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Tax
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July 11, 2024
3 Defenses The IRS Can Fall Back On After Chevron's Demise
The U.S. Supreme Court's decision to eliminate federal agencies' ability to rely on the 40-year-old Chevron doctrine to defend their interpretations of ambiguous laws will likely trigger more litigation against the IRS. But that doesn't mean the agency is completely defenseless against such suits. Here, Law360 explores three defense options for the IRS following Chevron's demise.
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July 11, 2024
Accounting Firm Contests Blame For Client's $2M Tax Bill
An accounting firm maintains it had no duty to inform an online flower bulb retailer about a major change in tax law stemming from the U.S. Supreme Court's 2018 Wayfair decision, telling the North Carolina Business Court that advising on such topics wasn't within the scope of its duties.
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July 11, 2024
'Bridgegate' Defense Offers Road Map For NJ RICO Case
Counsel for the powerful New Jersey mogul and Democratic operatives facing explosive racketeering charges are likely to justify their actions as just business, experts told Law360, describing defense tactics similar to the ones that absolved defendants in "Bridgegate," New Jersey's most notorious politics-fueled crime in recent history.
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July 11, 2024
Top NC Legal Industry Legislation Of 2024: A Midyear Report
North Carolina lawmakers have instituted a streamlined process for state business court filings and are eying controls on attorney fees for debt collection lawsuits. Another closely watched measure eases the discipline process for attorneys with the expansion of records access and the ability to expunge certain ethics transgressions.
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July 11, 2024
Low-Speed EV Maker Sues Treasury Over Blocked Tax Credits
The U.S. Department of the Treasury violated the Administrative Procedure Act when it passed final regulations excluding low-speed vehicles from qualifying for clean vehicle tax credits, a maker of low-speed electric cars told a D.C. federal court.
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July 10, 2024
Ex-VP Of Fla. Aerospace Co. Sentenced To Prison For Fraud
The former vice president of a Miami-based aerospace company was sentenced to just over a year in federal prison after he pled guilty to fraud-related charges in connection to a scheme that involved embezzling millions of dollars and splitting the proceeds with a co-conspirator.
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July 10, 2024
Engineer Who Faced Export Charges Cops To Tax Counts
A Chinese-born engineer has pled guilty to two counts of filing a false tax return related to allegations that he and his wife omitted gross income from their tax returns between 2015 and 2019, after Texas federal prosecutors initially charged the couple with export violations and fraud.
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July 10, 2024
NJ Panel Says Tax Amendment Challenge Had No Real Claim
A New Jersey state appeals court on Wednesday tossed a challenge to an amendment blocking certain appeals from being litigated in the state's tax court, reasoning that parties can still fight tax matters in trial court.
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July 10, 2024
MGM's Suit Against Mich. Tax For Ill. Riverboat Sale Tossed
A Michigan subsidiary of MGM failed a requirement to request an alternative apportionment method before going to court in its challenge of a corporate income tax assessed on gains from its sale of an interest in a riverboat casino, the state Court of Claims ruled.
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July 10, 2024
Curtis Mallet-Prevost To Open Law Office In Saudi Arabia
Curtis Mallet-Prevost Colt & Mosle LLP has obtained a license to practice law in the Kingdom of Saudi Arabia, the firm announced this week.
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July 10, 2024
Chevron's End Won't Affect Cubs Sale Tax Suit, 7th Circ. Told
An anti-abuse rule the IRS is using to push for taxes on gains from Tribune Media Co.'s sale of the Chicago Cubs is not threatened by the U.S. Supreme Court ruling overturning the Chevron deference doctrine, an attorney for the IRS told the Seventh Circuit on Wednesday.
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July 10, 2024
5th Circ. Told 'Pay To Litigate' Rule Doesn't Bar Refund Suit
A couple arguing the IRS failed to apply their tax overpayments to deficiencies claimed by the agency asked the Fifth Circuit to reverse a lower court's dismissal of their suit on the grounds that they hadn't paid their bill, saying the decision effectively asks them to pay twice.
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July 09, 2024
NY Judge In Trump Case OKs Narrow Subpoena For Atty
An attorney who told reporters he held an impromptu hallway conversation with a New York state judge in the lead-up to February's $464.6 million civil fraud judgment against Donald Trump must turn over any communications he had with the court regarding the underlying action, according to a Tuesday ruling.
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July 09, 2024
Judge Greenlights New Defamation Claims In Sabotage Suit
A couple accused of sabotaging a North Carolina software company can countersue its co-founder and his wife for defamation, a state Business Court judge ruled Tuesday, casting aside concerns that allowing new claims at this late stage will delay the upcoming trial.
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July 09, 2024
Dems Request Special Counsel To Probe Justice Thomas Gifts
Two Democratic senators have asked U.S. Attorney General Merrick Garland to appoint a special counsel to investigate whether U.S. Supreme Court Justice Clarence Thomas' failure to disclose various gifts received during his tenure on the high court amounts to chargeable ethics violations or tax crimes.
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July 09, 2024
Ohio Justice Criticizes Dialysis Co.'s Tax Apportionment Claim
An Ohio Supreme Court justice expressed deep skepticism Tuesday about a dialysis company's arguments that a portion of its receipts from medical services that it provided to Ohio patients should be sourced to other states.
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July 09, 2024
Hospital Operator Leads 2 IPOs Ready To Raise $465M Total
Hospital operator Ardent Health and insurance distributor TWFG Inc. unveiled price ranges this week on initial public offerings that are expected to raise about $465 million combined under guidance by four law firms, adding life to the summer IPO market.
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July 09, 2024
Veriwave Telco Faces FCC Action Over 'Tax Relief' Robocalls
The Federal Communications Commission is moving to block robocalls about purported "tax relief" programs from a Delaware-based telecommunications company, announcing in an order Monday that Veriwave Telco had another 14 days to demonstrate compliance with the agency's rules or risk having downstream providers cut its traffic.
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July 09, 2024
Tampa Atty Accused Of Fraud In Long-Running House Dispute
A Tampa-area estate lawyer has been accused of fraud conspiracy in a state court lawsuit brought by a former tax attorney who alleges that her house was taken to collect fees stemming from a false guardianship case, saying a court order that revoked possession of the property violated the Florida Constitution.
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July 09, 2024
Ex-NRA Finance Chief Agrees To 10-Year NY Nonprofit Ban
A former chief financial officer of the National Rifle Association has agreed not to serve as a fiduciary of a New York nonprofit for 10 years as part of a settlement in the state attorney general's suit in state court alleging he and other executives misused donor money, according to deal terms disclosed Tuesday.
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July 09, 2024
5 Firms Steer $513M Ryan-Altus Cross-Border Tax Deal
Dallas-based tax services and software provider Ryan said Tuesday it has inked a deal to acquire the property tax business of Altus Group Ltd. for CA$700 million ($513.4 million), enlisting three firms to assist on a deal that will expand its footprint in Canada, the U.S. and the U.K.
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July 09, 2024
Medical Office Manager Gets 5 Years For Tax, Mail Fraud
The former office manager of an Illinois medical practice was sentenced to five years in federal prison and ordered to pay $3 million in restitution — most of it to his former employer — after admitting to filing a false tax return and stealing from the practice.
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July 09, 2024
NJ Power Broker, Firm CEO Deny Racketeering Charges
Powerful New Jersey businessman George E. Norcross III, his prominent attorney brother and others on Tuesday denied that they schemed to acquire waterfront property in the distressed city of Camden by threatening to ruin the business reputations and finances of key stakeholders.
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July 09, 2024
Ark. Group Gets 100K Signatures For Medical Pot Expansion
An Arkansas cannabis advocacy group has collected more than 100,000 signatures in favor of expanding the state's medical marijuana program, more than enough to get an initiative on the state's ballot this November, the state announced Friday.
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July 08, 2024
Ways And Means To Vote On Section 529 Tax Bills
The House Ways and Means Committee is scheduled to vote Tuesday on several education-related tax bills, including legislation that would make additional elementary and secondary school expenses eligible for tax-advantaged education savings accounts.
Expert Analysis
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New Hydrogen Regulations Show The Need For IP Protections
The introduction of hydrogen regulations, such as the IRS' proposed tax credit for clean hydrogen under the Inflation Reduction Act, are reshaping the competitive landscape, with intellectual property rights an area of increased emphasis, say Evan Glass and James De Vellis at Foley & Lardner.
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DC's Housing Tax Break Proposal: What's In It, What's Missing
Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Opinion
Biden Admin's March-In Plan Would Hurt Medical Innovation
The Biden administration's proposal to reinterpret the Bayh-Dole Act and allow the government to claw back patents when it determines that a commercialized product's price is too high would discourage private investment in important research and development, says Ken Thorpe at the Rollins School of Public Health.
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Class Actions At The Circuit Courts: February Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five notable circuit court decisions on topics from property taxes to veteran's rights — and provides key takeaways for counsel on issues including class representative intervention, wage-and-hour dispute evidence and ascertainability requirements.
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US-Chile Tax Treaty May Encourage Cross-Border Investment
Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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How 3 New Laws Change Calif. Nonprofits' Legal Landscape
Legislation that went into effect on Jan. 1 should be welcomed by California’s nonprofit organizations, which may now receive funding more quickly, rectify past noncompliance more easily and have greater access to the states’ security funding program, say Casey Williams and Brett Overby at Liebert Cassidy.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Planning A Defense As IRS Kicks Off Sports Losses Campaign
Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.
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What New Calif. Strike Force Means For White Collar Crimes
The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Deferral Pointers For Employers After $700M Ohtani Deal
Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.