Tax

January 14, 2025
Retroactive Foreclosure Rule Bars Suit, Mich. County Says

A Michigan county has urged a federal judge to toss a proposed class action alleging that it kept surplus proceeds from tax-foreclosed home sales, saying the homeowner bringing the claims hasn't yet used the state's process for securing the proceeds.
January 14, 2025
Mo. House Bill Seeks Deduction For Property Tax Payments

Missouri would allow taxpayers to claim an income tax deduction for property tax payments under a bill introduced in the state House of Representatives.
January 14, 2025
Easement Worth $1M, Not $18M, Gov't Tells 11th Circ.

The U.S. Tax Court was right to believe expert testimony that a claimed conservation easement donation of roughly $18 million was only worth $1 million, the government told the Eleventh Circuit, urging it to reject the donors' claims that the expert was unreliable.
January 14, 2025
Justices Suggest 7th Circ. Revisit False Statement Decision

Several U.S. Supreme Court justices seemed ready Tuesday to ask the Seventh Circuit to review a former Chicago alderman's conviction for lying about money he borrowed from a now-shuttered bank under a narrower standard, but the justices appeared skeptical that he would beat the case even with a fresh look.
January 14, 2025
Trump Announces Plans To Create 'External Revenue Service'

President-elect Donald Trump said Tuesday that he planned to create an "External Revenue Service" that would collect tariffs and revenue from foreign countries.
January 14, 2025
Feds Ask 2 Years For Ex-Pol On Tax, Pandemic Aid Charges

A former Massachusetts state senator should spend two years in prison after being convicted of illegally obtaining unemployment assistance and filing a false tax return, the federal government argued, citing the "greed" at the heart of the politician's conduct.
January 14, 2025
DOL Finalizes ERISA Voluntary Correction Program Changes

The U.S. Department of Labor's employee benefits arm has finalized changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors, according to a notice the agency posted online Tuesday.
January 13, 2025
Special Counsel Slams Biden's Critique Of Son's Prosecution

The special counsel who oversaw the investigation into Hunter Biden, which was wiped out by a presidential pardon, released a report published Monday criticizing President Joe Biden's "baseless accusations" that his son was "selectively" prosecuted and warning that such comments threaten "the integrity of the justice system as a whole."
January 13, 2025
On Cross, Madigan Says He Merely Helped Job-Seekers

Former Illinois House Speaker Michael Madigan distanced himself Monday from political allies who prosecutors say bribed him for jobs and other benefits, saying his recommendations were just that, and that he thought he was effective in shutting down a former alderman's quid pro quo suggestion.
January 13, 2025
Feds Say Par Funding Fraud Caused $404M In Losses

Prosecutors and defense attorneys spent hours in a marathon hearing Monday trying to convince a Pennsylvania judge of how much financial damage they thought the principals of the Par Funding merchant lending business did by allegedly fleecing investors, with the government pushing for a $404 million figure.
January 13, 2025
Ex-Cook County Assessor Officer Hit With Bribery Charges

A chief hearings officer for former Cook County Assessor Joseph Berrios' office accepted bribes, including from a law firm's tax consultant, when handling a property assessment appeal, a new lawsuit in Illinois federal court alleges.
January 13, 2025
AGs, Lobbyists Ask Justices To Keep Shell Co. Law Blocked

The U.S. Supreme Court should deny the federal government's emergency application to stay a Texas district court's injunction on a law aimed at cracking down on crimes committed with shell companies, according to numerous state attorneys general and interest groups and a handful of small businesses.
January 13, 2025
Tax Firm Asks Court To Ax Final IRS Microcaptive Rules

A global tax services provider asked a Texas federal court to vacate finalized tax rules requiring the reporting of certain transactions involving captive insurance companies deemed as potentially abusive, arguing the guidance goes beyond the agency's authority.
January 13, 2025
Sen. Warren To Grill Treasury Pick On Trump's Tax Agenda

Sen. Elizabeth Warren, D-Mass., plans to ask Treasury secretary nominee Scott Bessent at his confirmation hearing in front of the Senate Finance Committee on Thursday about President-elect Donald Trump's tax agenda and plans for the Internal Revenue Service, according to a letter she sent the nominee.
January 13, 2025
Ore. Tax Court Says No Depreciation On Residences

The owners of a pair of Oregon residences were denied depreciation deductions against their state income taxes because they did not demonstrate that the homes were income-producing properties, the state tax court said.
January 13, 2025
Ore. Court OKs Farm Tax Break For Landfill, Corn Maze

Portions of property in a farming operation used for a corn maze and for a landfill that was part of a remediation effort are eligible for a special agricultural property tax assessment, the Oregon Tax Court ruled.
January 13, 2025
Ind. Bill Would Restrict Property Tax Referendum Placement

Indiana would limit when school corporations may place referendums authorizing certain property tax levies on a ballot to general elections, under a bill introduced Monday in the state House of Representatives.
January 13, 2025
IRS Eases Process Of Insurance Co. Alternate Tax Revocation

The Internal Revenue Service laid out a streamlined process Monday by which certain insurance companies that took an elective application of an alternative tax may obtain automatic consent to revoke that election.
January 13, 2025
Ind. Senate Bill Seeks To Cap Local Property Tax Hikes

Indiana would not allow a political subdivision to increase its property tax levy if there is not an increase in the subdivision's assessed value under a bill introduced Monday in the state Senate.
January 13, 2025
Tax-Exempt Regs Should Cover Trust Payments, Tribes Say

Five tribal leaders told the U.S. Treasury Department on Monday that trust payments distributed to members, including those issued to minors and special-needs individuals, should be included among the tribal welfare benefits that recent proposed rules would exempt from federal income taxes.
January 13, 2025
Ky. House Bill Seeks Referendum Toward Axing Property Tax

Kentucky would put forward a referendum asking voters to give lawmakers the power to eliminate the state's property tax by exempting all property classes from tax under a bill introduced in the state House of Representatives.
January 13, 2025
Tax-Lien Biz Atty Accused Of Duping Bank Can't Touch Money

A Manhattan federal judge declined Monday to unfreeze assets on behalf of a former compliance lawyer accused of duping a bank into lending his tax-lien investment firm $20 million, complicating his plan to go to trial with private counsel.
January 13, 2025
Justices Won't Review Reversal Of Firm's Tax Penalty Win

The U.S. Supreme Court let stand Monday a Fifth Circuit decision overturning a jury ruling that a wealth management company didn't owe $579,000 in tax penalties because an employee's mental health problems excused the company's failure to file information returns on time.
January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says

The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
January 12, 2025
Justices To Review Whether Ex-Wife Can Challenge Tax Levy

The U.S. Supreme Court will review a Third Circuit decision allowing a woman to continue challenging what she claims was an improper application of her tax payment to her ex-husband's bill even after the Internal Revenue Service stopped pursuing a proposed property seizure against her.

Editor's Picks

Blockchain Tech May Present New Transfer Pricing Challenges

Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
Trump-Era Tariff Angst Hasn't Gone Away Under Biden

The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
3 Major Implications For States In Biden's Tax Plans

President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.

Expert Analysis

Hydrogen Regs Will Provide More Certainty — If They Survive

Newly finalized regulations implementing the Section 45V clean hydrogen tax credit allow producers more flexibility, and should therefore help put the industry on more solid footing — but the incoming Trump administration and Republican Congress will have multiple options for overturning or altering the regulations, say attorneys at Steptoe.
5 E-Discovery Predictions For 2025 And Beyond

In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
What's Ahead As Transparency Act Comes To A Crossroads

Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
Final Hydrogen Tax Credit Regs Add Flexibility For Producers

The recently released final regulations implementing the Inflation Reduction Act's clean hydrogen production tax credit offer taxpayers greater flexibility, reducing risk and creating more certainty for investments in the industry, thus diminishing — but not eliminating — the risk of legal challenges to the regulations, say attorneys at Steptoe.
5 Evolving Concerns For Family Offices In 2025

Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
Series

Illinois Banking Brief: All The Notable Legal Updates In Q4

While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.
7 Ways 2nd Trump Administration May Affect Partner Hiring

President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
E-Discovery Quarterly: Rulings On Custodian Selection

Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
A Look At PCAOB's Record-Breaking Enforcement In 2024

The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
Series

Exercising On My Peloton Bike Makes Me A Better Lawyer

While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
Exploring Venue Strategy For Trump-Era Regulatory Litigation

Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
Series

Playing Esports Makes Me A Better Lawyer

Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
How Changes In State Gift Card Laws May Affect Cos. In 2025

2024 state legislative movements around the escheatment of unused gift card balances and consumer fraud protections should prompt issuers to consider whether changes in company domicile or blanket cash-back policies are needed in the new year, say attorneys at Alston & Bird.
An Associate's Guide To Career Development In 2025

As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
Series

Fixing Up Cars Makes Me A Better Lawyer

From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.