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Tax
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March 24, 2025
FinCEN Exempts US Businesses From Disclosure Rules
The U.S. Department of the Treasury's financial crimes unit issued interim final rules that exempt domestic businesses from contested reporting regulations, which the department had previously signaled it would narrow to include only foreign companies registered stateside.
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March 24, 2025
Justices Won't Hear Peanut Truck Co.'s Excise Tax Case
The U.S. Supreme Court said Monday it will not hear a Georgia company's case arguing the IRS wrongly denied it an excise tax exemption for the special trucks it makes for peanut farming, letting stand an Eleventh Circuit ruling.
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March 24, 2025
Minn. County Late To Accept Property Tax Deal, Court Says
An offer to a Minnesota county to settle a tax valuation dispute was not accepted within a reasonable period of time and is not valid, the Minnesota Tax Court said, rejecting the county's request to enforce the agreement.
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March 22, 2025
Up Next At High Court: Non-Delegation & Clean Air Fights
The U.S. Supreme Court will return to the bench Monday to hear arguments in a dispute that could revive a long-dormant separation of powers principle and trigger a regulatory power shift.
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March 21, 2025
SEC Guidance Moves Needle In Favor Of Private Fundraising
The U.S. Securities and Exchange Commission's recent guidance on how accredited investors can self-certify when participating in broadly publicized private placements simplifies legal compliance for issuers, according to attorneys, though the jury is still out on whether market participants will embrace the new framework.
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March 21, 2025
Fla. Tax Preparer Sentenced To Prison For $20M Fraud
A Miami-area tax preparer was sentenced to nearly five years in prison Friday after admitting to filing thousands of individual tax returns wrongly claiming energy credits, resulting in a $20 million loss for the Internal Revenue Service, according to the U.S. Attorney's Office for the Southern District of Florida.
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March 21, 2025
'Not Mistake-Proof': College Can Try To Recoup Tax Penalties
A community college can proceed with its suit seeking a refund of tax penalties for failing to file wage statements for nearly all its employees, a Michigan federal judge ruled Friday, saying the school didn't have to meet a "mistake-proof" standard to argue it should be excused from the fines.
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March 21, 2025
Boutique Firm Accuses IRS Of Illegally Enforcing Payroll Tax
A consumer-protection boutique law firm accused the IRS of illegally enforcing payroll taxes while delaying the processing of pandemic-era employee retention tax credits, which the firm claimed would have helped with compliance, according to a complaint in Connecticut federal court.
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March 21, 2025
Ex-UBS North America CEO Agrees To $4.9M FBAR Judgment
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Service between 2003 and 2013.
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March 21, 2025
Mich. Judge Dismisses $217M Dam Repair Tax Challenge
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, finding homeowners had the opportunity to oppose the assessment and litigate their claims in state court.
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March 21, 2025
US-Swiss Agreement Exempts Retirees' Dividends, IRS Says
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to a U.S.-Switzerland competent authority agreement released Friday by the IRS.
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March 21, 2025
Md. Nonprofit's Property Used As Home Isn't Exempt
A Maryland property owned by a nonprofit isn't exempt from property tax, because it's used as the founder's home and not mainly for charitable purposes, the state tax court affirmed.
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March 21, 2025
Taxation With Representation: Cravath, Paul Weiss, Cooley
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
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March 21, 2025
Informal Money Transfers Launder £2B Annually, HMRC Warns
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.
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March 21, 2025
High Court Says Misleading Statements To FDIC Not Criminal
The U.S. Supreme Court on Friday overturned a Seventh Circuit ruling that upheld the conviction of a former Chicago alderman for making false statements about loans from a defunct bank, clarifying that the federal law in question criminalizes false statements but not those that are merely misleading.
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March 21, 2025
Fed. Circ. Backs Actavis' $12M Patent Suit Cost Deduction
Drugmaker Actavis can take a $12 million tax deduction for money it spent fending off lawsuits while securing approval to sell generic birth control and other drugs, the Federal Circuit ruled Friday, affirming the U.S. Court of Federal Claims' decision that the costs were deductible as ordinary business expenses.
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March 20, 2025
IRS SALT Cap Workaround Rule Unlawful, 2nd Circ. Told
The Internal Revenue Service unlawfully created a rule prohibiting workarounds to the federal cap on state and local tax deductions, a New Jersey deputy attorney general told a Second Circuit panel Thursday, asking the appellate judges to overturn a lower court ruling that upheld the rule.
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March 20, 2025
Ill. Justices End Cities' Dispute Over Cooper's Hawk Sales Tax
The Illinois Supreme Court on Thursday dismissed a suit brought by an Illinois village against a neighboring city that allegedly pocketed over $1 million in sales tax revenue owed to the village, saying the Illinois Department of Revenue has exclusive jurisdiction over such disputes between municipalities and an intermediate appellate panel wrongly revived the case.
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March 20, 2025
Jurisdictional Uncertainty Helps Preserve Ill. Tax Bias Suit
Cook County property owners who mistakenly brought discriminatory assessment accusations in state court before taking their allegations to federal court can continue pursuing those claims, an Illinois judge said, rejecting the county's timeliness challenge.
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March 20, 2025
Frost Brown Adds Former Houston City Atty To Finance Team
Frost Brown Todd LLP announced that it has hired an attorney from the ranks of Houston's city government to strengthen its public finance group, adding his expertise in state and local government operations, taxation and economic development.
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March 20, 2025
Former Ore. Doctor's Deduction For Insurance Premiums OK'd
A former Oregon doctor's payments of $2.5 million to a captive insurer are deductible from his state taxable income, the Oregon Tax Court ruled, saying an agreement the taxpayer reached with the Internal Revenue Service did not bar the deductions.
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March 19, 2025
NY DOT Says Feds' Bid To Kill Congestion Pricing Is 'Unlawful'
The New York State Department of Transportation told a Manhattan federal judge Wednesday that the Trump administration's efforts to kill New York City's congestion pricing program unlawfully interfere with the Empire State's authority to implement state law and protect New Yorkers' health and welfare.
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March 19, 2025
7th Circ. Orders Tax Court To Clarify ESOP Suit Dismissal
The Seventh Circuit axed the U.S. Tax Court's dismissal of a transit company's suit over an employee stock ownership plan, saying the lower court must specify that it lacked the authority to review the case because it was filed before the IRS completed an exam.
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March 19, 2025
6th Circ. Says Pharmacist Doesn't Owe Tax On Forfeited IRA
A pharmacist doing time for running a Kentucky pill mill doesn't owe taxes on his forfeited retirement account, the Sixth Circuit ruled Wednesday, reversing a U.S. Tax Court decision that upheld what the appeals court described as an unexpected punishment.
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March 19, 2025
Satellite Startup Execs Accused Of Fraud And Tax Evasion
An aerospace company's founder, an attorney and other executives lied about a venture to launch billions of dollars in satellites so they could rake in millions from investors, according to an indictment in D.C. federal court that also charges the founder with tax crimes.
Expert Analysis
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Scope And Nature Of Judicial Relief Will Affect Loper's Impact
The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Opinion
Congress Should Pass Sex Abuse Settlement Tax Exemptions
The proposed Survivor Justice Tax Prevention Act would expand tax exemptions more clearly for sexual abuse cases, and finally remove the stigma around compensation for emotional and psychological damage, says Rocco Strangio at Milestone & Co.
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What's Next For Accounting Enforcement After SEC's Big 2024
The U.S. Securities and Exchange Commission under the Trump administration will likely continue to focus enforcement efforts on many of the same accounting and auditing issues that it pursued over the past year — but other areas, such as ESG, internal controls and cryptocurrency cases, may fall out of focus, say attorneys at Debevoise.
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Mentorship Resolutions For The New Year
Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.
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Series
Coaching Little League Makes Me A Better Lawyer
While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.