Tax

  • November 21, 2024

    11th Circ. Asked To Rethink $100M Credit For John Hancock

    The Eleventh Circuit should reverse its decision allowing John Hancock Life Insurance Co. to keep $100 million in foreign tax credits that rightfully belong to the company's investors, trustees of a retirement plan said in arguing that the court overlooked a key U.S. Treasury regulation.

  • November 21, 2024

    Gaetz Ends AG Bid, Citing 'Distraction' To Trump Transition

    Former U.S. Rep. Matt Gaetz withdrew his name from consideration Thursday as President-elect Donald Trump's nominee for attorney general amid allegations of sexual misconduct and drug use.

  • November 21, 2024

    Chewy Investors Sue BC Partners In Del. Over PetSmart Deal

    British international investment giant BC Partners exploited its control of online pet product retailer Chewy Inc. when a BCP affiliate merged into Chewy after divesting its interest in PetSmart Inc., saddling Chewy with a potential $1.9 billion post-deal tax liability, according to a new Delaware Court of Chancery complaint.

  • November 20, 2024

    Musk, Ramaswamy Say High Court Rulings OK Federal Cuts

    Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.

  • November 20, 2024

    NJ Court Must Revisit Assessor's Workplace Retaliation Claim

    A New Jersey trial court must revisit a municipal tax assessor's workplace retaliation claim as the case used by the court in its decision doesn't exempt assessors from the state's employee protection law, an appellate panel ruled Wednesday.

  • November 20, 2024

    Fla. Tax Preparer Gets 4 Years For Tax Fraud Scheme

    A barred Florida tax preparer was sentenced to four years in prison for falsifying returns to trigger inflated refunds for participants in a three-year tax fraud scheme called the "note program," the U.S. Department of Justice said Wednesday.

  • November 20, 2024

    Feds Want 1 Year In Prison For Accountant Who Hid $1.4M

    An accountant who hid $1.4 million from the IRS should be sentenced to at least a year in prison despite his stated mental health issues, the government told a Connecticut federal court, saying he seemed driven at least partly by greed and thought he wouldn't get caught.

  • November 20, 2024

    Irish Social Democrats Run On Wealth Tax For Millionaires

    Ireland's Social Democrats are campaigning for this month's general election on a 0.5% tax on individuals' assets over €1 million ($1.1 million) — excluding homes, family businesses, art and pensions — and 1% for assets over €2 million, according to its manifesto.

  • November 20, 2024

    NJ Power Broker, Attys Demand Wiretap Docs In RICO Case

    George E. Norcross III, a politically influential insurance executive in New Jersey, and others accused alongside him of a massive racketeering scheme demanded Wednesday that state prosecutors turn over complete wiretap application information dating back to 2016, arguing that those details form the core of the state's case against them.

  • November 20, 2024

    Boston Mayor Touts Property Tax Relief Bill Before Panel

    Massachusetts lawmakers should allow Boston to adjust its property tax calculations to stabilize the share borne by residences, mitigating an impending tax hike, and boost a business personal property tax exemption, Boston's mayor told a legislative panel Wednesday.

  • November 20, 2024

    Trump Wants 'Immediate Dismissal' Of NY Hush Money Case

    President-elect Donald Trump's legal team told the New York judge who presided over his hush money trial that his conviction should be thrown out due to his "overwhelming victory" at the polls, according to a filing released Wednesday.

  • November 19, 2024

    Turkish Tax Inspectors Target Alcohol Cos. For Evasion

    Turkish tax inspectors raided 100 addresses tied to alcohol businesses as part of an ongoing crackdown against suspected tax evasion by companies with 100 billion lira ($2.9 billion) in combined revenue, Turkey's Ministry of Treasury and Finance told state news media.

  • November 19, 2024

    'Survivor' Winner Needs To Pay $3.3M Tax Bill, Judge Advises

    The winner of the "Survivor" television series who evaded taxes on his $1 million in prize money and served time in prison should pay $3.3 million of his civil liabilities, including fraud penalties, a federal magistrate judge said.

  • November 19, 2024

    Ohio Board OKs Income Approach In Two Theater Valuations

    Two Ohio movie theaters should be valued using the income approach to valuation applied by a county appraiser, the state tax board said in separate rulings involving two counties.

  • November 19, 2024

    G20 To Cooperate On Soft Law For Taxing Ultra-Wealthy

    Leaders of the world's largest economies intend to cooperate on taxing "ultra-high-net-worth individuals" through soft law approaches such as exchanging best practices and creating model policies that address tax avoidance, according to a Group of 20 Nations declaration.

  • November 19, 2024

    Liberty Global Tax Break Based On Void Moves, 10th Circ. Told

    The economic substance doctrine is broad and can invalidate telecommunications company Liberty Global's transaction that led to a $2.4 billion deduction because steps taken to maximize the tax break lacked business purpose, a government attorney told the Tenth Circuit on Tuesday.

  • November 19, 2024

    IRS Can Extend Deadline Over Preparer's Fraud, 3rd Circ. Told

    The Third Circuit should affirm a U.S. Tax Court ruling allowing the Internal Revenue Service to skirt the normal deadlines and assess taxes going back to 1993 against a couple who were unaware that their tax preparer had falsified their returns to lower their liabilities, the government said.

  • November 19, 2024

    DA Says Trump Sentencing Could Be Delayed Until 2029

    Manhattan prosecutors on Tuesday suggested that President-elect Donald Trump's criminal sentencing could be delayed until after he serves out his next term, but urged a judge not to throw out his conviction over an alleged hush money scheme.

  • November 19, 2024

    Treasury Finalizes Partnership Tax Credit 'Direct Pay' Regs

    The U.S. Treasury Department finalized regulations Tuesday to make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.

  • November 18, 2024

    EU Members Face Choice Over Trump Tax Stance, Group Says

    Member states of the European Union will have to pick a side if President-elect Donald Trump's incoming administration abandons global tax reform, the Tax Justice Network said Monday.

  • November 18, 2024

    Mo. Bank Properly Valued At $1.1M, Commission Rules

    A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.

  • November 18, 2024

    Nursing Home Owner Pleads Guilty A 2nd Time To Tax Fraud

    A nursing home operator pled guilty for the second time in Newark federal court on Monday to a $38.9 million employment tax fraud scheme involving care centers he owned across the country.

  • November 18, 2024

    Mo. Tax Commission Upholds Storage Facility's $7.4M Value

    A Missouri storage facility was properly valued at $7.4 million because the real estate company that owned the facility failed to prove the value should be lowered to $2.7 million, the state tax commission said. 

  • November 18, 2024

    Bracewell Expands Tax Bench With V&E Atty In Dallas

    Bracewell LLP announced Monday that it has deepened its tax department with a new partner in Dallas who came aboard from Vinson & Elkins LLP, bringing experience handling matters in energy and various other industries.

  • November 18, 2024

    11th Circ. Shelves Peanut Truck Co.'s Excise Tax Refund

    The Eleventh Circuit has overturned a decision awarding an excise tax refund to a manufacturer for selling wagons that dry and carry peanuts, saying the refund is reserved for vehicles that are specially designed for off-highway transportation — a test the peanut wagons failed.

Expert Analysis

  • How The 2025 Tax Policy Debate Will Affect The Energy Sector

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    Regardless of the outcome of the upcoming U.S. election, 2025 will bring a major tax policy debate that could affect the energy sector more than any other part of the economy — so stakeholders who could be affected should be engaging now to make sure they understand the stakes, say attorneys at Mayer Brown.

  • Opinion

    This Election, We Need To Talk About Court Process

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    In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.

  • Series

    Playing Diplomacy Makes Us Better Lawyers

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    Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.

  • Mental Health First Aid: A Brief Primer For Attorneys

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    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • The Trade And Tax Issues Behind US-Canada Digital Tax Clash

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    The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • A Look At How De Minimis Import Rules May Soon Change

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    The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.

  • Ruling On Foreign Dividend Break Offers 2 Tax Court Insights

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    In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.

  • Series

    Round-Canopy Parachuting Makes Me A Better Lawyer

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    Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.

  • Why Now Is The Time For Law Firms To Hire Lateral Partners

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    Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Considering Possible PR Risks Of Certain Legal Tactics

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    Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.

  • It's No Longer Enough For Firms To Be Trusted Advisers

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    Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.

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