International
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November 05, 2024
Trump Has Official Immunity. What About His Aides?
Whether the U.S. Supreme Court's decision on presidential immunity extends to subordinates who follow a president's orders has become a more pressing question in the wake of Donald Trump's projected election win, according to legal experts.
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November 05, 2024
How Trump Can Quash His Criminal Cases
Donald Trump's projected victory at the polls also translates to a win in the courts, as the second-term president will have the power to end both of his federal criminal cases. And the U.S. Supreme Court's decision on presidential immunity would shield him from any consequences for ordering his charges to be dismissed, experts say.
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November 05, 2024
An Early Look At Trump's Supreme Court Shortlist
With former President Donald Trump projected to win the 2024 presidential election and the Republicans' success in securing the U.S. Senate majority, Trump may now get the chance to appoint two more justices to the U.S. Supreme Court, cementing the court's conservative tilt for decades to come.
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November 05, 2024
GOP's Senate Win Hands Future Of The Judiciary To Trump
Republicans were projected to take back the White House and Senate and possibly the House early Wednesday, putting the GOP in position to back Donald Trump's agenda and his slate of young, conservative judicial nominees.
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November 05, 2024
The Firms With An Inside Track To A New Trump Admin
Law firms that have represented Donald Trump and the Republican Party on everything from personal legal woes to election-related lawsuits could see the risks of that work pay dividends as Trump is projected to secure a second term in office.
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November 05, 2024
$2.2B Reorg Of UK Group Was Tax-Driven, Tribunal Says
An agricultural company's £1.7 billion ($2.2 billion) purchase of shares between subsidiaries was primarily conducted to avoid taxes, not to reorganize its U.K. business structure, based on the reactions of its officials to the transaction, the First-tier Tribunal said.
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November 05, 2024
HMRC Tells High Court It Can Tax Canadian Bank's Oil Income
HM Revenue & Customs has the right to tax loan payments made to the Royal Bank of Canada relating to oil-drilling rights in the North Sea under the terms of a bilateral agreement, it told the British Supreme Court in the appeal of its case against the bank.
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November 05, 2024
Netflix Europe Offices Raided In Tax Fraud Probe
French and Dutch authorities raided Netflix's offices in the two countries as part of an investigation into possible tax fraud by the streaming giant, news outlets reported Tuesday.
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November 05, 2024
Australia Clarifies Thin Capitalization Rules Interactions
The Australian Taxation Office clarified that the country's new thin capitalization rules must be applied after both transfer pricing and debt deduction creation rules following amendments to the country's tax rules.
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November 05, 2024
Crypto Council Seeks Delay In Digital Asset Broker Regs
The IRS should delay the effective date of a requirement in the digital assets broker regulations that calls for identifying units of the assets in the broker's custody until the agency clarifies the provision, a global council of cryptocurrency companies said in a letter released Tuesday.
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November 05, 2024
2nd Circ. Urged To Rethink Dual Citizen's FBAR Penalties
A dual U.S.-French citizen found liable for tax penalties by the Second Circuit for hiding millions of dollars in foreign accounts asked the court Tuesday to reconsider, saying American authorities demanded she participate in a deposition that would have put her in legal jeopardy abroad.
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November 05, 2024
Sweden Exploring Tax Incentive For R&D
Sweden is hoping to craft an internationally competitive research and development tax incentive and is looking to other countries in the European Union and the Organization for Economic Cooperation and Development for inspiration, its Ministry of Finance said.
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November 05, 2024
Japan, Greece Tax Treaty To Take Effect In December
The Japanese and Greek governments agreed Tuesday in Athens that their tax treaty will enter into force in 30 days and will impact taxes levied on financial accounting years beginning next year, the Japanese Ministry of Finance said in a news release.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 05, 2024
EU Secures VAT Reform Deal To Fit Digital Economy
The European Union is preparing to adapt the bloc's value-added tax rules for the growing digital economy, including e-invoicing on cross-border transactions, after a long-awaited agreement announced Tuesday.
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November 04, 2024
2nd Circ. Rejects Man's Challenge To IRS Lien For $4.2M
The U.S. Tax Court correctly found that the IRS appeals office didn't abuse its powers by approving the agency's federal tax lien to collect $4.2 million from a man with a court-ordered payment plan, the Second Circuit said.
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November 04, 2024
Kenya Eyes 300% Tax Increase In Digital Tax Expansion
Kenya is looking at replacing its 1.5% digital services tax with a 6% levy aimed at the country-sourced revenue of a wider set of nonresident digital service providers, including apps for ride-hailing and food delivery, according to a report by the country's Finance Ministry.
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November 04, 2024
Ukrainian Pleads To $11M Tax Fraud, Immigration Scheme
A Ukrainian national charged for immigration fraud and money laundering has pled guilty and could face 20 years in prison, the U.S. Justice Department announced.
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November 04, 2024
Man Loses Extradition Fight Over $9M Romanian Tax Fraud
A man convicted twice of tax fraud in Romania can be extradited despite the fact that a warrant was missing details about his second conviction because those details were later supplied, a London court has ruled.
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November 04, 2024
Justices Won't Hear UBS Suit Over Disclosed Account Info
The U.S. Supreme Court declined Monday to hear a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service in violation of civil provisions under the Racketeer Influenced and Corrupt Organizations Act.
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November 04, 2024
Hedge Fund Lawyer Denies Role In £1.4B Cum-Ex Fraud
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion) told a London trial Monday he had no knowledge of cum-ex trading fraud at the business.
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November 01, 2024
Previously Taxed Profit Rules Due By Year's End, Official Says
The Internal Revenue Service will publish the first tranche of long-awaited regulations on offshore earnings and profits previously taxed in the U.S. before the end of the year, an agency counsel said Thursday.
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November 01, 2024
NOL Rules May Retain Favorable Approach, IRS Counsel Says
New proposed regulations governing business net operating losses that could retain a popular provision allowing some businesses expanded use of those losses are a priority to be published next year, a top Internal Revenue Service lawyer said.
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November 01, 2024
Brazil Should Adopt Latest Pillar 2 Safe Harbor, NFTC Says
Brazil should include the latest updates to globally agreed-upon safe harbors in its legislation to enact an international minimum tax agreement known as Pillar Two, according to the National Foreign Trade Council, which said these measures help prevent double taxation.
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November 01, 2024
Couple Tries To Block IRS Summons Issued For Spain
A couple asked a California federal court to block an IRS summons for their financial information issued on behalf of Spain, saying the demand is tantamount to a fishing expedition meant to help the foreign government prosecute them.
Expert Analysis
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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.
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Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.