Tax

January 13, 2025
Special Counsel Slams Biden's Critique Of Son's Prosecution

The special counsel who oversaw the investigation into Hunter Biden, which was wiped out by a presidential pardon, released a report published Monday criticizing President Joe Biden's "baseless accusations" that his son was "selectively" prosecuted and warning that such comments threaten "the integrity of the justice system as a whole."
January 13, 2025
On Cross, Madigan Says He Merely Helped Job-Seekers

Former Illinois House Speaker Michael Madigan distanced himself Monday from political allies who prosecutors say bribed him for jobs and other benefits, saying his recommendations were just that, and that he thought he was effective in shutting down a former alderman's quid pro quo suggestion.
January 13, 2025
Feds Say Par Funding Fraud Caused $404M In Losses

Prosecutors and defense attorneys spent hours in a marathon hearing Monday trying to convince a Pennsylvania judge of how much financial damage they thought the principals of the Par Funding merchant lending business did by allegedly fleecing investors, with the government pushing for a $404 million figure.
January 13, 2025
Ex-Cook County Assessor Officer Hit With Bribery Charges

A chief hearings officer for former Cook County Assessor Joseph Berrios' office accepted bribes, including from a law firm's tax consultant, when handling a property assessment appeal, a new lawsuit in Illinois federal court alleges.
January 13, 2025
AGs, Lobbyists Ask Justices To Keep Shell Co. Law Blocked

The U.S. Supreme Court should deny the federal government's emergency application to stay a Texas district court's injunction on a law aimed at cracking down on crimes committed with shell companies, according to numerous state attorneys general and interest groups and a handful of small businesses.
January 13, 2025
Tax Firm Asks Court To Ax Final IRS Microcaptive Rules

A global tax services provider asked a Texas federal court to vacate finalized tax rules requiring the reporting of certain transactions involving captive insurance companies deemed as potentially abusive, arguing the guidance goes beyond the agency's authority.
January 13, 2025
Sen. Warren To Grill Treasury Pick On Trump's Tax Agenda

Sen. Elizabeth Warren, D-Mass., plans to ask Treasury secretary nominee Scott Bessent at his confirmation hearing in front of the Senate Finance Committee on Thursday about President-elect Donald Trump's tax agenda and plans for the Internal Revenue Service, according to a letter she sent the nominee.
January 13, 2025
Ore. Tax Court Says No Depreciation On Residences

The owners of a pair of Oregon residences were denied depreciation deductions against their state income taxes because they did not demonstrate that the homes were income-producing properties, the state tax court said.
January 13, 2025
Ore. Court OKs Farm Tax Break For Landfill, Corn Maze

Portions of property in a farming operation used for a corn maze and for a landfill that was part of a remediation effort are eligible for a special agricultural property tax assessment, the Oregon Tax Court ruled.
January 13, 2025
Ind. Bill Would Restrict Property Tax Referendum Placement

Indiana would limit when school corporations may place referendums authorizing certain property tax levies on a ballot to general elections, under a bill introduced Monday in the state House of Representatives.
January 13, 2025
IRS Eases Process Of Insurance Co. Alternate Tax Revocation

The Internal Revenue Service laid out a streamlined process Monday by which certain insurance companies that took an elective application of an alternative tax may obtain automatic consent to revoke that election.
January 13, 2025
Ind. Senate Bill Seeks To Cap Local Property Tax Hikes

Indiana would not allow a political subdivision to increase its property tax levy if there is not an increase in the subdivision's assessed value under a bill introduced Monday in the state Senate.
January 13, 2025
Tax-Exempt Regs Should Cover Trust Payments, Tribes Say

Five tribal leaders told the U.S. Treasury Department on Monday that trust payments distributed to members, including those issued to minors and special-needs individuals, should be included among the tribal welfare benefits that recent proposed rules would exempt from federal income taxes.
January 13, 2025
Ky. House Bill Seeks Referendum Toward Axing Property Tax

Kentucky would put forward a referendum asking voters to give lawmakers the power to eliminate the state's property tax by exempting all property classes from tax under a bill introduced in the state House of Representatives.
January 13, 2025
Tax-Lien Biz Atty Accused Of Duping Bank Can't Touch Money

A Manhattan federal judge declined Monday to unfreeze assets on behalf of a former compliance lawyer accused of duping a bank into lending his tax-lien investment firm $20 million, complicating his plan to go to trial with private counsel.
January 13, 2025
Justices Won't Review Reversal Of Firm's Tax Penalty Win

The U.S. Supreme Court let stand Monday a Fifth Circuit decision overturning a jury ruling that a wealth management company didn't owe $579,000 in tax penalties because an employee's mental health problems excused the company's failure to file information returns on time.
January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says

The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
January 12, 2025
Justices To Review Whether Ex-Wife Can Challenge Tax Levy

The U.S. Supreme Court will review a Third Circuit decision allowing a woman to continue challenging what she claims was an improper application of her tax payment to her ex-husband's bill even after the Internal Revenue Service stopped pursuing a proposed property seizure against her.
January 10, 2025
Up Next At High Court: Porn ID Check & Retiree Discrimination

The U.S. Supreme Court will return to the bench Monday for a full argument session, in which the justices will debate whether a Texas law requiring pornography websites to verify their visitors aren't minors violates the First Amendment and if retirees have the right to sue former employers for benefits discrimination.
January 10, 2025
NJ Justices Say Private Lienholders Can Be State Actors

The Garden State's highest court has ruled that a previous version of the New Jersey Tax Sale Law is unconstitutional, pointing to U.S. Supreme Court precedent in concluding that private lienholders are not entitled to surplus equity in property that exceeds the debt owed.
January 10, 2025
Ga. Law Firm Latest To Fight Corporate Transparency Act

A federal law designed to combat money laundering violates the U.S. Constitution by forcing lawyers to disregard attorney-client privilege, a Georgia lawyer told a federal court, joining a chorus seeking legal action to stop the law.
January 10, 2025
Treasury, IRS Plan Rules For Clean Transportation Fuel Credit

Treasury and the IRS released guidance Friday for producers of transportation fuel hoping to qualify for the newly available clean fuels production tax credit, saying they plan to release rules clarifying which entities qualify for the credit and how producers can determine allowable emissions levels.
January 10, 2025
IRS Proposes Rules For Roth Catch-Up Contributions

The Internal Revenue Service floated rules Friday for catch-up contributions made possible by the 2022 retirement law known as Secure 2.0, including the requirement that contributions made by certain participants be designated Roth contributions.
January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell

In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
January 10, 2025
Treasury Floats Rules For Commercial Green Vehicle Credits

The U.S. Treasury Department and the Internal Revenue Service proposed rules Friday for obtaining tax credits for commercial green vehicles under provisions of the Inflation Reduction Act, suggesting ways for determining the credit amount and identifying which vehicles are eligible.

Editor's Picks

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.
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.
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

Final Hydrogen Tax Credit Regs Add Flexibility For Producers

The recently released final regulations implementing the Inflation Reduction Act's clean hydrogen production tax credit offer taxpayers greater flexibility, reducing risk and creating more certainty for investments in the industry, thus diminishing — but not eliminating — the risk of legal challenges to the regulations, say attorneys at Steptoe.
5 Evolving Concerns For Family Offices In 2025

Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
Series

Illinois Banking Brief: All The Notable Legal Updates In Q4

While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.
7 Ways 2nd Trump Administration May Affect Partner Hiring

President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.