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November 21, 2024
Chewy Investors Sue BC Partners In Del. Over PetSmart Deal
British international investment giant BC Partners exploited its control of online pet product retailer Chewy Inc. when a BCP affiliate merged into Chewy after divesting its interest in PetSmart Inc., saddling Chewy with a potential $1.9 billion post-deal tax liability, according to a new Delaware Court of Chancery complaint.
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November 20, 2024
Musk, Ramaswamy Say High Court Rulings OK Federal Cuts
Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.
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November 20, 2024
NJ Court Must Revisit Assessor's Workplace Retaliation Claim
A New Jersey trial court must revisit a municipal tax assessor's workplace retaliation claim as the case used by the court in its decision doesn't exempt assessors from the state's employee protection law, an appellate panel ruled Wednesday.
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November 20, 2024
Fla. Tax Preparer Gets 4 Years For Tax Fraud Scheme
A barred Florida tax preparer was sentenced to four years in prison for falsifying returns to trigger inflated refunds for participants in a three-year tax fraud scheme called the "note program," the U.S. Department of Justice said Wednesday.
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November 20, 2024
Feds Want 1 Year In Prison For Accountant Who Hid $1.4M
An accountant who hid $1.4 million from the IRS should be sentenced to at least a year in prison despite his stated mental health issues, the government told a Connecticut federal court, saying he seemed driven at least partly by greed and thought he wouldn't get caught.
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November 20, 2024
Irish Social Democrats Run On Wealth Tax For Millionaires
Ireland's Social Democrats are campaigning for this month's general election on a 0.5% tax on individuals' assets over €1 million ($1.1 million) — excluding homes, family businesses, art and pensions — and 1% for assets over €2 million, according to its manifesto.
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November 20, 2024
NJ Power Broker, Attys Demand Wiretap Docs In RICO Case
George E. Norcross III, a politically influential insurance executive in New Jersey, and others accused alongside him of a massive racketeering scheme demanded Wednesday that state prosecutors turn over complete wiretap application information dating back to 2016, arguing that those details form the core of the state's case against them.
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November 20, 2024
Boston Mayor Touts Property Tax Relief Bill Before Panel
Massachusetts lawmakers should allow Boston to adjust its property tax calculations to stabilize the share borne by residences, mitigating an impending tax hike, and boost a business personal property tax exemption, Boston's mayor told a legislative panel Wednesday.
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November 20, 2024
Trump Wants 'Immediate Dismissal' Of NY Hush Money Case
President-elect Donald Trump's legal team told the New York judge who presided over his hush money trial that his conviction should be thrown out due to his "overwhelming victory" at the polls, according to a filing released Wednesday.
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November 19, 2024
Turkish Tax Inspectors Target Alcohol Cos. For Evasion
Turkish tax inspectors raided 100 addresses tied to alcohol businesses as part of an ongoing crackdown against suspected tax evasion by companies with 100 billion lira ($2.9 billion) in combined revenue, Turkey's Ministry of Treasury and Finance told state news media.
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November 19, 2024
'Survivor' Winner Needs To Pay $3.3M Tax Bill, Judge Advises
The winner of the "Survivor" television series who evaded taxes on his $1 million in prize money and served time in prison should pay $3.3 million of his civil liabilities, including fraud penalties, a federal magistrate judge said.
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November 19, 2024
Ohio Board OKs Income Approach In Two Theater Valuations
Two Ohio movie theaters should be valued using the income approach to valuation applied by a county appraiser, the state tax board said in separate rulings involving two counties.
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November 19, 2024
G20 To Cooperate On Soft Law For Taxing Ultra-Wealthy
Leaders of the world's largest economies intend to cooperate on taxing "ultra-high-net-worth individuals" through soft law approaches such as exchanging best practices and creating model policies that address tax avoidance, according to a Group of 20 Nations declaration.
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November 19, 2024
Liberty Global Tax Break Based On Void Moves, 10th Circ. Told
The economic substance doctrine is broad and can invalidate telecommunications company Liberty Global's transaction that led to a $2.4 billion deduction because steps taken to maximize the tax break lacked business purpose, a government attorney told the Tenth Circuit on Tuesday.
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November 19, 2024
IRS Can Extend Deadline Over Preparer's Fraud, 3rd Circ. Told
The Third Circuit should affirm a U.S. Tax Court ruling allowing the Internal Revenue Service to skirt the normal deadlines and assess taxes going back to 1993 against a couple who were unaware that their tax preparer had falsified their returns to lower their liabilities, the government said.
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November 19, 2024
DA Says Trump Sentencing Could Be Delayed Until 2029
Manhattan prosecutors on Tuesday suggested that President-elect Donald Trump's criminal sentencing could be delayed until after he serves out his next term, but urged a judge not to throw out his conviction over an alleged hush money scheme.
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November 19, 2024
Treasury Finalizes Partnership Tax Credit 'Direct Pay' Regs
The U.S. Treasury Department finalized regulations Tuesday to make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.
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November 18, 2024
EU Members Face Choice Over Trump Tax Stance, Group Says
Member states of the European Union will have to pick a side if President-elect Donald Trump's incoming administration abandons global tax reform, the Tax Justice Network said Monday.
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November 18, 2024
Mo. Bank Properly Valued At $1.1M, Commission Rules
A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.
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November 18, 2024
Nursing Home Owner Pleads Guilty A 2nd Time To Tax Fraud
A nursing home operator pled guilty for the second time in Newark federal court on Monday to a $38.9 million employment tax fraud scheme involving care centers he owned across the country.
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November 18, 2024
Mo. Tax Commission Upholds Storage Facility's $7.4M Value
A Missouri storage facility was properly valued at $7.4 million because the real estate company that owned the facility failed to prove the value should be lowered to $2.7 million, the state tax commission said.
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November 18, 2024
Bracewell Expands Tax Bench With V&E Atty In Dallas
Bracewell LLP announced Monday that it has deepened its tax department with a new partner in Dallas who came aboard from Vinson & Elkins LLP, bringing experience handling matters in energy and various other industries.
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November 18, 2024
11th Circ. Shelves Peanut Truck Co.'s Excise Tax Refund
The Eleventh Circuit has overturned a decision awarding an excise tax refund to a manufacturer for selling wagons that dry and carry peanuts, saying the refund is reserved for vehicles that are specially designed for off-highway transportation — a test the peanut wagons failed.
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November 15, 2024
SEC-Sanctioned Accounting Firm Sued Over Pre-IPO Work
The former public company accounting firm BF Borgers is facing a California state lawsuit by an ex-client that says it was forced to scuttle its plans for an initial public offering after the U.S. Securities and Exchange Commission accused the firm of being a "sham auditing mill."
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November 15, 2024
Poor Counsel Led To Unjust Tax Convictions, Justices Told
A North Carolina actuary asked the U.S. Supreme Court to review a Fourth Circuit decision denying his bid to reverse his 2016 tax fraud convictions, saying the ruling was based on bad decisions made by his then-trial counsel.
Editor's Picks
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Blockchain Tech May Present New Transfer Pricing Challenges
Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
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Trump-Era Tariff Angst Hasn't Gone Away Under Biden
The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
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3 Major Implications For States In Biden's Tax Plans
President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.
Expert Analysis
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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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.
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Series
Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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Conservation Easement Cases Weave Web Of Uncertainty
Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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Legislation Most Likely To Pass In Lame Duck Session
As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.
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What Trump's 2nd Presidency Could Mean For Crypto Sector
Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Considering Chevron's End Through A State Tax Lens
States took the lead in encouraging Chevron's demise, turning away from Chevron-type deference in state tax administration ahead of the U.S. Supreme Court’s Loper Bright decision, a trend likely to accelerate as courts take a more active role in interpreting tax laws, say attorneys at Eversheds Sutherland.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.
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Kentucky Tax Talk: Finally Better Online Records At Revenue?
The Kentucky Department of Revenue has not taken significant visible steps toward complying with legislation requiring it to post administrative guidance on its website starting no later than Nov. 15, and refusal to do so would widen the transparency gap between the state and its more business-friendly neighbors, say attorneys at Frost Brown.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Takeaways From The IRS' Crypto Doc Summons Win
A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.