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Tax
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February 24, 2025
4 Things Attys Should Know About Pennsylvania's Budget
Pennsylvania Gov. Josh Shapiro heads into the 2025-2026 budget year proposing to spend $51.5 billion, with corporate tax cuts and tax credit reforms bolstered by regulating so-called skill games, legalizing recreational cannabis and replacing an industry-opposed, multistate carbon cap-and-trade program with one run solely by Pennsylvania.
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February 24, 2025
Apple To Invest $500B In US Over 4 Years As Tariffs Mount
Apple said Monday that it would invest $500 billion in the U.S. over the next four years, weeks after President Donald Trump placed a 10% tariff on goods from China, where the company sources components for its products, and threatened tariffs on semiconductors.
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February 22, 2025
NY Judge Extends Block On DOGE's Treasury Access
A New York federal judge on Friday barred Elon Musk's Department of Government Efficiency from accessing U.S. Treasury Department data, handing a win to 19 state attorneys general who claimed giving the new entity access to citizens' personal information posed a massive cybersecurity risk.
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February 21, 2025
Fla. Biz Owner Gets 4 Years In Prison For Worker Fraud Plot
A Florida federal judge sentenced a construction business owner to four years in prison and ordered him to pay millions of dollars in restitution after pleading guilty to fraud-related charges in connection with an elaborate worker scheme and violating safety standards that led to the death of an employee.
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February 21, 2025
Judge Trims $40M Green Energy Co. Investor Suit
A Tennessee federal judge won't toss a proposed class action claiming that a Chicago green energy outfit and its executives used false promises of extravagant returns to lure investors, but ruled two defendants can escape some of the suit's claims.
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February 21, 2025
Trump Says Tariffs Coming For Countries With DSTs
President Donald Trump's administration will impose tariffs on countries with taxes that disproportionately affect American companies, such as digital services taxes, which mainly apply to tech giants, according to a memorandum released late Friday.
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February 21, 2025
Mich. Pot Cos. Say Grand Rapids' Equity Fees Are Illegal
A group of cannabis companies is suing the city of Grand Rapids in Michigan state court, saying it is illegally charging them millions in fees through its social equity program.
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February 21, 2025
Telecom Biz Re-Ups Push To Exempt BEAD Funds From Taxes
The telecom industry is again pressing policymakers to make income from federal broadband deployment grants tax-free.
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February 21, 2025
Lobbyist Admits To Evading $1.3M Tax By Blocking Home Sale
A lobbyist admitted to trying to thwart IRS efforts to collect about $1.3 million in taxes he owed by preventing a real estate agent from widely listing his home and by transferring assets to a family member, according to Florida federal court documents.
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February 21, 2025
French 2% Minimum Wealth Tax Advances In Parliament
French households with assets worth more than €100 million ($104.6 million) would be subject to a 2% minimum tax on their net worth annually under a top-up wealth tax proposal approved by the lower house of France's Parliament.
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February 21, 2025
Billionaire's Tax Privacy Suit Against Booz Allen Proceeds
A billionaire's lawsuit against government contractor Booz Allen Hamilton blaming it for the theft of his tax returns in an unprecedented breach by a Booz Allen employee working at the IRS can move forward, a Maryland federal court ruled Friday, rejecting a bid to toss the case.
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February 21, 2025
Md. Senate OKs Tax Break For Service Station Conversions
Certain retail service stations in Maryland converted to other uses would be eligible for local property tax breaks under legislation approved by the state Senate and sent to the House.
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February 21, 2025
IRS Offers Guidance On Health Coverage Statements
The Internal Revenue Service released guidance Friday related to alternative methods for employers to provide health insurance coverage statements to employees as part of a larger move to reduce paperwork.
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February 21, 2025
Taxation With Representation: Kirkland, V&E, Cravath, Dechert
In this week's Taxation With Representation, Diamondback Energy buys Midland Basin assets from another oil and natural gas company, GTCR closes its second strategic growth fund, Light & Wonder Inc. buys Grover Gaming's assets, and Barings acquires Artemis Real Estate Partners.
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February 21, 2025
EU Tax Blacklist Needs New Criteria, Tax Pros Say
The European Union's list of uncooperative tax jurisdictions needs new criteria to tackle the problem of corporate tax avoidance and harmful tax practices, tax campaigners claimed Friday.
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February 21, 2025
UK Sticks With Inheritance Tax Changes Amid Higher Revenue
A U.K. budget surplus, reported Friday, indicates that the Labour government shows no sign of compromising with its inheritance tax changes as tax receipts rise despite the implications for middle-class families and farmers.
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February 20, 2025
Unions' Downsizing Suit Belongs Before FLRA, Judge Says
A D.C. federal judge denied requests Thursday to block the president from carrying out three federal downsizing initiatives, rejecting unions' argument that their challenge is an exception to the rule that federal union disputes belong before the agency charged with adjudicating them.
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February 20, 2025
Feds Say DC Judge Can't Bar 'Hypothetical' Spending Freezes
A Justice Department attorney argued before a D.C. federal judge Thursday that there is no basis to continue blocking the Trump administration from implementing a blanket suspension on federal spending, saying the court cannot bar "hypothetical" future freezes.
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February 20, 2025
Bradley Arant Adds Securities, Tax Expert As Partner
Bradley Arant Boult Cummings LLP added a former Burr & Forman LLP partner to the firm's tax group and corporate and securities group in its Birmingham, Alabama, office.
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February 20, 2025
IRS Worker Layoff Could Hamper Enforcement, Groups Warn
Congressional Democrats, tax and economic policy groups and an IRS workers union warned Thursday that the termination of thousands of Internal Revenue Service employees that began the same day could threaten the agency's ability to enforce tax laws and hamper taxpayer services amid tax-filing season.
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February 20, 2025
Guinea Fends Off Push To Enforce $22M Telecom Award
A D.C. federal court said it lacked jurisdiction to enforce a $22 million arbitration award against the Republic of Guinea stemming from a system enabling the country to tax international telecommunications traffic, saying the nation wasn't a party to the underlying arbitration agreement.
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February 20, 2025
NY Expands Local Power To Give Storm Damage Tax Breaks
New York state expanded municipalities' authority to provide property tax breaks to owners of property damaged by severe storms and other natural disasters by allowing that relief to be granted for small business' property as part of a bill signed by Gov. Kathy Hochul.
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February 20, 2025
Bilzin Sumberg Adds Ex-KPMG Tax Pro In Miami
Miami-based Bilzin Sumberg Baena Price & Axelrod LLP announced Thursday that it has hired an experienced tax attorney who previously worked as a managing director with Big 4 accounting firm KPMG as a partner.
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February 20, 2025
Tax Trial Paused For Strip Club Boss Accused Of Hiding $5.7M
The trial of a strip club operator accused of hiding $5.7 million in income from the IRS and lying to get a pandemic relief grant was pushed back Thursday after he requested more time to allow a forensic accountant to review financial documents.
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February 20, 2025
Third Of Pension Professionals Uncertain About Gov't Policy
Approximately one in three pension professionals is unclear about the government's priorities for the sector, research by a specialist law firm has suggested, with particular uncertainty over proposals to apply tax to wealth passed on through retirement savings plans.
Expert Analysis
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Reading Between The Lines Of Justices' Moore Ruling
The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Series
After Chevron: Uniform Tax Law Interpretation Not Guaranteed
The loss of Chevron deference will significantly alter the relationship between the IRS, courts and Congress when it comes to tax law, potentially precipitating more transparent rulemaking, but also provoking greater uncertainty due to variability in judicial interpretation, say Michelle Levin and Carneil Wilson at Dentons.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.