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Tax
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October 15, 2024
Gov't Resists DC Circ. Redo In Ayahuasca Church Tax Case
An Iowa church that used a psychedelic in its rites was correctly denied tax-exempt status on grounds that it was organized for illegal aims, the federal government told the D.C. Circuit in urging it to reject the church's request for a rehearing.
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October 11, 2024
Julie Chrisley Appeals Ga. Judge's Resentencing Ruling
Former real estate mogul and reality television star Julie Chrisley, who was convicted of running a yearslong bank fraud scheme with her husband, Todd, is appealing a federal judge's decision to resentence her to the same seven-year prison term she first received nearly two years ago.
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October 11, 2024
Philly Pizzeria Owner Accused Of Dodging Taxes
A Pennsylvania pizzeria owner evaded taxes for multiple years by paying himself and employees in cash and lied about it to his accountant, the U.S. Department of Justice said in announcing charges against him.
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October 11, 2024
Minn. Tax Court Cuts $100K From Lakefront Cabin Value
A Minnesota lakefront cabin property was overvalued by a county assessor, the state's tax court said, reducing the assessment by more than $100,000 and rejecting the county's comparable sales analysis.
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October 11, 2024
Bank Info Fair Game In Crypto Exec's Appeal, Gov't Says
A cryptocurrency executive charged in a 2020 bitcoin fraud investigation can't stop the IRS from using the financial information it gathered through summonses while he appeals the demands in the Fifth Circuit, the U.S. government told a Texas federal court.
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October 11, 2024
5 Mos. Jail Enough For Swiss Tax Expert In $60M IRS Scam
A Manhattan federal judge on Friday allowed a former financial executive from Switzerland to avoid additional time behind bars for his role in building a complex tax fraud scheme that helped wealthy Americans hide $60 million from the IRS.
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October 11, 2024
Taxation With Representation: Davis Polk, Latham, Kirkland
In this week's Taxation With Representation, Rio Tinto agrees to acquire Arcadium Lithium for roughly $6.7 billion, Ares Management Corp. and GCP International reach a $3.7 billion deal, and Butterfly Equity announces plans to buy The Duckhorn Portfolio for $2 billion.
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October 10, 2024
Paxton Sanctions Attempt Is 'Intimidation Tactic,' Nonprofit Says
A Houston civil rights nonprofit focusing on immigration is calling a sanctions motion from Texas Attorney General Ken Paxton an "intimidation tactic," telling a state appeals court that it shouldn't have to just accept whatever legal interpretation the state spits out or face sanctions.
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October 10, 2024
Mich. Justice Asks If Disney Fight Harms Multistate Collabs
Michigan's chief justice asked Thursday whether allowing Disney and the owner of IHOP to retain unclaimed property, which state officials say they should get after an audit, could hamper Michigan's ability to participate in multistate audits that yield hundreds of millions of dollars for the state.
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October 10, 2024
Partnership Challenges Denial Of $42M Easement Deduction
The Internal Revenue Service failed to justify rejecting a Florida partnership's charitable contribution deduction for donating a $42 million conservation easement to a land conservancy, the partnership told the U.S. Tax Court.
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October 10, 2024
IRS Says It's Stepping Up Worker Credit Claims Processing
The Internal Revenue Service said Thursday it's accelerating processing of claims for pandemic-era worker credits after a moratorium triggered by what the agency has said was widespread fraud.
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October 10, 2024
Calif. Says FDIC Must Wait For $21M Tax Refund
A California tax agency urged a New York federal court to toss a lawsuit by the FDIC seeking a $20.7 million tax refund on behalf of the shuttered Signature Bank, saying it's entitled to wait for a possible IRS audit before delivering the payment.
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October 10, 2024
IRS Keeping Co. In Dark On Carryback Refund, Court Told
The Internal Revenue Service owes a $686,000 tax refund to a contractor for a carryback operating loss, the company told a Texas federal court, adding that the IRS hasn't responded to questions about a letter the agency claims it sent addressing the issue.
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October 10, 2024
Ex-Mayor Can't Reduce 6-Year Term In Fraud, Graft Case
A former Massachusetts mayor serving six years in prison for fraud and corruption has failed to raise a compelling argument to cut short the "already generous sentence" imposed, according to a Boston federal judge.
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October 09, 2024
Atty, Claims Firm Barred From Soliciting Foreclosure Class
A Michigan law firm and a third-party claims firm agreed Wednesday not to solicit potential members to an action alleging Michigan counties kept profits from foreclosures of tax-delinquent properties, following a meeting with class attorneys who had urged a judge to bar them from attempting to poach class members.
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October 09, 2024
European Parliament Backs Brazil's G20 Wealth Tax Plan
A majority of the European Parliament supports a 2% minimum tax on billionaires presented by Brazil at the Group of 20 nations meeting, asking the European Union to pursue the topic at the group's November summit, according to joint statements by members of Parliament on Wednesday.
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October 09, 2024
Tenn. Extends Tax Deadlines Due To Hurricane Helene
Tennessee will extend its franchise and excise tax filing deadlines to May 1 for taxpayers affected by Hurricane Helene, the state Department of Reveue announced.
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October 09, 2024
Unclear Road For $275M Biz Tax Plan, DC Panel Chair Says
The District of Columbia Tax Revision Commission may scrap a proposal for a business activity tax that could raise $275 million annually to reduce other business taxes, the panel chair said Wednesday.
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October 09, 2024
Feds Seek 16 Months For Ex-BigLaw Partner's Tax Dodging
Prosecutors told a Wisconsin federal judge that a former Husch Blackwell LLP and Dykema Gossett PLLC partner who pled guilty to tax evasion should be sentenced to 16 months in prison, saying he lied to IRS revenue officers to keep them at bay while spending lavishly on private planes, jewelry and golf club memberships.
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October 09, 2024
Final Treasury Rules Shut Off Inclusion For Repatriated IP
The U.S. Treasury Department adopted final rules Wednesday that shut off an annual income inclusion associated with intangibles for companies in certain situations that have transferred intellectual property back to the U.S. from overseas.
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October 08, 2024
Minn. County And Feds Must Meet In Person Over Land Fight
A Minnesota federal judge has ordered counsel for a county and two townships to meet in person with U.S. Department of the Interior representatives for settlement talks involving claims the DOI wrongly acquired about 3,239 acres of land into trust for an Ojibwe tribe.
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October 08, 2024
Jackson, Kagan Target Loper Bright In Ghost Gun Case
U.S. Supreme Court Justice Ketanji Brown Jackson was uncharacteristically quiet during initial arguments Tuesday over the federal government's authority to regulate ghost guns. While her colleagues debated whether kits of unassembled parts qualify as firearms, she waited patiently to post a different question: Can courts now toss agency interpretations they don't like?
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October 08, 2024
IRS Appeals Office's Easement Deals May Sap Independence
The IRS Independent Office of Appeals plans to settle certain conservation easement cases with similar terms offered by other IRS divisions, but these upcoming offers might be challenging for taxpayers to navigate and could undermine the office's independence from the rest of the agency.
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October 08, 2024
Homeowners Again Seek Class Cert. In Tax Foreclosure Suit
A group of former property owners has asked a Michigan federal judge to recertify a class action seeking to recover profits county treasurers made selling their tax-delinquent properties, saying the addition of class representatives fixes the flaw that dismantled the class.
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October 08, 2024
China Pushes Back On Turkish EV Tariffs, Targets EU Brandy
China said Tuesday that it is appealing to the World Trade Organization to halt Turkish tariffs on electric and hybrid vehicles made in the country, and it announced a temporary anti-dumping measure on European Union brandy that follows the bloc's own EV tariffs.
Expert Analysis
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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A Look At How De Minimis Import Rules May Soon Change
The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.
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Ruling On Foreign Dividend Break Offers 2 Tax Court Insights
In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.
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Tax Traps In Acquisitions Of Financially Distressed Targets
Excerpt from Practical Guidance
Parties to the acquisition of an insolvent or bankrupt company face myriad tax considerations, including limitations on using the distressed company's tax benefits, cancellation of indebtedness income, tax lien issues and potential tax reorganizations.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Financial Incentives May Alleviate Affordable Housing Crisis
There is a wide array of financial incentives and assistance that the government can provide to both real estate developers and individuals to chip away at the housing affordability problem from multiple angles, say Eric DeBear and Madeline Williams at Cozen.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.