International
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January 30, 2025
IRS Asked To Cut Forms For Tax-Exempt Groups' Int'l Deals
Tax-exempt organizations shouldn't need to report transactions with foreign corporations or foreign partnerships if they don't hold a controlling interest in those entities, since the risk of unreported income is negligible, the American Institute of Certified Public Accountants told the IRS.
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January 30, 2025
Crapo, Wyden Pitch Harsher Tax Pro Fines In IRS Revamp Bill
The Internal Revenue Service would be required to simplify foreign bank account report compliance and increase civil and criminal penalties on tax professionals who deliberately harm their clients under draft legislation released Thursday by the Senate Finance Committee's top Democrat and Republican.
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January 30, 2025
Pillar 2 Should Live On Despite US Threats, Economists Say
Nations worldwide should continue implementing the international minimum tax agreement known as Pillar Two despite recent threats from the U.S. government to retaliate against what it sees as discriminatory measures imposed on U.S. companies, a group of economists said.
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January 30, 2025
Tax Group Of The Year: Skadden
Skadden Arps Slate Meagher & Flom LLP's tax practice advised on key deals and cases in 2024, including Mars Inc.'s $35.9 million acquisition of Kellanova and BlackRock Inc.'s $12.5 billion acquisition of Global Infrastructure Partners, landing it among the 2024 Law360 Tax Groups of the Year.
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January 30, 2025
Dechert's NY Office Adds Tax Pro From Milbank
Dechert LLP said it has bolstered its global tax group by adding a former special counsel from Milbank LLP to the firm's New York office.
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January 30, 2025
Sweden Becomes Latest To Suspend Tax Treaty With Russia
Sweden's government followed through on its plan to suspend its treaty to avoid double taxation with Russia on Thursday, joining a growing number of countries that have done so following Russia's cessation to parts of its treaties with numerous countries at the end of 2023.
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January 30, 2025
Energy Group Urges UK To Link To EU's Carbon-Tax Measure
The U.K. government should link to the European Union's Emissions Trading System to mitigate the impact of carbon border taxes on businesses in Northern Ireland, an energy industry group said.
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January 30, 2025
Denmark Cuts British Trader's Tax Fraud Prison Sentence
A British hedge fund trader convicted of defrauding Denmark's tax authority out of more than 320 million Danish krone ($47 million) in a sham trading scheme to reclaim tax has had his prison sentence shortened by an appeals court.
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January 30, 2025
Assets In Italy Seized In €14M Fuel VAT Fraud Investigation
Authorities have uncovered a complex value-added tax fraud scheme involving fuels in Italy that has caused an estimated €14 million ($14.6 million) in damages, the European Public Prosecutor's Office said Thursday.
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January 29, 2025
Pension Plans Seek Trader's Testimony In $2B Tax Fraud Suit
Pension plans and individuals who Denmark's government alleges received fraudulent refunds have asked a New York federal court to allow U.K. court testimony into the record from a trader who Danish authorities say masterminded a $2.1 billion tax fraud, saying it shows he deceived other participants.
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January 29, 2025
EU Carbon Fee Could Have Large Impact On Leakage
Full implementation of the European Union's carbon border adjustment mechanism in conjunction with the bloc's other carbon tax measures could effectively eliminate businesses relocating their manufacturing to countries with looser and cheaper restrictions, the OECD said Wednesday.
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January 29, 2025
White & Case Adds Global Tax Pro From McDermott
White & Case LLP announced Wednesday that it is expanding its global tax practice by bringing in a former McDermott Will & Emery partner to its Washington, D.C., office.
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January 29, 2025
Tax Group Of The Year: Mayer Brown
Mayer Brown LLP's bench of tax talent is so deep that it can help its clients sell the Chicago Cubs one day and buy $646 million of Brazilian solar farms on another. The firm's ability to offer tax transaction and advisory services across industries, transaction types and specialty areas earned it a place among the 2024 Law360 Tax Groups of the Year.
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January 29, 2025
Lawyers, Ex-Tax Inspector Took £278M From Trust, Court Rules
A London appeals court has upheld a High Court ruling that two solicitors and a former senior tax manager devised a scheme to cut out beneficiaries from Jersey trusts in what they saw as a "huge commercial opportunity" to divert an estimated £278 million ($345 million) to themselves.
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January 29, 2025
Swiss Gov't Initiates Consultation On Pillar 2 Data Sharing
The Swiss government said Wednesday it has begun a consultation on approving a global framework for countries to exchange corporate taxpayer information under an international minimum tax agreement known as Pillar Two.
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January 29, 2025
EU Will Keep Minimum Tax Despite US, Commissioner Says
The European Union will maintain a 15% minimum corporate tax rate on large companies despite the U.S. government's opposition to the global tax deal, a European commissioner said Wednesday.
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January 29, 2025
HMRC Looking For Input On Pillar 2 Backstop Guidance
HM Revenue & Customs is looking for input on its guidance for how corporations would need to comply with the U.K.'s proposed adoption of the undertaxed profits rule, a backstop for its Pillar Two global minimum tax system.
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January 29, 2025
EU Tax Conduct Group Reelects Chair
The European Union's Code of Conduct Group reelected its chair for a second term to start next week, the Council of the EU said Wednesday.
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January 28, 2025
IRS Whistleblower Office Could Survive Trump Purge
As President Donald Trump pushes to slash federal spending and gut government agencies, the Internal Revenue Service Whistleblower Office may remain largely unscathed since its recent efforts to efficiently reward and protect those who report illicit tax activity could align with the administration's goals.
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January 28, 2025
Trump Pledges Tariffs On Semiconductors, Chips, Drugs
The U.S. will soon place tariffs on foreign-manufactured semiconductors, computer chips and pharmaceuticals in an effort to convince foreign companies to move their manufacturing operations stateside, President Donald Trump told House Republicans at a conference.
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January 28, 2025
OECD Details Documents Needed For Int'l Pricing Program
The Organization for Economic Cooperation and Development released more details Tuesday on the information that multinational entities must disclose when applying for the group's International Compliance Assurance Program, a multilateral effort to resolve transfer pricing issues.
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January 28, 2025
Ukrainian Duo Get 15 Years In $25M Tax Fraud Case
A Florida federal judge sentenced two Ukrainian men to 15 years in prison after they pled guilty to laundering money from a hotel staffing scheme that the U.S. government said cost it $25 million in taxes.
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January 28, 2025
Tax Group Of The Year: Cravath
Cravath Swaine & Moore LLP helped secure high-profile mergers and acquisitions for major media and communications companies in 2024, having played key roles in Paramount's $28 billion merger agreement with Skydance Media and a separate deal involving Verizon Communications, earning the law firm a spot among the 2024 Law360 Tax Groups of the Year.
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January 28, 2025
Argentina To Slash Car Sales Taxes, EV Tariffs
Argentina will zero out sales taxes on some cars and eliminate tariffs on low-cost electric and hybrid vehicles starting next week, the country's minister of economy said Tuesday.
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January 28, 2025
4 Convicted In Lithuania In €10M Cigarette Tax Fraud Ring
A Lithuanian court convicted four people, including two former customs officers, for their roles in a cigarette smuggling scheme that evaded €10 million ($10.4 million) in import, customs and excise taxes, the European Public Prosecutor's Office said Tuesday.
Expert Analysis
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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.
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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.
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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.
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Tax Court Should Update Framework For Defining Insurance
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.
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When US Privilege Law Applies To Docs Made Outside The US
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.
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Impact Of Corporate Transparency Act Ambiguity On Banks
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.
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6 Changes I Would Make If I Ran A Law School
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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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.