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Tax
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April 25, 2024
OECD Says Latvia Must Shift Tax Burden, Limit Fuel Subsidies
Latvia needs to shift its tax burden off labor and onto other forms of income such as property, and to eliminate harmful subsidies and tax practices around fossil fuels, the Organization for Economic Cooperation and Development said Thursday.
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April 25, 2024
Valero Seeks $75M In Tax Refunds For Fuel Mixtures
Energy company Valero asked a Texas federal court for $75 million in excise tax refunds, claiming the Internal Revenue Service failed to recognize that its production of specific fuels such as butane blends and biomass derivatives qualified for the alternative fuel mixture credit.
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April 25, 2024
3 Things Attys Should Know About Pa.'s $48B Spending Plan
Several areas of Pennsylvania Gov. Josh Shapiro's proposed $48 billion budget for 2024-2025 could result in more work for the legal industry, including more opportunities for crafting economic development deals, getting a recreational cannabis industry off the ground, and speeding up environmental permit applications, experts tell Law360.
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April 25, 2024
Treasury Finalizes Rules On Sales Of Green Energy Credits
The U.S. Department of the Treasury released final rules Thursday to facilitate the sale or transfer of clean energy tax credits by project owners under a new way to monetize the incentives created by the 2022 landmark climate law.
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April 24, 2024
Tax Fraud Case Skewed By Prosecutors' Spin, NC Jury Told
Prosecutors and defense attorneys in a tax fraud trial against two lawyers and an insurance agent traded final barbs Wednesday in a North Carolina courtroom before sending the jury to deliberate, with the defendants again defending the tax plan at the center of the government's case and accusing prosecutors of making up facts.
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April 24, 2024
Crypto Mixer Execs Arrested Over $2B In Illicit Transactions
New York federal prosecutors announced Wednesday that they have arrested the co-founders of crypto mixing service Samourai Wallet over their operation of a crypto service that authorities say executed over $2 billion in unlawful transactions.
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April 24, 2024
EU Court Won't Disturb Spanish Tax Break Rulings
A Spanish company on Wednesday lost its attempt to legitimize a tax scheme declared illegal by the European Commission when the European Union's General Court rejected its appeal, refusing to disturb prior decisions in the long-running dispute.
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April 24, 2024
GOP Reps Seek IRS Nonprofit Info After China Reports
House Ways and Means Republicans asked the Internal Revenue Service to provide information about how it monitors tax-exempt organizations for possible violations of their status after reports China may be funding and improperly influencing nonprofits, according to a letter sent Wednesday.
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April 24, 2024
Chancery Lets $344M Carlyle Tax-Payout Suit Move Ahead
A vice chancellor of the Delaware Court of Chancery on Wednesday refused to toss most claims in a stockholder suit led by a Pittsburgh pension fund targeting a $344 million tax-asset buyout at The Carlyle Group Inc., though she did trim the suit by a single count.
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April 24, 2024
Mass. Golf Course Manager Gets 13 Months For Tax Fraud
A Massachusetts golf course manager was sentenced to 13 months in prison after pleading guilty to tax charges, following prosecutors' accusations that he manipulated contracts with a home developer to deflate their value.
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April 24, 2024
Kaiser Wins $6.7M Real Estate Tax Refund Linked To Nonprofit
A split Washington appeals panel said that the Kaiser Foundation Health Plan of Washington was entitled to a $6.7 million real estate excise tax refund levied after its acquisition of the nonprofit Group Health Cooperative, reversing a trial court.
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April 24, 2024
Hawaii High Court Affirms Timeshare Property Tax Is Legal
Timeshares in Maui County, Hawaii, were properly taxed using a timeshare property classification because the classification is both constitutional and in line with the county's code, the state Supreme Court affirmed.
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April 24, 2024
Trump Can't Subpoena Daniels For Alleged Bias In NY Trial
A New York state judge rejected Donald Trump's "overbroad" subpoena seeking records that the former president said would show bias by adult film star Stormy Daniels ahead of her testimony about an alleged hush money payment in 2016.
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April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
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April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
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April 23, 2024
4 Things Attys Should Know About NJ's $56B Spending Plan
New Jersey Gov. Phil Murphy has crafted a spending plan that furthers his vision of the state as an innovator in offshore wind and artificial intelligence, while drawing pushback for a proposed corporate transit fee and warehouse tax.
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April 23, 2024
Tabloid Made Deal To Save Trump 'Embarrassment,' Jury Told
A longtime tabloid executive told a Manhattan jury Tuesday that he struck a secret deal with Donald Trump ahead of the 2016 presidential election to plant negative stories about his opponents and suppress salacious stories that could cause his campaign "embarrassment."
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April 23, 2024
Biz Ownership Law Constitutional, Lawmakers Tell 11th Circ.
The Corporate Transparency Act is a garden-variety exercise of Congress' powers to address threats to national security, foreign affairs, commerce and tax collection, five Democratic lawmakers told the Eleventh Circuit, disputing a ruling that the law is unconstitutional.
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April 23, 2024
Broadcasters Support Bill To Revive Diversity Tax Certificate
Broadcasters are supporting the recent reintroduction of a bill that seeks to increase diversity in the broadcasting industry by requiring the Federal Communications Commission to bring back a tax incentive program to facilitate the sale of broadcast stations to people of color and women.
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April 23, 2024
DC Circ. Backs Tax Penalties Against Swiss Couple
A Swiss couple who incurred $500,000 in penalties for failing to report millions of dollars they held in Swiss bank accounts can't get out of paying, the D.C. Circuit ruled Tuesday, rejecting their argument that the IRS didn't properly approve the fines.
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April 23, 2024
Migrant-Hiring Crimes And Tax Evasion Get Pair Prison, $1.8M Fine
A Florida federal judge has ordered two men to pay $1.8 million to the U.S. government and sentenced them to three years in prison after they confessed to recruiting migrants without employment authorization and failing to report workers' wages for tax purposes.
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April 23, 2024
Dentons Adds Ex-Jones Walker SALT Atty To Ala. Office
Dentons Sirote said it has added a state and local tax shareholder who was previously a partner at Jones Walker LLP to the tax practice in its Birmingham, Alabama, office.
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April 23, 2024
Atty Can Deduct $303K In Racing Ad Costs, 10th Circ. Told
A Colorado attorney asked the Tenth Circuit to reverse a U.S. Tax Court decision that prevented him from deducting $303,000 in advertising expenses tied to his automobile racing, saying the lower court incorrectly ruled that the costs were related to a hobby rather than his litigation practice.
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April 23, 2024
Coverage Recap: Day 2 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a full recap from day two.
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April 23, 2024
Trump 'Detached From Facts' In Fla. Docs Case, Feds Say
Prosecutors in Donald Trump's classified documents case have told a Florida federal judge that the former president's legal team was trying to paint a false narrative of political bias in its motion to obtain more discovery.
Expert Analysis
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How To Avoid A Zombie Office Building Apocalypse
With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.
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Ohio Tax Talk: Building On Federal Affordable Housing Credit
Ohio's soon-to-be-implemented low-income housing tax credit could significantly affect the state's affordable housing landscape and influence tax-credit deal financing for these projects, though Senate changes may have dampened the new credit's immense potential, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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Opinion
Appellate Funding Disclosure: No Mandate Is Right Choice
The Advisory Committee on Appellate Rules' recent decision, forgoing a mandatory disclosure rule for litigation funding in federal appeals, is prudent, as third-party funding is only involved in a minuscule number of federal cases, and courts have ample authority to obtain funding information if necessary, says Stewart Ackerly at Statera Capital.
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Opinion
LA's High-Value Real Estate Transfer Tax Should Be Scrapped
Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.
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Avoiding Negative Tax Consequences In Loan Modifications
Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.
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How Attys Can Avoid Exposing Their Firms To Cyberattacks
Attorneys are the weakest link in their firms' cyberdefenses because hackers often exploit the gap between individuals’ work and personal cybersecurity habits, but there are some steps lawyers can take to reduce the risks they create for their employers, say Mark Hurley and Carmine Cicalese at Digital Privacy & Protection.
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Chapter 100 Incentives Can Offer Relief For Mo. Solar Projects
Although the Missouri Supreme Court's decision last year in Johnson v. Springfield Solar 1 overturned the state's tax exemption for solar energy systems, solar developers may still be able to use other mechanisms, like Chapter 100 incentives, to offset project costs, say Lizzy McEntire and Anna Kimbrell at Husch Blackwell.
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Virginia 'Rocket Docket' Slowdown Is Likely A Blip
After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.
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Benefits And Beyond: Fixing Employee Contribution Failures
Employers must address employee contribution failures promptly in order to avoid losing significant tax benefits of 401(k) or 403(b) plans, but the exact correction procedures vary depending on whether contributions were less than or greater than intended, say attorneys at Seyfarth Shaw.
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Now Is The Time For State And Local Sales Tax Simplification
In the five years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, state and local governments increasingly rely on sales tax, but simple changes are needed to make compliance more manageable for taxpayers, wherever located, without unduly burdening interstate commerce, says Charles Maniace at Sovos.
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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Recent Bills Show Congress' Growing Maturity On Cannabis
Though two recently introduced cannabis reform bills, the Prepare Act and the Small Business Tax Equity Act, are unlikely to pass in this Congress, they demonstrate a new level of focus and sophistication on the part of lawmakers as it relates to cannabis at the federal level, says Irina Dashevsky at Greenspoon Marder.
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What To Make Of IRS' New Advance Pricing Guidance
Recent guidance on the IRS' goals for its advance pricing agreement system provides helpful insight into review and decision-making procedures for advance pricing agreement requests, but it also raises questions about the IRS' objectives, say Richard Slowinski and Stefanie Kavanagh at Alston & Bird.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.