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Tax
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October 02, 2024
NY Man Posed As Exec To Steal $810K Tax Refund, Feds Say
A New York man has been charged with intercepting an unnamed Connecticut investment firm's $810,337 tax refund and then impersonating an executive of the company to steal most of it.
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October 02, 2024
Mass. Tax Board OKs Exemption For Senior Home
A senior home on Martha's Vineyard is exempt from property taxes, a Massachusetts tax panel said in a decision released Wednesday, ruling that the owner, a charitable nonprofit, had a sufficient presence at the property for the exemption.
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October 02, 2024
Philippines Enacts 12% VAT On Foreign Digital Services
Google, Amazon and Netflix are among the companies expected to pay a 12% value-added tax on foreign digital service providers that was signed into law Wednesday by Philippines President Ferdinand Marcos Jr., according to government agencies.
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October 01, 2024
Amgen Must Face Suit It Misled Investors On $10.7B Tax Bill
Amgen lost an attempt to escape a potential class action claiming the pharmaceutical giant hid a $10.7 billion tax bill from investors after a New York federal court ruled there was sufficient evidence for the action to proceed.
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October 01, 2024
Ind. Tax Court Backs Use Of Old Burden-Shifting Statute
An Indiana assessor must provide evidence to back up a property's nearly $2 million valuation because the assessment occurred under a statute shifting the burden of proof to assessors if valuations increased over a certain threshold, the state's tax court said.
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October 01, 2024
Ireland Eyes Infrastructure With €14B From ECJ Apple Case
The Irish government is aiming to build infrastructure with the €14.1 billion ($15.6 billion) in corporate tax payments due from Apple Inc. following a European Court of Justice ruling that Ireland granted Apple illegal state aid, officials said Tuesday in announcing next year's budget.
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October 01, 2024
Foreclosure Class Wants To Stop Mich. Atty's Victim Outreach
Lawyers behind a proposed tax foreclosure class action in Michigan federal court have said an attorney who recently secured a settlement in a similar case sent a misleading solicitation letter to a client in a bid to undermine the proceedings.
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October 01, 2024
Treasury Plans Final Direct Pay Partnership Regs By Year-End
The U.S. Treasury Department is eyeing the end of the year to finalize regulations for development projects to elect out of their partnership tax status to qualify for a direct cash payment of their clean energy tax credits, an official said Tuesday.
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October 01, 2024
Estate Exaggerating Value Of Exec's Tax Tipoff, DC Circ. Told
A Dutch bank executive's estate is "vastly" overstating the significance of his tips to the IRS in seeking a whistleblower award for his reporting of tax schemes, the U.S. government told the D.C. Circuit, urging it to uphold the U.S. Tax Court's denial of the award.
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September 30, 2024
Wheeling & Appealing: The Latest Must-Know Appellate Action
The year's spookiest month is looking scary-good for appellate aficionados, as famed oral advocates joust in October over net neutrality and Uber's extraordinary bid to unravel multidistrict litigation — just two of the high-profile arguments previewed in this edition of Wheeling & Appealing. October also begins with former President Jimmy Carter turning 100, and we'll test your knowledge of his profound impact on the judiciary.
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September 30, 2024
11th Circ. Skeptical Of Peanut Truck Co.'s Excise Tax Refund
The Eleventh Circuit seemed skeptical of a lower court's decision to award a $37,000 excise tax refund to a manufacturer on its sale of wagons for carrying and drying peanuts, suggesting during oral arguments that the semitrailers may fail to qualify for a tax exemption for off-road vehicles.
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September 30, 2024
Biz Owner Gets 18 Months For Tax Fraud On $2.8M In Income
The owner of a metal fabrication company who admitted to neglecting to report nearly $3 million in business income to the Internal Revenue Service was sentenced to 18 months in prison, according to Connecticut federal prosecutors.
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September 30, 2024
Ex-Jersey Shore Mayor Admits To Benefits Theft, Tax Crimes
The former mayor of Wildwood, New Jersey, has admitted to unlawfully obtaining state health benefits, failing to disclose his outside employment and neglecting to report income from that job on state tax returns, New Jersey Attorney General Matthew J. Platkin and the Office of Public Integrity and Accountability announced Monday.
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September 30, 2024
Feds Seek Prison In Tax Case Linked To 'China Initiative'
Prosecutors have asked a Texas federal judge for an 18- to 24-month prison sentence for a Chinese-born engineer who pled guilty to tax crimes after being charged with export violations and fraud in a case the defense claims began as an espionage investigation under the U.S. Department of Justice's now-disbanded "China Initiative."
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September 29, 2024
Hunter Biden's Tax Privacy Case Can Proceed, Judge Says
Hunter Biden can move forward with his lawsuit against the federal government alleging the unauthorized disclosure of his tax return information by special agents and their attorneys who talked publicly about an investigation that culminated in Biden's copping to criminal tax charges, a D.C. federal judge ruled.
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September 27, 2024
Corporate Raider Accused Of Shirking $180M SEC Judgment
Corporate takeover specialist Paul A. Bilzerian, accused of ducking a more than $180 million judgment owed to the U.S. Securities and Exchange Commission for decades, was indicted alongside his longtime accountant and his cannabis company on Thursday, California federal prosecutors said Friday.
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September 27, 2024
Ex-Citizens' Renunciation Fee Suit Shipped To Claims Court
A D.C. federal judge ruled that a lawsuit brought by former U.S. citizens seeking a refund on their $2,350 citizenship renunciation fee belongs in the Court of Federal Claims.
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September 27, 2024
Constitution Permits Blocked Anti-Laundering Law, Panel Told
The U.S. government urged the Eleventh Circuit on Friday to reinstate the Corporate Transparency Act passed in 2021, arguing that the anti-money laundering law is within Congress' powers to regulate economic activity and necessary to have businesses report beneficial ownership to combat crimes like tax evasion and terrorist financing.
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September 27, 2024
Feds Say Crypto 'Godfather' Bribed Cops, Dodged Taxes
California federal prosecutors have accused a cryptocurrency startup founder nicknamed "The Godfather" of extortion, robbery and failing to pay taxes on fraudulent income that he allegedly used for personal luxuries including a Bel Air mansion rental and cosmetic surgery to make his legs longer.
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September 27, 2024
Ex-Conn. Police Chief Drops Atty Fee Ask After Lawsuit Win
The former police chief in Newington, Connecticut, dropped his demand for attorney fees after defamation claims against him were dropped and a state court judge ordered that, in order to collect, his lawyer may have to testify at an upcoming hearing.
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September 27, 2024
IRS Plans Transition Rules In Basis-Shifting Regs, Atty Says
The IRS plans to include transition rules in forthcoming proposed regulations that aim to clamp down on abusive tax avoidance practices through complex partnership transactions known as basis shifting, an agency attorney said Friday.
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September 27, 2024
Alvarez & Marsal Tax Appoints Former Weil Official
Alvarez & Marsal's tax affiliate announced it has appointed a former Weil Gotshal & Manges LLP executive as a senior official for the firm's compensation and benefits practice.
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September 27, 2024
Ex-Mass. State Sen. Says Conviction By All-White Jury Unfair
A former Massachusetts state senator has said his conviction on pandemic unemployment aid and tax fraud charges should be thrown out in part because the jury was all white.
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September 27, 2024
Taxation With Representation: Kirkland, Skadden, Cleary
In this week's Taxation With Representation, Blackstone and Vista Equity Partners acquire Smartsheet Inc., Macquarie Asset Management takes a stake in D.E. Shaw Renewables Investment Group, and Apogee Enterprises Inc. buys UW Interco LLC from Heartwood Partners.
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September 26, 2024
Belgian Co. Can't Keep Using Ad Space Rent-Free, ECJ Says
The European Court of Justice on Thursday upheld a 2019 European Commission ruling that a street furniture company's owed rent for Brussels bus shelter advertising space, agreeing with the commission that allowing the company to continue using the ad displays without paying rent or taxes constituted unlawful state aid.
Expert Analysis
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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Consider 2 Alternative Exit Plans In RE Distress Scenarios
In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.
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Tips For Balanced Board Oversight After A Cyberincident
The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.
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Opinion
SC's Courts Have It Wrong On Amazon Marketplace Sales Tax
The South Carolina Supreme Court should step in and correct the misguided change in tax law effectuated by lower court rulings that found Amazon owes state sales tax for marketplace sales made prior to the U.S. Supreme Court’s Wayfair v. South Dakota decision in 2018, says Hayes Holderness at the University of Richmond.
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IRS Sings New Tune: Whistleblower Form Update Is Welcome
In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Energy Community Tax Credit Boost Will Benefit Wind Sector
Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Opinion
Why Supreme Court Should Allow Repatriation Tax To Stand
If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.