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Tax
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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.
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May 17, 2024
Trump's Potential Witness Could Be Defense 'Dynamite'
As Donald Trump's hush money trial in Manhattan nears its end, experts say criminal defense attorney Robert Costello, who once advised the former president's ex-fixer and key prosecution witness Michael Cohen, has surfaced as a potentially bombshell witness for the defense.
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May 16, 2024
'That Is A Lie!' Trump Atty Assails Cohen In Fraud Trial Cross
Donald Trump's lawyer lashed out at central prosecution witness Michael Cohen on Thursday during a second day of cross-examination in New York state's criminal fraud case, attacking his credibility and key testimony linking Trump to crimes.
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May 16, 2024
Democrats Prod Justice Thomas on RV Loan, Tax Treatment
Two Senate Democrats have asked U.S. Supreme Court Justice Clarence Thomas' attorney to respond to what they called a failure to answer their questions about the justice's $267,000 loan from a healthcare industry executive to finance a luxury recreational vehicle, saying the loan treatment could have violated federal tax laws.
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May 16, 2024
African Tax Admins Promote Use Of Voluntary Disclosures
Voluntary disclosure programs have been very effective when countries launch them in anticipation of complying with an international standard on automatic exchanges of financial account information, the African Tax Administration Forum said Thursday in guidance on the programs.
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May 16, 2024
Convicted NC Tech Exec, Wife Accused Of Defaming Couple
A couple facing claims they sabotaged a licensing deal that ultimately drove a North Carolina software company out of business have accused the company's co-founder and his wife of spending months slandering them online while the suit was otherwise on hold.
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May 16, 2024
Firm Seeks To Force IRS To Process Worker Retention Credits
A tax advisory firm helping businesses apply for the pandemic-era employee retention credit has asked an Arizona federal court to force the IRS to resume processing claims, saying the moratorium in place since September violates the Administrative Procedure Act.
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May 16, 2024
Ex-Minn. Public Defender Gets Probation For Tax Fraud
A former Minneapolis chief public defender who argued that he should receive a lenient sentence after resigning in disgrace amid accusations that he failed to pay taxes for years on his private law firm was sentenced to three years probation by a Minnesota federal court.
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May 16, 2024
No Relief For Struggling SPACs Under Buyback Tax Proposal
Special-purpose acquisition companies won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal that otherwise provides helpful clarity on the tax's implications for the subdued SPAC market, lawyers say.
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May 16, 2024
BCLP Sues St. Louis Over City Taxes On Partners' Income
Bryan Cave Leighton Paisner LLP is suing St. Louis, Missouri, after the Midwestern city accused the firm of being delinquent on nearly $275,000 in earnings taxes, contending the municipality unlawfully taxed partners who don't live in the city, according to its court filing.
Expert Analysis
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What New Calif. Strike Force Means For White Collar Crimes
The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Deferral Pointers For Employers After $700M Ohtani Deal
Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.
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High Court Case Could Reshape Local Development Fees
If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Opinion
Nebraska Should Abandon Proposed Digital Ad Tax
If passed, Nebraska’s recently proposed Advertising Services Tax Act, which would finance property tax relief by imposing a 7.5% gross revenue tax on advertising services, would cause a politically risky shift of tax burdens from landowners to local businesses and consumers, and would most certainly face litigation, say attorneys at McDermott.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules
Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.