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Tax
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May 21, 2024
CohnReznick Adds PwC Partner To International Tax Practice
CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.
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May 21, 2024
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Circuit, urging it to uphold a ruling that struck down the law.
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May 21, 2024
Valero Brings $37M Refund Claim Over Fuel Credit, Crude Tax
Energy company Valero is seeking $37 million in tax refunds for biomass fuel mixtures it said should've qualified for the alternative fuel tax credit and for claimed overpayments of crude tax, according to a complaint in Texas federal court.
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May 21, 2024
Coverage Recap: Day 16 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 recap from Tuesday, day 16 of the trial.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 21, 2024
Trump Rests In NY Hush Money Trial, Declining To Testify
Donald Trump rested his defense Tuesday in the Manhattan district attorney's criminal hush money case, closing out the testimony and setting the stage for deliberations next week after the former president opted not to take the witness stand.
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May 21, 2024
IMF Report Warns UK Against More Tax Cuts
The United Kingdom should refrain from additional tax cuts unless they are credibly shown to boost economic growth and are offset by measures to cut the deficit, the International Monetary Fund said Tuesday.
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May 20, 2024
Ex-IRS Agent, Five Others Sentenced In COVID Fraud Scheme
A former Internal Revenue Service agent, his brother and four other defendants have pled guilty to participating in a scheme that netted more than $3 million in fraudulent COVID-19 pandemic relief loans.
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May 20, 2024
Judge Assails Trump Witness After Manhattan DA Rests Case
The Manhattan district attorney's office on Monday rested its case in the criminal trial of former President Donald Trump on 34 counts of falsifying business records, while a Davidoff Hutcher & Citron LLP attorney and witness found himself on the wrong side of New York Supreme Court Justice Juan Merchan.
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May 20, 2024
Transparency Act Violates Constitution, Groups Tell 11th Circ.
The Corporate Transparency Act's reporting requirements violate the Fifth Amendment's protection against self-incrimination and other constitutional provisions, libertarian think tank Cato Institute and others said Monday in urging the Eleventh Circuit to uphold an Alabama district court's ruling against the law.
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May 20, 2060
Coverage Recap: Day 15 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 recap from day 15.
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May 20, 2024
2 House GOP Chairs Seek Study Of Premium Tax Credit Plan
The Republican chairmen of the House Ways and Means and Budget committees want the Congressional Budget Office and Joint Committee on Taxation to study the impact of making the expanded Affordable Care Act premium tax credits permanent.
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May 20, 2024
Domino's Franchisee Gets Year In Prison In $2.5M Tax Case
The owner of dozens of Domino's Pizza restaurants was sentenced to a year in prison Monday and ordered to pay $2.5 million to the Internal Revenue Service after having admitted he filed false tax returns, the U.S. Department of Justice said.
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May 20, 2024
Ex-Conn. Town Atty Sues Over 'False' Ethics Complaint
Former Newington, Connecticut, town attorney Benjamin Ancona Jr. and other former officials took the Hartford-area suburb to state court claiming the town's assessor and others defamed them in and regarding a now-dismissed ethics complaint that was purportedly loaded with false statements.
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May 20, 2024
Baker McKenzie Ends FOIA Suit Over IRS Partnership Audits
A Baker McKenzie attorney has dropped a public records lawsuit against the Internal Revenue Service that sought to compel the agency to turn over documents pertaining to its scrutiny of large partnerships.
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May 20, 2024
Feds Fight Proposed Delay In Hunter Biden's Tax Trial
Hunter Biden shouldn't be allowed to delay his criminal tax trial in California just because his lead attorney says the dates run up against Biden's upcoming trial in Delaware on firearms charges, the special counsel's office told a federal court.
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May 17, 2024
Mich. $3.4M Sales Tax Bill Is Wrong, Sneaker Site Tells Court
The Michigan Treasury Department incorrectly calculated a sneaker resale site's sales tax liability from 2017 through 2019, as the site is a marketplace facilitator required to collect tax beginning in 2020, the site told the state Court of Claims.
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May 17, 2024
Home Distillers Tell Feds Ban Fails Under Spirit Of The Law
The Hobby Distillers Association said the federal government is exceeding its constitutional powers and treading on states' rights by banning homemade liquor under its taxing authority, as the group laid out its position Friday at the request of a Texas federal judge.
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May 17, 2024
Koch-Tied Group Says Transparency Law Offends Federalism
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.
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May 17, 2024
Feds Want Prison For Kiosk Salesman Who Faked Deductions
An electronic-sweepstakes kiosk salesman from Chicago should spend more than two years in prison for submitting false tax returns that fabricated more than $400,000 in business expenses and more than $60,000 in church donations, federal prosecutors told an Illinois federal court.
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May 17, 2024
Fla. Appeals Court Nixes Condo Tax Sale After Address Mix-Up
A Florida state appeals panel authored a split decision ordering a lower district court to reverse a tax deed sale after a property owner in Miami-Dade claimed the county's clerk of court failed to provide notice that his condo was being put up for sale due to a delinquent tax bill.
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May 17, 2024
Credit Suisse Can't Reverse $21.3M Biz Loss Denial
Credit Suisse cannot carry forward $21.3 million in business losses from 2015-2017 to its 2018 Michigan tax return, a state appeals court said, letting stand a ruling that the bank miscalculated its business income from those years on its returns.
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May 17, 2024
New Domestic Content Guidance May Boost Energy Credits
The U.S. Treasury Department's new guidance on bonus tax credits for clean energy projects that source domestic-made materials and components aims to simplify the process for determining eligibility and spur more development to get those extra incentives.
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May 17, 2024
Judge Sets Hearing For Delay In Hunter Biden's Tax Trial
A California federal judge agreed Friday to consider Hunter Biden's request to push back his $1.4 million criminal tax trial, setting a hearing to address his claim that the dates interfere with his Delaware gun trial and threaten to prevent him from getting a fair shake.
Expert Analysis
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Tech CEO Tax Ruling A Warning For Forward Contracts
In McKelvey v. Commissioner, the U.S. Tax Court decided that deceased Monster.com founder Andrew McKelvey terminated his underlying obligations when he extended variable prepaid forward contracts, demonstrating why startup founders, early employees and investors should think carefully before amending derivative agreements, say Daren Shaver and Trent Tanzi at Hanson Bridgett.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Unpacking The Proposed Production Tax Credit Regulations
Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.
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10 Considerations For Litigating A New York Tax Case
While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.