Tax

  • July 18, 2024

    Hunter Biden Wants Charges Tossed After Trump Docs Ruling

    Hunter Biden on Thursday asked federal judges in Delaware and California to throw out his conviction on felony gun charges and to toss other charges of tax evasion, citing a Florida federal judge's order disqualifying the special prosecutor in Donald Trump's classified documents case.

  • July 18, 2024

    State Of 2024 Energy Dealmaking: Midyear Report

    Energy dealmaking in the first half of 2024 has, in many ways, picked up where 2023 left off, but companies also increasingly have an eye on the U.S. presidential election this fall that could bring drastic change to the landscape. Here are some transactional trends that have stood out to energy attorneys so far this year.

  • July 18, 2024

    Bank Exec's Tax Tip Case Wrongly Axed, Estate Tells DC Circ.

    The estate of a Dutch bank executive asked the D.C. Circuit to overturn a U.S. Tax Court decision denying him a whistleblower award for reporting on tax avoidance schemes, saying the lower court improperly relied on proposed regulations from the Internal Revenue Service.

  • July 18, 2024

    Ind. Tax Board Says German Cultural Center Not Tax-Exempt

    The Indiana Board of Tax Review determined that an event center owned by an organization that promotes German culture doesn't qualify for a property tax exemption because the property is used for social purposes rather than cultural preservation.

  • July 18, 2024

    Ind. Tax Board Agrees With $2M Valuation Of Unfinished Home

    An Indiana local assessor correctly valued an unfinished mansion at $2.2 million in 2021 and $2.4 million in 2022, a state review board determined after agreeing with the assessor's cost approach.

  • July 18, 2024

    Tax Court Affirms IRS Whistleblower Award Computation

    The Internal Revenue Service's Whistleblower Office did not abuse its discretion when it set an award at 22% of collected proceeds even though other awards tied to related claims were set at 30%, the U.S. Tax Court said Thursday.

  • July 18, 2024

    Mixed Results Greet 2 IPOs For Hospital Giant, Insurance Firm

    Private equity-backed hospital operator Ardent Health and insurance brokerage TWFG Inc. began trading Thursday after completing two initial public offerings that raised $379 million combined at varying points of their price ranges, guided by four law firms.

  • July 18, 2024

    Ex-Venable Trusts And Estates Partner Joins Stradling In LA

    Stradling Yocca Carlson & Rauth PC announced that it launched a trusts and estates practice with the hiring of an experienced Los Angeles-based partner from Venable LLP.

  • July 18, 2024

    Most Top US Cos. To Report Tax Under Aussie Bill, Study Says

    Australia's Senate is expected to consider adoption next month of the world's most extensive public country-by-country reporting rules, which would require 51% of large U.S. multinational corporations to disclose tax arrangements retroactively from July 1, according to a study published Thursday.

  • July 18, 2024

    Final IRS Rules Require Beneficiaries To Take Distributions

    Beneficiaries of retirement account owners who died after starting to take distributions must continue taking the distributions annually, the Internal Revenue Service said Thursday in final regulations on required minimum distributions that rejected feedback saying the requirement was overly complex.

  • July 18, 2024

    Rising Star: Latham's Eric Kamerman

    Eric Kamerman of Latham & Watkins LLP in recent years handled the tax aspects of several multibillion-dollar acquisitions of powerhouses in British soccer and American fashion, earning him recognition as one of the tax attorneys under age 40 honored by Law360 as Rising Stars.

  • July 18, 2024

    GE Can't Claim Credit For £189M In Double Tax, Court Says

    A U.K.-registered subsidiary of General Electric does not qualify for at least £189 million ($245 million) in double tax relief under a U.S.-U.K. treaty because it lacks a U.S. presence akin to a domicile, a London appellate court ruled.

  • July 17, 2024

    Client Bids Didn't Trigger Fla. Long-Arm Law In Breach Suit

    A Florida appellate court on Wednesday tossed a breach of contract lawsuit brought by a wealth planner against two out-of-state companies, saying that the parties did not do business in Florida and that a visit to win over potential clients wasn't enough to establish jurisdiction in the Sunshine State.

  • July 17, 2024

    NC Must Use Smithfield Foods Funds For Schools, Judge Says

    North Carolina Attorney General Josh Stein can no longer get his hands on $2 million a year from Smithfield Foods to give out environmental grants to private entities after a judge ruled the state constitution requires the money to be used in public schools.

  • July 17, 2024

    Minn. Court Says VFW Property Subject To Lower Tax Rate

    A group of properties used as a Veterans of Foreign Wars post in Minnesota should be subject to a lower property tax classification because they weren't used for revenue-making purposes, the state's tax court ruled.

  • July 17, 2024

    KPMG Australia To Shut Commercial Law Shop, Eye Alliances

    KPMG Australia announced on Tuesday that it will "no longer [be] operating a separate and distinct commercial law practice," focusing instead on building alliances with firms in the nation.

  • July 17, 2024

    Rising Star: Cravath's Kiran Sheffrin

    Kiran Sheffrin of Cravath Swaine & Moore LLP has advised companies from Anheuser-Busch InBev to Valvoline on multibillion-dollar deals, including a $50 billion combination resulting in the formation of pharmaceutical giant Viatris, earning her a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 17, 2024

    Baker McKenzie Adds EY Partner To Mexico City Office

    Baker McKenzie has appointed a new partner from EY Mexico to its North American tax practice group in Mexico City.

  • July 16, 2024

    NC Panel Affirms Property Tax Valuation For Ashley Furniture

    About 300 acres of property belonging to Ashley Furniture in North Carolina were properly valued at about $60 million for tax years 2018 and 2019, a state appeals court panel ruled Tuesday in favor of the state property tax commission.

  • July 16, 2024

    7th Circ. Says Foreign Retirement Not Shielded In Bankruptcy

    A professor who filed for bankruptcy in Illinois can't protect his Canadian retirement account from creditors because the account is ineligible under a state law shielding accounts that qualify as retirement plans under the Internal Revenue Code, the Seventh Circuit ruled Tuesday.

  • July 16, 2024

    Connecticut Contractor Fined $1.75M For Tax Evasion

    A Connecticut contractor was ordered to pay a $1.75 million fine for evading federal corporate and individual income taxes from 2006 through 2010, the U.S. Department of Justice announced Tuesday.

  • July 16, 2024

    Tax Transparency Neglected In Latin America, Ex-Officials Say

    The international tax transparency system is failing to produce results for Latin American governments, whose scant information requests are too often met with resistance and whose prosecutions generally lack a cross-cutting approach to tax, former officials from the region said Tuesday.

  • July 16, 2024

    Pa. Court Upholds $23M Value Of Vacant Hospital's Parking

    A vacant hospital's parking area in Pennsylvania was properly valued at $23.2 million, the state Commonwealth Court ruled, finding that a trial court had the discretion to apply the sales comparison approach to the valuation.

  • July 16, 2024

    County Says Pittsburgh Schools Can't Force Reassessment

    As one taxing body out of many in Allegheny County, Pennsylvania, the School District of Pittsburgh lacks standing in its lawsuit seeking to force a countywide reassessment of property values, the county said in its preliminary objections to the suit.

  • July 16, 2024

    Rising Star: Skadden's Melinda Gammello

    Melinda Gammello of Skadden Arps Slate Meagher & Flom LLP has advised numerous clients before the U.S. Tax Court and elsewhere on complex tax matters, including transfer pricing issues and the treatment of financial transactions within a company, earning her a spot among the tax law practitioners under 40 honored by Law360 as Rising Stars.

Expert Analysis

  • Fears About The End Of Chevron Deference Are Overblown

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    While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • What To Know About IRS' New Jet Use Audit Campaign

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    The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Opinion

    Neb. Justices Should Weigh IRC Terms In Dividend Tax Case

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    Nebraska’s highest court, which will hear oral arguments in Precision CastParts v. Department of Revenue on April 1, should recognize that the Internal Revenue Code provides key clues to defining “dividends received or deemed to be received,” and therefore limits Nebraska’s tax on foreign-sourced corporate income, says Joseph Schmidt at Ryan.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • A Legal Playbook For Stadium Construction Agreements

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    As a new wave of construction in the professional sports arena space gets underway, owners must carefully consider the unique considerations and risks associated with these large-scale projects and draft agreements accordingly, say attorneys at Akerman.

  • Opinion

    Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • Series

    Riding My Peloton Bike Makes Me A Better Lawyer

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    Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • What To Know About Employee Retention Credit Disclosures

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    Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.

  • Litigation Inspiration: A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Unpacking FinCEN's Proposed Real Estate Transaction Rule

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    Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.

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