International
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February 11, 2025
Trump's Tariffs, GOP Tax Goals Pose Political Puzzle
President Donald Trump's use of wholesale tariffs may generate trillions of dollars across a 10-year budget window, but the economic uncertainty associated with the U.S.'s aggressive trade posture could politically harm Republicans' must-have efforts to shepherd a tax bill into law this year, experts say.
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February 11, 2025
£5.5B Tax Evasion Could Be 'Tip Of Iceberg,' Watchdog Warns
The £5.5 billion ($6.8 billion) annual cost of tax evasion drawn up by HM Revenue and Customs is probably "vastly underestimated" — and the authority has no plan to tackle the gap in the public purse, the government's spending watchdog warned Wednesday.
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February 11, 2025
Ill. Bill Would Trim Corp. Carryover Limit's Time Frame
Illinois would shorten the time frame of a limit on carryover deductions for corporations under the state's income tax law and prohibit the imposition of franchise taxes on domestic or foreign corporations as part of a bill introduced in the state Senate.
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February 11, 2025
FBAR Default Vacated To Give Widow Another Chance
A New York federal court agreed with a magistrate's recommendation to vacate a default judgment against a widow, giving her another chance to defend her husband's estate against the government's $275,000 claim that he failed to report his Indian bank account.
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February 11, 2025
UK Looking For Int'l Feedback On Carbon Tax Measure
The U.K. is establishing an international group in order to get feedback on its upcoming carbon border tax with the hopes of helping the countries that will be most impacted by the measure to better understand it, HM Treasury said Tuesday.
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February 11, 2025
EU Leaders Poised For 'Proportionate' Response To US Tariffs
European Union officials criticized President Donald Trump's decision to impose an across-the-board 25% tariff on all imported steel and aluminum, with European Commission President Ursula von der Leyen on Tuesday signaling "firm and proportionate countermeasures."
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February 11, 2025
Commerce Powers Key In Battle Over Corp. Transparency Law
The question of whether Congress exceeded its powers to regulate commerce by enacting the Corporate Transparency Act is likely to feature in a potential U.S. Supreme Court resolution to around a dozen challenges to the law that are percolating through the courts.
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February 11, 2025
Tribunal To Consider If FCA Has Equality Duty In Cum-Ex Row
The U.K.'s Upper Tribunal will hold a preliminary hearing to decide whether the Financial Conduct Authority has a duty to not discriminate when it fined and banned a cum-ex trader from the industry, according to a tribunal decision published Tuesday.
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February 11, 2025
Canadian Tax-Free Rebate Promise Broken, Group Says
Despite public assertions that the CA$2.5 billion ($1.75 billion) in small business carbon tax rebate payments would be tax-free, a Canadian business group said it has received word from the Canada Revenue Agency that it will be subject to income tax.
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February 10, 2025
Pension Execs Found Liable In $2B Danish Tax Fraud Case
A New York federal jury found Monday by "clear and convincing evidence" that Denmark's tax agency reasonably relied on the false statements made on pension plan applications that were part of a $2.1 billion tax fraud scheme by pension plan executives.
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February 10, 2025
UAE Lays Out Exclusions, Transition Period For Minimum Tax
The United Arab Emirates' Ministry of Finance further explained how it is implementing the Organization for Economic Cooperation and Development's 15% global corporate minimum tax, detailing a number of exclusions and a planned transitional period.
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February 10, 2025
Australian Senate OKs Green Energy Production Tax Credits
The Australian Senate passed tax incentives Monday for hydrogen and critical mineral production as part of an effort to invest in renewable energy technology and reduce carbon emissions.
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February 10, 2025
S. Korea Tax Revenue Dips Due To Weak Corp. Earnings
South Korea collected 336.5 trillion won ($232 billion) in 2024, a 7.5 trillion won dip compared with 2023, the country's revenue agency said Monday, pinning the blame on a year-over-year decline in corporate performance.
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February 10, 2025
UK Tax Compliance Costs Cos. £15.4B Annually, Report Says
The increasingly complex U.K. tax code has led to businesses paying at least £15.4 billion ($19 billion) annually to comply with the system, and that figure is likely an understatement, a British public spending watchdog said Monday.
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February 10, 2025
Skadden Adds Designer Of Tax Cut Act's Int'l Provisions In DC
Skadden Arps Slate Meagher & Flom LLP announced Monday it has hired a tax attorney who helped create some international provisions in the Tax Cuts and Jobs Act of 2017, and who joins the firm as House Republicans signal they'll vote to renew some measures of that bill that are set to expire.
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February 10, 2025
Proskauer Hires Tax Pro In Paris From Addleshaw Goddard
Proskauer Rose LLP added a tax professional in Paris from Addleshaw Goddard LLP who advises private equity funds and multinational groups on mergers and acquisitions.
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February 10, 2025
Pillsbury Recruits Former Mayer Brown Tax Pro In NY
Pillsbury Winthrop Shaw Pittman LLP said it has recruited a former Mayer Brown LLP tax expert to serve as a partner in Pillsbury's New York office.
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February 10, 2025
Financier Bids To Resurrect HMRC Bungled Prosecution Claim
A corporate financier sought permission Monday to challenge a decision to dismiss his claim against HM Revenue and Customs and the Crown Prosecution Service for wrongly prosecuting him, arguing that the judge had failed to properly consider the evidence.
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February 10, 2025
Film Executives Ran £13M VAT Fraud, Prosecutors Tell Jury
Four former managers at a film production company best known for "Avatar" cheated taxpayers out of £13 million ($16.14 million) through a "convoluted" VAT scheme run out of the back garden of a modest home in London, prosecutors told a jury on Monday.
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February 07, 2025
Feds Defend Corporate Transparency Act In 5th And 4th Circuits
The U.S. government defended the Corporate Transparency Act in the Fifth and Fourth Circuits on Friday, urging the former to reverse a Texas federal judge's nationwide injunction on the law and the latter to affirm a Virginia federal judge's rejection of a bid to block the law's enforcement.
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February 07, 2025
Tax Take Is Up But Lagging In Developing Nations, OECD Says
Average tax revenue as a percentage of gross domestic product in developing countries rose to 17.1% from 16.5% between 2015 and 2022 despite the challenges of the COVID-19 pandemic, the Organization for Economic Cooperation and Development said Friday, though difficulties still remain for building up those countries' coffers.
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February 07, 2025
Taxation With Representation: Kirkland, Latham, Skadden
In this week's Taxation With Representation, Triumph Group goes private via Berkshire Partners and Warburg Pincus affiliates, alternative asset manager TPG buys Altus Power, Globus Medical buys Nevro Corp., and Honeywell separates its automation and aerospace technology businesses, resulting in the formation of three distinct companies.
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February 07, 2025
Former Top Congressional Investigator Leaves Lasting Legacy
Elise J. Bean, former chief counsel for the U.S. Senate Permanent Subcommittee on Investigations, is remembered for leading landmark bipartisan congressional probes, which exposed massive tax and financial scandals with findings that helped pave the way for game-changing legislation.
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February 07, 2025
German Car Dealer Arrested In €5.8M VAT Fraud Scheme
A German car dealer was arrested Friday in connection with what the European Public Prosecutor's Office called a value-added tax fraud scheme that generated more than €30 million ($31 million) in illicit funds, causing €5.8 million in tax losses.
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February 06, 2025
Baker McKenzie Partner Rejoins Firm From Apple
Baker McKenzie announced that a former partner specializing in trade and customs law has rejoined the firm after serving as principal counsel and the lead adviser on global trade matters for Apple.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Contract Disputes Recap: Preserving Payment Rights
Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Reading Between The Lines Of Justices' Moore Ruling
The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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After Chevron: Uniform Tax Law Interpretation Not Guaranteed
The loss of Chevron deference will significantly alter the relationship between the IRS, courts and Congress when it comes to tax law, potentially precipitating more transparent rulemaking, but also provoking greater uncertainty due to variability in judicial interpretation, say Michelle Levin and Carneil Wilson at Dentons.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.