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Tax
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November 01, 2024
Accountant Gets 1 Year For Failing To Report Stolen Income
An accountant for a manufacturing company who embezzled more than $800,000 and failed to report it on his tax returns was sentenced to just over a year in prison and ordered to pay $1 million in restitution, according to New Jersey federal court documents.
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November 01, 2024
4 States To Vote On Expanding Cannabis Or Psychedelics
On Tuesday, voters in Florida, North Dakota and South Dakota will decide whether to legalize cannabis for adult recreational use, while Massachusetts — where marijuana is already fully legal — will decide whether to decriminalize and regulate certain psychedelics.
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October 31, 2024
3rd Circ. Preview: Boy Scouts' Ch. 11 Plan Row Tops Nov.
The future of the Boy Scouts of America's Chapter 11 bankruptcy plan is set to be determined by the Third Circuit this month, with the court poised to consider whether recent U.S. Supreme Court precedent on bankruptcies and settlements allows the reopening of the plan.
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October 31, 2024
Ga. Justices Kill Free Speech Challenge To Strip Club Tax
A Georgia tax on strip clubs that's used to fund child trafficking prevention efforts has been upheld by the state's highest court, which said in a split decision that a First Amendment challenge to the tax by club owners failed to show the levy limited their speech.
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October 31, 2024
Madigan Ally Set Up Work For Speaker's Fired Aide, Jury Told
An ex-lobbyist on trial alongside former Illinois House Speaker Michael Madigan made arrangements for a political operative that Madigan fired to receive monthly payments while he was unemployed, suggesting he enter into contracts with loyal lobbyists and write up reports on legislators "in case the IRS checks this out," a federal jury heard Thursday.
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October 31, 2024
Scam Promoter Who Cost UK £2.6M In Taxes Is Banned
A man who promoted a tax avoidance scam costing the British government tax agency at least £2.6 million ($3.4 million) has been banned by the government from serving as a director of any company for 10 years, the U.K.'s Insolvency Service announced Thursday.
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October 31, 2024
Exxon Entitled To Interest Deduction On Qatar Deal
Exxon Mobil is entitled to an interest expense deduction on payments to Qatar under a natural gas deal, a Texas federal judge ruled, rejecting the U.S. government's classification of an underlying transaction as a royalty rather than a loan.
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October 31, 2024
Vinson & Elkins To Open Denver Office With Plans To Expand
Three Vinson & Elkins LLP partners have been tapped to open the firm's newest office in Denver, the firm announced Thursday, amid an effort to expand its client base and talent roster in the Mountain West region.
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October 31, 2024
Pro Baller Avoids Prison Over Tax, Child Support Scam
A professional basketball player was sentenced to three years of probation in Ohio federal court after being charged with conspiracy and wire fraud for allegedly attempting to avoid paying child support and taxes for several years.
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October 31, 2024
EU Expected To Close Final Digital VAT Deal Next Week
The European Union is close to a final deal on its plan to bring the bloc's value-added tax rules more in line with the digital economy after representatives reached an agreement in principle, the Hungarian presidency of the Council of the EU confirmed Thursday.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
11th Circ. Nixes ERISA Claim To John Hancock's $100M Credit
John Hancock Life Insurance Co. had no fiduciary duty to pass on to retirement plans $100 million in foreign tax credits that it had taken from taxes paid on foreign investments, a three-judge panel of the Eleventh Circuit said in upholding a lower court ruling.
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October 30, 2024
Judge Embraces 'Law School Geekiness' In Ill. Swipe Fee Row
An Illinois federal judge said Wednesday that she'd be "going back to law school" to study up after hearing more than two hours of robust arguments about whether she should block a first-of-its-kind Illinois law restricting certain credit card fees, as the banking industry said at least one bank was "freaking out" over possible compliance.
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October 30, 2024
Jury Finds Importer Didn't Report $17M On Tax Returns
A Los Angeles jury found an importer of Chinese clothing guilty of skirting more than $8 million in customs duties and failing to report more than $17 million in cash transactions on tax returns, federal prosecutors in California announced Wednesday.
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October 30, 2024
Mich. Judges Reject Interest For Unclaimed Property Returns
A Michigan appellate panel overturned a trial court Tuesday that admitted it was going against the grain by requiring the state to pay interest when it returns seemingly abandoned property, with appellate judges finding state statute was comprehensive enough to supersede the common law idea that "interest follows principal."
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October 30, 2024
Ohio Justices Say Attorney In Prison Should Not Be Disbarred
The Ohio Supreme Court ruled Tuesday that an attorney in federal prison for his participation in a tax fraud scheme should not be disbarred, and should have a chance to reapply for his law license in the future
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October 29, 2024
Ex-ComEd GC Calls Madigan's Interest In Law Firm 'Strange'
A Jenner & Block LLP attorney and former Commonwealth Edison general counsel testified Tuesday that he found it "strange" to read ex-Illinois House Speaker Michael Madigan was interested in the granular details of the utility's negotiations with Chicago law firm Reyes Kurson. Madigan's counsel, however, appeared to suggest a confidant and co-defendant had name-dropped the speaker in 2016 without actually talking to him.
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October 29, 2024
Ex-Cleveland Councilman Can't Cut 6-Year Fraud Sentence
An Ohio federal judge will not allow a former Cleveland city councilman to get out of jail on compassionate release, ruling the ex-politician "has never demonstrated any remorse for his criminal conduct" and should serve the remainder of his six-year fraud sentence.
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October 29, 2024
Beyond Abortion, 7 Ballot Questions Set To Shape Care
While reproductive rights have led the healthcare debate this election season, voters across the country will shape state policies on a number of other hot issues, including a Medicaid work requirement and coverage for IVF. Law360 Healthcare Authority looks at seven ballot measures that go beyond abortion.
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October 29, 2024
Building Co. Cops To Worker Scheme Tied To Tax Fraud
A truss building company pled guilty to conspiring to hide its employment of dozens of unauthorized workers from the U.S. Department of Homeland Security with a former employee, who admitted to filing false tax returns as part of the scheme, according to Florida federal court documents.
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October 29, 2024
Rimon Adds International Tax Expert In Philadelphia
Rimon PC has added an expert in international tax and trusts and estates who joined the firm's Philadelphia office after working for his own practice.
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October 29, 2024
4th Circ. Unclear On LeClairRyan Founder's Tax Liability
A Fourth Circuit panel appeared confused and noncommittal Tuesday as it wrestled with a narrow question of contract interpretation that could determine whether Gary LeClair of defunct LeClairRyan PLLC is on the hook for massive tax bills tied to the firm's collapse.
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October 28, 2024
Crypto Co. Operator Faces Money Laundering, Tax Charges
Federal prosecutors accused an Indiana property owner of laundering the proceeds of a crypto money transmitter — AurumXchange — that they say should have been licensed and of failing to file tax returns despite realizing six figure gains from investing the proceeds.
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October 28, 2024
Russia Says High Court Case May Help Nix $5B Award Suit
Russia has told a D.C. federal court that a case recently accepted for review by the U.S. Supreme Court may provide it a path to argue that the court lacks jurisdiction to decide a case brought against the country by a Yukos Oil Co. unit.
Expert Analysis
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Tracking Implementation Of IRA Programs As Election Nears
As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Takeaways From Justices' Redemption Insurance Decision
The U.S. Supreme Court’s recent decision in Connelly v. U.S. examines how to determine the fair market value of shares in a closely held company for estate tax purposes, and clarifies how life insurance held by the company to enable redemption of a decedent’s shares affects that calculation, says Evelyn Haralampu at Burns & Levinson.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.