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Tax
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June 24, 2024
Justices To Review If Ch. 7 Trustee Can Recover Tax Payments
The U.S. Supreme Court said Monday it would review a Tenth Circuit decision that found that the Chapter 7 bankruptcy trustee of a defunct Utah company could recover $145,000 in tax payments from the IRS.
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June 21, 2024
Manhattan DA Seeks To Retain Trump Gag Order, Amid Threats
The Manhattan District Attorney's Office urged a New York state judge Friday to leave in place most restrictions of the gag order preventing Donald Trump from speaking publicly about witnesses, jurors and others tied to his criminal trial, citing a barrage of threats from his supporters in recent months — including "actionable" death threats before and after the verdict.
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June 21, 2024
Fed. Circ. Backs Subsidy Duties For Canadian Wind Towers
A Canadian wind tower manufacturer can't get a break on countervailing duties despite being upfront about errors in its sales data, with the Federal Circuit ruling Friday that the errors raise the possibility of additional mistakes.
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June 21, 2024
Ohio House Bill Would Tax Car Condos As Residential Parcels
Ohio would classify car condominiums as residential property for property tax purposes under a bill introduced in the state House of Representatives.
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June 21, 2024
Ayahuasca Church Is Not Tax-Exempt, DC Circ. Affirms
An Iowa church that used a psychedelic drug in its rites was correctly denied tax-exempt status, the D.C. Circuit affirmed Friday, saying the church's main purpose is using a federally illegal drug for which it lacked approval for religious use.
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June 21, 2024
Ex-Chicago Alderman Burke Can't Delay Sentencing
Former Chicago Alderman Ed Burke can't postpone his Monday sentencing on charges of racketeering, extortion and bribery to await a U.S. Supreme Court ruling on the scope of federal bribery law, an Illinois federal judge ruled Friday, saying that decision will have "little or no impact" on Burke's fate.
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June 21, 2024
Holland & Knight Hires Kirkland & Ellis Partner In Houston
Holland & Knight LLP has hired a former Kirkland & Ellis LLP partner in Texas, who focuses his practice on income tax matters and the tax aspects of cross-border and complex transactions, the firm announced Thursday.
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June 21, 2024
Ex-Mass. Pol Hit With New Charges In COVID Fraud Case
A former Massachusetts state senator already accused of pandemic-related fraud has been charged alongside his sister with attempting to cover up a scheme to make him eligible for unemployment benefits, the U.S. attorney's office announced Friday.
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June 21, 2024
Taxation With Representation: Travers Smith, Potamitis Vekris
In this week's Taxation With Representation, RSK Group Ltd. gets a £500 million ($632 million) investment, Boston Scientific Corp. acquires Silk Road Medical Inc., Masdar takes a part of Terna Energy SA, and Tate & Lyle PLC buys CP Kelco from JM Huber Corp.
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June 20, 2024
Trump Calls For Engoron's Recusal In Civil Fraud Case
Former President Donald Trump and other defendants fighting a $465 million civil fraud judgment called on New York Supreme Court Justice Arthur Engoron to recuse himself Thursday in light of a once-suspended real estate attorney's recent judicial misconduct claims, which have since sparked a judicial investigation.
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June 20, 2024
Calif. High Court Strikes Anti-Tax Measure From Nov. Ballot
A ballot measure that would make it more difficult to raise taxes in California would revise the state constitution and cannot be enacted by citizen initiative, the state's highest court held Thursday in an opinion that ordered the measure struck from the ballot.
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June 20, 2024
Ind. Rental Property Value Incorrectly Increased, Board Says
An Indiana rental property's assessment will be reduced to its value from a previous tax year because the local assessor's market-based rent analysis failed to support an increased valuation, the state tax review board determined.
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June 20, 2024
Mich. Insurer Owes Tax On Mailed Ads, Appeals Court Says
A Michigan life insurance company owes use tax on advertisements mailed by an out-of-state contractor, the Michigan Court of Appeals ruled Thursday, upholding a lower court's decision.
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June 20, 2024
China Denies Tax Crackdown As 2 Cos. Report $80M In Bills
China's tax authority denied a nationwide crackdown on companies' old tax returns Thursday, less than a week after a chemical firm facing 500 million yuan ($69 million) in additional liabilities halted production and a beverage maker reported owing 85 million yuan.
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June 20, 2024
Ore. Water Treatment Plant Not On Farmland, Tax Court Says
Portions of farmland used for a wastewater treatment facility were correctly denied a special farm-use assessment rate, the Oregon Tax Court said, allowing the special rate for other contested areas of the property.
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June 20, 2024
Ind. Car Wash Valued Correctly, State Tax Board Says
An Indiana car wash was correctly valued by the local tax board as the property owner failed to provide market evidence to support a reduction in its assessment, the state tax review board determined.
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June 20, 2024
Casinos Must Fight Hotel Tax In State Court, 5th Circ. Says
Owners of two Louisiana casinos with attached hotels must challenge Baton Rouge in state court, rather than federal court, over taxes the city says they owe on free hotel stays they gave patrons, the Fifth Circuit ruled, saying the state is entitled to deference.
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June 20, 2024
Dickinson Wright Brings On McDermott, Bell Nunnally Attys
Dickinson Wright PLLC added a pair of new members who include a commercial finance and real estate attorney from Bell Nunnally & Martin LLP based in Austin, Texas, and a tax and incentives attorney from McDermott Will & Emery LLP in Fort Lauderdale, Florida.
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June 20, 2024
Tax Preparer With $38M In Refunds Cops To S-Corp. Scam
The owner of a tax preparation business that secured $38 million in federal refunds for customers pled guilty to helping prepare false returns and admitted he required clients to establish empty corporations to lower their tax bills illegally, according to his plea agreement in a California federal court.
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June 20, 2024
Repatriation Tax Doesn't Violate Constitution, Justices Rule
The U.S. Supreme Court upheld the 2017 federal tax overhaul's mandatory repatriation levy on Thursday, finding the measure applies to the earnings of foreign corporations with U.S. shareholders and therefore does not raise constitutional questions about taxing unrealized income.
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June 18, 2024
The 2 Attys Ensnared In A NJ Mogul's Racketeering Rap
New Jersey businessman George E. Norcross III may be the alleged mastermind of a racketeering scheme to reap millions in tax credits on waterfront property in a distressed city, but the explosive indictment also reveals the purported roles of two attorneys with close ties to the Democratic Party.
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June 18, 2024
Connecticut Atty Spared Disbarment After Tax Crimes
A Connecticut federal judge has indefinitely suspended an attorney convicted of filing false tax returns and failing to pay taxes while spending millions on himself, agreeing with both the attorney and the local federal grievance committee that a punishment less severe than disbarment was warranted.
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June 18, 2024
NY High Court Denies Trump's Gag Order Appeal
New York state's highest court on Tuesday denied Donald Trump's rapid appeal of the gag order that limited his speech during his criminal hush money trial, finding it did not raise serious constitutional issues.
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June 18, 2024
Treasury Finalizes Labor Rules For Bonus Energy Tax Credits
The U.S. Treasury Department released final labor rules Tuesday for clean energy projects seeking to significantly boost the value of their tax credits, emphasizing due diligence by developers and announcing that more IRS resources will go toward enforcement of the rules.
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June 17, 2024
Bouncer Admits To Promoting Prostitution After $5.7M Sting
A 41-year-old bouncer at a Connecticut strip club pled guilty Monday to facilitating prostitution and received a promise from the prosecution to recommend a reduced sentence as authorities press separate cases against a club boss who allegedly hid $5.7 million in income without reporting it to the Internal Revenue Service.
Expert Analysis
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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How 'As Such' Changes LPs' Self-Employment Tax Exposure
In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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High Court's Chevron Review May Be A Crypto Game-Changer
The outcome of the U.S. Supreme Court's review of the Chevron doctrine in its pending Loper v. Raimondo case will potentially usher in a paradigm shift in cryptocurrency regulation, challenging agency authority and raising hopes for a recalibrated approach that favors judicial interpretation, says Sylvia Favretto at Mysten Labs.
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IRA Monetization Energizes Clean Power Tax Credit Market
Recent large sales of clean energy production tax credits reflect an environment in which the Inflation Reduction Act's provisions for monetizing such credits via direct transfer — bypassing slow, costly tax equity transactions — offer opportunities for both developers and investors, says Andrew Eastman at Husch Blackwell.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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'Manufacturing' Amid Mass. Adoption Of Single-Sales Factor
Massachusetts’ recent adoption of single-sales-factor apportionment will benefit companies that have a greater in-state physical presence, reinforce the importance of understanding market-sourcing rules, and reduce the manufacturing classification's importance to tax apportionment, though the classification continues to be significant to other aspects of taxation, say attorneys at McDermott.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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Unpacking Long-Awaited Clean Energy Tax Credit Guidance
Recently proposed Internal Revenue Service regulations provide welcome confirmatory guidance on the application of investment tax credits as reworked by 2022's Inflation Reduction Act, prevailing wage and apprenticeship rules that are largely consistent with market expectations, and broader eligibility criteria that should please the wind power industry in particular, say attorneys at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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A Year-End Look At Florida's Capital Investment Tax Credit
Notwithstanding the Walt Disney Co.’s feud with Gov. Ron DeSantis this year, Florida's capital investment tax credit will continue to make the state a favored destination for large corporations, particularly in light of the new federal alternative minimum tax and the Pillar Two top-up tax, says Alan Lederman at Gunster.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.