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Tax
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May 29, 2024
Three EU Countries Urge Tax Reform To Boost Investment
Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.
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May 28, 2024
Google, Meta Can Arbitrate H&R Block User's Tax Data Suit
A California federal judge on Friday ruled that a man who was previously instructed to arbitrate his proposed class action alleging that H&R Block shared private data must also arbitrate claims against Google and Meta Platforms Inc., saying the allegations against the two technology companies are closely connected to those against H&R Block.
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May 28, 2024
Trump Atty Calls Cohen 'MVP Of Liars' As NY Trial Closes
Donald Trump's counsel repeatedly assailed the credibility of star witness Michael Cohen Tuesday in a final pitch to the New York jury that will decide whether to convict the former president of falsifying business records, calling Cohen "an MVP of liars" and "the human embodiment of reasonable doubt."
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May 28, 2024
Biz Groups Back BofA In Merger Interest Tax Fight At 4th Circ.
Business groups told the Fourth Circuit on Tuesday that they supported Bank of America in its fight against a North Carolina federal court ruling that found the bank wasn't entitled to net the interest on the tax liabilities of Merrill Lynch after the two companies merged.
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May 28, 2024
Ex-NRA CFO Settles NY AG Suit Before Phase-Two Trial
The National Rifle Association's former chief financial officer has reached a settlement with the New York attorney general's office ahead of the second phase of a trial over claims the group and its executives misused donor money, among other alleged misconduct.
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May 28, 2024
Wisconsin Atty Gets 5½ Years For $2.3M Fraud, Tax Evasion
An attorney licensed in Wisconsin has been sentenced to 5½ years in federal prison and ordered to pay around $2.3 million in restitution for her involvement in multiple fraud schemes, the U.S. Department of Justice announced Tuesday.
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May 28, 2024
Coverage Recap: Day 17 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day 17.
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May 28, 2024
Tax Lawyer Rejoins Mayer Brown In DC From Latham
Mayer Brown LLP has rehired a tax partner from Latham & Watkins LLP, who joins the firm in Washington, D.C., to continue working with clients to best utilize renewable energy tax credits, the firm announced Tuesday.
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May 28, 2024
9th Circ. Won't Touch IRS Bid For Tax Liability On Bookie
A bookie who pled guilty to helping run an illegal sports gambling ring out of Peru can't escape his ensuing $100,000 tax liability under a Ninth Circuit ruling that declined to expunge his conviction after he argued the taxes are disproportionately punishing.
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May 28, 2024
Colo. Creates Tax Credits For Agricultural Stewardship
Colorado farms and ranches that use certain agricultural stewardship practices will be eligible for tax credits of up to $300,000 under legislation signed into law by Gov. Jared Polis.
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May 24, 2024
5 Themes That Could Determine Trump's NY Criminal Trial
With closing arguments set for Tuesday morning in Donald Trump's New York hush money case and deliberations on the horizon, here's a look at the themes that have dominated the historic, monthlong trial so far.
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May 24, 2024
Biden's Judicial Impact And What's Left On The Wish List
President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.
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May 24, 2024
Court Upholds Limit To Award In Ecopetrol, Texas Co. Dispute
An arbitration tribunal was within its authority to limit the number of years and the amount that a Houston-based oil company had to reimburse Colombia's state-owned entity, Ecopetrol, for the value-added tax liability of a subsidiary while owned by the company, a New York federal judge determined.
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May 24, 2024
CohnReznick Adds Tax Planning Partner From Mazars
CohnReznick LLP added a top accountant and tax partner from Mazars USA LLP to its roster of tax professionals, the firm announced.
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May 24, 2024
IRS Corrects Notice On Bonus Energy Tax Credit Safe Harbors
The Internal Revenue Service and U.S. Department of the Treasury issued a correction Friday to a notice providing additional safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing their steel and aluminum parts.
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May 23, 2024
NC Justices Back Manufacturer Tax Break For Contractor
The North Carolina Supreme Court on Thursday backed a $130,000 tax break for an asphalt maker, upholding a lower court's decision that the company qualified for an exemption reserved for manufacturers even though it sold just a small portion of its product.
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May 23, 2024
Ill. Justices OK $28M Tax Value Appeal Without Payment
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
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May 23, 2024
Senate Chairs Seek Info On Trump Meeting With Oil Cos.
The chairs of the Senate's tax and budget committees said Thursday that they were investigating a meeting with former President Donald Trump, oil and energy companies, a trade association where Trump reportedly sought $1 billion in exchange for policy favors.
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May 23, 2024
Trump Loses 2 NY Criminal Appeals As Trial Winds Down
Former President Donald Trump on Thursday lost a pair of appellate challenges complaining that both the judge and jury in his ongoing New York criminal hush-money trial are biased, just a few days before closing statements in the historic case.
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May 23, 2024
US Drops Appeal Of Citigroup's $183M Tax Award At Fed. Circ.
The federal government agreed to stop fighting a ruling that awarded Citigroup $183 million in tax deductions for liabilities belonging to a failing bank it had acquired during the 1980s savings and loan crisis, according to an order Thursday by the Federal Circuit dismissing the appeal.
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May 23, 2024
Ambulance Co. Owner Accused Of $1M Pandemic Loan Fraud
The owner of a California ambulance company who was charged last year with tax evasion and filing false returns has been further accused of fraudulently securing $1 million from federal pandemic relief loan programs, according to the U.S. Department of Justice.
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May 23, 2024
EU Flags Nations For Shortcomings On Pillar 2, Exchange Law
The European Commission said Thursday that six European Union countries still have failed to implement the global minimum tax for large companies, and it noted that an additional three aren't properly implementing an information exchange law.
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May 23, 2024
Yellen Opposes Global Redistribution Of Billionaires' Wealth
U.S. Treasury Secretary Janet Yellen repeated Thursday that she opposes a global minimum tax on billionaires and added that she does not support basing a redistribution of the revenue from such a tax on damage from climate change and related financing needs.
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May 23, 2024
Akerman Brings On Kilpatrick Tax Ace In LA
Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.
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May 22, 2024
Michael Best Accused Of Malpractice In Startup's Restructure
Michael Best & Friedrich LLP, one of its partners and one of its former attorneys are accused of mishandling a technology startup's reorganization, jeopardizing tax benefits for its founders, according to a legal malpractice lawsuit filed in Illinois state court.
Expert Analysis
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Parsing Tax Implications Of NYC Office Leasing Transactions
Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.
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IRS Foreign Tax Credit Pause Is Welcome Course Correction
A recent IRS notice temporarily suspending application of 2022 foreign tax credit regulations provides wanted relief for the many U.S. multinational companies and other taxpayers that otherwise face the risk of significant double taxation in their international operations, say attorneys at Mayer Brown.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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Opinion
3 Principles Should Guide MTC's Digital Products Tax Work
As the Multistate Tax Commission's project to harmonize sales tax on digital products moves forward, three key principles will help the commission's work group arrive at unambiguous definitions and help states avoid unintended costs, say Charles Kearns and Jeffrey Friedman at Eversheds Sutherland.
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OECD Treatment Of Purchased Ga. Film Credits Isn't Peachy
Producers considering Georgia as a prospective location for filming may already be concerned that the Organization for Economic Cooperation and Development's July decision will hamper the eventual 2026 or later sale of their Georgia film tax credits, says Alan Lederman at Gunster.
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If Justices End Chevron Deference, Auer Could Be Next Target
If the U.S. Supreme Court decides next term to overrule its Chevron v. NRDC decision, it may open the door for a similar review of the Auer deference — the principle that a government agency can interpret, through application, ambiguous agency regulations, says Sohan Dasgupta at Taft Stettinius.
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Tax Court Ruling Provides Helpful Profits Interest Guidance
A recent U.S. Tax Court decision holding that a partnership may exclude interests in a company that it indirectly received sheds light on related IRS guidance, including the proper valuation method for such interests, though the court's application of the method to the facts of this case appears flawed, say attorneys at Kramer Levin.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Perspectives
A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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A Milestone For Offshore Wind In Maine
Recently signed legislation directing Maine to procure up to 3 gigawatts of offshore wind by 2040 offers indisputable promise that the state will soon welcome commercial-scale offshore wind development off its shores, says Joshua Rosen at Foley Hoag.
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Rebuttal
Mallory Ruling Doesn't Undermine NC Sales Tax Holding
Contrary to the conclusion reached in a recent Law360 guest article, the U.S. Supreme Court’s recent Mallory ruling shouldn't be read as implicitly repudiating the North Carolina Supreme Court’s sales tax ruling in Quad Graphics v. North Carolina Department of Revenue — the U.S. Supreme Court could have rejected Quad by directly overturning it, says Jonathan Entin at Case Western Reserve.
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Opinion
Calif. Policymakers Should Aid Crashing Cannabis Market
As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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Opinion
Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.