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Tax
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May 03, 2024
Medical Testing Co. Not In Health Field For Taxes, IRS Says
A company that fills medical testing orders for its customers is nonetheless not a business involved in performing services in the health field for certain tax purposes, the Internal Revenue Service said in a private letter ruling released Friday.
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May 03, 2024
US Trade Position Seen Contradicting Stance In Pillar 1 Talks
The U.S. trade representative's withdrawal of support for digital trade proposals has caused tax policy observers to worry that the U.S. position on trade is undermining that of U.S. Treasury Department officials negotiating a taxing rights overhaul at the OECD known as Pillar One.
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May 03, 2024
SEC Fines Trump Media's Audit Firm For 'Massive Fraud'
The U.S. Securities and Exchange Commission said on Friday that it has fined and permanently suspended the public accounting firm of former President Donald Trump's social media company for allegedly running a "sham auditing mill" by failing to meet industry standards in reviewing the financial statements of hundreds of clients.
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May 03, 2024
IRS Can Assess Foreign Info Disclosure Penalty, DC Circ. Says
The D.C. Circuit on Friday overturned a major U.S. Tax Court ruling that had struck down the Internal Revenue Service's authority to assess and administratively collect penalties from taxpayers for failing to file an information return on their interests in a foreign corporation.
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May 03, 2024
Final EV Tax Credit Regs Add New Battery Tracing Test
The U.S. Treasury Department unveiled final regulations Friday for the up to $7,500 electric vehicle tax credit that include a more detailed process for automakers to trace the battery supply chain to qualify for the credit's domestic content requirements.
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May 02, 2024
Hahn Air To Pay Feds $26.8M To End FCA Travel Fees Suit
Hahn Air Lines agreed to pay $26.8 million to resolve a whistleblower's allegations that the German airline-ticketing company violated the False Claims Act by intentionally failing to remit to the U.S. government certain travel fees the company collected from U.S. commercial airline passengers.
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May 02, 2024
Texas Tax Preparers Cop To $3.7M Tax Fraud Scheme
The owner of a Texas tax preparation company and her two sisters who worked as employees all pled guilty Thursday to preparing nearly $3.7 million worth of false returns riddled with fraudulent credits, according to the U.S. Department of Justice.
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May 02, 2024
DOL Hit With First Lawsuit Over New Investment Advice Regs
The U.S. Department of Labor was hit with a lawsuit Thursday in Texas federal court seeking to invalidate recently finalized regulations that broaden who qualifies as a fiduciary under the Employee Retirement Income Security Act, marking the first-filed legal challenge since the agency's late-April final release.
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May 02, 2024
Mass. Property Is Agricultural, Appellate Board Says
A 14-acre property should be classified as agricultural, as the owner proved the land's main use was farming, the Massachusetts Appellate Tax Board said in a ruling released Thursday.
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May 02, 2024
Wyden Pushes Intuit To Help Users Get Refunds After Error
The Senate's top tax writer told Intuit's CEO that the company needs to help taxpayers in Oregon, the senator's home state, receive the full refunds they're entitled to after a reported error in its TurboTax product caused some Oregonians to overpay their state taxes.
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May 02, 2024
HMRC Asked To Investigate Firm On Dodging Sanctions
HM Revenue & Customs should investigate a German-owned garage door manufacturer for violating sanctions by importing products from Belarus into the U.K., but instead authorities brushed off the case and now the company might receive a license, a U.K. lawmaker said.
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May 02, 2024
Coverage Recap: Day 6 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 day six.
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May 02, 2024
Nixon Peabody Adds Two Community Finance Attys In DC
Nixon Peabody LLP has hired two partners, who will focus their practices on helping nonprofits and other clients understand and obtain tax credits for a range of community development projects, to its community development finance practice in Washington, D.C., the firm announced Thursday.
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May 02, 2024
Feds Want Prison For Ex-Public Defender For Tax Fraud
A former chief public defender in Minneapolis who in seeking leniency said he resigned in disgrace amid accusations that he failed to pay taxes for years on his private law firm should nonetheless spend eight months in prison after pleading guilty, prosecutors told a Minnesota federal court.
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May 02, 2024
Former Mich. Speaker, Wife Arraigned On Embezzling Charges
A former speaker of the Michigan House of Representatives and his wife pled not guilty on Thursday to multiple financial crimes and received the judge's blessing to travel out of state to attend the Kentucky Derby, in their first court appearance since the charges were announced.
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May 01, 2024
T-Mobile Gets Tax Reimbursement Suit Tossed For Good
T-Mobile has convinced a New Jersey federal court to toss for good a suit brought by a middleman seeking to collect tax reimbursements the mobile behemoth had supposedly promised a landlord after it didn't fix the deficiencies in its suit the third go round.
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May 01, 2024
Senate Dems Reintroduce Bill To Tax And Regulate Cannabis
Senate Democrats on Wednesday reintroduced a cannabis legalization bill that would remove the drug entirely from the ambit of the Controlled Substances Act and impose a tax-and-regulate scheme akin to what is currently in place for alcohol and tobacco.
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May 01, 2024
Colo. House OKs Tax Credits For Middle-Income Housing
The Colorado House approved a pilot program Wednesday to provide a tax credit to developers of housing aimed at middle-income residents
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May 01, 2024
No Relief For Fla. Adviser Convicted In $80M Trading Scam
The Eleventh Circuit on Wednesday affirmed the conviction of a Florida investment adviser who bilked more than $80 million from the hundreds of people he persuaded to invest in a fraudulent company, after concluding he was not in custody when he made statements to the police.
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May 01, 2024
Middle East, North African Gov'ts Back UN For Corp. Tax Talks
Governments should make a high-level commitment to address corporate tax reform within the United Nations' framework convention on international tax cooperation, an intergovernmental group of Middle Eastern and North African countries said Wednesday.
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May 01, 2024
Ex-NFL Star Romanowski Files For Ch. 11 Amid $15M Tax Suit
Ex NFL star and Super Bowl champion Bill Romanowski has filed for Chapter 11 protection in California after being slapped with a $15.5 million income tax suit.
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May 01, 2024
UN Must Improve Corp. Tax Rules, Platforms, Some Gov'ts Say
Governments must commit to improving existing corporate tax rules and platforms created at the OECD within the terms of reference for a United Nations framework convention on global tax cooperation, two tax officials who participated in drafting those rules said Wednesday.
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May 01, 2024
Metal Biz Owner Cops To Tax Fraud On $2.8M Income
The owner of a metal fabrication company admitted to neglecting to report nearly $3 million in business income to the IRS, Connecticut federal prosecutors announced.
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May 01, 2024
In Trump Staredown With NY Judge, 'Somebody Has To Blink'
Experts say Donald Trump will likely continue to ignore warnings from the court, and possibly his own attorneys, as his Manhattan hush money trial resumes Thursday with a fresh set of arguments over the presumptive Republican presidential nominee's out-of-court statements.
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May 01, 2024
Billionaire Energy Co. Founder Sues Booz Allen Over IRS Leak
Energy Transfer co-founder Kelcy Warren accused government contractor Booz Allen Hamilton of failing to supervise an employee who stole Warren's private tax information and that of thousands of other wealthy people while on assignment at the IRS, according to a complaint in Maryland federal court.
Expert Analysis
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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.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.