International
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October 25, 2024
MVP: Wachtell's Tijana J. Dvornic
Wachtell Lipton Rosen & Katz's Tijana J. Dvornic led the firm's tax team in representing Lumen Technologies in the largest liability management transaction outside of bankruptcy protections, including addressing over $15 billion of existing debt, earning her a spot as one of the 2024 Law360 Tax MVPs.
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October 25, 2024
Germany's Expected Tax Take For 5 Years Drops €58B
Germany expects to raise €58.2 billion ($63 billion) less in revenue through 2028 than what was forecast in May, according to the country's finance minister, who said that the government allowing employers to pay tax-free bonuses caused uncertainties regarding income tax collections.
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October 24, 2024
IRS To End Automatic Foreign Gift Reporting Penalty
Internal Revenue Service Commissioner Danny Werfel told the UCLA Tax Controversy Conference audience on Thursday that the agency will no longer automatically assess penalties for the late reporting of large foreign gifts, with the announcement eliciting applause from the audience of several hundred tax attorneys and tax professionals.
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October 24, 2024
IRS Forming Transfer Pricing Team To Aid Real-Time Audits
The Internal Revenue Service is establishing a dedicated team to tackle transfer pricing issues that arise in real-time audits of companies participating in its compliance assurance process program, which should allow those issues to be handled more efficiently, an agency official said Thursday.
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October 24, 2024
Nigeria Frees Binance Exec Detained Over Money Laundering
Nigeria's government released a top executive at cryptocurrency exchange Binance whom the government had been holding liable for money laundering charges against the company, the U.S. government and the exchange's CEO said Thursday.
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October 24, 2024
Wyden's Pharma Probe Could Build Case For Int'l Tax Reforms
Senate Finance Committee Chairman Ron Wyden's investigation into the tax planning of major U.S. pharmaceutical companies could help fuel an effort to revamp U.S. international tax laws next year when Congress addresses expiring provisions of the Tax Cuts and Jobs Act.
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October 24, 2024
Politics Blocking Amount B Consensus, OECD Tells G20
Continued delays of the Organization for Economic Cooperation and Development's transfer pricing plan for certain baseline marketing and distribution activities known as Amount B of Pillar One are due to "primarily political" issues as opposed to technical problems, the organization told the Group of 20 on Thursday.
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October 24, 2024
Dutch Gov't Seeks Feedback On Crypto Reporting Rules
The Netherlands is looking for input on a proposal that would implement European Union rules requiring crypto-asset service providers to collect, check and share their users' data with the country's tax authority, the Dutch Ministry of Finance said Thursday.
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October 24, 2024
Aussie Board Seeks Input On Tax Pro Code Update Guidance
The Australian Tax Practitioners Board is looking for feedback on guidance related to six amendments to the country's tax professional code of conduct that were made in response to the PwC document leak scandal, the board said Thursday.
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October 24, 2024
119K Residents Didn't Report Foreign Accounts, HMRC Says
Around 119,000 U.K. residents failed to declare their foreign accounts in fiscal year 2018-19 with HM Revenue & Customs, the British tax authority said Thursday.
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October 24, 2024
Sweden Moves To Suspend Tax Treaty With Russia
Sweden is looking to suspend its double-tax treaty with Russia in response to Russia's cessation of parts of their treaty last year, Sweden's Ministry of Finance said Thursday.
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October 24, 2024
MVP: Sidley's Rachel D. Kleinberg
Rachel D. Kleinberg, a co-leader of the global tax practice at Sidley Austin LLP, headed up a tax team to represent investors in a consortium that led to the $6.05 billion sale of the NFL's Washington Commanders, earning her a spot as one of the 2024 Law360 Tax MVPs.
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October 24, 2024
Charles Russell Brings On Tax Specialist From Sheridans
Charles Russell Speechlys LLP hired a partner from Sheridans as part of expanding its London tax practice to support its strategy focused on private capital, the firm said.
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October 24, 2024
Mining Eligible In Final Regs For Energy Manufacturing Credit
The U.S. Treasury Department's final rules released Thursday on a valuable tax credit for manufacturing key components and materials used in clean energy technologies allow producers to take into account the costs to mine and extract critical minerals.
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October 23, 2024
IRS To Split Pass-Through, Energy Credit Work Into 2 Units
The IRS is planning to split up its Pass-Throughs and Special Industries office into two separate divisions, including one that will focus in part on energy credits enacted under the 2022 landmark climate law, an agency official said Wednesday.
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October 23, 2024
COST Urges Justices To Hear IBM, Disney Appeals Of NY Tax
New York's method of taxing IBM and The Walt Disney Co.'s royalties received from foreign affiliates resulted in an unconstitutional discrimination against interstate commerce that warrants U.S. Supreme Court scrutiny, the Council on State Taxation told the justices Wednesday.
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October 23, 2024
Microsemi's Fines Mostly Adhered To Rules, Tax Court Says
The Internal Revenue Service obtained the proper written approval of penalties on most of the tax code violations it brought against semiconductor manufacturer Microsemi but left room for doubt on two penalties, the U.S. Tax Court said.
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October 23, 2024
ECJ Won't Call Off Clawback Of Portugal's Tax Breaks
The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.
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October 23, 2024
Australian Greens Support Digital Tax On Tech Cos.
The Australian Greens party recommended that the country's government pursue a digital services tax similar to those in France and Canada as a way to make companies such as Meta pay their "fair share."
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October 23, 2024
EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work
The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.
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October 23, 2024
ABA Tax Section Pushes IRS To Narrow Pillar 2 Regulations
Proposed regulations outlining when foreign taxes under the Pillar Two international minimum tax agreement trigger U.S. rules against benefiting twice from the same economic loss should be narrowed to limit their applicability, the American Bar Association Tax Section told the IRS.
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October 23, 2024
IRS Grants Tax-Exempt Entities Relief From Corp. AMT Filing
Tax-exempt entities are not obligated to file the corporate alternative minimum tax form for the 2023 tax year with the Internal Revenue Service, but they should still maintain the document for recordkeeping purposes, the agency announced Wednesday.
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October 23, 2024
EU OKs Swedish Biogas Tax Breaks After Review
Two Swedish tax exemptions — one for nonfood-based biogas, the other for biopropane used for heating — are in line with European Union state aid rules, the European Commission said Wednesday following a probe into the measures.
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October 23, 2024
Judge Threatens To Toss Gov't's $4.9M Son-Of-Boss Claim
A federal judge warned government attorneys Wednesday that she would dismiss their case against an estate for $4.9 million in taxes if they didn't explain why they weren't actively pursuing their accusations that a Michigan couple schemed to artificially cancel out capital gains
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October 23, 2024
Jersey Adopts Global Minimum Tax
Jersey has adopted the Organization for Economic Cooperation and Development's 15% minimum tax on multinational entities making over €750 million ($808 million) annually, which will take effect in the jurisdiction in 2025.
Expert Analysis
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Why Supreme Court Should Allow Repatriation Tax To Stand
If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Neb. Justices Should Weigh IRC Terms In Dividend Tax Case
Nebraska’s highest court, which will hear oral arguments in Precision CastParts v. Department of Revenue on April 1, should recognize that the Internal Revenue Code provides key clues to defining “dividends received or deemed to be received,” and therefore limits Nebraska’s tax on foreign-sourced corporate income, says Joseph Schmidt at Ryan.
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Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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What Recent Study Shows About AI's Promise For Legal Tasks
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.
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How FinCEN Proposal Expands RE Transaction Obligations
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.
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Litigation Inspiration: A Source Of Untapped Fulfillment
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.