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Tax
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December 17, 2024
Magic Runs Out For Tax Pro Who Stiffed IRS Out Of $145M
A New York City tax preparer who earned the nickname "the magician" while depriving the IRS of $145 million in revenue copped to tax evasion on Tuesday before a Manhattan federal judge.
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December 17, 2024
IRS Finalizes Expanded 'Coverage Month' For Premium Credit
The Internal Revenue Service finalized rules Tuesday that will expand the definition of a coverage month for purposes of computing the health insurance premium tax credit.
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December 17, 2024
Justices Urged To Let Stand Ex-Wife's Tax Payment Suit
A woman who said the IRS wrongly applied her tax payment to her ex-husband's bill asked the U.S. Supreme Court to let stand a Third Circuit ruling allowing her to challenge it, saying the decision doesn't conflict with any other rulings and involves an issue that rarely occurs.
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December 16, 2024
NY Judge Denies Trump's 1st Immunity Dismissal Motion
The New York state judge overseeing President-elect Donald Trump's hush money case denied the first of his immunity-based dismissal motions on Monday, finding that the trial evidence in the criminal case was not tainted by "official acts" evidence from his first term in office.
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December 16, 2024
Ex-Ill. Rep. Says He Got ComEd, AT&T Work With Madigan's Help
Former Illinois state Rep. Eddie Acevedo testified Monday that he obtained consulting work from utilities ComEd and AT&T with former House Speaker Michael Madigan's help, but pushed back on prosecutors' suggestion that he performed little to no work for the pay.
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December 16, 2024
Mich. Judge Troubled By Scope Of Feds' CTA Data Collection
A federal judge in Michigan said new disclosure requirements for small businesses seem burdensome and intrusive during a Monday hearing focused on the privacy implications of the currently blocked anti-money laundering law.
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December 16, 2024
Canadian Finance Minister Resigns Amid Trump Tariff Threats
Canada's deputy prime minister and minister of finance announced Monday that she is resigning from her post, citing conflicting views with Prime Minister Justin Trudeau about how to respond to tariff threats under President-elect Donald Trump's incoming administration.
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December 16, 2024
Tax Court Wrongly Cut Easement Deduction, 11th Circ. Told
The U.S. Tax Court erred in drastically reducing a partnership's claimed $23 million deduction for donating a conservation easement in Georgia, the partnership told the Eleventh Circuit, saying the court improperly relied on a real estate expert's opinion to establish whether the land had mining value.
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December 16, 2024
Cos. Urge Judge To Maintain Injunction On Transparency Law
A Texas federal judge doesn't need to stay his preliminary injunction on the rollout of new corporate transparency rules while the U.S. government's appeal of his decision is pending at the Fifth Circuit, a business lobbying group and others said Monday.
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December 16, 2024
Wyden Bill Would Nix Tax Perks For Private Placement Plans
U.S. Senate Finance Committee Chairman Ron Wyden unveiled legislation Monday that would remove the tax benefits of a special type of private life insurance plan that he said high-net-worth individuals have been abusing to avoid paying taxes on their investments in the policies.
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December 16, 2024
Justices Won't Review Man's Demand For Dad's Tax Info
The U.S. Supreme Court on Monday let stand a D.C. Circuit decision tossing a man's suit against the IRS for withholding his dead father's tax records, a ruling the man claimed had deepened a circuit split over the correct process for obtaining personal tax documents.
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December 16, 2024
IRS Corrects Regs On Direct Pay Of Partnership Tax Credit
Internal Revenue Service issued a correction Monday to final regulations that make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.
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December 14, 2024
IRS Criminal Probes On Worker Retention Cases Still Early
The Internal Revenue Service's criminal arm is still in the early stage of investigating the most extremely fraudulent claims of a tax credit intended to reward businesses for retaining employees during the COVID-19 pandemic, an official said Saturday.
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December 13, 2024
Supreme Court To Review Wis. Catholic Charity Tax Case
The U.S. Supreme Court plans to examine whether a group of Catholic charities is exempt from Wisconsin's unemployment tax, agreeing Friday to review a state Supreme Court finding that the organizations are not operated primarily for religious purposes.
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December 13, 2024
IRS To Wrap Up Worker Retention Credits In 2025, Werfel Says
The Internal Revenue Service plans to wrap up processing next year for thousands of claims for tax credits meant to provide incentives for businesses that retained employees during the COVID-19 pandemic, agency Commissioner Daniel Werfel said Friday.
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December 13, 2024
NC Justices Grant Philip Morris Win On Tax Credit Cap
North Carolina's $6 million cap on cigarette export tax credits limits only the credits that can be claimed in a year, not the amount of credit that can be generated, the North Carolina Supreme Court ruled Friday, handing a victory to tobacco giant Philip Morris.
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December 13, 2024
Feds Narrow Drug Case Against Wife Of Convicted Drexel Prof
Prosecutors have told a New Jersey federal judge that they would drop one of three drug distribution charges against the wife of a convicted former Drexel University professor, saying their evidence might not establish intent after the U.S. Supreme Court raised the burden of proof for such cases in 2022.
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December 13, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Google and TPG Rise Climate partner with Intersect Power, Gen Digital Inc. acquires MoneyLion Inc., Patient Square Capital acquires Patterson Companies Inc., and the Buffalo Bills and Miami Dolphins sell minority ownership shares to private equity firms.
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December 13, 2024
Trump Rips DA's 'Dark Dream' To Legally Treat Him As Dead
Donald Trump's attorneys Friday slammed a proposal by the Manhattan district attorney to preserve the president-elect's hush money conviction by treating him like a defendant who dies after a verdict, pushing the judge to dismiss the case altogether.
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December 13, 2024
Contractor Loses Bail For Texting Alleged Tax Cheat Allies
A District of Columbia federal judge revoked bail for a former defense contractor accused of running a $350 million tax-evasion scheme that prosecutors call one of the largest in U.S. history, after the government said he'd been texting his alleged co-conspirators.
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December 13, 2024
Minn. Senior Home's Tax Appeal Nixed For Lack Of Info
A Minnesota senior living community failed to provide a local assessor with required income and expense information related to its property tax appeal, the Minnesota Tax Court said, dismissing the case.
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December 13, 2024
Surveys, Awards & More: Law360's 2025 Editorial Calendar
Law360 publishes several award series throughout the year, including ones that highlight top-performing attorneys and practice groups. Here, find all you need to know about our awards and surveys, including due dates, FAQs, and the questions we'll ask so you can prepare ahead of time.
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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.
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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.
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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.
Expert Analysis
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Series
Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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A Look At How De Minimis Import Rules May Soon Change
The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.
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Ruling On Foreign Dividend Break Offers 2 Tax Court Insights
In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.