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Tax
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November 18, 2024
11th Circ. Shelves Peanut Truck Co.'s Excise Tax Refund
The Eleventh Circuit has overturned a decision awarding an excise tax refund to a manufacturer for selling wagons that dry and carry peanuts, saying the refund is reserved for vehicles that are specially designed for off-highway transportation — a test the peanut wagons failed.
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November 15, 2024
SEC-Sanctioned Accounting Firm Sued Over Pre-IPO Work
The former public company accounting firm BF Borgers is facing a California state lawsuit by an ex-client that says it was forced to scuttle its plans for an initial public offering after the U.S. Securities and Exchange Commission accused the firm of being a "sham auditing mill."
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November 15, 2024
Poor Counsel Led To Unjust Tax Convictions, Justices Told
A North Carolina actuary asked the U.S. Supreme Court to review a Fourth Circuit decision denying his bid to reverse his 2016 tax fraud convictions, saying the ruling was based on bad decisions made by his then-trial counsel.
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November 15, 2024
Veterans Seek Class Certification In Burn Pit Injuries Suit
A pair of veterans alleging the military misclassified their burn pit injuries as not combat-related have told a D.C. federal judge that they satisfied the criteria for size and common relief sought to proceed as a certified class.
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November 15, 2024
Denver Voters Reject Sales Tax Hike For Affordable Housing
Denver voters narrowly rejected a ballot measure that would have increased the city's sales and use tax by 0.5 percentage points and dedicated the anticipated $100 million in revenue to the city's affordable housing efforts.
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November 15, 2024
Man Gets 6 Years For Tax Evasion With Watches, Casino Chips
A former New Jersey businessman was sentenced to more than six years in prison and ordered to pay roughly $10.3 million in restitution to the Internal Revenue Service after being convicted of evading taxes using ploys involving luxury watches and casino chips.
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November 15, 2024
Hedge Fund Group Urges Trump To Reject 'Punitive' Policies
A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.
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November 15, 2024
Detroit 'Rain Tax' Stormwater Fees Upheld By Appellate Court
Fees that Detroit charges property owners to maintain its stormwater drainage system are not illegal taxes, a Michigan Court of Appeals panel held, finding that although the charges are effectively compulsory, they are not subject to constitutional restrictions on tax increases.
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November 15, 2024
Fla. Health Co. Owner Pleads Guilty In $11M Payroll Tax Case
A Florida healthcare business owner who caused a tax loss to the IRS of nearly $11 million pled guilty in a Miami federal court to failing to pay employment taxes and not filing his income tax returns, the U.S. Department of Justice said Friday.
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November 15, 2024
Taxation With Representation: Cravath, MoFo, Gibson Dunn
In this week's Taxation With Representation, Cardinal Health takes a majority stake in GI Alliance and acquires Advanced Diabetes Supply Group, Just Eat offloads Grubhub to Wonder Group, Rivian Automotive and Volkswagen Group launch a joint venture, and Ovintiv Inc. buys Montney Basin assets from Paramount Resources Ltd.
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November 15, 2024
Judge Advises Axing Bank's Home Stake In $1.7M Tax Dispute
A federal magistrate judge recommended jettisoning any interest of JPMorgan Chase Bank NA in a California home the government wants to sell to recover $1.7 million in taxes, saying the bank, as a loan holder, hasn't responded to the government's lawsuit seeking the sale.
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November 15, 2024
Ireland Forecast To Gain Budget Surplus From Apple Case
The Irish government's budget surplus is expected to rise to 4.4% of gross domestic product next year, much of that as a result of the European Court of Justice's ruling against U.S. tech giant Apple, according to an economic forecast published Friday.
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November 14, 2024
Defense Attys Urge Justices To Narrow False Statement Law
The National Association of Criminal Defense Lawyers is supporting ex-Burke Warren MacKay & Serritella PC attorney and former Chicago alderman Patrick Thompson's bid to convince the U.S. Supreme Court to overturn his conviction for lying to the Federal Deposit Insurance Corp., arguing that the government's "broad" reading of the relevant statute infringes on constitutional rights.
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November 14, 2024
Albright Moves Apple Foes' Patent Suit To California
Waco's U.S. District Judge Alan Albright has decided to send a patent lawsuit lodged in his court against Apple to the tech giant's home of California, calling the "minimal local interest" provided by local tax breaks "strenuously tied to this case at best."
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November 14, 2024
DC Council Issues Housing Tax Break Emergency Resolution
The District of Columbia Council approved an emergency resolution to enact legislation to implement a competitive process for the provision of tax abatements for housing developments while a recently passed measure to permanently authorize that process faces congressional review before it becomes law.
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November 14, 2024
Gaetz's Slim Legal Resume Raises Concerns Over AG Role
Having never served as a prosecutor and with minimal experience practicing law, Matt Gaetz would have the thinnest legal resume of any attorney general in recent history and would face a steep learning curve, including daunting leadership challenges, if he were to take up the reins of the U.S. Department of Justice, experts say.
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November 14, 2024
Australia Bill Seeks To Expand Rules On Reporting Ownership
Australia's government wants to fight tax avoidance by making owners of equity derivatives disclose significant owners to regulators and investors, expanding access to that information and giving securities regulators new powers to issue freezing orders for noncompliance, the Australian Treasury said Thursday.
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November 14, 2024
Duo Charged With Hacking Tax Firms In Refund Fraud Scheme
Boston federal prosecutors have unsealed charges against two men who allegedly used information hacked and stolen from Massachusetts tax preparation firms to pocket more than $1.3 million from fraudulent tax returns.
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November 14, 2024
DC Circ. Won't Rethink Denial Of Church Tax Exemption
The D.C. Circuit rejected a request to reconsider the tax status of an Iowa church that used a psychedelic drug in its rites, letting stand its decision that because the church uses a federally illegal drug, it isn't entitled to tax-exempt status.
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November 14, 2024
European Police Detain 43 Suspects In €520M VAT Fraud
European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.
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November 13, 2024
Judge Cites 'Deterrence' In Attys' Tax Scheme Prison Sentence
Two St. Louis tax attorneys and a North Carolina insurance agent's pleas for leniency were largely ignored Wednesday by a federal judge sentencing them for their role in a multimillion-dollar tax avoidance scheme, with the judge declaring that the need for public deterrence was too great to let them off the hook without prison time.
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November 13, 2024
Boston Says Celebrity Chef Owes $1.6M In Taxes
The city of Boston is taking celebrity chef Barbara Lynch to court, alleging that for more than a decade she has failed to pay over $1.6 million in personal property taxes for her group of restaurants, which she is in the process of closing and attempting to sell.
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November 13, 2024
Detroit Fire Fee Ruling Concerns Mich. Justice
A Michigan Supreme Court justice on Wednesday said he was troubled by a lower appellate ruling he said seemed to imply that municipalities can work around a state law barring sneaky taxes, in this case by stating a charge for fire prevention services is really just the cost of a permit allowing property owners to do business in Detroit.
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November 13, 2024
Madigan's Atty Seeks To Discredit Key Government Witness
The cross-examination of a former ComEd executive who wore a wire for the government as it built its corruption case against ex-Illinois House Speaker Michael Madigan veered Wednesday into the informant's messy divorce proceedings and his failure to disclose felony charges when trying to buy a gun to kill snakes, as Madigan's attorneys tried to call his credibility into question.
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November 13, 2024
Denver Voters OK Sales Tax Hike For Hospital
Denver will boost its total local sales tax rate by 0.34 of a percentage point under Issue 2Q, which voters passed, with the revenue from the tax slated for city hospital Denver Health.
Expert Analysis
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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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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 37 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.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Tracking Implementation Of IRA Programs As Election Nears
As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Takeaways From Justices' Redemption Insurance Decision
The U.S. Supreme Court’s recent decision in Connelly v. U.S. examines how to determine the fair market value of shares in a closely held company for estate tax purposes, and clarifies how life insurance held by the company to enable redemption of a decedent’s shares affects that calculation, says Evelyn Haralampu at Burns & Levinson.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.