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Tax
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January 09, 2025
Indiana House Bill Would Abolish Property Taxes
Indiana would disallow the assessment of tangible property beginning in 2026 and end the imposition of property taxes beginning in 2027 under a bill introduced Thursday in the state House of Representatives.
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January 09, 2025
EisnerAmper Adds Tax Pro As Partner In Dallas
International business adviser EisnerAmper LLC announced it appointed a certified public accountant from Citrin Cooperman Advisors LLC to serve as a tax partner in the firm's private client services group based in Dallas.
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January 09, 2025
Conn. House Bill Seeks Overtime Pay Income Tax Exemption
Connecticut would exempt employees' earned overtime pay from income tax under a bill introduced in the state House of Representatives.
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January 09, 2025
Ariz. Bill Seeks Tax Credits For Land Taken For Border Wall
Arizona property owners would be entitled to income tax credits equal to the fair market value of land that is used by the federal government for construction of a border wall under a bill prefiled in the state House of Representatives.
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January 09, 2025
Hochul Floats Curbing Tax Breaks For PE Home Investments
New York Gov. Kathy Hochul said Thursday that she is seeking to curtail certain tax breaks for private equity firms that invest in certain residential properties, saying the policy would make more of the state's housing stock available to individual homebuyers.
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January 09, 2025
IRS Gets First Dibs On $1M BP Oil Spill Payout, 11th Circ. Says
The IRS gets first priority to a $1 million settlement BP paid to a staffing company that racked up $23 million in federal tax debt and went bankrupt following the Deepwater Horizon oil spill, the Eleventh Circuit affirmed, denying an insurer's claim to the money.
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January 09, 2025
DA Asks Supreme Court To Allow Trump's Sentencing
Prosecutors for the Manhattan district attorney's office on Thursday asked the U.S. Supreme Court to allow President-elect Donald Trump to be sentenced Friday as scheduled following his hush money conviction, after a top state judge declined to intervene.
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January 08, 2025
Ex-FBI Informant Who Smeared Bidens Gets 6 Years
A former FBI informant who falsely told agents that a Ukrainian energy company had paid off President Joe Biden and his son Hunter was sentenced Wednesday in California federal court to six years in prison.
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January 08, 2025
Pension Plan Official's Estate Excused From Danish Tax Suit
A New York federal court approved Wednesday an agreement for Denmark's tax authority to settle its claims against the estate of a pension plan official whose plan allegedly defrauded the agency out of $9 million.
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January 08, 2025
Final Treasury Regs Grow Low-Income Bonus Energy Credits
New hydropower, nuclear, solar, geothermal and other nonpolluting energy facilities developed in areas designated as low-income communities are eligible for bonus investment tax credits under final regulations the U.S. Treasury Department unveiled Wednesday.
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January 08, 2025
Madigan Denies Extorting Developers For Law Firm Business
Ex-Illinois House Speaker Michael Madigan testified Wednesday that he never wanted a Chicago alderman to leverage his chairmanship of a powerful city council committee to steer business to Madigan's law firm, saying he merely asked for introductions to developers and felt "surprise and concern" when the alderman referenced a quid pro quo deal.
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January 08, 2025
H&R Block To Pay $7M Fine In False Ad Settlement With FTC
Tax preparation giant H&R Block will pay a $7 million fine to help customers harmed by what the Federal Trade Commission called its deceptive advertising practices and make it easier for customers to downgrade to cheaper products under a settlement with the agency announced Wednesday.
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January 08, 2025
IRS Updates Guidance For Taxes In Employment Disputes
The Internal Revenue Service updated guidance Wednesday related to disputes over whether individuals are considered employees for employment tax purposes as well as clarified situations in which an employer can remit unpaid taxes at reduced rates in cases where the employer treated an employee as a nonemployee.
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January 08, 2025
UK Accounting Firm Adds Tax Partner To Office
U.K. accounting firm Martin and Co., a part of the Shaw Gibbs LLP group, has appointed a tax expert from Evelyn Partners as a tax partner to its Winchester office.
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January 08, 2025
Feds Want 2 Years In Prison For Atty In Payroll Tax Fraud
A former Ohio attorney who managed his wife's dental practice should spend at least two years in prison for causing $750,000 in federal tax losses and failing to pay employment taxes, prosecutors urged Wednesday, saying he used the business as a personal piggy bank.
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January 08, 2025
Trump Asks Supreme Court To Stop NY Sentencing
Donald Trump asked the U.S. Supreme Court on Wednesday to halt proceedings in his New York criminal hush money case, including a sentencing hearing scheduled for Friday, as the president-elect seeks to throw out the charges and the jury's conviction.
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January 07, 2025
Oilfield Services Firm Flowco Set to Drill Down On $392M IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Tuesday launched plans for an estimated $392 million initial public offering, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the latest company to join the new year's IPO pipeline.
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January 07, 2025
Ex-Ill. Speaker Madigan Testifies In His Racketeering Trial
Former Illinois House Speaker Michael Madigan took the stand in his own defense Tuesday, testifying that he neither traded his public office for private gain nor demanded or accepted anything valuable in exchange for his official action, adding that he was "very angry" to learn that people who he'd recommended for jobs did little to no work.
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January 07, 2025
'Unflattering' Story Not Defamatory, Gannett Says
A tax firm's defamation suit against USA Today should be tossed, the newspaper's owner told Texas justices Monday, arguing that a 2021 investigative series was not defamatory even if its "gist" was "unflattering."
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January 07, 2025
H&R Block Accused Of Negligence In Data Breach
An H&R Block user who claims cybercriminals disseminated his personal information on the dark web, after a data breach at the tax preparation firm, accused the company in a proposed class action of failing to properly protect consumer data.
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January 07, 2025
Mont. Bill Floats Mine, Data Center Property Tax Changes
Montana would lower the property tax rate imposed on metal mines, certain agricultural land and railroads but raise the rate on data center property as part of a bill introduced in the state Senate.
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January 07, 2025
Cos. Seek Pause Of Retention Credit Processing In Litigation
Two companies that helped clients obtain pandemic-era employee retention tax credits asked Arizona federal district court Tuesday to pause the IRS' use of a system for automatically processing claims, saying harm caused by this process cannot be remedied after litigation.
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January 07, 2025
ND Gov. Pitches Property Tax Reform In Annual Address
North Dakota would cap local property tax increases at 3% and double a major exemption under a plan pitched by the state's new governor that he said would eliminate the tax on many primary residences in the next decade.
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January 07, 2025
Mont. Bill Seeks Review Process For Tax-Exempt Property
Montana would require the state Department of Revenue to create a program to review property that is exempt from taxation under a bill introduced in the state House of Representatives.
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January 07, 2025
Developer Says Mass. Stalling $15M Brownfields Tax Credit
The developer of a 3.5-acre luxury condo and apartment complex in Boston's Seaport District is accusing the state of improperly second-guessing the work of its licensed environmental remediation consultant to deny a $15.3 million brownfields tax credit, then dragging its feet on an administrative appeal.
Editor's Picks
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Blockchain Tech May Present New Transfer Pricing Challenges
Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
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Trump-Era Tariff Angst Hasn't Gone Away Under Biden
The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
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3 Major Implications For States In Biden's Tax Plans
President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.
Expert Analysis
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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How Changes In State Gift Card Laws May Affect Cos. In 2025
2024 state legislative movements around the escheatment of unused gift card balances and consumer fraud protections should prompt issuers to consider whether changes in company domicile or blanket cash-back policies are needed in the new year, say attorneys at Alston & Bird.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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Opinion
A New Tax On Employers Could Help Curb Illegal Immigration
To better enforce the law against hiring immigrants unauthorized to work in the U.S., Congress should enact a punitive excise tax on compensation paid to such immigrants and amend the False Claims Act to allow qui tam actions against employers for failure to pay such tax, says Ajay Gupta at Moore Tax Law Group.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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Justices May Find Gov't Can Keep Fraudulent Transfer Benefit
Based on the justices' questions at the recently argued U.S. v. Miller, the Supreme Court appears prepared to hold that the U.S. — unlike any other creditor — is permitted to retain the benefits of a fraudulent transfer to the detriment of other bankruptcy creditors, says Kevin Morse at Clark Hill.
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Opinion
Tax Court Should Update Framework For Defining Insurance
The U.S. Tax Court's unnecessary determination in Royalty Management Insurance v. Commissioner that a fraudulent transaction did not contain the hallmarks of a legitimate insurance transaction applies an outdated analysis that threatens the captive insurance sector and illustrates the need for a more modern framework to define true insurance, says Matthew Queen at the Queen Firm.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Impact Of Corporate Transparency Act Ambiguity On Banks
Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.