Tax

  • December 12, 2024

    'Housewives' Figure Touts Social Media Posts In Leniency Bid

    Former "Real Housewives of Atlanta" cast member Peter Anthony Thomas asked a North Carolina federal judge on Thursday to give him a prison sentence below federal guidelines for not paying $2.5 million in employment taxes, stating he has used his public platform to encourage his followers to pay their own taxes.

  • December 12, 2024

    Bitcoin Investor Gets 2 Years For Tax Fraud In Landmark Case

    An investor who concealed millions of dollars he earned in bitcoin and became the first person criminally charged for failing to report gains from the sale of cryptocurrency by filing false returns was sentenced to two years in federal prison Thursday.

  • December 12, 2024

    Mich. Judge Hesitant To Rule On $217M Dam Repair Tax

    A Michigan federal judge sounded reluctant Thursday to make a decision about whether a $217 million dam repair tax assessment violated homeowners' constitutional rights before a state appellate panel rules on the homeowners' challenge to the assessment in a parallel case over properties affected by flooding from the 2020 Edenville Dam collapse.

  • December 12, 2024

    IRS Seeks Feedback On Limits In Previous Taxed Profit Rules

    The Internal Revenue Service will consider whether rules included in recently proposed guidance on previously taxed earnings and profits to limit instances where U.S. multinationals may use basis to offset gain are too restrictive, an official said Thursday.

  • December 12, 2024

    IRS Chief Makes Case To Restore $20B Funding Shortfall

    Congress should reverse a $20 billion IRS funding gap in a year-end budget bill to help the agency modernize its technology, improve customer service and collect unpaid taxes from wealthy businesses and individuals, Internal Revenue Commissioner Daniel Werfel said Thursday.

  • December 12, 2024

    Wash. Justices OK Tax Break For Pharmacy Benefits Manager

    A Washington pharmacy benefits manager is exempt from a state business tax on its services for Medicaid patients because its corporate sibling paid premium taxes in connection with the same services, the state's high court affirmed Thursday.

  • December 12, 2024

    2nd Circ. Won't Rethink Dual Citizen's FBAR Penalties

    The Second Circuit will not review its September decision finding that a dual U.S.-French citizen is liable for tax penalties for failing to file reports of foreign bank and financial accounts, the court said Thursday.

  • December 12, 2024

    IRS Hopes To Issue Amount B Pricing Guidance Within Weeks

    Treasury is working to finish its guidance on the simplified transfer pricing approach to baseline marketing and distribution known as Amount B by the end of the year, a U.S. official said Thursday.

  • December 12, 2024

    Ex-FBI Informant Admits To False Accusations In Biden Case

    A former FBI informant accused of making fake criminal accusations against President Joe Biden and his son, Hunter Biden, will plead guilty to tax evasion and falsifying records in a federal investigation, according to a deal filed Thursday in a California federal court.

  • December 12, 2024

    Treasury Seeks To Pause Anti-Laundering Law Injunction

    The U.S. Treasury Department asked a Texas federal judge to pause his nationwide preliminary injunction of the Corporate Transparency Act pending an appeal of his recent decision that found Congress likely overstepped its constitutional authority when it wrote the anti-money laundering law.

  • December 11, 2024

    NRA Ordered To Reform Policies After NY Misconduct Verdict

    A New York judge ordered changes to the National Rifle Association's board structure and organizational policies Wednesday to "prevent future violations of law," following a jury verdict that found widespread financial misconduct and whistleblower retaliation within the gun group.

  • December 11, 2024

    Suit Says Plastic Bag Maker Owes $3M For Property Damage

    An Illinois property owner said Bio Star Films, a maker of plastic shopping bags, must pay over $3 million for repairs to five industrial buildings it leased in Chicago for recycling and plastic manufacturing, according to a lawsuit filed in state court.

  • December 11, 2024

    More Facts Needed In RJ Reynolds Tax Row, Mich. Court Says

    More facts are needed on whether part of a $4.9 billion sale of trademarks by R.J. Reynolds to a Japanese company should be taxable in Michigan, a state court said Wednesday, declining to rule immediately.

  • December 11, 2024

    Temp Agency Owner Gets Prison For $2M Tax Scheme

    A temp agency owner was sentenced to a year and a day in prison after pleading guilty in Massachusetts federal court to paying employees under-the-table wages to avoid $2.1 million in taxes.

  • December 11, 2024

    Bradley Arant Hires Fennemore Craig Tax Pro In Atlanta

    Bradley Arant Boult Cummings LLP has brought on a former partner at Fennemore Craig PC to its Atlanta office, strengthening its tax capabilities as the firm sees a rise in transactional work.

  • December 11, 2024

    Ariz. Ending Local Taxes On Long-Term Residential Rentals

    Long-term rentals of residential property in Arizona will no longer be subject to local taxes or fees after Jan. 1 under recent legislation, the state Department of Revenue said Wednesday.

  • December 11, 2024

    Judge Orders Home Sale To Pay Down $1.7M Tax Debt

    A California federal judge ordered the private sale of a deceased couple's home to pay down a $700,000 tax bill that has been accruing interest for 20 years and now stands at roughly $1.7 million.

  • December 11, 2024

    Netherlands Gov't Reports $5.3B Drop In Tax Avoidance

    The Dutch government said Wednesday that it has seen tax avoidance drop by €5 billion ($5.3 billion) since the imposition of two European Union directives targeting low-tax corporate structures and practices.

  • December 10, 2024

    Ga. Justices Say Courts To Decide Whether Utilities Are Taxes

    A Georgia trial court wrongly decided it could not judge whether a county's utility rates are a backdoor tax on property owners, the state's highest court said Tuesday, ruling that a restriction on the state Legislature's power to "regulate or fix" rates doesn't bar review by the judicial branch.

  • December 10, 2024

    Biz Owner In $2.8M Worker Tax Scheme Gets 18 Months

    A construction company owner who failed to pay $2.8 million in employment taxes by falsely claiming his workers were subcontractors was sentenced to 18 months in prison Tuesday and ordered to pay full restitution, according to Massachusetts federal court documents.

  • December 10, 2024

    NY DA Says Trump's 'President-Elect Immunity Does Not Exist'

    Prosecutors told the New York state judge presiding over Donald Trump's hush money case that "president-elect immunity does not exist" and that the court could delay sentencing — or even "terminate" the case without dismissing it.

  • December 10, 2024

    NY AG Refuses To Drop $489M Fraud Case Against Trump

    The office of New York Attorney General Letitia James has announced it won't drop its civil financial fraud case against President-elect Donald Trump, two of his sons, his companies and their executives, saying his upcoming inauguration has no bearing on litigating his appeal of the $489 million judgment.

  • December 10, 2024

    Soft Landing For Pilot As Billionaire's Insider Case Wraps

    A pilot who admitted to dodging taxes on $500,000 in income after he was accused of taking stock tips from Joe Lewis, his billionaire boss, avoided prison on Tuesday at a sentencing that closed a high-profile insider trading prosecution.

  • December 10, 2024

    Ore. Real Estate Agent Underreported Income, Court Says

    An Oregon real estate agent and investor failed to report nearly $188,000 in income, including the profits from two property sales, the state's tax court ruled, rejecting her appeal of the state tax department's findings except for small adjustments.

  • December 09, 2024

    10th Circ. Affirms Nix Of Atty's Racing Expense Deductions

    The Tenth Circuit affirmed Monday the U.S. Tax Court's determination that a Denver personal injury lawyer shouldn't be allowed to deduct about $300,000 for his car racing-related costs as advertising, despite his claims that his races helped him drum up business.

Expert Analysis

  • What Trump's 2nd Presidency Could Mean For Crypto Sector

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    Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.

  • Promoting Diversity In The Selection Of ADR Neutrals

    Excerpt from Practical Guidance
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    Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.

  • Series

    Playing Ultimate Makes Us Better Lawyers

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    In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron. 

  • Considering Chevron's End Through A State Tax Lens

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    States took the lead in encouraging Chevron's demise, turning away from Chevron-type deference in state tax administration ahead of the U.S. Supreme Court’s Loper Bright decision, a trend likely to accelerate as courts take a more active role in interpreting tax laws, say attorneys at Eversheds Sutherland.

  • E-Discovery Quarterly: Recent Rulings On Metadata

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    Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.

  • Kentucky Tax Talk: Finally Better Online Records At Revenue?

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    The Kentucky Department of Revenue has not taken significant visible steps toward complying with legislation requiring it to post administrative guidance on its website starting no later than Nov. 15, and refusal to do so would widen the transparency gap between the state and its more business-friendly neighbors, say attorneys at Frost Brown.

  • Striking A Balance Between AI Use And Attorney Well-Being

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    As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.

  • Takeaways From The IRS' Crypto Doc Summons Win

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    A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.

  • Empathy In Mediation Offers A Soft Landing For Disputes

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    Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.

  • Series

    Being An Artist Makes Me A Better Lawyer

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    My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.

  • How Judiciary Can Minimize AI Risks In Secondary Sources

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    Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.

  • NY Tax Talk: Questions In Corporate Franchise Tax Regs Case

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    In the first challenge to New York's Corporate Franchise Tax regulations — Paychex v. Department of Taxation and Finance — the court has an important opportunity to provide clarity on a major retroactive application issue, say attorneys at Eversheds Sutherland.

  • How Attorneys Can Break Free From Career Enmeshment

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    Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.

  • Ex-Chicago Politician's Case May Further Curb Fraud Theories

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    The U.S. Supreme Court recently agreed to hear Thompson v. U.S. to determine whether a statement that is misleading but not false still violates federal law, potentially heralding the court’s largest check yet on prosecutors’ expansive fraud theories, with significant implications for sentencing, say attorneys at the Law Offices of Alan Ellis.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.

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