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Tax
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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.
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October 25, 2024
Crypto Rapidly Transforming IRS Criminal Cases, Agent Says
Cryptocurrency is altering the size of many criminal cases that federal law enforcement agencies are handling, an Internal Revenue Service criminal investigator told the UCLA Tax Controversy Conference, commenting that over the past three years the agency broke its record for asset seizures three times.
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October 25, 2024
9th Circ. Backs 7-Year Sentence Over Chip Exports To China
The Ninth Circuit on Friday upheld the seven-year prison sentence imposed on a former University of California, Los Angeles, electrical engineering professor convicted of illegally exporting high-powered semiconductor chips to China, saying the district court did not err in holding that the conduct amounted to an evasion of national security controls.
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October 25, 2024
Hawkins Delafield Career Atty Moves To Nixon Peabody In SF
Nixon Peabody LLP hired a Hawkins Delafield & Wood LLP partner who has spent his entire legal career with that firm working on public finance tax matters and a range of other tax-related matters, the firm has announced.
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October 25, 2024
'Magician' Tax Preparer Close To Plea Deal In $100M Case
A New York City-based tax preparer who earned the nickname "the magician," allegedly making $15 million while fraudulently depriving the IRS of $100 million, is in "fruitful" plea talks with prosecutors, a Manhattan federal judge heard Friday.
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October 25, 2024
IRS Agents To Appeal Exclusion From Biden Tax Privacy Case
The IRS agents accused of improperly revealing Hunter Biden's tax return information in his privacy lawsuit against the U.S. government told a D.C. federal court Friday that they're planning to challenge a decision preventing them from personally intervening in the case.
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October 25, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Cleveland Browns Sue City To Protect Stadium Move Plan
The Cleveland Browns took their city to Ohio federal court to protect their plan to move the NFL team to an adjacent town, saying a Buckeye State law restricting how and when sports teams can move out of taxpayer-supported stadiums is unconstitutional.
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October 25, 2024
Virgin Islands Looks To Recoup Ocwen's $8.6M Tax Refund
The U.S. Virgin Islands' revenue bureau mistakenly paid an $8.6 million tax refund to mortgage company Ocwen based on a 90% economic development credit that shouldn't have been allowed, the islands' government told a federal court as it seeks to take back the money.
Expert Analysis
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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How IRA Unlocks Green Energy Investments For Tribes
An Inflation Reduction Act provision going into effect May 10 represents a critical juncture for Native American tribes, offering promising economic opportunity in green energy investment, but requiring a proactive and informed approach when taking advantage of newly available tax incentives, say attorneys at Lewis Brisbois.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Fears About The End Of Chevron Deference Are Overblown
While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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What To Know About IRS' New Jet Use Audit Campaign
The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Opinion
Neb. Justices Should Weigh IRC Terms In Dividend Tax Case
Nebraska’s highest court, which will hear oral arguments in Precision CastParts v. Department of Revenue on April 1, should recognize that the Internal Revenue Code provides key clues to defining “dividends received or deemed to be received,” and therefore limits Nebraska’s tax on foreign-sourced corporate income, says Joseph Schmidt at Ryan.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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A Legal Playbook For Stadium Construction Agreements
As a new wave of construction in the professional sports arena space gets underway, owners must carefully consider the unique considerations and risks associated with these large-scale projects and draft agreements accordingly, say attorneys at Akerman.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.