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Tax
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February 04, 2025
Pa. Governor Puts Cannabis Legalization In Budget Proposal
Pennsylvania Gov. Josh Shapiro on Tuesday announced a plan to legalize recreational cannabis later this year as part of his budget proposal.
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February 04, 2025
3rd Circ. Urged To Nix Tax On $191M In Family Pharma Feud
A pharmaceutical company's $191 million payment settling a family feud over shares of the business did not include imputed interest triggering higher taxes as the U.S. government claims, a trust for family members who received the money told the Third Circuit.
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February 04, 2025
Calif. Insurer Can't Get Tax Refund On In-State Shipments
A California insurance company can't get a refund of sales taxes paid when it placed orders with three vendors located out of state that the vendors fulfilled with shipments from within the state, the California Office of Tax Appeals ruled.
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February 03, 2025
Trump Orders Plan For Creating US Sovereign Wealth Fund
President Donald Trump on Monday signed an executive order calling on the U.S. Department of the Treasury and U.S. Department of Commerce to come up with a plan to create a U.S. sovereign wealth fund and said the social media app TikTok could potentially be put in the proposed fund.
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February 03, 2025
Schumer Warns Of 'Hostile Takeover' From DOGE
Top Senate Democrats on Monday railed against access granted to Elon Musk's Department of Government Efficiency that allowed the outfit's employees to tap into the U.S. Department of Treasury's federal payment system over the weekend.
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February 03, 2025
Ill. Bill Seeks Tax Break For Megaproject Building Materials
Illinois would provide an exemption from any state or local use tax or retailers occupation tax for building materials incorporated into real estate at what are known as megaproject sites as part of a bill filed in the state House of Representatives.
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February 03, 2025
Ill. House Floats Income Tax Deduction Bill For Union Dues
Illinois would create an income tax deduction for union dues for taxpayers who weren't allowed a deduction under federal law as part of a bill filed in the state House of Representatives.
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February 03, 2025
Canada Gets Trump Tariffs Paused After Retaliation Threats
Canada and the U.S. have agreed to pause planned tariffs for at least 30 days while the two countries try to work out an agreement, Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump said late Monday afternoon, an announcement that came after Canada floated retaliatory tariffs earlier in the day and said it would rip up a contract with Elon Musk's Starlink.
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February 03, 2025
IRS Defends Process For Denying Worker Credit Claims
The Internal Revenue Service defended its process for rejecting applications for pandemic-era worker tax credits that it deems too risky to pay out, telling an Arizona federal court that contrary to the claims of two companies suing the agency over denials, its response has been reasonable.
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February 03, 2025
White & Case Gets Tax Pro From Latham
White & Case LLP has added a former Latham & Watkins LLP senior associate to serve as a partner in its London office, the firm announced.
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February 03, 2025
DC Judge Joins RI In Blocking Trump Funding Freeze
A D.C. federal judge on Monday temporarily blocked the Trump administration from implementing a freeze on federal spending while a group of nonprofits sue over the move, ruling the pause appears to "suffer from infirmities of a constitutional magnitude."
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February 03, 2025
EPPO Probes Steel Tax Fraud In UK And Germany
The European Public Prosecutor's Office is investigating suspected tax fraud linked to imports of Indian steel into Germany via the U.K. to dodge the European Union's import duties, the office said Monday.
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February 03, 2025
US Tariffs On Mexico And Canada Paused For One Month
President Donald Trump said Monday that he will suspend the imminent 25% tariffs on Mexican and Canadian goods entering the U.S. for one month after talking with both countries' leaders.
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January 31, 2025
Funding Freezes 'Commonplace,' Feds Tell DC Judge
The Trump administration is asking a D.C. federal judge to throw out a lawsuit challenging a freeze on federal spending outlined in a since-rescinded memo from the White House budget office, telling the court that the withdrawal moots the litigation.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
UK Cos. See Brexit's Legacy In Steeper Compliance Costs
British companies doing business in the European Union have seen their tax compliance burden rise as the U.K.'s tax rules have moved further away from EU rules in the five years since Brexit, though the largest companies have been able to absorb the costs.
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January 31, 2025
Trump Threatens 100% Tariffs Over New BRICS Currency
President Donald Trump has lobbed tariff threats at a new group of countries, saying that he would implement 100% tariffs on members of the so-called BRICS coalition — which includes Brazil, Russia, India and China — if they follow through on plans to create a gold-backed currency as an alternative to the U.S. dollar.
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February 14, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Goldstein Case Raises The Stakes For A DOJ Office In Tumult
The bombshell tax-crimes case of U.S. Supreme Court lawyer Tom Goldstein landed at a U.S. Department of Justice outpost in Maryland that has been plagued in recent years by botched cases and internal strife — pitting a beleaguered U.S. attorney against a pair of former Donald Trump attorneys itching for a fight.
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January 31, 2025
Trump Funding Freeze Blocked As Court Doubts Reversal
A Rhode Island federal judge on Friday issued a temporary restraining order barring the Trump administration from freezing spending on federal grant and aid programs, calling the move illegal and saying the issue was not mooted by a White House memo claiming the directive had been rescinded.
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January 31, 2025
Tax Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP's diverse tax practice went from strength to strength this year, from advising well-known companies like Boeing and Discover that inked multibillion-dollar deals to counseling industry leaders in shaking up their sectors, helping it earn a place among the 2024 Law360 Tax Groups of the Year.
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January 31, 2025
Taxation With Representation: Cravath, Gibson Dunn, Milbank
In this week's Taxation with Representation, Eversource Energy sells Aquarion Water Co., Diversified Energy Partners acquires oil and gas company Maverick, Lantheus Holdings buys Evergreen Theragnostics, and NASCAR champion Jimmie Johnson becomes the majority owner in the Legacy Motor Club racing team.
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January 31, 2025
6th Circ. Affirms Pot Biz Owner's $2.8M Tax Restitution
The owner of a medical marijuana dispensary who was sentenced to prison and ordered to pay $2.8 million in restitution to the IRS after being convicted of tax crimes failed to convince the Sixth Circuit that Congress lacked the power to tax his sales of the drug.
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January 31, 2025
Trump Initiates Trade War With 25% Tariffs On Canada, Mexico
President Donald Trump said Saturday he is imposing 25% tariffs on imports from Mexico and Canada, and a 10% tariff on imports from China, citing the U.S. national security risks associated with illegal drug flows.
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January 30, 2025
Retired Atty Says Schwab, Others Flubbed His Contributions
A retired attorney said companies that managed his individual retirement plan, including Charles Schwab and Barnes & Thornburg LLP, hampered his tax savings by incorrectly classifying his pretax retirement contributions as posttax contributions, according to a lawsuit filed in an Indiana district court.
Expert Analysis
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Brownfield Questions Surround IRS Tax Credit Bonus
Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Why DOJ's Whistleblower Program May Have Limited Impact
The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Trump's Best Hush Money Appeal Options Still Likely To Fail
The two strongest potential arguments former President Donald Trump could raise in appealing his New York hush money conviction seem promising at first, but precedent strongly suggests they will still ultimately fail — though, of course, Trump's unique position could lead to surprising results, says former New York Supreme Court Justice Ethan Greenberg, now at Anderson Kill.
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.