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Tax
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August 13, 2024
Baker Botts-Led Drilling Firm Joins September's IPO Pipeline
Drilling equipment and services provider HMH Holding Inc. has filed for an initial public offering, represented by Baker Botts LLP and underwriters counsel Latham & Watkins LLP, joining a pipeline of potential post-Labor Day IPOs.
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August 12, 2024
Accused Accounting Prof Is No Tax Expert, NJ Jury Told
New Jersey federal jurors were urged Monday to keep one word at the front of their minds as they listen to the government present its case against an accounting professor accused of failing to report $3.3 million in income from a pharmacy he co-owned with his wife: willful.
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August 12, 2024
Ryan LLC Gets HR Group Assist In Noncompete Fight
The Society for Human Resource Management threw its weight behind Dallas-based tax company Ryan LLC in the company's ongoing fight to preserve noncompete agreements, saying in a Texas federal court Monday that without nationwide relief, HR professionals and companies will suffer damages "that cannot be fully calculated."
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August 12, 2024
US Seeks To Omit Fair Split Of Tax Rights From UN Tax Pact
The U.S. government proposed on Monday dropping the fair allocation of taxing rights as a principle to guide negotiators on the United Nations framework convention on international tax cooperation, saying that the agenda risks duplication, but the organization's African bloc and others opposed its move.
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August 12, 2024
UN Eyes Two Early Changes For Tax Pact In Latest Draft
Diplomats would draft two legally binding protocols under the United Nations framework convention on international tax cooperation while creating the convention itself under the latest draft guidance for negotiators after they select from a shortlist of possible topics, including the digital economy and wealth taxation.
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August 12, 2024
UK Railway Project Forced To Pay £6.2M Tax Bill
A public agency building a high-speed railway in the U.K. had to pay a £6.2 million ($8 million) tax bill for failing to comply with "off-payroll rules" for the contracted employees it engages, according to the agency's annual report.
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August 12, 2024
Construction Co. Says Tribe Can't Escape $1.9M Wage Suit
A New York construction company is fighting a bid by an entity created by the Mashpee Wampanoag Tribe to dismiss a $1.9 million wage dispute for work done on an $11.75 million Cape Cod, Massachusetts, housing project, arguing that sovereign immunity can't protect it from the litigation.
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August 12, 2024
Judge OKs IRS To Review Bank Docs Of Exec In Bitcoin Probe
The Internal Revenue Service can review the sequestered bank records of a cryptocurrency executive charged in a 2020 bitcoin fraud investigation, a Texas federal judge ruled, finding the agency had properly notified the executive and his company of summonses it had issued to their banks.
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August 12, 2024
Transparency Act Snowball Fears A 'Mirage,' Treasury Says
The U.S. Department of the Treasury is seeking to quell fears that the Corporate Transparency Act's disclosure requirements could set the stage for more invasive government data collection in a brief asking a Michigan federal judge to uphold the law as constitutional.
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August 12, 2024
Plumber Gets Prison For Dodging Taxes To Buy Gold
The 78-year-old co-owner of a Boston plumbing supply company will spend four months in prison for failing to report $10 million in business income on the company's taxes and using the funds to purchase a stockpile of gold and silver bars.
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August 12, 2024
IRS Extends Tax Deadlines For Minn. Storm Victims
Minnesota taxpayers affected by severe storms and flooding have until February to file tax returns and make payments, the Internal Revenue Service said Monday.
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August 12, 2024
Mo. Goodwill Qualifies For Charitable Property Tax Exemption
A Missouri Goodwill employing those with "barriers to employment" qualifies for a charitable purpose exemption, making it exempt from property tax, the state tax commission ruled.
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August 12, 2024
'Survivor' Winner Is True Owner In Property Dispute, US Says
The winner of the first "Survivor" television season is the true owner of disputed property that should be sold to pay down his $3.3 million in tax liabilities, the government told a Rhode Island federal court, rejecting claims that his sister is the owner.
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August 09, 2024
Trump Again Appeals Merchan's Gag Order To NY High Court
Former President Donald Trump is again seeking dismissal of a gag order in his criminal hush money case barring him from threatening court and district attorney staff, telling New York's highest court on Thursday that he disagreed with "each and every part" of a recent intermediate appellate court ruling that found threats remained imminent.
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August 09, 2024
The Long Road To Legalizing Pot In Florida And South Dakota
Voters in Florida and South Dakota will have the opportunity this Election Day to legalize recreational marijuana for adults 21 and over, and while the two efforts vary in their particulars, they both follow years of work by legalizers to craft a proposal that could gain court approval.
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August 09, 2024
Pa. Firm Seeks Over $790K In Employee Retention Credit
The Internal Revenue Service has failed to pay Ostroff Injury Law PC the more than $790,000 it is owed in pandemic-era employee retention credits, the Pennsylvania firm alleges in a federal court complaint, despite satisfying two separate tests the firm says qualify it for the relief.
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August 08, 2024
IRS Agents Seek To Join Hunter Biden's Tax Privacy Case
Accusations of wrongdoing against two Internal Revenue Service whistleblowers who said the government downplayed tax fraud allegations against Hunter Biden give the pair standing to intervene in Biden's privacy case against the U.S. government, the men told a federal court.
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August 08, 2024
Feds Seek 2 Years For Accountant In $8M Payroll Tax Scheme
A New Jersey moving company's head accountant should serve a two-year sentence for being the "nerve center" of a nearly $8 million payroll tax scheme, prosecutors told a New York federal judge in a bid to deny the man's request for a noncustodial sentence.
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August 07, 2024
NC Biz Court Bulletin: The Battles Making Summer Sizzle
A 1983 championship basketball team's intellectual property rights and a public feud between Cadwalader Wickersham & Taft LLP and its insurer are among the legal battles that have kept North Carolina Business Court judges and Tar Heel state private practice attorneys busy this summer. In case you missed those and others, here are the highlights.
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August 07, 2024
Weak Link Doomed $690M Whistleblower Claim, DC Circ. Says
A whistleblower could not get up to $690 million, or 30% of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program, because the connection between his actions and the program was weak, the D.C. Circuit said Wednesday.
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August 07, 2024
5th Circ. Grapples With 'Ridiculous' $100M Arbitration
A Fifth Circuit panel struggled to make sense out of a "ridiculous" arbitration proceeding that produced four contradictory arbitration awards in a legal malpractice dispute, one awarding $100 million, pressing both sides during oral arguments Wednesday to give answers about how the "spectacle" unfolded.
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August 07, 2024
Tax Court's Economic Substance Foray May Clarify Limits
A U.S. Tax Court judge plans to address an ill-defined provision governing the relevance of the economic substance doctrine in a microcaptive insurance case, offering the courts another chance to clarify an anti-abuse tool the IRS has been deploying more often.
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August 07, 2024
Tripling UK's DST Would Cost US Cos. $4.4B, Report Says
The Liberal Democrats' proposal to raise the U.K.'s digital services tax rate to 6% from 2% would cost U.S. companies up to $4.4 billion a year when accounting for the impact of passing on the costs, a business group said.
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August 07, 2024
Missouri Voters Reject Exemption For Child Care Facilities
Missouri will not allow local governments to exempt child care facilities from property tax after a constitutional amendment was rejected by voters Wednesday.
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August 07, 2024
Singapore's Carbon Tax Is Revenue-Neutral, Minister Says
Singapore's carbon tax is expected to have a neutral impact on tax revenues over the next decade, even after accounting for a recent hike in the rate to SG$25 ($18.81) per metric ton of emissions, the country's environment minister said.
Expert Analysis
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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
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.