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Tax
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January 16, 2025
SCOTUSblog Publisher Tom Goldstein Indicted In Tax Case
Tom Goldstein, a publisher of SCOTUSblog and one of the most experienced U.S. Supreme Court lawyers in the country, was indicted Thursday in Maryland federal court on charges he schemed to evade paying taxes for years and used funds from his boutique law firm to cover gambling debts.
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January 16, 2025
Ill. Bill Seeks Refunds Of Excess Property Tax Revenue
Illinois local taxing authorities that exceed the previous year's property tax collection would need to disperse the excess to taxpayers under a bill introduced in the state House of Representatives.
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January 16, 2025
Madeira Loses EU State Aid Case Over Tax Breaks
Portugal will have to recover money from companies granted reduced tax rates by its autonomous territory Madeira because the taxpayers failed to meet the terms of two European Commission decisions allowing state aid, the European Court of Justice ruled Thursday.
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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."
Expert Analysis
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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'Energy Communities' Update May Clarify Tax Credit Eligibility
A recent IRS notice that includes updated lists of locations where clean energy projects can qualify for additional tax credits — based 2023 unemployment data and placed-in-service dates — should help provide clarity regarding project eligibility that sponsors and developers need, say attorneys at Troutman Pepper.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Calif. Budget Will Likely Have Unexpected Tax Consequences
A temporary suspension of net operating loss deductions and business incentive tax credits, likely to be approved on June 15 as part of California’s next budget, may create unanticipated tax liabilities for businesses that modeled recently completed transactions on current law, says Myra Sutanto Shen at Wilson Sonsini.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Penn. Right-To-Know Case Raises Record-Access Precedent
The Pennsylvania Supreme Court recently held that the nonprofit Pennsylvania Interscholastic Athletic Association was subject to the state's Right-To-Know Law, establishing an expansion that allows access to public records of organizations that perform work or have some role associated with statewide governance, says Delene Lantz at Saul Ewing.
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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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Ohio Tax Talk: The Legislative Push For Property Tax Relief
As Ohio legislators attempt to alleviate the increasing property tax burden, four recent bills that could significantly affect homeowners propose to eliminate replacement property tax levies, freeze property taxes for longtime homeowners, adjust homestead exemptions annually for inflation, and temporarily expand the homestead exemption, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.