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Tax
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October 08, 2024
Homeowners Again Seek Class Cert. In Tax Foreclosure Suit
A group of former property owners has asked a Michigan federal judge to recertify a class action seeking to recover profits county treasurers made selling their tax-delinquent properties, saying the addition of class representatives fixes the flaw that dismantled the class.
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October 08, 2024
China Pushes Back On Turkish EV Tariffs, Targets EU Brandy
China said Tuesday that it is appealing to the World Trade Organization to halt Turkish tariffs on electric and hybrid vehicles made in the country, and it announced a temporary anti-dumping measure on European Union brandy that follows the bloc's own EV tariffs.
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October 08, 2024
Pa. Justices Wary Of Linking Mask Tax To Consumer Harms
Several justices of the Pennsylvania Supreme Court seemed cautious Tuesday about extending the state's consumer protection law liability to retailers who collect sales tax on tax-exempt items, pointing to the state's refund system as an existing form of relief for overcharged customers.
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October 08, 2024
Calif. Tax Preparer Gets 6 Years For $28M Scheme
The owner of a California tax preparation business who helped customers create sham companies was sentenced to six years in prison for a decadelong scheme that caused a tax loss of at least $28 million, according to the U.S. Department of Justice.
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October 08, 2024
Conn. Ethics Board Tosses Grievance Against Ex-Town Atty
A Connecticut ethics panel has dismissed a grievance at the heart of a former town attorney's claims that the tax assessor spread lies about his conduct and character, finding that the lawyer broke no professional conduct rules and concluding no further investigation was warranted.
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October 08, 2024
EU Removes Antigua And Barbuda From Tax Blacklist
The Council of the European Union removed Antigua and Barbuda from its blacklist of noncooperation jurisdictions on global tax standards, the EU's Economic and Financial Affairs Council announced Tuesday.
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October 07, 2024
Pa. Supreme Court Snapshot: Mask Taxes, Pride Month Post
The Pennsylvania Supreme Court during its October argument session will weigh whether retailers improperly collecting sales tax on face masks, which were exempted due to the COVID-19 pandemic, amounts to "commerce" that could trigger the state's consumer protection law.
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October 07, 2024
Mich. Supreme Court Snapshot: Insulin Prices, Disney Audit
The Michigan Supreme Court's first oral argument session of the 2024-25 term promises to be a busy one, involving an investigation into Eli Lilly's insulin prices with big implications for the scope of Michigan's consumer protection law and Disney's appeal of an order to turn over decades-old uncashed checks to the state treasurer.
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October 07, 2024
Treasury Proposes Exempting Tribal Cos. From Income Tax
Tribal-owned businesses would not be subject to federal income tax under proposed regulations released Monday by the U.S. Department of the Treasury, a move that would also allow such entities to be eligible to receive direct cash payments in lieu of clean energy tax credits.
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October 07, 2024
Stormwater Fees Not Illegal Tax, Mich. Appellate Panel Finds
Stormwater drainage charges in Ann Arbor constitute a lawful fee and not an illegal tax, the Michigan Appeals Court ruled, saying the charges did not require voter approval as demanded under the state constitution for increased local tax rates.
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October 07, 2024
Henderson Franklin Adds Tax Pro To Florida Offices
A tax attorney who formerly practiced at Stradling Yocca Carlson & Rauth PC has joined Henderson Franklin Starnes & Holt PA's business and tax planning department and will work from the firm's Florida offices in Fort Myers and Naples.
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October 07, 2024
Man Who Faced Espionage Case Gets Probation Over Taxes
A Chinese engineer initially accused of illegally exporting documents on military aircraft to China was given probation and fined for failing to report about $1.4 million in business income by a Texas federal court after the government dropped its export charges.
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October 07, 2024
11th Circ. Balks At Ex-Braves' $47M Easement Case
Former Atlanta Braves players John Smoltz and Ryan Klesko, challenging a U.S. Tax Court ruling that slashed the value of a conservation easement deduction by 90%, won't have their appeal heard by the Eleventh Circuit after the court said Monday the duo had jumped the gun on challenging the decision before it was made final.
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October 07, 2024
Mich. Couple Owe $3.3M Tax Debt, US Says
A Michigan federal court should order the sale of three properties held by a real estate company to satisfy the roughly $3.3 million tax debt of a couple who are the company's nominee owners, the U.S. government said in a complaint Monday.
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October 04, 2024
Top 5 Supreme Court Cases To Watch This Fall
The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.
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October 04, 2024
Defunct Yoga Studios' Founder Cops To Tax Evasion
The founder of a defunct chain of prominent and lucrative yoga studios who was accused of hiding $1.6 million in income from the Internal Revenue Service pled guilty to tax evasion, New York federal prosecutors said Friday.
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October 04, 2024
Europe Votes To Raise Tariffs On Electric Vehicles From China
European Union member states voted Friday to impose higher tariffs on imports of battery electric vehicles from China for the next five years, adding to the already staggering tariffs imposed by the United States and Canada.
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October 04, 2024
IRS Probes Atty Over Promotion Of Deferred Law Firm Fees
The Internal Revenue Service is investigating a lawyer it suspects of promoting a scheme to illegally shield attorneys from taxes on legal fees, according to an Ohio federal court petition seeking to enforce summonses for documents in the case.
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October 04, 2024
Justices Accept Ex-Chicago Alderman's False Statement Case
The U.S. Supreme Court said Friday that it would review the conviction of an ex-Burke Warren MacKay & Serritella PC attorney and former Chicago alderman under a federal statute that prohibits making false statements to influence certain financial institutions.
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October 04, 2024
Taxation With Representation: Gibson Dunn, Weil, Simpson
In this week's Taxation with Representation, DirectTV buys EchoStar's video business for $10 billion, Marsh McLennan inks a $7.75 billion deal for McGriff Insurance, and PepsiCo closes a $1.2 billion deal to purchase Siete Foods.
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October 04, 2024
Ore. Court Reverses Transfer Of Pot Facility's Tax Account
A property tax account for the interior improvements in an Oregon warehouse leased to a marijuana grower was improperly reassigned from the grower to the warehouse owner, the state's tax court said, reversing a change made by a local assessor.
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October 04, 2024
Ga. Tax Deadlines Extended To May After Hurricane Helene
Certain state tax return and payment deadlines in Georgia are being postponed to May 1 in response to the damage wrought by Hurricane Helene, the state's Department of Revenue has said.
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October 03, 2024
Counties Say Foreclosure Attys Trying To Quash Competition
Michigan counties facing a proposed class action over profits they kept from foreclosures of tax-delinquent properties questioned Wednesday the aim and legality of their opposing counsel's quest to rein in a previous rival's outreach to people who have experienced foreclosures.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
IRS Used $2B Of Funding Boost For Operating Expenses
The IRS has used $2 billion of the funding boost it received under the Inflation Reduction Act to supplement its annual funding, according to the Treasury Inspector General for Tax Administration.
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.