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Tax
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November 05, 2024
Calif. Managed Care Tax Made Permanent By Ballot Measure
California's tax on managed healthcare insurance plans to fund the state's Medi-Cal health program has been made permanent following voter approval of a proposition on Tuesday.
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November 05, 2024
Kan. Tribe Fights Sheriff's Bid To Dismiss Trespass Lawsuit
The Prairie Band Potawatomi Nation has urged a Kansas federal judge to refuse a county sheriff's bid to toss the Native American tribe's suit claiming he has repeatedly overstepped his authority by interfering with activities on reservation land.
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November 05, 2024
Father, Daughter Attys Ask To Avoid Prison For Tax Scheme
Father and daughter attorneys convicted of participating in a multimillion-dollar tax avoidance scheme asked a North Carolina federal court to spare them prison sentences, with the daughter saying her father should have protected her and the father highlighting his mental illness.
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November 05, 2024
On The Ground: How Attorneys Safeguarded The Election
Attorneys worked tirelessly Tuesday to support citizens and election workers on the final day of voting in one of history's most contentious presidential contests.
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November 04, 2024
Fla. Judge Denies Bid To Halt Repeal Of Homeless Tax Idea
A Florida state court judge has denied a bid to stop the repeal of a Miami Beach tax proposal placed on the ballot to pay for homeless services days before the general election Tuesday, citing the court's inability to "second-guess" a political decision made by a legislative body.
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November 04, 2024
Conn. Justice Warns Against 'Amelia Bedelia' Tax Law Reading
Whether a Connecticut judge properly restored a batch of tax appeals after dismissing them could center on the meaning of the word "may," a state Supreme Court justice said Monday, while also cautioning against an "Amelia Bedelia" approach to statutory construction, citing a children's book character known for her hyper-literalism.
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November 04, 2024
DC Makes Housing Tax Break Competitive Process Permanent
The District of Columbia made permanent its temporary authorization of a competitive process for tax abatements for housing developments under legislation signed by the mayor, though the measure is subject to congressional review before it becomes law.
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November 04, 2024
US Must Pay Legal Fees To Challenger Of IRS Guidance
A Michigan federal judge ordered the U.S. to pay roughly $220,000 in attorney fees to a construction company that won its challenge to Internal Revenue Service penalties and overturned underlying agency guidance, rejecting a magistrate judge's recommendation that the company foot its own bill.
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November 04, 2024
Justices Won't Hear UBS Suit Over Disclosed Account Info
The U.S. Supreme Court declined Monday to hear a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service in violation of civil provisions under the Racketeer Influenced and Corrupt Organizations Act.
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November 04, 2024
Colo. Urges Appeals Court To Toss Netflix Sales Tax Ruling
Netflix subscriptions in Colorado are tangible personal property subject to sales tax under long-standing state law, the state tax department told an appeals court, urging it to reverse a trial court ruling.
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November 04, 2024
IRS Finalizes Seized Property Rules To Include Online Sales
The Internal Revenue Service issued final rules Monday meant to modernize regulations governing the seizure of property by levy, including facilitating the online sale of a property and the agency's ability to maximize sale proceeds for the property owner's benefit.
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November 04, 2024
US IPO Activity Hits Standstill As Election Takes Center Stage
U.S. initial public offerings have screeched to a halt amid peak election season, and dealmakers expect new listings to largely remain iced until next year as market participants sort out ramifications of Tuesday's presidential and congressional contests.
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November 01, 2024
Ohio Makes Play To Enter Cleveland Browns' Stadium Suit
Ohio asked to join Cleveland as a defendant in a suit filed by the Cleveland Browns alleging that a state law impeding the NFL team's plan to move to another city within the state is unconstitutional.
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November 01, 2024
4 Appellate Arguments Benefits Attys Should Watch In Nov.
The Second Circuit will weigh battles over retirement plan fees and union benefit contributions, teachers will ask the Ninth Circuit to revive their suit over interest they say is owed on their retirement accounts and the Eleventh Circuit will mull a constitutional challenge to a Florida gender-affirming care ban. Here are four upcoming arguments that benefits lawyers should have on their radar.
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November 01, 2024
2024 Election Could Be Crossroads For Clean Energy Funding
Election Day will present a multibillion-dollar fork in the road for the energy industry and its reliance on the federal government to help fund its decarbonization efforts, energy attorneys say.
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November 01, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation with Representation, BC Partners sells its majority equity interest in GardaWorld, Lone Star Funds sells specialty chemicals company AOC to Nippon Paint Holdings, Crescent Biopharma takes GlycoMimetics private, and Francisco Partners buys AdvancedMD from Global Payments.
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November 01, 2024
Danish Tax Agency To Settle With Atty In $2.1B Tax Fraud Suit
Denmark's tax authority has agreed to settle with an attorney whom it has accused of helping clients claim fraudulent tax refunds in a sprawling $2.1 billion case, according to a letter by its attorney in New York federal court.
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November 01, 2024
Conn. Judge Hacks Up Ex-Town Atty's Defamation Suit
A Connecticut state court judge has dismissed all claims against the town of Newington and most claims against its tax assessor from a wide-ranging lawsuit brought by a group of former officials, including the former town attorney, who alleged that they were disparaged in a series of "false" ethics complaints and public comments.
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November 01, 2024
GOP Gains Could Prompt Push For Endowment Tax Hike
If Republicans make significant gains in the upcoming elections, it could clear the way for GOP lawmakers to push to boost taxes on the endowments of some private colleges and universities.
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November 01, 2024
Accountant Gets 1 Year For Failing To Report Stolen Income
An accountant for a manufacturing company who embezzled more than $800,000 and failed to report it on his tax returns was sentenced to just over a year in prison and ordered to pay $1 million in restitution, according to New Jersey federal court documents.
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November 01, 2024
4 States To Vote On Expanding Cannabis Or Psychedelics
On Tuesday, voters in Florida, North Dakota and South Dakota will decide whether to legalize cannabis for adult recreational use, while Massachusetts — where marijuana is already fully legal — will decide whether to decriminalize and regulate certain psychedelics.
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October 31, 2024
3rd Circ. Preview: Boy Scouts' Ch. 11 Plan Row Tops Nov.
The future of the Boy Scouts of America's Chapter 11 bankruptcy plan is set to be determined by the Third Circuit this month, with the court poised to consider whether recent U.S. Supreme Court precedent on bankruptcies and settlements allows the reopening of the plan.
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October 31, 2024
Ga. Justices Kill Free Speech Challenge To Strip Club Tax
A Georgia tax on strip clubs that's used to fund child trafficking prevention efforts has been upheld by the state's highest court, which said in a split decision that a First Amendment challenge to the tax by club owners failed to show the levy limited their speech.
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October 31, 2024
Madigan Ally Set Up Work For Speaker's Fired Aide, Jury Told
An ex-lobbyist on trial alongside former Illinois House Speaker Michael Madigan made arrangements for a political operative that Madigan fired to receive monthly payments while he was unemployed, suggesting he enter into contracts with loyal lobbyists and write up reports on legislators "in case the IRS checks this out," a federal jury heard Thursday.
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October 31, 2024
Scam Promoter Who Cost UK £2.6M In Taxes Is Banned
A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.
Expert Analysis
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How The 2025 Tax Policy Debate Will Affect The Energy Sector
Regardless of the outcome of the upcoming U.S. election, 2025 will bring a major tax policy debate that could affect the energy sector more than any other part of the economy — so stakeholders who could be affected should be engaging now to make sure they understand the stakes, say attorneys at Mayer Brown.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Series
Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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A Look At How De Minimis Import Rules May Soon Change
The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.
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Ruling On Foreign Dividend Break Offers 2 Tax Court Insights
In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.