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Tax
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August 30, 2024
Mich. Justices Won't Weigh In On Income Tax Cut's Duration
The Michigan Supreme Court will not review a lower appeals court's decision that found a revenue-triggered cut to the state's income tax rate in 2023 was in effect for only one year, the justices said Friday.
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August 30, 2024
Rule Aims To Widen Low-Income Green Electricity Tax Credits
Geothermal, hydropower, nuclear fusion and nuclear fission projects would be among the types of electricity facilities that could be eligible for clean electricity low-income community bonus credit amounts starting in 2025, the Internal Revenue Service and U.S. Treasury Department said in proposed rules released Friday.
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August 29, 2024
4th Circ. Won't Revive Whistleblower's Credit Suisse Tax Suit
The Fourth Circuit upheld the dismissal of a former Credit Suisse employee's whistleblower case that alleged the Swiss bank continued to help clients evade taxes after it made a related plea deal with the U.S., saying a 2023 U.S. Supreme Court decision on the False Claims Act could not save the case.
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August 29, 2024
Convicted Drexel Prof Says Records Would've Swayed Jury
A Drexel University accounting professor convicted on charges of tax evasion and filing false tax returns after the government accused him of failing to report $3.3 million in income from a Trenton pharmacy has asked a New Jersey federal judge for a new trial.
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August 29, 2024
GAO Suggests IRS Improve Retirement Account Oversight
The Internal Revenue Service needs to beef up its oversight of conflicts of interest between fiduciaries and individual retirement account investors, according to a U.S. Government Accountability Office report.
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August 29, 2024
Colo. Group Asks US Justices To Revive Ballot Law Dispute
A Colorado organization asked the U.S. Supreme Court to review a lower-court decision upholding a state law requiring financial impacts be included in the titles of some tax-related ballot initiatives.
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August 29, 2024
Couple Tells 5th Circ. Tax Overpayments Enable Refund Suit
A couple claiming they paid their tax bill should not be allowed to sue the Internal Revenue Service for a refund in a federal district court, the government told the Fifth Circuit on Thursday, saying the agency thinks the couple still owes about $480,000.
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August 29, 2024
Colo. Lawmakers OK Further Property Tax Rate Cuts
The Colorado Legislature approved a bill Thursday that would cut assessment rates and limit local property tax growth as part of an agreement to stop two ballot initiatives critics say would devastate funding for schools and other local services.
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August 29, 2024
Churches Attack Nonprofit Politics Ban As Unconstitutional
Churches and Christian advocacy groups asked a Texas federal court to declare unconstitutional a provision in the Internal Revenue Code that prevents tax-exempt nonprofits from endorsing political candidates, saying the IRS discriminates against conservative religious groups and churches in applying the law.
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August 29, 2024
IRS Corrects Partnership Conservation Easement Limit Rules
The Internal Revenue Service issued corrections Thursday to finalized rules that curb the conservation easement tax deduction claimed by certain partnerships under the Secure 2.0 Act.
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August 28, 2024
Hunter Biden's Addiction Expert Knocked Out Of Tax Trial
A California federal judge on Tuesday barred Hunter Biden's expected addiction expert from testifying in his upcoming trial on tax charges, saying the expert's opinions hadn't been clearly linked to the specifics of Biden's own struggle.
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August 28, 2024
Pa. Atty Admits To Dodging Taxes On Mass Tort Deal Fees
A Pennsylvania attorney pled guilty Wednesday to failing to pay taxes for approximately $1.2 million in income she received over three years, depriving the government of up to half a million dollars in revenue, according to the U.S. Attorney's Office for the Middle District of Pennsylvania.
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August 28, 2024
Feds Looks To Toss Ex-Citizens' Renunciation Fee Challenge
The federal government asked a D.C. federal judge to throw out a lawsuit brought by former U.S. citizens who want their $2,350 citizenship renunciation fee refunded, arguing during a Wednesday hearing that the United States is immune from the litigation and the plaintiffs can't relitigate claims that they already lost.
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August 28, 2024
Colo. House OKs Additional Property Tax Rate Cuts
The Colorado House approved a legislative package Wednesday aimed at limiting property tax increases by lowering assessment rates and capping local revenue growth, sending the measures to the state Senate.
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August 28, 2024
IRS Must Reconsider Pair's Ability To Pay Tax Liability
The U.S. Tax Court sent a case involving a levy against a pair of Californians for six years' worth of tax deficiencies back to the IRS' Office of Appeals, saying Wednesday that more work needs to be done to determine the couple's ability to pay.
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August 28, 2024
NY Firm Calls Gas Co.'s Contract And Fee Claims Duplicative
Albany, New York-based Whiteman Osterman & Hanna LLP has moved to trim breach of contract and disgorgement of fees claims brought by a former client over allegedly bungled tax advice, telling a New York federal judge the claims are redundant when the ex-client is also pursuing a legal malpractice cause of action.
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August 28, 2024
Atlanta's Ex-CFO Gets 3 Years For 'Triple-Dipping' In Coffers
Atlanta's former chief financial officer became the latest city hall official to head to prison on corruption charges Tuesday, after getting hit with a three-year prison sentence for what prosecutors called a "triple-dipping" scheme into city coffers to pay for swanky vacations and illegal firearms.
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August 28, 2024
Farm Co. Defends Switch To Amortization In 8th Circ. Tax Fight
An Arkansas company that leases land eligible for government farm subsidies was entitled to start amortizing the acres for better tax treatment without notifying the IRS, the company told the Eighth Circuit, asking the court to overturn a decision denying its related deductions for 2013 and 2014.
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August 28, 2024
Greenberg Traurig Builds PE Team With Kirkland Hires
Greenberg Traurig LLP has brought on two fund formation partners from Kirkland & Ellis LLP to continue its growth into the private equity space, according to an announcement this week by the firm.
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August 27, 2024
Colo. House Advances Further Cuts To Property Tax Rates
The Colorado House advanced legislation Tuesday to limit property tax growth, a move supporters hope will also stave off a pair of ballot initiatives that critics say would devastate schools and other local services.
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August 27, 2024
Treasury Asked To Scrap Stock Buyback Tax's Funding Rule
Business groups urged the U.S. Treasury Department on Tuesday to remove what's known as the funding rule in forthcoming final regulations on the stock buyback tax, saying the provision would go beyond Congress' intentions for the levy, which aims to deter companies from giving outsize rewards to shareholders.
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August 27, 2024
Biz Owner Gets 22 Months For Keeping $2.5M In Payroll Tax
A man who ran construction companies was sentenced to nearly two years in prison and ordered to pay about $2.5 million in restitution to the federal government after admitting he didn't pay employment taxes, the U.S. Attorney's Office for the Northern District of Georgia said Tuesday.
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August 27, 2024
Ex-Trooper Asks To Delay Prison In OT Scam Amid Appeal
A former Massachusetts state trooper asked to stay his five-year prison sentence for stealing overtime pay, lying on his taxes and cheating to get student aid for his son — a request prosecutors said was "yet another attempt to delay justice in this case."
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August 27, 2024
Starmer Warns Of 'Painful' Budget As UK Braces For Tax Hikes
U.K. Prime Minister Keir Starmer warned Tuesday of "painful" decisions to plug budget gaps, including tax increases and spending cuts, looming in the Oct. 30 budget statement.
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August 26, 2024
Ex-Braves Tell 11th Circ. Easement Appeal Not Premature
A partnership created by former Atlanta Braves players urged the Eleventh Circuit to review its $47 million conservation easement lawsuit, saying the IRS' motion to dismiss the appeal for premature filing was a mere attempt to sow confusion in the proceedings.
Editor's Picks
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Blockchain Tech May Present New Transfer Pricing Challenges
Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
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Trump-Era Tariff Angst Hasn't Gone Away Under Biden
The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
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3 Major Implications For States In Biden's Tax Plans
President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.
Expert Analysis
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Pros, Cons Of Disclosing Improper Employee Retention Credit
Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Assessing The Practicality Of Harris' Affordable Housing Plan
Vice President Kamala Harris' proposed "Build the American Dream" plan to tackle housing affordability issues takes solid recommendations into account and may fare better than California's unsuccessful attempt at a similar program, but the scope of the problem is beyond what a three-point plan can solve, says Brooke Miller at Sheppard Mullin.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Brownfield Questions Surround IRS Tax Credit Bonus
Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Why DOJ's Whistleblower Program May Have Limited Impact
The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.