Tax

  • May 15, 2024

    6th Circ. Frees Ex-Ohio Pol Pending Bribery Appeal

    A former member of the Cincinnati City Council convicted of bribery and attempted extortion in connection with a sports betting redevelopment project spearheaded by a former Cincinnati Bengals player can stay out of prison while an appeal plays out, the Sixth Circuit said Wednesday.

  • May 15, 2024

    Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules

    The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in reporting penalties, a Florida federal judge ruled Wednesday.

  • May 15, 2024

    House Panel Advances Tax-Exempt Org Oversight Bills

    The House Ways and Means Committee approved a package of bills Wednesday that would increase scrutiny of foreign donations to tax-exempt organizations, including legislation that would require those organizations to publicly report the donations.

  • May 15, 2024

    Schulte Roth Adds Ex-Kleinberg Kaplan Partner To Tax Group

    Schulte Roth & Zabel LLP added a former Kleinberg Kaplan Wolff & Cohen PC partner with a focus on private investment funds to its tax group in New York.

  • May 15, 2024

    Minn. Tax Court OKs Trim To Restaurant Property's Value

    A Minnesota restaurant property should have its valuation lowered after the property owner provided a more reliable appraisal report, the state Tax Court ruled. 

  • May 15, 2024

    House Judiciary Chair Seeks Docs On IRS Backdating Probe

    The House Judiciary Committee's Republican chairman asked an IRS watchdog to reveal findings from investigations into allegations of IRS employee misconduct, including in a high-profile $38 million conservation easement deduction case in which the agency admitted to backdating evidence.

  • May 15, 2024

    Colo. Will Extend Property Tax Assessment Rate Cuts

    Colorado will extend its current temporary property tax rate reductions into 2024 and will lower tax rates for future years under a bill signed by Democratic Gov. Jared Polis. 

  • May 15, 2024

    South African Tax Official Says Data Swaps Too Limited

    South Africa's requests to exchange information on taxpayers with authorities around the world are often denied for criminal investigations of tax crimes, while automatic exchanges sometimes lack the full identifying information of taxpayers, the commissioner of the country's tax agency said Wednesday.

  • May 15, 2024

    Pardoned NJ Atty Suspended Over Tax, Fraud Convictions

    A former Gilmore & Monahan PA partner — who was convicted of failing to pay payroll taxes and lying on a loan application, and was pardoned by then-President Donald Trump — has received a two-year suspension from practicing law in New Jersey, though it will be largely offset by a previous suspension he served, according to a Wednesday order. 

  • May 15, 2024

    Swiss Seek Feedback On Crypto Information Exchange

    Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.

  • May 15, 2024

    In Hush Money Case, Jury May Choose To Keep Silent, Too

    Though Donald Trump's gag order violations have earned him a threat of jail time, First Amendment experts say jurors in the New York case will likely be free to speak their mind afterward if they want to — a dynamic that in rare instances has led to posttrial controversy.

  • May 14, 2024

    Cohen Says Trump Directed Crimes From The White House

    Michael Cohen on Tuesday told a Manhattan jury that he met with Donald Trump at the White House in the early days of the former president's administration to confirm the final component of what prosecutors say was a scheme to bury a sex story in order to swing the 2016 election.

  • May 14, 2024

    Texas Justices Leave Cities' Franchise-Fee Suit Tossed

    The Texas Supreme Court has refused to vacate a lower appeals court's order that allowed Hulu, Disney and Netflix to escape a lawsuit from 31 municipalities claiming the streaming platforms are required to pay 5% state franchise fees, holding that the municipalities have other remedies available.

  • May 14, 2024

    Northwestern Settles Tax Law Prof's Age Bias Suit

    Northwestern University agreed to settle a law school professor's age bias suit filed in Illinois federal court claiming he was given smaller raises year-over-year in comparison with his younger colleagues after he cast aside the institution's push for him to retire early.

  • May 14, 2024

    A Fifth Of Big Cos. Use Tax Transparency Standard, Org. Says

    About a fifth of the largest 1,000 public companies worldwide have voluntarily used a public country-by-country reporting standard created by an international independent standards organization, the nonprofit said Tuesday.

  • May 14, 2024

    Trump Can't Overturn Gag Order In NY Criminal Trial

    A New York state appeals court on Tuesday denied Donald Trump's bid to overturn a gag order intended to stop him from criticizing witnesses and others involved in his ongoing criminal fraud trial.

  • May 14, 2024

    Billionaire's Pilot Cops To Tax Count, Avoids Insider Trial

    A pilot from Virginia accused of profiting from stock tips fed to him by British billionaire Joe Lewis on Tuesday copped to dodging taxes on $500,000 of income from Lewis' company, in a plea deal that avoids an insider trading trial.

  • May 14, 2024

    Ex-Husch Blackwell, Dykema Atty Pleads Guilty To Tax Evasion

    A former Husch Blackwell LLP partner who helped launch Dykema Gossett PLLC's Milwaukee office two years ago has agreed to plead guilty in Wisconsin federal court to willfully evading paying income tax, which could land him in prison for over a year and will force him to pay almost $4 million in restitution to the IRS.

  • May 14, 2024

    Coverage Recap: Day 13 Of Trump's NY Hush Money Trial

    Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from Tuesday, day 13 of the trial.

  • May 14, 2024

    Ex-Whiteford Taylor Business Co-Chair Joins Baker Donelson

    Baker Donelson Bearman Caldwell & Berkowitz PC has welcomed a new shareholder who spent more than a decade with the Internal Revenue Service and previously co-chaired Whiteford Taylor & Preston LLP's business department, the firm announced on Monday.

  • May 14, 2024

    EU Finance Ministers Strike Deal On Withholding Tax Refunds

    European Union finance ministers agreed Tuesday to a withholding tax refund law, as previous holdouts Poland and the Czech Republic withdrew their objections.

  • May 13, 2024

    NJ Fraudster Gets More Prison Time, Owes $6M For Tax Evasion

    A New Jersey man who was convicted of dodging taxes on more than $16 million he stole from securities fraud victims was handed a six-year prison sentence — most of which will be served simultaneously with his fraud sentence — and ordered to pay over $6 million in restitution during a Garden State federal court hearing Monday in which he denied the crimes. 

  • May 13, 2024

    Corp. Transparency Act An Overbroad Dragnet, 11th Circ. Told

    Congress exceeded its authority in passing the Corporate Transparency Act, which prompted the U.S. Treasury Department to solicit personal information for law enforcement purposes from those that registered and owned state-registered entities, a small-business group told the Eleventh Circuit on Monday.

  • May 13, 2024

    US Tells DC Circ. Ayahuasca Church's Settlement Inapt

    Federal regulators are telling the D.C. Circuit to ignore a recent settlement that will allow a Phoenix-based church to continue using ayahuasca in its ceremonies, saying it has nothing to do with the Iowa-based ayahuasca church challenging the IRS's refusal to give it tax-exempt status.

  • May 13, 2024

    Alaska House Passes Bill To Levy 7% Marijuana Retail Tax

    Alaska would update its marijuana tax regime by levying a 7% tax on sales and phasing out the current $50 per ounce excise tax as part of a bill passed by the state House of Representatives.

Expert Analysis

  • To Hire And Keep Top Talent, Think Beyond Compensation

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    Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.

  • Perspectives

    More States Should Join Effort To Close Legal Services Gap

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    Colorado is the most recent state to allow other types of legal providers, not just attorneys, to offer specific services in certain circumstances — and more states should rethink the century-old assumptions that shape our current regulatory rules, say Natalie Anne Knowlton and Janet Drobinske at the University of Denver.

  • Identifying Trends And Tips In Litigation Financing Disclosure

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    Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.

  • Opinion

    OFAC Designation Prosecutions Are Constitutionally Suspect

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    Criminal prosecutions based on the Office of Foreign Assets Control’s sanctions-related listing decisions — made with nearly unfettered discretion through an opaque process — present several constitutional issues, so it is imperative that courts recognize additional rights of review, say Solomon Shinerock and Annika Conrad at Lewis Baach.

  • The NIL Legislation Race: CAPCA And The PASS Act

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    Christina Stylianou and Gregg Clifton at Lewis Brisbois compare the College Athletes Protection and Compensation Act and the Protecting Athletes, Schools, and Sports Act — two of the latest bills introduced to federally regulate publicity rights for the name, image and likeness of college student-athletes.

  • What's Notable In Connecticut's New Cannabis Laws

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    The Connecticut Legislature recently passed four bills containing cannabis provisions — ranging from applicable tax credits to labor agreement requirements — that may prove to be a mixed bag for state operators, say Sarah Westby and Deanna McWeeney at Shipman & Goodwin.

  • Series

    The Pop Culture Docket: Judge Elrod On 'Jury Duty'

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    Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.

  • NJ Justices Clarify Bribery Law Scope, But Questions Remain

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    The New Jersey Supreme Court’s recent State v. O'Donnell decision clarified that the state’s bribery law unambiguously applies to candidates for public office, but there are still unresolved questions about how the ruling may affect lobbyists, undeclared candidates and political speech, says Scott Coffina at Pietragallo Gordon.

  • 4 Business-Building Strategies For Introvert Attorneys

    Excerpt from Practical Guidance
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    Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.

  • Opinion

    3 Ways Justices' Disclosure Defenses Miss The Ethical Point

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    The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.

  • Parsing Tax Implications Of NYC Office Leasing Transactions

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    Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.

  • IRS Foreign Tax Credit Pause Is Welcome Course Correction

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    A recent IRS notice temporarily suspending application of 2022 foreign tax credit regulations provides wanted relief for the many U.S. multinational companies and other taxpayers that otherwise face the risk of significant double taxation in their international operations, say attorneys at Mayer Brown.

  • Caregiver Flexibility Is Crucial For Atty Engagement, Retention

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    As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.

  • Opinion

    3 Principles Should Guide MTC's Digital Products Tax Work

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    As the Multistate Tax Commission's project to harmonize sales tax on digital products moves forward, three key principles will help the commission's work group arrive at unambiguous definitions and help states avoid unintended costs, say Charles Kearns and Jeffrey Friedman at Eversheds Sutherland.

  • OECD Treatment Of Purchased Ga. Film Credits Isn't Peachy

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    Producers considering Georgia as a prospective location for filming may already be concerned that the Organization for Economic Cooperation and Development's July decision will hamper the eventual 2026 or later sale of their Georgia film tax credits, says Alan Lederman at Gunster.

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