Tax

  • January 16, 2025

    Atty Gets 5-Year NJ Suspension After Tax Fraud Conviction

    A Philadelphia-based personal injury attorney convicted for not paying income tax on more than $8 million in revenue he earned and for failing to pay almost $60,000 in payroll taxes received a five-year suspension from New Jersey's Supreme Court but will keep his law license in the state.

  • January 16, 2025

    Treasury Updates Bonus Energy Tax Credit Safe Harbors

    The U.S. Treasury Department provided updates Thursday to safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing steel and aluminum parts in response to new trade restrictions on solar products from China by President Joe Biden's administration.

  • January 15, 2025

    Sidley-Led Flowco Raises $427M In Year's First Major IPO

    Oilfield equipment and services provider Flowco Holdings Inc. on Wednesday priced a $427 million initial public offering above its range, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the year's first sizable IPO.

  • January 15, 2025

    Tax Court Rejects Brothers' Claims Of Gifted Jewelry

    The U.S. Tax Court on Wednesday upheld $2.5 million in taxes, plus fraud penalties, against brothers who claimed an unreported bank account held nontaxable proceeds from the sale of their mother's gift of 1,600 pieces of jewelry from Israel and Iran.

  • January 15, 2025

    More IRS Partnership 'Soft Letters' Coming, Official Says

    The Internal Revenue Service will keep using an educational compliance tool called soft letters to prod taxpayers to comply with a centralized partnership audit regime that has recently turned its focus to larger and more complicated entities, an agency official said Wednesday.

  • January 15, 2025

    Former IRS Litigator Joins Jones Day In Boston

    Jones Day announced it added an experienced IRS litigator to its Boston office who will work as of counsel in the firm's tax practice.

  • January 15, 2025

    Legislators Say Transparency Act Defies First Amendment

    The Corporate Transparency Act is an unnecessary intrusion into the First Amendment rights of Americans, U.S. Sen. Thom Tillis, R-N.C., and 13 House members told the Supreme Court in seeking to maintain an injunction issued in December.

  • January 15, 2025

    Australia Gives Guidance On Foreign-Funded Construction

    The Australian Taxation Office laid out a number of key areas that private companies receiving foreign funding from a related party for property or construction projects need to be aware of in order to not run afoul of the country's transfer pricing rules.

  • January 15, 2025

    Texas Court Unsure State Can Shutter Immigrant Nonprofit

    A Texas appellate court seemed doubtful Wednesday that the state attorney general has authority to shut down a nonprofit over its political speech, with the justices suggesting that Texas might be blurring the line between state and federal nonprofit oversight.

  • January 15, 2025

    9th Circ. Won't Review Nixed Deductions For Disbarred Atty

    The Ninth Circuit on Wednesday rejected a disbarred California attorney's requests to review its December decision to uphold a U.S. Tax Court ruling denying his bid to take business deductions for the cost of challenging his disbarment and a court's declaration that he is a "vexatious litigant."

  • January 15, 2025

    Booz Allen Must Pay For Harm Of Tax Info Leaks, Court Told

    A proposed class action in Maryland federal court blames IRS contractor Booz Allen Hamilton over the thousands of tax returns that were stolen by an employee who took financial information about President-elect Donald Trump and others while on the job and leaked it to the media.

  • January 15, 2025

    IRS Issues Corp. Bond Monthly Yield Curve For Jan.

    The Internal Revenue Service on Wednesday published the corporate bond monthly yield curve for January for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.

  • January 14, 2025

    DA Says Trump's Appeals To Intervene In NY Case Now 'Moot'

    Counsel for the Manhattan district attorney urged both a federal and a state appeals court to toss out Donald Trump's lingering invitations to intervene in his hush money case now that he's been sentenced, arguing there's no need for a "bizarre mechanism" when Trump can appeal normally.

  • January 14, 2025

    Retroactive Foreclosure Rule Bars Suit, Mich. County Says

    A Michigan county has urged a federal judge to toss a proposed class action alleging that it kept surplus proceeds from tax-foreclosed home sales, saying the homeowner bringing the claims hasn't yet used the state's process for securing the proceeds.

  • January 14, 2025

    Mo. House Bill Seeks Deduction For Property Tax Payments

    Missouri would allow taxpayers to claim an income tax deduction for property tax payments under a bill introduced in the state House of Representatives.

  • January 14, 2025

    Easement Worth $1M, Not $18M, Gov't Tells 11th Circ.

    The U.S. Tax Court was right to believe expert testimony that a claimed conservation easement donation of roughly $18 million was only worth $1 million, the government told the Eleventh Circuit, urging it to reject the donors' claims that the expert was unreliable.

  • January 14, 2025

    Justices Suggest 7th Circ. Revisit False Statement Decision

    Several U.S. Supreme Court justices seemed ready Tuesday to ask the Seventh Circuit to review a former Chicago alderman's conviction for lying about money he borrowed from a now-shuttered bank under a narrower standard, but the justices appeared skeptical that he would beat the case even with a fresh look.

  • January 14, 2025

    Trump Announces Plans To Create 'External Revenue Service'

    President-elect Donald Trump said Tuesday that he planned to create an "External Revenue Service" that would collect tariffs and revenue from foreign countries.

  • January 14, 2025

    Feds Ask 2 Years For Ex-Pol On Tax, Pandemic Aid Charges

    A former Massachusetts state senator should spend two years in prison after being convicted of illegally obtaining unemployment assistance and filing a false tax return, the federal government argued, citing the "greed" at the heart of the politician's conduct.

  • January 14, 2025

    DOL Finalizes ERISA Voluntary Correction Program Changes

    The U.S. Department of Labor's employee benefits arm has finalized changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors, according to a notice the agency posted online Tuesday.

  • 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.

Expert Analysis

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

  • Opinion

    Tax Court Should Update Framework For Defining Insurance

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    ​​​​​​​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.

  • When US Privilege Law Applies To Docs Made Outside The US

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    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.

  • Impact Of Corporate Transparency Act Ambiguity On Banks

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    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.

  • What 2024 Trends In Marketing, Comms Hiring Mean For 2025

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    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.

  • Series

    Group Running Makes Me A Better Lawyer

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    The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.

  • Opinion

    6 Changes I Would Make If I Ran A Law School

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    Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.

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