International
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January 13, 2025
Pillar 2's Effect May Vary Based On Biz Function, Report Says
The global minimum tax deal known as Pillar Two may have a minimal effect on where multinational corporations carry out routine business functions, but companies could eventually change where they perform other operations, according to an OECD paper released Monday.
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January 13, 2025
Still No Unanimous Path Forward On Amount B, OECD Says
The Organization for Economic Cooperation and Development has still not found a path to an agreement on Pillar One's Amount B, which is designed to streamline the pricing of certain baseline marketing and distribution activities, with conversations being held up by possible "inappropriate outcomes," the OECD said Monday.
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January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says
The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
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January 10, 2025
Treasury Finalizes Rules For Disregarded Foreign Payments
The U.S. Treasury Department issued final regulations Friday that are designed to prevent companies from receiving foreign payments in a way that allows them to reduce their overseas taxes without a corresponding increase in U.S. taxable income.
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January 10, 2025
Ga. Law Firm Latest To Fight Corporate Transparency Act
A federal law designed to combat money laundering violates the U.S. Constitution by forcing lawyers to disregard attorney-client privilege, a Georgia lawyer told a federal court, joining a chorus seeking legal action to stop the law.
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January 10, 2025
IRS Finalizes Regulations For Taxing Gifts From Expats
The Internal Revenue Service issued final regulations and guidance Friday for a 2008 tax on gifts and bequests made by current or former U.S. citizens living abroad to U.S. citizens or residents, including through foreign trusts.
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January 10, 2025
IRS OKs New Test For Classifying Digital, Cloud Transactions
Transactions involving digital content and cloud computing will be classified using a new predominant character test, according to final rules issued Friday by the Internal Revenue Service and the U.S. Department of the Treasury.
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January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
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January 10, 2025
Group Busted For Dodging $3.6M In Corp. Tax, Poland Says
Poland's tax authority said Friday that it had identified an organized crime group that used several companies as fronts to make transactions that avoided 15 million złoty ($3.6 million) in corporate tax.
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January 10, 2025
Senate Finance Panel To Vet Treasury Nominee Thursday
The Senate Finance Committee will hold a hearing Thursday to consider the nomination of Scott Bessent to serve as the new U.S. Treasury secretary under the incoming administration, Sen. Mike Crapo, R-Idaho, said Friday.
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January 10, 2025
CMS Taps Tax Disputes Specialist From KPMG
CMS announced that it has appointed a former KPMG director as a partner in its London-based tax practice.
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January 10, 2025
Broker Arian Hit With Fine For Cum-Ex Trade Failings
The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.
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January 09, 2025
EisnerAmper Adds Tax Pro As Partner In Dallas
International business adviser EisnerAmper LLC announced it appointed a certified public accountant from Citrin Cooperman Advisors LLC to serve as a tax partner in the firm's private client services group based in Dallas.
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January 09, 2025
Sri Lanka Publishes Advance Pricing Agreement Guidance
Sri Lanka's Inland Revenue Department published guidance for those interested in entering advance pricing agreements, including eligibility requirements and the steps of the confirmation process.
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January 09, 2025
UK Supermarkets Fear Higher Costs Amid Tax Changes
Supermarket companies Marks & Spencer and Tesco reported Thursday that they had high sales figures due to Christmas, but both retailers also said they expect to face higher tax costs in 2025 due to changes to National Insurance, a payroll tax used to fund social programs.
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January 09, 2025
Chile Voluntary Disclosure Program Hits Just 15% Of Estimate
A Chilean program that allowed for the voluntary disclosure of foreign assets in exchange for a favorable tax rate collected just 92.5 billion Chilean pesos ($92.1 million), which was 15.6% of the projected total, the country's tax authority said.
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January 09, 2025
Truss Sends Starmer Legal Threat Over Economy Crash Claim
Former Prime Minister Liz Truss sent a legal letter to Keir Starmer on Thursday demanding that he stop making "false and defamatory" statements that she crashed the economy, claiming that it is damaging her reputation.
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January 08, 2025
Pension Plan Official's Estate Excused From Danish Tax Suit
A New York federal court approved Wednesday an agreement for Denmark's tax authority to settle its claims against the estate of a pension plan official whose plan allegedly defrauded the agency out of $9 million.
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January 08, 2025
Bank Misclassified Card Fee Revenue, Canada Tax Court Says
A major Canadian bank must reclassify about CA$392 million ($273 million) in revenue from credit card services in the calculation of its taxes, reducing credits it can claim for three years, the Tax Court of Canada ruled.
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January 08, 2025
UK Accounting Firm Adds Tax Partner To Office
U.K. accounting firm Martin and Co., a part of the Shaw Gibbs LLP group, has appointed a tax expert from Evelyn Partners as a tax partner to its Winchester office.
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January 08, 2025
US, Swiss To Give Retirement Plans Lower Dividend Tax Rates
The Swiss and U.S. competent authorities agreed to provide lower tax rates on dividends for several types of retirement entities such as trusts that run pensions, qualified annuity plans and individual plans under the two countries' tax treaty, the Swiss government said Wednesday.
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January 08, 2025
NY Bill Aims To Increase Tax On GILTI, Raise Top Biz Tax Rate
New York would reduce the amount of global intangible low-taxed income that is exempt from state tax and nearly double the top corporation franchise tax rate under a bill filed Wednesday in the state Senate.
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January 08, 2025
Hong Kong Considering OECD Minimum Tax Bill
Hong Kong would carry out the Organization for Economic Cooperation and Development's 15% global corporate minimum tax for large multinational entities under a legislative bill introduced Wednesday.
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January 08, 2025
Kenya Ratifies OECD Tax Treaty Standards
Kenya ratified the Organization for Economic Cooperation and Development's multilateral convention on base erosion and profit shifting, which updates bilateral tax treaties of its signatories with agreed-upon standards, the OECD said Wednesday.
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January 07, 2025
Canada To Keep Collecting New Gains Tax Amid Halt In Gov't
Canada's tax authority will continue collections of capital gains tax that reflect proposed changes to the levy despite a suspension of Parliament that will hold up the proposal for months, the country's Department of Finance said Tuesday.
Expert Analysis
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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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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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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.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.