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September 06, 2024
IRS Urges Safe And Legal Sports Betting As NFL Kicks Off
With the professional football season just barely underway, and in the wake of a few bombshell betting scandals, IRS Criminal Investigation is reminding the public to bet safely and legally, warning that illegal gambling activities can lead to criminal charges ranging from money laundering to tax evasion.
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September 06, 2024
FDII Covers Overseas Services For US Gov't, Memo Says
Government contractors that provide services to U.S. operations overseas are allowed to claim the deduction for foreign-derived intangible income, the IRS said in one of two internal memos released Friday that address foreign income issues.
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September 06, 2024
Colo. Counties Sue State Over $25M Mining Tax Fund Transfer
Seven Colorado counties filed a lawsuit in Denver District Court on Thursday against the state over legislation transferring $25 million in revenue generated by a tax on mineral extraction, wiping out a fund on which the counties "have come to heavily rely" and warning of severe consequences for their communities.
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September 06, 2024
Steptoe Adds Co-Leader To Restructuring & Insolvency Group
Steptoe LLP has expanded its transactions and tax practice by hiring a New York-based partner as a co-leader of the firm's insolvency and restructuring team.
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September 06, 2024
China Complains To WTO About Canada EV Surtaxes
China is looking for the World Trade Organization to step in to address proposed Canadian surtaxes on imported Chinese electric vehicles, steel and aluminum, taxes that a spokesperson for China's Ministry of Commerce said Friday violate the organization's rules.
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September 06, 2024
Trump Sentencing Pushed Back Until After Election
The New York judge overseeing Donald Trump's hush money case said Friday he will not sentence the former president before Election Day, pushing the hearing date from Sept. 18 to Nov. 26 in an effort to avoid the appearance of political considerations.
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September 06, 2024
Taxation With Representation: Debevoise, Bennett, Orrick
In this week's Taxation With Representation, Verizon reaches a deal to absorb Frontier in a deal worth $20 billion, First Majestic agrees to buy Gatos Silver for $970 million, and Epam Systems inks a $630 million purchase of Neoris.
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September 06, 2024
Vialto Partners Member Joins Baker McKenzie As Partner
Baker McKenzie has hired a tax partner in Washington, D.C., from Vialto Partners, a business consulting firm, the firm announced Thursday.
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September 06, 2024
Baker Botts Gains Tax Pro In Dallas From Baker McKenzie
Baker Botts LLP has bolstered its tax department with a partner in Dallas who came aboard after more than a decade with Baker McKenzie.
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September 05, 2024
Unconstitutionality Of Transparency Act Clear, 11th Circ. Told
A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.
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September 05, 2024
Liberty Global Urges 10th Circ. To Grant $248M Tax Credit
The U.S. Tax Court improperly applied an Internal Revenue Code provision to some of the $2.8 billion gain from Liberty Global's sale of a Japanese entity, the telecommunications company said in urging the Tenth Circuit to overturn the resulting rejection of a $248 million tax credit.
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September 05, 2024
Holland & Knight Appoints Former Perkins Coie Tax Partner
Holland & Knight LLP appointed a partner to its Portland, Oregon, office who previously served as a partner in energy tax law for Perkins Coie LLP, the firm announced.
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September 05, 2024
DA Pans Trump Maneuvering On Hush Money Case Removal
Attorneys in the office of Manhattan District Attorney Alvin Bragg told the Second Circuit in a letter Thursday that Donald Trump is mischaracterizing a federal judge's recent order to further his baseless bid to move his hush money case to U.S. district court.
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September 05, 2024
Two Sentenced To Prison In $111M Tax Fraud Scheme
Two members of a crime ring who admitted to participating in a $111 million tax fraud scheme involving stealing the identities of accountants and taxpayers were sentenced to prison, according to Texas federal court documents.
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September 05, 2024
Broad, Low-Rate DST May Placate US, Ex-OECD Chief Tells EU
The European Union might be able to break an impasse with the U.S. in negotiations on taxing the digital economy by proposing a digital services tax with a wide base and a low rate, former OECD tax chief Pascal Saint-Amans told Paolo Gentiloni, the bloc's economics commissioner.
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September 05, 2024
Hunter Biden Pleads Guilty To Tax Charges In Surprise Move
Hunter Biden entered a surprise guilty plea to nine criminal tax charges in California federal court on Thursday, bringing a dramatic conclusion to the case following a dizzying series of events on what was set to be the first day of his trial.
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September 04, 2024
2011 Case Bars Houston Strip Club's Fee Row, 5th Circ. Told
The Texas Comptroller told a Fifth Circuit panel Wednesday that a Houston strip club's challenge to a new state law that would increase a fee imposed on customers of sexually oriented businesses is barred by a decade-old court decision upholding the legislature's initial enactment of the fee.
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September 04, 2024
Warren Urges IRS To Look At Possible REIT Tax Break Abuse
The Internal Revenue Service should increase its scrutiny of real estate investment trusts to determine whether companies are benefiting from REIT tax benefits while flouting rules, including those that limit the level of a REIT's ownership in a company, Sen. Elizabeth Warren told the agency's commissioner.
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September 04, 2024
Colo. Cuts Property Tax Assessment Rates, Limits Growth
Colorado will cut property tax assessment rates and impose caps on the growth of local revenue under legislation signed into law Wednesday by Gov. Jared Polis, staving off two ballot initiatives critics said would have devastated local government budgets.
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September 04, 2024
Fox Rothschild Boosts Trust & Estate Team In W. Palm Beach
Fox Rothschild LLP has picked up a new counsel for its taxation and wealth planning department in West Palm Beach, Florida, who previously was at Wiggin and Dana LLP and Ellis Law Group PL.
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September 04, 2024
Mass. Tax Panel OKs Nix Of Value Cut On Renovated Housing
The owner of a Massachusetts apartment building that contains a commercial space was unable to have the property's valuation reduced because its evidence of comparable sales didn't account for differences in the properties, the state Appellate Tax Board affirmed.
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September 04, 2024
Ex-Mass. Pol 'A Little Sloppy' But Not Criminal, Jurors Told
Former Massachusetts state Sen. Dean A. Tran denied charges Wednesday that he stole pandemic unemployment assistance and cheated on his taxes, with his attorney telling a jury that Tran simply made a series of paperwork "mistakes."
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September 03, 2024
Ex-Defense Contractor Arrested In $350M Tax Evasion Case
A former defense contractor who, with his wife, is facing a 30-count indictment alleging they were involved in a decades-long scheme to defraud the U.S. government and avoid taxes on more than $350 million in income was arrested Tuesday.
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September 03, 2024
9th Circ. Rejects Tax Lien Pro Rata Share In Bankruptcy Sale
The bankruptcy court is not authorized to use the pro rata method to allocate proceeds between the IRS and an estate with a tax lien for unpaid taxes and penalties, the Ninth Circuit ruled Tuesday, saying there is nothing in bankruptcy law that explicitly allows this approach.
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September 03, 2024
Debtor's Late-Filing Case Should Be Reviewed, Justices Told
Tax experts urged the U.S. Supreme Court to review a Ninth Circuit decision that found late-filed returns prevented a taxpayer from discharging his federal tax debt in bankruptcy, saying the case reflects a decades-long debate that has split the circuits three ways.
Expert Analysis
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Penn. Right-To-Know Case Raises Record-Access Precedent
The Pennsylvania Supreme Court recently held that the nonprofit Pennsylvania Interscholastic Athletic Association was subject to the state's Right-To-Know Law, establishing an expansion that allows access to public records of organizations that perform work or have some role associated with statewide governance, says Delene Lantz at Saul Ewing.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Ohio Tax Talk: The Legislative Push For Property Tax Relief
As Ohio legislators attempt to alleviate the increasing property tax burden, four recent bills that could significantly affect homeowners propose to eliminate replacement property tax levies, freeze property taxes for longtime homeowners, adjust homestead exemptions annually for inflation, and temporarily expand the homestead exemption, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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Proposed Cannabis Reschedule Sidesteps State Law Effects
The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.