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Tax
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June 28, 2024
IRS Reminds Marijuana Businesses They Can't Get Tax Breaks
The Internal Revenue Service sought to remind taxpayers Friday that businesses selling marijuana, even in states where it's legal, are not entitled to federal tax deductions, saying some taxpayers are filing invalid claims for refunds through amended returns.
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June 28, 2024
Mass. Senate OKs $5B Housing Bill Without Local-Option Tax
Massachusetts would authorize about $5 billion in bonding authority to promote housing under legislation passed by the state Senate that leaves out a local-option real estate transfer fee sought by Democratic Gov. Maura Healey.
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June 28, 2024
Chevron Ruling No Sea Change For Tax Court, Judge Says
The U.S. Tax Court will continue to rely on the IRS and Treasury's expertise in the tax code following the U.S. Supreme Court's landmark decision to overturn the 40-year-old Chevron doctrine that directed courts to defer to federal agencies' interpretations of ambiguous law, a judge said Friday.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
High Court Enters July With 3 Rulings To Go
In a rare move, the U.S. Supreme Court will issue opinions into the beginning of July as the court tries to clear its merits docket of three remaining cases dealing with presidential immunity, whether governments can control social media platforms' content moderation policies and the appropriate deadline to challenge agency action.
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June 28, 2024
Supreme Court Strikes Down Chevron Deference
The U.S. Supreme Court on Friday overturned a decades-old precedent that instructed judges about when they could defer to federal agencies' interpretations of law in rulemaking, depriving courts of a commonly used analytic tool and leaving lots of questions about what comes next.
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June 27, 2024
IRS To Offer Combined Filing For Energy Investment Credits
The Internal Revenue Service will let clean energy project owners that are claiming investment tax credits for more than 200 facilities file the claims with a single form, an agency official said Thursday.
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June 27, 2024
NY Historic Building Rehab Tax Credits Apply Per Structure
New York's $5 million tax-credit cap for rehabilitation projects of historic properties is applied on a per-structure basis even if multiple structures are included on a single application, the state Department of Taxation and Finance said in a declaratory ruling.
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June 27, 2024
TurboTax Maker Wipes Out 2 Of 3 Software Patents At PTAB
The Patent Trial and Appeal Board delivered a mixed bag of decisions in patent challenges brought by Intuit against a small software outfit that claims to have invented the idea of "co-browsing."
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June 27, 2024
AG Says Trump Recusal Bid Relies On 'Distortion Of Facts'
New York's attorney general says Donald Trump is relying on a "distortion of facts" in seeking to oust the judge who ordered the former president to pay $465 million in penalties in his civil fraud case.
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June 27, 2024
Ex-Skadden Tax Head And M&A Pro Joins Freshfields In NY
Freshfields Bruckhaus Deringer LLP has added the former head of the tax practice at Skadden Arps Slate Meagher & Flom LLP as a partner this week, who brings to the role experience in deals like 21st Century Fox's $71 billion acquisition by Disney and the merger of T-Mobile and Sprint.
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June 27, 2024
Fla. County Owes Tax To Other County, Fla. Justices Rule
The Florida Supreme Court ruled Thursday that counties are not immune from being taxed on properties they own in other counties, affirming a decision that said Pinellas County cannot claim sovereign immunity to duck taxes on property it owns in neighboring Pasco County.
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June 26, 2024
EU Court Tosses Spanish Shipping Cos. State Aid Appeal
A European court on Wednesday once again dismissed a 2014 challenge to the European Commission's move to block a Spanish tax scheme benefiting Spanish shipbuilders and their suppliers.
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June 26, 2024
Fed. Circ. Denies Contractor's $37M Tax Reimbursement Bid
A U.S. State Department armed security contractor is not entitled to $37 million in reimbursement tied to tax payments to the Afghan government because the contractor's parent company, not the company itself, incurred the costs associated with the payments, the Federal Circuit said Wednesday.
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June 26, 2024
EU Justice Head Loses Bid To Lead Human Rights Group
The European Union's justice commissioner failed in his bid to lead a European human rights organization and returned Wednesday from his leave of absence for the remaining four months of his term as commissioner.
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June 25, 2024
Firm Fights NC High Court Review Of Fight With Fla. Clients
Wilson Ratledge PLLC urged the North Carolina Supreme Court to reject a petition by two Florida-based companies to duck a breach of contract suit by the Raleigh-based law firm, arguing that the trial court correctly found there are enough significant contacts with the state to haul the two companies into North Carolina court.
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June 25, 2024
DC Council OKs Tax Hikes On High-End Property, Payroll
Washington, D.C., would impose a special tax rate on high-end residential properties, boost the premium for the district's paid leave program and make other tax and spending changes under legislation passed Tuesday by the district council.
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June 25, 2024
Chancery OKs $71M Premier Deal, $14M Four-Firm Fee
Shareholder attorneys led by Friedlander & Gorris who negotiated a $71 million settlement to end derivative Delaware Chancery Court litigation with healthcare-purchasing giant Premier Inc. will get $14 million for their efforts, the total fee award they sought.
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June 25, 2024
Ariz. Court Slashes Value Of Low-Income Housing Complex
An Arizona housing complex subject to restrictions related to federal low-income housing tax credits was overvalued by a local assessor, the Arizona Tax Court said, slashing the valuation of the property by about three-fourths.
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June 25, 2024
IRS Apologizes To Hedge Fund Founder Over Leaked Tax Data
The IRS issued an extraordinary public apology Tuesday to hedge fund founder and billionaire Ken Griffin for the leak of his and others' tax information to the media by a former contractor who admitted to stealing the returns of thousands of wealthy individuals, including former President Donald Trump.
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June 25, 2024
Ore. Tax Court Affirms $13M Valuation For Lowe's Retail Outlet
The Oregon Tax Court affirmed the $13.4 million tax valuation of a Lowe's home improvement warehouse, rejecting the company's argument that the property should be valued as if it did not have a lease in place.
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June 25, 2024
NY Judge Partially Lifts Trump Gag Order Ahead Of Sentence
The Manhattan judge overseeing former President Donald Trump's hush-money case on Tuesday vacated key parts of a gag order intended to shield jurors and witnesses from his verbal attacks, although an order protecting the jurors' identities remains in place.
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June 24, 2024
Billionaire Drops Case Against IRS Over Tax Info Leak
Billionaire hedge fund founder Ken Griffin dropped his case Monday seeking to hold the IRS accountable for the leak of his tax return information in a data breach that affected thousands of wealthy and powerful taxpayers, including former President Donald Trump.
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June 24, 2024
Ex-Chicago Alderman Gets Two Years For Boosting Law Firm
An Illinois federal judge on Monday sentenced former Chicago Alderman Ed Burke to two years in prison and fined him $2 million for using his official position to steer tax business to his personal law firm, closing what prosecutors called "another sordid chapter" in the city's history of public corruption.
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June 24, 2024
Tax Preparers Win Recommendation For Class Cert. In OT Suit
A group of tax preparers have met the requirements to form a class in a suit accusing their former employer of failing to pay overtime, a New York federal magistrate judge said, rejecting the employer's argument that their request for class status came too late.
Expert Analysis
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Fears About The End Of Chevron Deference Are Overblown
While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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What To Know About IRS' New Jet Use Audit Campaign
The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Opinion
Neb. Justices Should Weigh IRC Terms In Dividend Tax Case
Nebraska’s highest court, which will hear oral arguments in Precision CastParts v. Department of Revenue on April 1, should recognize that the Internal Revenue Code provides key clues to defining “dividends received or deemed to be received,” and therefore limits Nebraska’s tax on foreign-sourced corporate income, says Joseph Schmidt at Ryan.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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A Legal Playbook For Stadium Construction Agreements
As a new wave of construction in the professional sports arena space gets underway, owners must carefully consider the unique considerations and risks associated with these large-scale projects and draft agreements accordingly, say attorneys at Akerman.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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How FinCEN Proposal Expands RE Transaction Obligations
Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.
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What To Know About Employee Retention Credit Disclosures
Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.
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Litigation Inspiration: A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Unpacking FinCEN's Proposed Real Estate Transaction Rule
Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.