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Tax
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January 16, 2025
Morrison Foerster Adds Tax Group Co-Chair From Jones Day
Morrison Foerster LLP announced it has added a partner from Jones Day to serve as co-chair of the firm's global tax group in its New York office.
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January 16, 2025
Atty Gets 5-Year NJ Suspension After Tax Fraud Conviction
A Philadelphia-based personal injury attorney convicted for not paying income tax on more than $8 million in revenue he earned and for failing to pay almost $60,000 in payroll taxes received a five-year suspension from New Jersey's Supreme Court but will keep his law license in the state.
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January 16, 2025
Treasury Updates Bonus Energy Tax Credit Safe Harbors
The U.S. Treasury Department provided updates Thursday to safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing steel and aluminum parts in response to new trade restrictions on solar products from China by President Joe Biden's administration.
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January 15, 2025
Sidley-Led Flowco Raises $427M In Year's First Major IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Wednesday priced a $427 million initial public offering above its range, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the year's first sizable IPO.
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January 15, 2025
Tax Court Rejects Brothers' Claims Of Gifted Jewelry
The U.S. Tax Court on Wednesday upheld $2.5 million in taxes, plus fraud penalties, against brothers who claimed an unreported bank account held nontaxable proceeds from the sale of their mother's gift of 1,600 pieces of jewelry from Israel and Iran.
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January 15, 2025
More IRS Partnership 'Soft Letters' Coming, Official Says
The Internal Revenue Service will keep using an educational compliance tool called soft letters to prod taxpayers to comply with a centralized partnership audit regime that has recently turned its focus to larger and more complicated entities, an agency official said Wednesday.
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January 15, 2025
Former IRS Litigator Joins Jones Day In Boston
Jones Day announced it added an experienced IRS litigator to its Boston office who will work as of counsel in the firm's tax practice.
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January 15, 2025
Legislators Say Transparency Act Defies First Amendment
The Corporate Transparency Act is an unnecessary intrusion into the First Amendment rights of Americans, U.S. Sen. Thom Tillis, R-N.C., and 13 House members told the Supreme Court in seeking to maintain an injunction issued in December.
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January 15, 2025
Australia Gives Guidance On Foreign-Funded Construction
The Australian Taxation Office laid out a number of key areas that private companies receiving foreign funding from a related party for property or construction projects need to be aware of in order to not run afoul of the country's transfer pricing rules.
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January 15, 2025
Texas Court Unsure State Can Shutter Immigrant Nonprofit
A Texas appellate court seemed doubtful Wednesday that the state attorney general has authority to shut down a nonprofit over its political speech, with the justices suggesting that Texas might be blurring the line between state and federal nonprofit oversight.
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January 15, 2025
9th Circ. Won't Review Nixed Deductions For Disbarred Atty
The Ninth Circuit on Wednesday rejected a disbarred California attorney's requests to review its December decision to uphold a U.S. Tax Court ruling denying his bid to take business deductions for the cost of challenging his disbarment and a court's declaration that he is a "vexatious litigant."
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January 15, 2025
Booz Allen Must Pay For Harm Of Tax Info Leaks, Court Told
A proposed class action in Maryland federal court blames IRS contractor Booz Allen Hamilton over the thousands of tax returns that were stolen by an employee who took financial information about President-elect Donald Trump and others while on the job and leaked it to the media.
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January 15, 2025
IRS Issues Corp. Bond Monthly Yield Curve For Jan.
The Internal Revenue Service on Wednesday published the corporate bond monthly yield curve for January for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.
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January 14, 2025
DA Says Trump's Appeals To Intervene In NY Case Now 'Moot'
Counsel for the Manhattan district attorney urged both a federal and a state appeals court to toss out Donald Trump's lingering invitations to intervene in his hush money case now that he's been sentenced, arguing there's no need for a "bizarre mechanism" when Trump can appeal normally.
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January 14, 2025
Retroactive Foreclosure Rule Bars Suit, Mich. County Says
A Michigan county has urged a federal judge to toss a proposed class action alleging that it kept surplus proceeds from tax-foreclosed home sales, saying the homeowner bringing the claims hasn't yet used the state's process for securing the proceeds.
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January 14, 2025
Mo. House Bill Seeks Deduction For Property Tax Payments
Missouri would allow taxpayers to claim an income tax deduction for property tax payments under a bill introduced in the state House of Representatives.
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January 14, 2025
Easement Worth $1M, Not $18M, Gov't Tells 11th Circ.
The U.S. Tax Court was right to believe expert testimony that a claimed conservation easement donation of roughly $18 million was only worth $1 million, the government told the Eleventh Circuit, urging it to reject the donors' claims that the expert was unreliable.
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January 14, 2025
Justices Suggest 7th Circ. Revisit False Statement Decision
Several U.S. Supreme Court justices seemed ready Tuesday to ask the Seventh Circuit to review a former Chicago alderman's conviction for lying about money he borrowed from a now-shuttered bank under a narrower standard, but the justices appeared skeptical that he would beat the case even with a fresh look.
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January 14, 2025
Trump Announces Plans To Create 'External Revenue Service'
President-elect Donald Trump said Tuesday that he planned to create an "External Revenue Service" that would collect tariffs and revenue from foreign countries.
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January 14, 2025
Feds Ask 2 Years For Ex-Pol On Tax, Pandemic Aid Charges
A former Massachusetts state senator should spend two years in prison after being convicted of illegally obtaining unemployment assistance and filing a false tax return, the federal government argued, citing the "greed" at the heart of the politician's conduct.
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January 14, 2025
DOL Finalizes ERISA Voluntary Correction Program Changes
The U.S. Department of Labor's employee benefits arm has finalized changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors, according to a notice the agency posted online Tuesday.
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January 13, 2025
Special Counsel Slams Biden's Critique Of Son's Prosecution
The special counsel who oversaw the investigation into Hunter Biden, which was wiped out by a presidential pardon, released a report published Monday criticizing President Joe Biden's "baseless accusations" that his son was "selectively" prosecuted and warning that such comments threaten "the integrity of the justice system as a whole."
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January 13, 2025
On Cross, Madigan Says He Merely Helped Job-Seekers
Former Illinois House Speaker Michael Madigan distanced himself Monday from political allies who prosecutors say bribed him for jobs and other benefits, saying his recommendations were just that, and that he thought he was effective in shutting down a former alderman's quid pro quo suggestion.
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January 13, 2025
Feds Say Par Funding Fraud Caused $404M In Losses
Prosecutors and defense attorneys spent hours in a marathon hearing Monday trying to convince a Pennsylvania judge of how much financial damage they thought the principals of the Par Funding merchant lending business did by allegedly fleecing investors, with the government pushing for a $404 million figure.
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January 13, 2025
Ex-Cook County Assessor Officer Hit With Bribery Charges
A chief hearings officer for former Cook County Assessor Joseph Berrios' office accepted bribes, including from a law firm's tax consultant, when handling a property assessment appeal, a new lawsuit in Illinois federal court alleges.
Expert Analysis
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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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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Tax Assessment: Recapping Georgia's Legislative Session
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps to take before certain tax incentives are challenged in the state's next legislative session.
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Geothermal Energy Has Growing Potential In The US
Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential to draw on the skills of existing highly specialized oil and gas workers and renewable specialists, say attorneys at Weil.
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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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Trump Hush Money Case Offers Master Class In Trial Strategy
The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad facts, craft a simple story that withstands attack, and cross-examine with that story in mind, says Luke Andrews at Poole Huffman.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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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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Opinion
State-Regulated Cannabis Can Thrive Without Section 280E
Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.
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Asset Manager Exemption Shifts May Prove Too Burdensome
The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.
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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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Kentucky Tax Talk: Budget Focus Cools Tax Reform Efforts
There were some noteworthy tax developments during Kentucky’s legislative session — like the revival of local tax reform and enactment of another tax amnesty program — but major tax initiatives, like those seen in recent years, were largely tabled as legislators focused on establishing the state’s two-year budget, say attorneys at Frost Brown.