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Tax
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January 15, 2025
Booz Allen Must Pay For Harm Of Tax Info Leaks, Court Told
A proposed class action in Maryland federal court blames IRS contractor Booz Allen Hamilton over the thousands of tax returns that were stolen by an employee who took financial information about President-elect Donald Trump and others while on the job and leaked it to the media.
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January 15, 2025
IRS Issues Corp. Bond Monthly Yield Curve For Jan.
The Internal Revenue Service on Wednesday published the corporate bond monthly yield curve for January for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.
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January 14, 2025
DA Says Trump's Appeals To Intervene In NY Case Now 'Moot'
Counsel for the Manhattan district attorney urged both a federal and a state appeals court to toss out Donald Trump's lingering invitations to intervene in his hush money case now that he's been sentenced, arguing there's no need for a "bizarre mechanism" when Trump can appeal normally.
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January 14, 2025
Retroactive Foreclosure Rule Bars Suit, Mich. County Says
A Michigan county has urged a federal judge to toss a proposed class action alleging that it kept surplus proceeds from tax-foreclosed home sales, saying the homeowner bringing the claims hasn't yet used the state's process for securing the proceeds.
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January 14, 2025
Mo. House Bill Seeks Deduction For Property Tax Payments
Missouri would allow taxpayers to claim an income tax deduction for property tax payments under a bill introduced in the state House of Representatives.
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January 14, 2025
Easement Worth $1M, Not $18M, Gov't Tells 11th Circ.
The U.S. Tax Court was right to believe expert testimony that a claimed conservation easement donation of roughly $18 million was only worth $1 million, the government told the Eleventh Circuit, urging it to reject the donors' claims that the expert was unreliable.
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January 14, 2025
Justices Suggest 7th Circ. Revisit False Statement Decision
Several U.S. Supreme Court justices seemed ready Tuesday to ask the Seventh Circuit to review a former Chicago alderman's conviction for lying about money he borrowed from a now-shuttered bank under a narrower standard, but the justices appeared skeptical that he would beat the case even with a fresh look.
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January 14, 2025
Trump Announces Plans To Create 'External Revenue Service'
President-elect Donald Trump said Tuesday that he planned to create an "External Revenue Service" that would collect tariffs and revenue from foreign countries.
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January 14, 2025
Feds Ask 2 Years For Ex-Pol On Tax, Pandemic Aid Charges
A former Massachusetts state senator should spend two years in prison after being convicted of illegally obtaining unemployment assistance and filing a false tax return, the federal government argued, citing the "greed" at the heart of the politician's conduct.
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January 14, 2025
DOL Finalizes ERISA Voluntary Correction Program Changes
The U.S. Department of Labor's employee benefits arm has finalized changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors, according to a notice the agency posted online Tuesday.
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January 13, 2025
Special Counsel Slams Biden's Critique Of Son's Prosecution
The special counsel who oversaw the investigation into Hunter Biden, which was wiped out by a presidential pardon, released a report published Monday criticizing President Joe Biden's "baseless accusations" that his son was "selectively" prosecuted and warning that such comments threaten "the integrity of the justice system as a whole."
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January 13, 2025
On Cross, Madigan Says He Merely Helped Job-Seekers
Former Illinois House Speaker Michael Madigan distanced himself Monday from political allies who prosecutors say bribed him for jobs and other benefits, saying his recommendations were just that, and that he thought he was effective in shutting down a former alderman's quid pro quo suggestion.
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January 13, 2025
Feds Say Par Funding Fraud Caused $404M In Losses
Prosecutors and defense attorneys spent hours in a marathon hearing Monday trying to convince a Pennsylvania judge of how much financial damage they thought the principals of the Par Funding merchant lending business did by allegedly fleecing investors, with the government pushing for a $404 million figure.
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January 13, 2025
Ex-Cook County Assessor Officer Hit With Bribery Charges
A chief hearings officer for former Cook County Assessor Joseph Berrios' office accepted bribes, including from a law firm's tax consultant, when handling a property assessment appeal, a new lawsuit in Illinois federal court alleges.
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January 13, 2025
AGs, Lobbyists Ask Justices To Keep Shell Co. Law Blocked
The U.S. Supreme Court should deny the federal government's emergency application to stay a Texas district court's injunction on a law aimed at cracking down on crimes committed with shell companies, according to numerous state attorneys general and interest groups and a handful of small businesses.
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January 13, 2025
Tax Firm Asks Court To Ax Final IRS Microcaptive Rules
A global tax services provider asked a Texas federal court to vacate finalized tax rules requiring the reporting of certain transactions involving captive insurance companies deemed as potentially abusive, arguing the guidance goes beyond the agency's authority.
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January 13, 2025
Sen. Warren To Grill Treasury Pick On Trump's Tax Agenda
Sen. Elizabeth Warren, D-Mass., plans to ask Treasury secretary nominee Scott Bessent at his confirmation hearing in front of the Senate Finance Committee on Thursday about President-elect Donald Trump's tax agenda and plans for the Internal Revenue Service, according to a letter she sent the nominee.
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January 13, 2025
Ore. Tax Court Says No Depreciation On Residences
The owners of a pair of Oregon residences were denied depreciation deductions against their state income taxes because they did not demonstrate that the homes were income-producing properties, the state tax court said.
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January 13, 2025
Ore. Court OKs Farm Tax Break For Landfill, Corn Maze
Portions of property in a farming operation used for a corn maze and for a landfill that was part of a remediation effort are eligible for a special agricultural property tax assessment, the Oregon Tax Court ruled.
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January 13, 2025
Ind. Bill Would Restrict Property Tax Referendum Placement
Indiana would limit when school corporations may place referendums authorizing certain property tax levies on a ballot to general elections, under a bill introduced Monday in the state House of Representatives.
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January 13, 2025
IRS Eases Process Of Insurance Co. Alternate Tax Revocation
The Internal Revenue Service laid out a streamlined process Monday by which certain insurance companies that took an elective application of an alternative tax may obtain automatic consent to revoke that election.
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January 13, 2025
Ind. Senate Bill Seeks To Cap Local Property Tax Hikes
Indiana would not allow a political subdivision to increase its property tax levy if there is not an increase in the subdivision's assessed value under a bill introduced Monday in the state Senate.
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January 13, 2025
Tax-Exempt Regs Should Cover Trust Payments, Tribes Say
Five tribal leaders told the U.S. Treasury Department on Monday that trust payments distributed to members, including those issued to minors and special-needs individuals, should be included among the tribal welfare benefits that recent proposed rules would exempt from federal income taxes.
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January 13, 2025
Ky. House Bill Seeks Referendum Toward Axing Property Tax
Kentucky would put forward a referendum asking voters to give lawmakers the power to eliminate the state's property tax by exempting all property classes from tax under a bill introduced in the state House of Representatives.
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January 13, 2025
Tax-Lien Biz Atty Accused Of Duping Bank Can't Touch Money
A Manhattan federal judge declined Monday to unfreeze assets on behalf of a former compliance lawyer accused of duping a bank into lending his tax-lien investment firm $20 million, complicating his plan to go to trial with private counsel.
Expert Analysis
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Opinion
Portland's Gross Receipts Tax Oversteps City's Authority
Recent measures by Portland, Oregon, that expand the voter-approved scope of the Clean Energy Surcharge on certain retail sales eviscerate the common meaning of the word "retail" and exceed the city's chartered authority to levy tax, say Nikki Dobay at Greenberg Traurig and Jeff Newgard at Peak Policy.
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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.