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Tax
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January 03, 2025
Prison Delay Denied For Broker In $22M Tax Scheme
An insurance broker sentenced to five years in prison for participating in a $22 million tax scheme must begin serving his term after a North Carolina federal judge on Friday denied him a delay to help his new counsel prepare his appeal.
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January 02, 2025
Tax Court Upholds Nix Of $24M Deduction For Easement
A partnership that donated a preservation easement over a building in a historic district is not entitled to a nearly $24 million tax deduction, the U.S. Tax Court affirmed Thursday, saying the building was not listed on the National Register of Historic Places or federally certified.
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January 02, 2025
Ill. Atty Can't Avoid Prison Pending Bribery Appeal
An Illinois attorney set to serve time for bribing former Chicago alderman Edward Burke must still report to prison while he asks the Seventh Circuit to review his conviction and 32-month sentence, a federal judge said.
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January 02, 2025
Crypto Groups Challenge Decentralized Finance Broker Rule
Three cryptocurrency industry groups have teamed up to challenge a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers, telling a Texas federal court that the rule is unconstitutional and could destroy the industry.
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January 02, 2025
Republicans Want Yellen To Answer For Chinese Cyberattack
Congressional Republicans want U.S. Treasury Secretary Janet Yellen to explain how a Chinese state-sponsored entity hacked into Treasury's computer systems and accessed potentially sensitive information.
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January 02, 2025
Feds Ask High Court To Unpause Corporate Transparency Law
The federal government is asking the U.S. Supreme Court to lift a Texas judge's injunction against the Corporate Transparency Act, telling the justices in a new application that the 2021 anti-money laundering law's compliance deadlines should take effect while the Fifth Circuit hears the full case.
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January 02, 2025
Mich. Justices Say Detroit Fire Fee Is Legal, Not A Tax
The Michigan Supreme Court has ruled a Detroit fee for a fire service program was not an unlawful tax but clarified that a regulatory program's main benefit cannot be the mere permission for a property owner to operate its business in the city.
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January 02, 2025
Thomson Reuters Bolsters Tax Ops With $600M SafeSend Buy
Thomson Reuters Corp. has acquired SafeSend, a cloud-based provider of technology for tax and accounting professionals, for $600 million in cash, the Toronto-based data and content conglomerate said in a statement Thursday.
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January 02, 2025
IRS, Treasury Float Regs On Excise Taxes For Drugmakers
The IRS and Treasury proposed rules for charging excise taxes to drugmakers that refuse to negotiate drug prices with Medicare under requirements of the 2022 tax and climate law, saying the tax only would apply to manufacturers and importers that initially sell the drugs.
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January 02, 2025
Feds Want 6 Years For Ex-FBI Informant Who Smeared Bidens
Prosecutors told a California federal judge that a former FBI informant who falsely told agents that a Ukrainian energy company had paid off President Joe Biden and his son Hunter should be sentenced to six years in prison, saying he betrayed the United States by trying to influence the 2020 election even after being granted citizenship.
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January 01, 2025
US International Tax Issues to Watch In 2025
As President-elect Donald Trump and Republicans take control of the U.S. government in 2025, policymakers are expected to address changing international provisions in the Internal Revenue Code and reevaluate the country's role in global tax talks. Here, Law360 examines key U.S. international tax policy issues to watch in the new year.
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January 01, 2025
The Top 5 High Court Cases To Watch This Spring
The U.S. Supreme Court justices will return from the winter holidays to tackle major First Amendment questions and several administrative law disputes — all arising from the Fifth Circuit — that could further change how federal agencies promulgate rules and defend them.
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January 01, 2025
What Banking Attorneys Are Watching In The Courts In 2025
Lawsuits pushing back on novel state-level consumer protection laws and a host of Biden-era Consumer Financial Protection Bureau regulatory actions are top of mind for financial services attorneys heading into the new year. Here, Law360 previews what's on tap.
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January 01, 2025
5 Energy Transactional Trends To Watch In 2025
A second Donald Trump presidency and a resulting shift in federal policy away from clean energy and toward fossil fuels will cloud the dealmaking environment for the energy industry, but attorneys believe the deal pace will remain brisk across the sector. Here are five transactional trends that are worth watching closely this year.
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January 01, 2025
Top Federal Tax Cases To Watch In 2025
Over the next year, tax practitioners will be closely monitoring suits that challenge the IRS' use of the economic substance doctrine, take advantage of the U.S. Supreme Court's landmark decision curbing federal agencies' regulatory authority and dispute the government's handling of worker retention credits. Here, Law360 looks at key federal tax cases to follow in 2025.
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January 01, 2025
Trials To Watch In 2025
The coming year will bring the first bellwether trials in the closely watched federal baby formula mass litigation, the first courtroom battle over a COVID-19 vaccine patent and six major retailers' case against Visa and Mastercard over card swipe fees.
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January 01, 2025
Illinois Cases To Watch In 2025
Jurors will decide the fate of one of Illinois' most powerful politicians after a monthslong criminal racketeering trial and appellate courts could settle the debate over the retroactivity of damage limits to the state's much-litigated biometric privacy law, in just a few of the Illinois cases to watch in 2025.
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January 01, 2025
Connecticut Cases To Watch In 2025: Ethics, Mergers & Actors
A suit over McCarter & English LLP's municipal loan advice and a Yale-owned heath network's legal battle over a beleaguered acquisition deal are just two multimillion-dollar cases that will keep Connecticut courts busy next year.
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December 23, 2024
Treasury Proposes Contingent Fee Regs For Tax Pros
Tax professionals who practice before the IRS and charge clients contingent fees in connection with preparing returns will be subject to sanctions for disreputable conduct under rules proposed by the U.S. Treasury Department that also require practitioners to be competent in new technology.
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December 23, 2024
House Report Says Gaetz Paid For Sex, Accepted Gifts
Former U.S. Rep. Matt Gaetz regularly paid women for sex, including with one 17-year-old girl, used illicit drugs and accepted a trip to the Bahamas in excess of permissible gift amounts, according to a report released Monday morning by the U.S. House of Representatives Committee on Ethics.
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December 20, 2024
Banks, Not Credit Cos., Can Duck New Ill. Fee Law For Now
An Illinois federal judge ruled Friday that credit card companies like Visa and Mastercard must comply with Illinois' landmark law restricting certain credit card fees; however, she also held that national banks and federal savings associations aren't subject to the law, at least for now.
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December 20, 2024
SEC Fines Entergy $12M Over Alleged Accounting Errors
The U.S. Securities and Exchange Commission on Friday announced a $12 million settlement with Entergy Corp. over claims that the company failed to properly account for what may have been hundreds of millions of dollars in unusable or surplus equipment.
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December 20, 2024
Psychedelics Law Reformers Hit Multiple Setbacks In 2024
In 2024, advocates, physicians and researchers attempted to broaden lawful access to federally illegal psychedelic drugs through a variety of avenues — the new drug approval process, litigation and a ballot initiative — with the upshot that the law remains largely unchanged and, for the most part, still restricts legal use and possession of these substances.
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December 20, 2024
Utah Judge Pauses Challenge To Corporate Transparency Act
A Utah federal judge has stayed a case seeking to block the Corporate Transparency Act to see how the new administration of President-elect Donald Trump handles the law after a kindred case in Texas won a preliminary injunction on it.
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December 20, 2024
NJ Atty Says RICO Case Only Alleges He Acted As Lawyer
New Jersey attorney William Tambussi has slammed the Garden State's response to his bid to toss charges against him in the state's sweeping indictment against power broker George E. Norcross III, claiming it does not show how his routine legal work constitutes a crime.
Expert Analysis
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Opinion
Congress Should Expand Investment Options For 403(b)s
Lawmakers should pass pending legislation to give 403(b) plan participants access to collective investment trusts, leveling the playing field for public sector retirement investors by giving them an investment option their private sector counterparts have had for decades, says Jason Levy at Great Gray Trust Company.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Rank-And-File DOJ Attorneys Will Keep Calm And Carry On
Career prosecutors at the U.S. Department of Justice often pride themselves on their ability to remain apolitical in order to ensure consistency and keep the department’s mission afloat, and the incoming Trump administration is unlikely to upend this tradition, says Michael Landman at Bird Marella.
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California Supreme Court's Year In Review
Attorneys at Horvitz & Levy highlight notable decisions on major questions from the California Supreme Court's last term, including voter initiatives, hostile work environment and the economic loss rule.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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Series
Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.