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Tax
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November 22, 2024
Bondi Vowed Trump Payback. Ex-Colleagues Aren't Worried.
U.S. attorney general nominee Pam Bondi is an outspoken ally of President-elect Donald Trump and vowed during the campaign that his "prosecutors will be prosecuted," but people who've worked with her say she's well qualified to serve as the nation's top cop and downplayed concerns that she would politicize the U.S. Department of Justice.
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November 22, 2024
BREAKING: High Court To Review Legality Of FCC's Subsidy Fees
The U.S. Supreme Court agreed Friday to review whether fees collected to support the Federal Communications Commission's array of telecom subsidy programs for low-income consumers, schools and rural healthcare run afoul of constitutional limits on taxing authority.
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November 22, 2024
Vitamin Co. Must Freeze Owner Payouts Amid $1.4M Tax Fight
A Connecticut federal judge granted the federal government a temporary restraining order in a $1.4 million tax fight with a vitamin company, barring distributions to the owners unless the company allocates 20% to the court's registry to help cover the potential liability.
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November 22, 2024
IRS Working To Incorporate Feedback On Donor Fund Regs
The Internal Revenue Service continues to work on final rules for the donor-advised fund excise tax and is taking into account public comments on its proposed rules, such as concerns that the definition of donor-advised funds is too broad, an agency official said Friday.
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November 22, 2024
Taxation With Representation: Stradley Ronon, Davis Polk
In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.
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November 22, 2024
Spain Raises Bank Windfall Levy, Enacts Minimum Tax
The Spanish government is set to increase its windfall tax on banks with more than €5 billion ($5.2 billion) in income as well as implement a minimum corporate tax on multinational companies following a vote by lawmakers.
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November 22, 2024
Trump Sentencing Halted To Weigh President-Elect's Immunity
The New York state judge who oversaw Donald Trump's hush money trial officially canceled his Nov. 26 sentencing date Friday to weigh the impact of his new status as president-elect, pushing briefing into December.
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November 22, 2024
Ex-Invenergy Atty Joins McDermott's Energy Team In DC
McDermott Will & Emery LLP announced Friday its Washington, D.C., office has brought on an in-house renewable energy and taxation expert with more than a decade of experience to further help the firm's clients utilize energy transition tax credits available in the Inflation Reduction Act.
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November 21, 2024
Key Informant Who Recorded Madigan Takes The Stand
A former Chicago alderman who prosecutors have deemed one of their "most significant cooperators in the last several decades" took the stand Thursday afternoon and began what is expected to be multiple days of testimony in the racketeering trial of ex-Illinois House Speaker Michael Madigan, whom he secretly recorded while working with the government.
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November 21, 2024
Ill. High Court Won't Shield Sun-Times In Trump Tax Case
The Illinois Supreme Court ruled Thursday that the Chicago Sun-Times can't use an anti-SLAPP law to duck a defamation suit over the paper's coverage of an investigation into a $1 million property tax reduction granted to Trump Tower during the president-elect's first term.
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November 21, 2024
Trump Selects Ex-Fla. AG Pam Bondi As New AG Pick
President-elect Donald Trump announced Thursday that he has selected Pam Bondi, a former attorney general of Florida, as his new pick for U.S. attorney general, just hours after former U.S. Rep. Matt Gaetz withdrew his name from consideration amid allegations of sexual misconduct and drug use.
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November 21, 2024
Tax Firm Must Disclose Case Info In Malpractice Suit
A tax firm being sued for malpractice and unfair trade practices by former clients can't hide behind a state bar association rule to avoid producing discovery documents it claims are privileged, a Wisconsin federal court ruled Thursday.
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November 21, 2024
Ill. Justices Give Marathon Chance To Avoid $15M Fuel Tax
Marathon Petroleum presented enough evidence to rebut claims by officials of an Illinois county that it owed about $15 million in fuel taxes on transactions stemming from cash settlements for delivery contracts, the state Supreme Court ruled Thursday, reversing an appellate court.
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November 21, 2024
Ga. Attys' Easement Fraud Class Suit Shipped To State Court
A Georgia federal judge kicked back to state court a proposed class action accusing conservation easement fund organizers of racketeering and defrauding investors, saying the organizers failed to prove that the proposed class had at least 100 investors or that the case hinged on federal law.
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November 21, 2024
Experts Cool On 'Chill' Defense In NJ RICO Case
Former prosecutors and academics are doubtful two of New Jersey's most politically connected attorneys can convince a judge that the racketeering case against them will have a chilling effect on lawyering, given that prosecutors only have to show they knew the end game of the notorious Democratic power broker they're accused of helping.
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November 21, 2024
Ohio City Tax Exemption Isn't Retroactive, Court Affirms
An Ohio property in a reinvestment area is not eligible for a city's tax exemption offered to remodeled homes, as the remodel was completed before the property was included in the reinvestment district, an Ohio appellate court affirmed Thursday.
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November 21, 2024
Ex-Connecticut Town Officials Appeal Toss Of Defamation Claims
A group of former officials from Newington, Connecticut, including its onetime town attorney, have appealed a state judge's decision to throw out all of their claims against the town and nearly all against tax assessors they had accused of defaming them with a false ethics complaint.
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November 21, 2024
Minn. Tax Court Won't Revisit Stipulated $1M Property Value
The Minnesota Tax Court rejected a challenge to a $1 million property valuation, saying it had already set that value to reflect a stipulation reached between the local assessor and the previous owner for the assessment date at issue.
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November 21, 2024
11th Circ. Asked To Rethink $100M Credit For John Hancock
The Eleventh Circuit should reverse its decision allowing John Hancock Life Insurance Co. to keep $100 million in foreign tax credits that rightfully belong to the company's investors, trustees of a retirement plan said in arguing that the court overlooked a key U.S. Treasury regulation.
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November 21, 2024
Gaetz Ends AG Bid, Citing 'Distraction' To Trump Transition
Former U.S. Rep. Matt Gaetz withdrew his name from consideration Thursday as President-elect Donald Trump's nominee for attorney general amid allegations of sexual misconduct and drug use.
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November 21, 2024
Chewy Investors Sue BC Partners In Del. Over PetSmart Deal
British international investment giant BC Partners exploited its control of online pet product retailer Chewy Inc. when a BCP affiliate merged into Chewy after divesting its interest in PetSmart Inc., saddling Chewy with a potential $1.9 billion post-deal tax liability, according to a new Delaware Court of Chancery complaint.
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November 20, 2024
Musk, Ramaswamy Say High Court Rulings OK Federal Cuts
Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.
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November 20, 2024
NJ Court Must Revisit Assessor's Workplace Retaliation Claim
A New Jersey trial court must revisit a municipal tax assessor's workplace retaliation claim as the case used by the court in its decision doesn't exempt assessors from the state's employee protection law, an appellate panel ruled Wednesday.
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November 20, 2024
Fla. Tax Preparer Gets 4 Years For Tax Fraud Scheme
A barred Florida tax preparer was sentenced to four years in prison for falsifying returns to trigger inflated refunds for participants in a three-year tax fraud scheme called the "note program," the U.S. Department of Justice said Wednesday.
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November 20, 2024
Feds Want 1 Year In Prison For Accountant Who Hid $1.4M
An accountant who hid $1.4 million from the IRS should be sentenced to at least a year in prison despite his stated mental health issues, the government told a Connecticut federal court, saying he seemed driven at least partly by greed and thought he wouldn't get caught.
Editor's Picks
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Blockchain Tech May Present New Transfer Pricing Challenges
Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
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Trump-Era Tariff Angst Hasn't Gone Away Under Biden
The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
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3 Major Implications For States In Biden's Tax Plans
President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.
Expert Analysis
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What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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Series
Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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Conservation Easement Cases Weave Web Of Uncertainty
Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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Legislation Most Likely To Pass In Lame Duck Session
As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.
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What Trump's 2nd Presidency Could Mean For Crypto Sector
Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Considering Chevron's End Through A State Tax Lens
States took the lead in encouraging Chevron's demise, turning away from Chevron-type deference in state tax administration ahead of the U.S. Supreme Court’s Loper Bright decision, a trend likely to accelerate as courts take a more active role in interpreting tax laws, say attorneys at Eversheds Sutherland.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.