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Tax
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May 03, 2024
US Trade Position Seen Contradicting Stance In Pillar 1 Talks
The U.S. trade representative's withdrawal of support for digital trade proposals has caused tax policy observers to worry that the U.S. position on trade is undermining that of U.S. Treasury Department officials negotiating a taxing rights overhaul at the OECD known as Pillar One.
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May 03, 2024
SEC Fines Trump Media's Audit Firm For 'Massive Fraud'
The U.S. Securities and Exchange Commission said on Friday that it has fined and permanently suspended the public accounting firm of former President Donald Trump's social media company for allegedly running a "sham auditing mill" by failing to meet industry standards in reviewing the financial statements of hundreds of clients.
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May 03, 2024
IRS Can Assess Foreign Info Disclosure Penalty, DC Circ. Says
The D.C. Circuit on Friday overturned a major U.S. Tax Court ruling that had struck down the Internal Revenue Service's authority to assess and administratively collect penalties from taxpayers for failing to file an information return on their interests in a foreign corporation.
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May 03, 2024
Final EV Tax Credit Regs Add New Battery Tracing Test
The U.S. Treasury Department unveiled final regulations Friday for the up to $7,500 electric vehicle tax credit that include a more detailed process for automakers to trace the battery supply chain to qualify for the credit's domestic content requirements.
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May 02, 2024
Hahn Air To Pay Feds $26.8M To End FCA Travel Fees Suit
Hahn Air Lines agreed to pay $26.8 million to resolve a whistleblower's allegations that the German airline-ticketing company violated the False Claims Act by intentionally failing to remit to the U.S. government certain travel fees the company collected from U.S. commercial airline passengers.
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May 02, 2024
Texas Tax Preparers Cop To $3.7M Tax Fraud Scheme
The owner of a Texas tax preparation company and her two sisters who worked as employees all pled guilty Thursday to preparing nearly $3.7 million worth of false returns riddled with fraudulent credits, according to the U.S. Department of Justice.
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May 02, 2024
DOL Hit With First Lawsuit Over New Investment Advice Regs
The U.S. Department of Labor was hit with a lawsuit Thursday in Texas federal court seeking to invalidate recently finalized regulations that broaden who qualifies as a fiduciary under the Employee Retirement Income Security Act, marking the first-filed legal challenge since the agency's late-April final release.
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May 02, 2024
Mass. Property Is Agricultural, Appellate Board Says
A 14-acre property should be classified as agricultural, as the owner proved the land's main use was farming, the Massachusetts Appellate Tax Board said in a ruling released Thursday.
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May 02, 2024
Wyden Pushes Intuit To Help Users Get Refunds After Error
The Senate's top tax writer told Intuit's CEO that the company needs to help taxpayers in Oregon, the senator's home state, receive the full refunds they're entitled to after a reported error in its TurboTax product caused some Oregonians to overpay their state taxes.
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May 02, 2024
HMRC Asked To Investigate Firm On Dodging Sanctions
HM Revenue & Customs should investigate a German-owned garage door manufacturer for violating sanctions by importing products from Belarus into the U.K., but instead authorities brushed off the case and now the company might receive a license, a U.K. lawmaker said.
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May 02, 2024
Coverage Recap: Day 6 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 six.
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May 02, 2024
Nixon Peabody Adds Two Community Finance Attys In DC
Nixon Peabody LLP has hired two partners, who will focus their practices on helping nonprofits and other clients understand and obtain tax credits for a range of community development projects, to its community development finance practice in Washington, D.C., the firm announced Thursday.
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May 02, 2024
Feds Want Prison For Ex-Public Defender For Tax Fraud
A former chief public defender in Minneapolis who in seeking leniency said he resigned in disgrace amid accusations that he failed to pay taxes for years on his private law firm should nonetheless spend eight months in prison after pleading guilty, prosecutors told a Minnesota federal court.
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May 02, 2024
Former Mich. Speaker, Wife Arraigned On Embezzling Charges
A former speaker of the Michigan House of Representatives and his wife pled not guilty on Thursday to multiple financial crimes and received the judge's blessing to travel out of state to attend the Kentucky Derby, in their first court appearance since the charges were announced.
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May 01, 2024
T-Mobile Gets Tax Reimbursement Suit Tossed For Good
T-Mobile has convinced a New Jersey federal court to toss for good a suit brought by a middleman seeking to collect tax reimbursements the mobile behemoth had supposedly promised a landlord after it didn't fix the deficiencies in its suit the third go round.
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May 01, 2024
Senate Dems Reintroduce Bill To Tax And Regulate Cannabis
Senate Democrats on Wednesday reintroduced a cannabis legalization bill that would remove the drug entirely from the ambit of the Controlled Substances Act and impose a tax-and-regulate scheme akin to what is currently in place for alcohol and tobacco.
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May 01, 2024
Colo. House OKs Tax Credits For Middle-Income Housing
The Colorado House approved a pilot program Wednesday to provide a tax credit to developers of housing aimed at middle-income residents
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May 01, 2024
No Relief For Fla. Adviser Convicted In $80M Trading Scam
The Eleventh Circuit on Wednesday affirmed the conviction of a Florida investment adviser who bilked more than $80 million from the hundreds of people he persuaded to invest in a fraudulent company, after concluding he was not in custody when he made statements to the police.
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May 01, 2024
Middle East, North African Gov'ts Back UN For Corp. Tax Talks
Governments should make a high-level commitment to address corporate tax reform within the United Nations' framework convention on international tax cooperation, an intergovernmental group of Middle Eastern and North African countries said Wednesday.
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May 01, 2024
Ex-NFL Star Romanowski Files For Ch. 11 Amid $15M Tax Suit
Ex NFL star and Super Bowl champion Bill Romanowski has filed for Chapter 11 protection in California after being slapped with a $15.5 million income tax suit.
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May 01, 2024
UN Must Improve Corp. Tax Rules, Platforms, Some Gov'ts Say
Governments must commit to improving existing corporate tax rules and platforms created at the OECD within the terms of reference for a United Nations framework convention on global tax cooperation, two tax officials who participated in drafting those rules said Wednesday.
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May 01, 2024
Metal Biz Owner Cops To Tax Fraud On $2.8M Income
The owner of a metal fabrication company admitted to neglecting to report nearly $3 million in business income to the IRS, Connecticut federal prosecutors announced.
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May 01, 2024
In Trump Staredown With NY Judge, 'Somebody Has To Blink'
Experts say Donald Trump will likely continue to ignore warnings from the court, and possibly his own attorneys, as his Manhattan hush money trial resumes Thursday with a fresh set of arguments over the presumptive Republican presidential nominee's out-of-court statements.
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May 01, 2024
Billionaire Energy Co. Founder Sues Booz Allen Over IRS Leak
Energy Transfer co-founder Kelcy Warren accused government contractor Booz Allen Hamilton of failing to supervise an employee who stole Warren's private tax information and that of thousands of other wealthy people while on assignment at the IRS, according to a complaint in Maryland federal court.
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May 01, 2024
Colo. House OKs $650M Child Income Tax Credit
Colorado would create income tax credits for people with children that could total more than $650 million annually under legislation passed Wednesday by the state House of Representatives.
Expert Analysis
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IRS Foreign Tax Credit Pause Is Welcome Course Correction
A recent IRS notice temporarily suspending application of 2022 foreign tax credit regulations provides wanted relief for the many U.S. multinational companies and other taxpayers that otherwise face the risk of significant double taxation in their international operations, say attorneys at Mayer Brown.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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Opinion
3 Principles Should Guide MTC's Digital Products Tax Work
As the Multistate Tax Commission's project to harmonize sales tax on digital products moves forward, three key principles will help the commission's work group arrive at unambiguous definitions and help states avoid unintended costs, say Charles Kearns and Jeffrey Friedman at Eversheds Sutherland.
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OECD Treatment Of Purchased Ga. Film Credits Isn't Peachy
Producers considering Georgia as a prospective location for filming may already be concerned that the Organization for Economic Cooperation and Development's July decision will hamper the eventual 2026 or later sale of their Georgia film tax credits, says Alan Lederman at Gunster.
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If Justices End Chevron Deference, Auer Could Be Next Target
If the U.S. Supreme Court decides next term to overrule its Chevron v. NRDC decision, it may open the door for a similar review of the Auer deference — the principle that a government agency can interpret, through application, ambiguous agency regulations, says Sohan Dasgupta at Taft Stettinius.
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Tax Court Ruling Provides Helpful Profits Interest Guidance
A recent U.S. Tax Court decision holding that a partnership may exclude interests in a company that it indirectly received sheds light on related IRS guidance, including the proper valuation method for such interests, though the court's application of the method to the facts of this case appears flawed, say attorneys at Kramer Levin.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Perspectives
A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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A Milestone For Offshore Wind In Maine
Recently signed legislation directing Maine to procure up to 3 gigawatts of offshore wind by 2040 offers indisputable promise that the state will soon welcome commercial-scale offshore wind development off its shores, says Joshua Rosen at Foley Hoag.
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Rebuttal
Mallory Ruling Doesn't Undermine NC Sales Tax Holding
Contrary to the conclusion reached in a recent Law360 guest article, the U.S. Supreme Court’s recent Mallory ruling shouldn't be read as implicitly repudiating the North Carolina Supreme Court’s sales tax ruling in Quad Graphics v. North Carolina Department of Revenue — the U.S. Supreme Court could have rejected Quad by directly overturning it, says Jonathan Entin at Case Western Reserve.
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Opinion
Calif. Policymakers Should Aid Crashing Cannabis Market
As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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Opinion
Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.
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Recalling USWNT's Legal PR Playbook Amid World Cup Bid
As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.