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Tax
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October 31, 2024
Scam Promoter Who Cost UK £2.6M In Taxes Is Banned
A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.
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October 31, 2024
Exxon Entitled To Interest Deduction On Qatar Deal
Exxon Mobil is entitled to an interest expense deduction on payments to Qatar under a natural gas deal, a Texas federal judge ruled, rejecting the U.S. government's classification of an underlying transaction as a royalty rather than a loan.
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October 31, 2024
Vinson & Elkins To Open Denver Office With Plans To Expand
Three Vinson & Elkins LLP partners have been tapped to open the firm's newest office in Denver, the firm announced Thursday, amid an effort to expand its client base and talent roster in the Mountain West region.
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October 31, 2024
Pro Baller Avoids Prison Over Tax, Child Support Scam
A professional basketball player was sentenced to three years of probation in Ohio federal court after being charged with conspiracy and wire fraud for allegedly attempting to avoid paying child support and taxes for several years.
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October 31, 2024
EU Expected To Close Final Digital VAT Deal Next Week
The European Union is close to a final deal on its plan to bring the bloc's value-added tax rules more in line with the digital economy after representatives reached an agreement in principle, the Hungarian presidency of the Council of the EU confirmed Thursday.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
11th Circ. Nixes ERISA Claim To John Hancock's $100M Credit
John Hancock Life Insurance Co. had no fiduciary duty to pass on to retirement plans $100 million in foreign tax credits that it had taken from taxes paid on foreign investments, a three-judge panel of the Eleventh Circuit said in upholding a lower court ruling.
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October 30, 2024
Jury Finds Importer Didn't Report $17M On Tax Returns
A Los Angeles jury found an importer of Chinese clothing guilty of skirting more than $8 million in customs duties and failing to report more than $17 million in cash transactions on tax returns, federal prosecutors in California announced Wednesday.
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October 30, 2024
Mich. Judges Reject Interest For Unclaimed Property Returns
A Michigan appellate panel overturned a trial court Tuesday that admitted it was going against the grain by requiring the state to pay interest when it returns seemingly abandoned property, with appellate judges finding state statute was comprehensive enough to supersede the common law idea that "interest follows principal."
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October 30, 2024
Ohio Justices Say Attorney In Prison Should Not Be Disbarred
The Ohio Supreme Court ruled Tuesday that an attorney in federal prison for his participation in a tax fraud scheme should not be disbarred, and should have a chance to reapply for his law license in the future
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October 29, 2024
Ex-ComEd GC Calls Madigan's Interest In Law Firm 'Strange'
A Jenner & Block LLP attorney and former Commonwealth Edison general counsel testified Tuesday that he found it "strange" to read ex-Illinois House Speaker Michael Madigan was interested in the granular details of the utility's negotiations with Chicago law firm Reyes Kurson. Madigan's counsel, however, appeared to suggest a confidant and co-defendant had name-dropped the speaker in 2016 without actually talking to him.
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October 29, 2024
Ex-Cleveland Councilman Can't Cut 6-Year Fraud Sentence
An Ohio federal judge will not allow a former Cleveland city councilman to get out of jail on compassionate release, ruling the ex-politician "has never demonstrated any remorse for his criminal conduct" and should serve the remainder of his six-year fraud sentence.
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October 29, 2024
Beyond Abortion, 7 Ballot Questions Set To Shape Care
While reproductive rights have led the healthcare debate this election season, voters across the country will shape state policies on a number of other hot issues, including a Medicaid work requirement and coverage for IVF. Law360 Healthcare Authority looks at seven ballot measures that go beyond abortion.
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October 29, 2024
Building Co. Cops To Worker Scheme Tied To Tax Fraud
A truss building company pled guilty to conspiring to hide its employment of dozens of unauthorized workers from the U.S. Department of Homeland Security with a former employee, who admitted to filing false tax returns as part of the scheme, according to Florida federal court documents.
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October 29, 2024
Rimon Adds International Tax Expert In Philadelphia
Rimon PC has added an expert in international tax and trusts and estates who joined the firm's Philadelphia office after working for his own practice.
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October 29, 2024
4th Circ. Unclear On LeClairRyan Founder's Tax Liability
A Fourth Circuit panel appeared confused and noncommittal Tuesday as it wrestled with a narrow question of contract interpretation that could determine whether Gary LeClair of defunct LeClairRyan PLLC is on the hook for massive tax bills tied to the firm's collapse.
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October 28, 2024
Crypto Co. Operator Faces Money Laundering, Tax Charges
Federal prosecutors accused an Indiana property owner of laundering the proceeds of a crypto money transmitter — AurumXchange — that they say should have been licensed and of failing to file tax returns despite realizing six figure gains from investing the proceeds.
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October 28, 2024
Russia Says High Court Case May Help Nix $5B Award Suit
Russia has told a D.C. federal court that a case recently accepted for review by the U.S. Supreme Court may provide it a path to argue that the court lacks jurisdiction to decide a case brought against the country by a Yukos Oil Co. unit.
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October 28, 2024
Metals Co. Owner Convicted Of Tax Fraud In $58M Theft Case
A Delaware federal jury convicted the owner of a gold and silver depository of tax fraud and other crimes tied to the government's accusations that he stole $58 million in precious metals from his customers, according to court filings.
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October 28, 2024
No COVID Property Tax Break For Hotels, Wash. Court Told
Hotels in Washington state should not get property tax breaks for COVID-19 because the pandemic was not a natural disaster that allows relief, the assessor of the state's most populous county told a state court.
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October 28, 2024
Ind. Tax Board Cuts Target Store's Assessment By $500K
An Indiana Target's property tax assessment should be lowered by roughly $500,000 for three tax years, the state Board of Tax Review said, finding the retailer's income capitalization approach to the valuation persuasive.
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October 28, 2024
5th Circ. Affirms Texas Health Coordinator Is Not Tax-Exempt
A Texas nonprofit corporation that coordinates healthcare mostly for privately insured patients does not qualify for tax-exempt status because its business fails to help the larger community, the Fifth Circuit ruled Monday in affirming a U.S. Tax Court decision.
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October 28, 2024
Ind. Tax Board Orders Vacant Land Be Reassessed
An Indiana property valued as vacant land should be reassessed, the state Board of Tax Review said, and the property should be considered nontillable agricultural land.
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October 28, 2024
Tenn. ALJ Boosts Home's Tax Value By A Third
A Tennessee administrative law judge boosted a home's tax value by more than one-third after siding with a local assessor's office that brought a counterclaim against an appeal by the home's owners, who sought a lower figure.
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 36 different rulemaking and litigation areas.