challenging the constitutionality of their convictions for marketing the off-label use of a drug. Here, Law360 looks at recently filed petitions that you might've missed.

  • March 29, 2024

    Manhattan DA Says Trump Violated Hush Money Gag Order

    Donald Trump may have already violated a New York state judge's gag order in the former president's hush money case by impugning the judge's daughter on social media, Manhattan prosecutors said, while Trump's attorneys say prosecutors are trying to improperly expand the order.

  • March 29, 2024

    Mass. Tax Board Won't Lower Value Of Boston House

    A Boston home was correctly assessed, the Massachusetts Appellate Tax Board said in a decision published Friday, finding that an analysis of nearby homes failed to show it was overvalued.

  • March 29, 2024

    Tax Preparer Gets 30 Months For $780K COVID Aid Scheme

    A North Carolina tax preparer who fraudulently obtained $780,000 in pandemic relief loans and laundered money was sentenced in federal court to 30 months in prison and three years of supervised release, prosecutors announced.

  • March 29, 2024

    Flint Residents Can't Show Profit From Hasty Water Rate Hike

    Residents challenging the city of Flint's rushed implementation of higher water and sewage rates couldn't show how the city unjustly profited from the change or whether the increased rate was unreasonable, a Michigan appellate panel said in upholding the dismissal of the residents' suit.

  • March 29, 2024

    Atty Called A Flight Risk In $1.3 Billion Tax Fraud Case

    An attorney serving a 23-year prison sentence for tax fraud in a $1.3 billion conservation easement scheme is a flight risk and should remain in federal custody while he waits for his appeal, the government told a Georgia federal court Friday.

  • March 29, 2024

    Md. House OKs Tax Breaks For Residential Projects

    Local governments in Maryland could grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved Friday by the state House of Delegates.

  • March 29, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, which included proposed regulations for claiming a tax credit for the production of qualified clean hydrogen.

  • March 28, 2024

    Va. Gov., Critic Of Legal Pot, Vetoes Bill To Begin Sales

    Glenn Youngkin, the Republican governor of Virginia, on Thursday vetoed a Legislature-approved bill that would have taxed and regulated the sale of adult-use cannabis, saying marijuana sales would pose a public health and safety risk to Virginians.

  • March 28, 2024

    Doctor Allowed To Withdraw NBA Fraud Plea, Gets June Trial

    A Manhattan federal judge will allow a Seattle-area doctor to pull back his guilty plea and go to trial in June, against prosecutors' objections, in a case alleging he assisted a cohort of retired NBA players to create fake invoices to submit to the league's healthcare plan.

  • March 28, 2024

    Ore. To Give Tax Break For Wildfire Settlement Payouts

    Oregon victims of wildfires who receive funds in civil actions will not owe income tax on those payments under legislation signed into law by the governor.

  • March 28, 2024

    EU Justice Head To Step Aside To Run For Rights Group Post

    The European Union's president granted the bloc's justice commissioner leave to pursue a leadership role with a European human rights organization, the European Commission said.

  • March 27, 2024

    Hunter Biden Judge Doubts Tax Charges Politically Motivated

    A California federal judge Wednesday appeared unpersuaded by Hunter Biden's claim that the special counsel's decision to file criminal tax charges after a plea deal collapsed was motivated by pressure from Republican lawmakers, remarking that "there really is no evidence to support that contention."

Expert Analysis

  • US-Chile Tax Treaty May Encourage Cross-Border Investment

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    Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • How 3 New Laws Change Calif. Nonprofits' Legal Landscape

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    Legislation that went into effect on Jan. 1 should be welcomed by California’s nonprofit organizations, which may now receive funding more quickly, rectify past noncompliance more easily and have greater access to the states’ security funding program, say Casey Williams and Brett Overby at Liebert Cassidy.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • Deferral Pointers For Employers After $700M Ohtani Deal

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    Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.

  • High Court Case Could Reshape Local Development Fees

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    If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Opinion

    Nebraska Should Abandon Proposed Digital Ad Tax

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    If passed, Nebraska’s recently proposed Advertising Services Tax Act, which would finance property tax relief by imposing a 7.5% gross revenue tax on advertising services, would cause a politically risky shift of tax burdens from landowners to local businesses and consumers, and would most certainly face litigation, say attorneys at McDermott.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

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