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Tax
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March 10, 2025
Tariff Shifts Creating Compliance Chaos For Energy Cos.
The unpredictability of President Donald Trump's tariff maneuvers is challenging energy companies' ability to comply with fluctuating mandates and making tariff violations more likely.
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March 10, 2025
Ariz. Power Co. Asks Justices To Review Tax On Tribal Plant
An energy company asked the U.S. Supreme Court to review Arizona court decisions that said a power plant it owns on tribal land is subject to property taxes, arguing that privately owned improvements located on Native American reservations are exempt from state and local taxes.
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March 10, 2025
Ex-Credit Suisse Client Pleads Guilty To Hiding $90M
A Colombian-American businesswoman and former Credit Suisse client pled guilty Monday in Florida federal court to conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.
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March 10, 2025
Feds Sue FDIC For $1.9M For First Republic Tax Bill
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of foreigners and now owes almost $2 million to the federal government.
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March 10, 2025
Treasury's CTA Halt Doesn't Justify Block, Feds Tell 5th Circ.
The U.S. Treasury Department halting enforcement of the Corporate Transparency Act on domestic entities doesn't add justification to a nationwide block on the law because it's a valid exercise of Congress' powers to regulate commerce, taxes, foreign affairs and national security, the U.S. government told the Fifth Circuit.
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March 10, 2025
NJ Man Gets 18 Months In $50M Off-Road Tire Ponzi Scheme
A New Jersey man who pled guilty to wire fraud for his role in a $50 million Ponzi scheme in which he took investor money on the promise he could buy and resell off-the-road tires at a substantial profit has been sentenced to 18 months in prison.
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March 10, 2025
Colo. Proposal Seeks Taxpayer Votes On New State Fees
Colorado voters could decide whether to require future votes to approve new state fees and other charges to fund major state enterprises under a pair of proposed initiatives with titles approved by a state board.
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March 10, 2025
Court Affirms FBAR Penalties Against Estate, Not Widow
The estate of a man who failed to report his Swiss bank accounts is liable for tax penalties of at least $2 million, an Idaho federal court determined, finding the man's widow off the hook.
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March 10, 2025
Tax Pro Rejoins Norton Rose From Reed Smith In Houston
Norton Rose Fulbright announced Monday that it has bulked up in the face of increased demand in the corporate transactions space with the return of a tax partner in Houston who came aboard from Reed Smith LLP.
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March 10, 2025
Colo. Court Affirms Property Tax Valuation For Partial Build
A partly built commercial building in Colorado was properly valued by a county board of equalization, as the state doesn't have an exemption for partial builds, a state appeals court ruled.
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March 07, 2025
Grand Rapids Moves Social Equity Fee Dispute To Fed. Court
The city of Grand Rapids, Michigan, is looking to push into federal court a state lawsuit filed by cannabis companies looking to upend the fees, fines and residency requirements of the municipality's social equity program, arguing Friday that their claims all touch on federal issues.
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March 07, 2025
SD Lawmakers Request Study Of Tax Relief For Homeowners
South Dakota instructed its Legislative Research Council to review the state's property tax policies and identify ways to provide property tax relief to homeowners under a concurrent resolution approved by state lawmakers.
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March 07, 2025
Utah Court Affirms Walmart's Collective $52M Property Value
A trio of Utah-based Walmart retail properties were correctly assessed at a collective $52 million for property tax, a Utah appeals court said, finding that a lower court didn't make any errors when valuing the three properties.
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March 07, 2025
Mauritius Government Lawyer Joins CMS Affiliate
CMS said an attorney with more than a decade of experience as a Mauritius government lawyer has joined CMS Prism, the firm's Mauritian affiliate.
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March 07, 2025
Peru Broke Trade Deal, Scotiabank Tells Arbitrators
Scotiabank asked the World Bank's international arbitration institution to consider a new argument in a value-added tax dispute with the Peruvian government, saying Peru's treatment of the bank violated a trade agreement with Canada.
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March 07, 2025
Taxation With Representation: Kirkland, Wachtell, Skadden
In this week's Taxation With Representation, Walgreens Boots Alliance goes private via a deal with Sycamore Partners, Honeywell buys Sundyne from Warburg Pincus, and Jazz Pharmaceuticals acquires Chimerix.
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March 07, 2025
DC Judge Declines To Block DOGE From Treasury Systems
A D.C. federal judge on Friday declined to wall off access to the federal government's payment systems from employees of the so-called Department of Government Efficiency during a lawsuit brought by retirees and union groups, determining the alleged privacy risks were not enough to warrant the court's intervention.
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March 07, 2025
Immigrant Rights Groups Fight IRS Data Sharing With DHS
Two Illinois-based immigrant and Latino rights groups filed a suit Friday seeking to block the Internal Revenue Service from disclosing the names and addresses of taxpayers with taxpayer identification numbers to the U.S. Department of Homeland Security and other agencies with the purpose of enforcing immigration laws.
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March 07, 2025
Jailed Developer Dropped From RICO Foreclosure Suit
A Michigan federal judge dropped a developer from a suit alleging a racketeering scheme stripped homeowners of their foreclosed homes' surplus equity, finding the harm they allege is not tied closely enough to a bribery scheme the developer later pled guilty to.
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March 07, 2025
Minn. Bill Seeks To Subtract OT, Tips, Bonuses From Income
Minnesota would allow taxpayers to subtract the amount of overtime pay, tips and bonuses earned from their gross income under a bill introduced in the state Senate.
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March 07, 2025
Minn. Bills Seek Sales Tax Break For Home Construction
Construction materials for single-family and multifamily homes for first-time homebuyers would be exempt from some Minnesota sales and use taxes under legislation introduced in the state Senate.
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March 07, 2025
10th Circ. Urged To Reject Bid To Nix Microcaptive Notice
The federal government urged the Tenth Circuit to affirm a ruling that rejected a plumbing supply company's request to invalidate an IRS notice that added reporting requirements for certain microcaptive insurance arrangements, saying the lower court correctly found the suit would illegally hinder tax collection.
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March 07, 2025
Goldstein Must Be Tracked Amid 'Ongoing' Crimes, Feds Say
The federal government has doubled down on allegations that U.S. Supreme Court advocate and SCOTUSblog publisher Tom Goldstein has been secretly moving cryptocurrency, urging a federal judge to keep monitoring his electronic devices to prevent him from fleeing tax evasion charges.
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March 07, 2025
How A Showcase Prosecution Collapsed For New Jersey's AG
New Jersey Attorney General Matthew Platkin took a risk that backfired when he used over 100 pages to lay out his case accusing George E. Norcross III, one of the Garden State's most influential businessmen, of leading a racketeering enterprise to deepen his commercial footprint in a struggling city.
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March 07, 2025
Four Men Imprisoned For 43 Yrs For Money Laundering Plot
Four men involved in a plot to launder £266 million ($343 million) in criminal cash were on Friday sentenced to a total of more than 43 years in prison, in one of the biggest cases of its kind ever prosecuted in England.
Expert Analysis
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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How Changes In State Gift Card Laws May Affect Cos. In 2025
2024 state legislative movements around the escheatment of unused gift card balances and consumer fraud protections should prompt issuers to consider whether changes in company domicile or blanket cash-back policies are needed in the new year, say attorneys at Alston & Bird.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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Opinion
A New Tax On Employers Could Help Curb Illegal Immigration
To better enforce the law against hiring immigrants unauthorized to work in the U.S., Congress should enact a punitive excise tax on compensation paid to such immigrants and amend the False Claims Act to allow qui tam actions against employers for failure to pay such tax, says Ajay Gupta at Moore Tax Law Group.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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Justices May Find Gov't Can Keep Fraudulent Transfer Benefit
Based on the justices' questions at the recently argued U.S. v. Miller, the Supreme Court appears prepared to hold that the U.S. — unlike any other creditor — is permitted to retain the benefits of a fraudulent transfer to the detriment of other bankruptcy creditors, says Kevin Morse at Clark Hill.
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Opinion
Tax Court Should Update Framework For Defining Insurance
The U.S. Tax Court's unnecessary determination in Royalty Management Insurance v. Commissioner that a fraudulent transaction did not contain the hallmarks of a legitimate insurance transaction applies an outdated analysis that threatens the captive insurance sector and illustrates the need for a more modern framework to define true insurance, says Matthew Queen at the Queen Firm.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Impact Of Corporate Transparency Act Ambiguity On Banks
Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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Series
Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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Opinion
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.