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Tax
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September 19, 2024
H&R Block Again Asks 8th Circ. To Remove ALJs In Ad Suit
H&R Block asked the Eighth Circuit to reconsider its denial of the company's request to stop administrative law judges from presiding over its coming false-advertising hearing before the Federal Trade Commission, saying the court's one-sentence ruling lacked any explanation despite the significant constitutional issues involved.
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September 19, 2024
EU, China Fail To End EV Dispute But Talks Continue
Negotiators from the European Union and China failed to resolve a dispute over EU antisubsidy tariffs on imported electric vehicles from China but promised Thursday to intensify efforts to find a mutually agreeable solution.
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September 19, 2024
Nine Countries Sign Treaty For OECD Min. Tax On Payments
Indonesia, Turkey, Congo and six other countries signed a multilateral treaty aimed at implementing a 9% minimum tax on income sent from their jurisdictions to low-taxed entities within a corporate group, the OECD said Thursday.
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September 19, 2024
EU Top Court Rules UK's CFC Tax Breaks Not State Aid
The European Court of Justice ruled Thursday that tax breaks the U.K. gave to certain companies under controlled foreign company regulations did not breach European Union state aid law.
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September 19, 2024
Apple Ruling Prompts EU Lawmakers To Call For Tax Justice
Citing the recent European court judgment requiring Apple to pay €13 billion ($14.5 billion) in taxes to Ireland, European Union lawmakers demanded Thursday that the fight against tax evasion and for corporate tax harmonization be stepped up.
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September 18, 2024
Tax Chiefs Eye Crypto Payment Cos., OTC Traders, IRS Says
Tax investigators in the U.S., U.K., Canada, Australia and the Netherlands are preparing guidance on red flags for cryptocurrency payment providers and over-the-counter trading desks following a joint operation this week, a special agent with the Internal Revenue Service said Wednesday.
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September 18, 2024
Jury Finds Eatery Owner Guilty Of COVID Fraud, Tax Crimes
A San Diego restaurant owner who worked with food delivery services during the pandemic and saw his business improve was convicted by a California federal jury of tax crimes and lying on loan applications to obtain more than $1.7 million in COVID-19 funds meant for struggling businesses.
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September 18, 2024
Treasury Floats Tax Credit Regs For EV Charging Property
The U.S. Treasury Department proposed regulations Wednesday to define which electric vehicle charging ports, hydrogen fueling stations and other infrastructure that businesses, people and tax-exempt entities can build in underserved communities to qualify for a tax credit of up to 30% of installation costs.
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September 18, 2024
Sidley Can't Escape Malpractice Suit In Ga. Over Tax Scheme
A Georgia federal judge has found that Sidley Austin LLP must face its former clients' legal malpractice claims alleging they participated in a tax scheme under the firm's guidance, but threw out indemnity claims seeking reimbursement for paying the IRS $7 million over the scheme.
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September 18, 2024
Netflix's 'Varsity Blues' Setback Puts Media On Watch
Netflix Inc.'s failure to bring about dismissal of a defamation suit brought by a private equity executive tied to the "Varsity Blues" college admissions case is a warning to media companies when blurring the line between documentary and drama, experts told Law360.
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September 18, 2024
Accounting Firm Prunes Flower Bulb Co.'s $2M Tax Bill Case
The North Carolina Business Court has narrowed a flower bulb retailer's negligence suit alleging its former accounting firm failed to sound the alarm about a major change in tax law, finding there was no fiduciary duty owed but that there may have been a breach of contract.
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September 18, 2024
Latham Adds A&O Shearman Energy Group Co-Lead In DC
Latham & Watkins LLP has hired the former co-head of Allen Overy Shearman Sterling's U.S. energy, natural resources and infrastructure group to its team of transactional tax partners based in Washington, D.C., the firm announced Monday.
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September 18, 2024
Staffing Co. Owed $5M In Worker Retention Credits, Suit Says
An industrial staffing company that was forced to stop holding job fairs during the pandemic claims the IRS hasn't paid it $5.1 million in federal tax credits it's owed for having continued paying employees, according to a complaint in Ohio federal court.
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September 18, 2024
Dutch Government Issues Tax Cuts In First Budget
The new Dutch government issued its first budget since the 2023 elections, including plans to cut taxes on earnings and raise the limit on certain corporate tax deductions.
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September 17, 2024
Prepaid Wireless Cards Not Subject To Tax, NC Justices Told
A North Carolina cellphone retailer wasn't obliged to remit tax on sales of prepaid wireless cards because the cards are gift cards that can be used for nontaxable services and sales, an attorney for the company told the state Supreme Court on Tuesday.
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September 17, 2024
Revocation Of Interests In QTIP Trust Was Gift, Tax Court Says
An agreement in which two children gave up their interests in a qualified terminable interest property trust that held the remainder of their mother's nearly $60 million estate resulted in a taxable gift to the children's father, the U.S. Tax Court said Tuesday.
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September 17, 2024
Vt. Supreme Court Upholds $1.1M Property Valuation
The Vermont Supreme Court on Tuesday upheld the nearly $1.1 million valuation of a residential property determined by a hearing officer, saying the officer was not wrong to base the determination in part on a town assessment that was later found to be problematic.
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September 17, 2024
Tax Court Denies Mineral Co.'s $1.1M Microcaptive Deduction
A mineral rights leasing company set up by an Oklahoma oil businessman can't take a $1.1 million deduction for what was presented as a microcaptive insurance transaction, the U.S. Tax Court ruled, saying the transaction was not a legitimate insurance arrangement.
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September 17, 2024
Cos. Risk Offside Call On Contractor Tax After HMRC Win
The U.K. Supreme Court's decision Monday that Premier League referees count as employees for tax purposes means many companies may have to reassess their arrangements with contractors or risk higher tax costs in the future, tax experts say.
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September 17, 2024
Chrisley Sentence Should Stick Despite 11th Circ., Feds Argue
Julie Chrisley's prison sentence shouldn't change even as a Georgia federal judge considers the former reality TV star's smaller role in a $36 million tax evasion and fraud scheme, prosecutors told the court Monday, noting that her time has already been shortened for other considerations.
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September 17, 2024
Better Days Ahead For Associates, Recruiters Say
Things are looking up for associates, recruiters say, as a strong economic outlook for the legal industry appears to be driving increased demand for younger attorneys after two straight years of layoffs.
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September 17, 2024
Blumenauer Pushes House Speaker To Put Pot Bill To Vote
U.S. Rep. Earl Blumenauer, D-Ore., on Monday urged House Speaker Mike Johnson to bring bipartisan cannabis legislation to a vote following revelations that Richard Nixon admitted privately that marijuana was "not particularly dangerous" while he publicly waged the war on drugs.
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September 17, 2024
Competitiveness Outranks Climate In New EU Commission
European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.
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September 16, 2024
Film Producer, Accountant Hid $25M From IRS, DOJ Alleges
A film producer who sold shares in the production company he cofounded for $25 million schemed with an Australian accountant to hide the proceeds from U.S. authorities in Swiss bank accounts, causing the IRS to lose out on some $5 million, according to the DOJ.
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September 16, 2024
La. Grants Automatic Tax Relief To Hurricane Francine Victims
Louisiana taxpayers affected by Hurricane Francine may receive an automatic extension for filing state tax returns, the state's Department of Revenue announced Friday.
Expert Analysis
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Tracking Implementation Of IRA Programs As Election Nears
As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Takeaways From Justices' Redemption Insurance Decision
The U.S. Supreme Court’s recent decision in Connelly v. U.S. examines how to determine the fair market value of shares in a closely held company for estate tax purposes, and clarifies how life insurance held by the company to enable redemption of a decedent’s shares affects that calculation, says Evelyn Haralampu at Burns & Levinson.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.