Try our Advanced Search for more refined results
Tax
-
June 17, 2024
NJ Power Broker, Firm CEO Brother Accused Of Racketeering
Powerful New Jersey businessman George E. Norcross III and his brother who is the chief executive officer of law firm Parker McCay have been criminally charged alongside others in a scheme to acquire waterfront property in the distressed city of Camden using threats of economic and reputational harm.
-
June 14, 2024
Ga. CPA Admits To Role In $1.3B Tax Fraud Scheme
After a federal jury convicted two of his co-conspirators in a landmark conservation easement tax shelter trial last year, a Georgia accountant who'd previously denied culpability elected to change course Friday and plead guilty to two felony charges.
-
June 14, 2024
5th Circ. Says Jury Instructions Deeply 'Flawed' In Tax Suit
A Fifth Circuit panel has found that the jury instructions for a $580,000 tax dispute were "irredeemably flawed," vacating the verdict and handing a loss to a partnership that claimed it had reasonable cause for its tax filing problems due to an employee's mental health issues.
-
June 14, 2024
US Urges 5th Circ. To Back $2M Tax Bill For Tire Imports
The Fifth Circuit should overturn a lower court's ruling that a Houston truck company was not an importer responsible for nearly $2 million in excise taxes on tires it bought from a Chinese manufacturer, the U.S. told the Fifth Circuit on Friday.
-
June 14, 2024
Mining Co. Entity Can't Deduct Loan Interest, UK Court Says
A U.S. mining company's entity in the U.K. that was created to save taxes through the acquisition of a Texas-based firm cannot overturn the Upper Tribunal's decision that its U.K tax deductions weren't deserved, according to a Court of Appeal judgment.
-
June 14, 2024
Brazil Telecom Tower Investor Sues For Delaware Litigation
A Mexican investor with a small equity position in a Delaware limited partnership that builds and operates telecommunications towers in Brazil sued the partnership in Delaware's Court of Chancery Friday for injunctive relief, seeking to ensure that any litigation with the partnership or its affiliates takes place in the First State and not Brazil.
-
June 14, 2024
Full DC Circ. Won't Hear Foreign Disclosure Penalty Dispute
The D.C. Circuit declined to reconsider its ruling overturning a major U.S. Tax Court decision that had crimped the administrative collection arm of the Internal Revenue Service, letting stand a panel's restoration of the agency's power to more freely penalize undisclosed foreign corporations.
-
June 14, 2024
UK Broker Denied Supreme Court Hearing Over Cum Ex Raids
Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, finding that the "outcome of any appeal would be no different."
-
June 14, 2024
EU Transfer Pricing Law To Involve Basic Rights, Prof Says
A proposed European Union law on transfer pricing would, if adopted, mean the EU's charter of fundamental rights became relevant to transfer pricing disputes, a tax professor said Friday.
-
June 13, 2024
NYC Sued Over Policy Targeting Unlicensed Pot Stores
More than two dozen New York City retailers have launched a proposed federal class action against the city alleging that enforcement of a new policy targeting stores for selling cannabis without a license has resulted in the unconstitutional closing of hundreds of businesses.
-
June 13, 2024
Senate Finance Panel OKs 3 Tax Court Judges, Treasury IG
The Senate Finance Committee overwhelmingly approved Thursday the nominations of three judges for the U.S. Tax Court and a new inspector general for the U.S. Department of the Treasury, a post that has lacked a Senate-confirmed nominee for five years.
-
June 13, 2024
Health Co. Execs Charged In $100M Adderall Sales Scheme
Two California digital healthcare company executives were charged in a first-of-its-kind case Thursday with scheming to sell Adderall through deceptive advertising, allegedly bringing in $100 million in illicit profits.
-
June 12, 2024
Ex-Navy Employee Pleads Guilty To Contract Bribery Scheme
Former U.S. Navy civilian official James Soriano has pleaded guilty to accepting bribes from Navy contractors to help steer hundreds of millions of dollars in deals to the companies, after reaching a plea deal with prosecutors.
-
June 12, 2024
Senate Budget Chair Seeks End To Carried Interest Tax Break
Lawmakers should end the favorable tax treatment of income from carried interest compared with ordinary earned income, Senate Budget Committee Chairman Sheldon Whitehouse said Wednesday.
-
June 12, 2024
Feds Strike Deal Ending $7M FBAR Penalty Cases
The U.S. government agreed to settle a pair of foreign bank account reporting cases in which it had sought a total of $7 million from a former insurance broker and his wife's estate, according to a court order filed Wednesday in California federal court.
-
June 12, 2024
St. Louis Atty Urges Acquittal After Tax Avoidance Conviction
A Missouri attorney who was found guilty of participating in a $4 million tax avoidance scheme alongside her father and a North Carolina insurance agent is looking to wipe out the verdict, arguing there wasn't enough evidence to convict.
-
June 12, 2024
Ore. Tax Court Affirms No Retroactive Fix To Home Value
The tax valuation of an Oregon residence erroneously assessed at a larger square footage cannot be retroactively reduced, the Oregon Tax Court said, upholding the state tax department's rejection of the request.
-
June 12, 2024
First 'Survivor' Winner Wants $3M Tax Case Tossed
The winner of the first season of the TV series "Survivor" asked a Rhode Island federal court to toss the government's case against him seeking nearly $3.3 million in unpaid taxes, saying the liabilities stem from his flawed criminal conviction for tax evasion nearly 20 years ago.
-
June 12, 2024
Biden Names Prosecutors, Judge For 3 District Courts
President Joe Biden announced nominees Wednesday for district courts in Minnesota, California and Pennsylvania.
-
June 11, 2024
SVB Wants A Trial Over Its $605M Tax Bill From IRS
The parent company of failed Silicon Valley Bank has told a New York bankruptcy judge it wants him to decide if it owes the Internal Revenue Service more than $605 million in taxes.
-
June 11, 2024
No Tax Owed On Mailed Ads, Insurer Tells Mich. Appeals Court
Advertisements mailed for a Michigan insurance provider by an out-of-state direct-mail contractor should not incur the state's use tax, the insurer told a state appeals court Tuesday.
-
June 11, 2024
Compliance Costs Outweigh Min. Tax Gains, Biz Reps Say
Multinational businesses are concerned that the burden of complying with the 15% global minimum tax outweighs any potential revenue gains associated with the burgeoning system, tax attorneys and a trade association representative said during a panel Tuesday.
-
June 11, 2024
Lawmakers Urge Biden To Back Brazil's Int'l Wealth Tax Plan
Sen. Bernie Sanders and Democratic lawmakers asked the Biden administration Tuesday to support the global minimum tax on billionaires being proposed by Brazil, which is encouraging the Group of 20 nations to endorse the initiative at its meetings next month.
-
June 11, 2024
Feds Want 10 Years For Ex-Chicago Alderman Burke
Federal prosecutors asked an Illinois federal judge Monday to send former Chicago Alderman Ed Burke to prison for 10 years for "brazenly and boldly" using his official position to steer tax business to his law firm, while Burke requested a sentence of probation, bolstered by letters of support from prominent attorneys and retired judges.
-
June 11, 2024
Charity Founder Charged With Embezzling $2.5M, Evading Tax
The founder of a New York City charity embezzled $2.5 million in donations meant for low-income families and then failed to report the earnings to the Internal Revenue Service or pay tax on them, according to a criminal complaint unsealed Tuesday in New York federal court.
Expert Analysis
-
4 Pharma Industry Arguments Against CMS Drug Pricing Plan
The Centers for Medicare & Medicaid Services is facing significant pushback regarding its plans for implementing the Inflation Reduction Act's Medicare drug price negotiation program, due to a number of potential repercussions for manufacturers, say attorneys at Mintz Levin.
-
IRS Notice Clarifies R&E Amortization, But Questions Remain
The IRS and Treasury Department’s recent notice clarifying the treatment of specified research and experimental expenditures under Section 174 provides taxpayers and practitioners with substantive guidance, but it misses the mark in delineating which expenditures are amortizable, say attorneys at Eversheds Sutherland.
-
Preparing Your Legal Department For Pillar 2 Compliance
Multinational entities should familiarize themselves with Pillar Two of the Organization for Economic Cooperation and Development’s BEPs 2.0 project and prepare their internal legal tracking systems for related reporting requirements that may go into effect as early as January, says Daniel Robyn at Ernst & Young.
-
What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
-
Series
Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
-
Opinion
Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.
-
How To Protect Atty-Client Privilege While Using Generative AI
When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.
-
Kentucky Tax Talk: Taking Up The Dormant Commerce Clause
Attorneys at Frost Brown examine whether the U.S. Supreme Court is likely to review Foresight Coal Sales v. Kent Chandler to consider whether a Kentucky utility rate law discriminates against interstate commerce, and how the decision may affect dormant commerce clause jurisprudence.
-
How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
-
Circuit Rulings Confirm Ch. 11 Trustee Fee Refund Trend
Recent Ninth and Eleventh Circuit rulings that Chapter 11 debtors are entitled to refunds for unconstitutional bankruptcy trustee fees paid under the Bankruptcy Judgeship Act support a developing trend in debtors' favor, making it likely that courts considering the same question will follow suit, says Adam Herring at Nelson Mullins.
-
The NIL Legislation Race: CAEFA And Ted Cruz's Draft Bill
Christina Stylianou and Gregg Clifton at Lewis Brisbois compare legislation pertaining to the name, image and likeness rights of college student-athletes, including the College Athlete Economic Freedom Act and Sen. Ted Cruz's draft bill that would restrict an athlete's eligibility to compete if an NIL agreement violates their university's student code of conduct.
-
Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
-
ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
-
Prevailing Wage Rules Complicate Inflation Act Tax Incentives
Nicole Elliott and Timothy Taylor at Holland & Knight discuss the intersection between tax and labor newly created by the Inflation Reduction Act, and focus on aspects of recent U.S. Department of Labor and U.S. Department of the Treasury rules that may catch tax-incentive seekers off guard.
-
Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.