Tax

  • 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.

  • May 13, 2024

    Income Nixes Exxon's 'Final Loss' Deduction, Court Says

    Exxon's Norwegian operation cannot deduct 900 million krone ($83.2 million) from its fiscal year 2012 taxable income that it spent liquidating an Exxon subsidiary in Denmark, a European court ruled Monday.

  • May 13, 2024

    2nd Circ. Won't Revive UBS Suit Over Disclosed Account Info

    The Second Circuit declined Monday to revive a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service, finding that any alleged harm resulting from an audit would have been caused by the agency itself.

  • May 13, 2024

    Texas Farming Couple Owe $1.9M, Tax Court Says

    An oral surgeon and his wife who raised large deer and bass for hunting and ecotourism in Texas are on the hook for nearly $1.9 million in taxes, as a U.S. Tax Court decision issued Monday found that they weren't entitled to farming deductions.

  • May 13, 2024

    Mass. Tax Board Rejects Plea To Cut Home Valuation

    A Massachusetts homeowner's argument that his property was overvalued because its assessment increased by a higher percentage than those of neighboring properties was rejected by the state's tax appeals board in a decision released Monday.

  • May 13, 2024

    Houston Truck Co. Doesn't Owe $2M Excise Tax, 5th Circ. Told

    A Houston truck company that sells tires made by a Chinese manufacturer doesn't owe $2 million in import taxes because it's not legally the tire importer, the company told the Fifth Circuit in asking it to affirm a ruling that could split circuits.

  • May 13, 2024

    Semisubmersible Co. CEO Convicted Of Fraud, Fleeing Law

    The CEO of a semisubmersible manufacturer has been convicted by a Hawaii federal jury of financial fraud, witness tampering and attempting to escape law enforcement in one of his company's ocean vessels.

  • May 13, 2024

    Cohen Says Trump Knew Hush Money Records Were False

    Donald Trump's former attorney Michael Cohen took the witness stand Monday in the ex-president's New York criminal case, testifying that his longtime "boss" directed him to make hush money payments to alleged paramours and that Trump later agreed to the "legal services" label for a six-figure reimbursement despite seeing paperwork that showed otherwise.

  • May 13, 2024

    Coverage Recap: Day 12 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 Monday, day 12 of the trial.

  • May 10, 2024

    4th Circ. Judge Suspects 'Abuse' In Land Donor Tax Case

    The Fourth Circuit appeared poised Friday to rule that a couple owes taxes and penalties after claiming an inflated $5.1 million valuation on donated land for deductions, with one judge positing he believed the couple had engaged in "abuse" of a conservation donation.

  • May 10, 2024

    Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim

    A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.

  • May 10, 2024

    Newsom Says No Tax Increases Planned In Calif. Budget

    California would not increase taxes or impose new taxes under a revised budget plan presented Friday by Democratic Gov. Gavin Newsom.

  • May 10, 2024

    Cohen Urged To Stop Trashing Trump As Testimony Nears

    The Manhattan judge overseeing Donald Trump's criminal hush money trial made clear Friday that he wants star witness Michael Cohen to stop talking publicly about the charges as the former president's erstwhile attorney prepares to take the stand as soon as Monday.

  • May 10, 2024

    DC Tax Atty Can't Use Ch. 7 To Ditch Depo In $19M Theft Suit

    A corporate D.C. tax attorney accused of bilking a former client out of $19 million via a captive insurance scam will be deposed, despite a stay in the Maryland federal case against him and his firm after both filed for bankruptcy.

  • May 10, 2024

    SEC Targets Fatburger's Parent Co. In $27M Loan Scheme

    The restaurant company that owns Fatburger and Fazoli's made illegal loans to its director and former chief executive, who spent $27 million in company money on himself while skirting taxes and leaving the company struggling, the Securities and Exchange Commission told a California federal court Friday. 

  • May 10, 2024

    Coverage Recap: Day 11 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 Friday, day 11 of the trial.

  • May 10, 2024

    The Week In Trump: All Eyes On NY As Other Cases Lag

    Donald Trump's Manhattan hush money trial took center stage with dramatic testimony from adult film actress Stormy Daniels, while the former president's criminal cases in Georgia and Florida ran into delays that could last through Election Day.

  • May 09, 2024

    Daniels Defiant As Trump Atty Attacks Hush Money Account

    Adult film star Stormy Daniels was defiant on Thursday in the face of a grueling cross-examination by counsel for Donald Trump in the Manhattan hush money trial, who sought to discredit her account of a 2006 sexual encounter with him at a celebrity golf tournament.

  • May 09, 2024

    Biz Owner Admits Hiding $3.4M In Income To Dodge Taxes

    A San Francisco Bay Area man has pled guilty to tax evasion in California federal court, admitting he dodged some of the income tax he owed over a four-year period by concealing more than $3.4 million he earned from his businesses.

  • May 09, 2024

    Ore. Tax Court Drops Valuation Of Mobile Home Park

    An Oregon mobile home park should be reduced in value from $2.3 million to $1.7 million because an income analysis presented by the owners reflected the property's real market value better than a local assessor's method, the state's tax court said.

  • May 09, 2024

    Plumbing Co. Owner Cops To Tax Scheme Tied To Gold Bars

    The co-owner of a Boston plumbing supply company pled guilty Thursday to underreporting his business and personal income, after prosecutors said he plowed some of the unreported receipts into $10 million worth of gold and silver bars.

  • May 09, 2024

    Coverage Recap: Day 10 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 to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day 10.

  • May 09, 2024

    Biden Taps Housing Atty, 2 More For Tax Court

    President Joe Biden nominated three attorneys Thursday to serve as judges on the U.S. Tax Court, including a housing attorney who specializes in federal low-income housing tax credits, a legislative counsel for the Joint Committee on Taxation and an IRS attorney.

  • May 09, 2024

    Ind. Tax Review Board Says Home Isn't Tax-Exempt Parsonage

    An Indiana home owned by a religious organization doesn't qualify for a property tax exemption granted to religious organizations because the property was shown to be used for nonreligious purposes, the state Board of Tax Review said.

  • May 09, 2024

    IRS Publishes Inflation-Adjusted HSA Amounts

    The Internal Revenue Service issued the inflation-adjusted amounts Thursday for health savings accounts for 2025 as well as the maximum amount that may be made available for excepted benefit health reimbursement arrangements.

Expert Analysis

  • Series

    The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'

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    The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.

  • Opinion

    Newman Suspension Shows Need For Judicial Reform

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    The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.

  • EPA Report A Reminder That Fuel Credits Are 'Buyer Beware'

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    A recent report from the U.S. Environmental Protection Agency's Office of Inspector General is a reminder that fraud risk in the renewable fuel identification number market remains, and that purchasers are ultimately responsible for ensuring the validity of credits they buy, say David McIndoe and Nick Hillman at Eversheds Sutherland.

  • How And Why Your Firm Should Implement Fixed-Fee Billing

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    Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Opinion

    Judicial Independence Needs Defense Amid Political Threats

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    Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.

  • How Law Firms Can Use Account-Based Marketing Strategies

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    Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.

  • While Risks Exist, AI Could Transform IRS Enforcement

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    The Internal Revenue Service's recently announced use of artificial intelligence could revolutionize the agency's enforcement efforts, and transparency about its use and a forum for challenging AI findings could help mitigate fears that the technology will increase bias, say attorneys at Lewis Brisbois.

  • AGs' Distaste For Food Bill May Signal Other State Issues

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    States' recent opposition to a proposed federal law that would block them from regulating out-of-state agricultural production could affect issues beyond this narrow debate, such as the balance of state and federal regulatory power, reproductive rights post-Dobbs, and energy production and water use, say Christopher Allen and Stephen Cobb at Cozen O'Connor.

  • Strategic Succession Planning At Law Firms Is Crucial

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    Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.

  • Maximizing Law Firm Profitability In Uncertain Times

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    As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.

  • 5th Circ. Ruling Reminds Attys That CBP Can Search Devices

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    The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.

  • Enforcement Of International Tax Reporting Is Heating Up

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    Since the U.S. Supreme Court’s February decision in Bittner v. U.S. changed how penalties for failure to report offshore accounts are calculated, recent developments suggest the government is preparing to step up enforcement and vigorously pursue the collection of resulting penalties, say Daniel Silva and Agustin Ceballos at Buchalter.

  • How Gov't Agencies Will Fare In The Event Of A Shutdown

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    With a federal shutdown potentially set to begin at the end of this month, it may be useful to consider the approximate timelines that agencies such as the Federal Trade Commission and IRS have announced for curtailing operations, and potential strategies for mitigating challenges that may arise while agency functions are limited, say attorneys at Cleary.

  • Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees

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    The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • 4 Pharma Industry Arguments Against CMS Drug Pricing Plan

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    The Centers for Medicare & Medicaid Services is facing significant pushback regarding its plans for implementing the Inflation Reduction Act's Medicare drug price negotiation program, due to a number of potential repercussions for manufacturers, say attorneys at Mintz Levin.

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