Tax

January 23, 2025
Madigan's Law Firm Profits Drove Corrupt Acts, Jury Told

Former Illinois House Speaker Michael Madigan's ownership interest in his Chicago law firm and his entitlement to 50% of its profits was behind his efforts to extort property tax business from developers who needed approvals from state and local government for their projects, prosecutors told an Illinois federal jury Thursday.
January 23, 2025
Corporate Transparency Law Remains Flanked By Threats

The Corporate Transparency Act is facing threats across the branches of government despite the U.S. Supreme Court pausing a nationwide injunction on it Thursday, with another universal injunction in place, other court battles underway and some Republican lawmakers targeting the law.
January 23, 2025
Robocall Schemer's Estate Agrees To Pay $4.3M In Payroll Tax

Federal prosecutors and the estate of a telemarketing company owner asked a Michigan federal judge to approve a consent judgment ordering the estate to pay $4.3 million of the company's outstanding employment taxes.
January 23, 2025
Minn. Bill Would Allow Tax Break For New Housing Materials

Minnesota would exempt materials used in the construction of new residential housing from state sales and use taxes under a bill introduced Thursday in the state Senate.
January 23, 2025
UK Gov't Tones Down Plan For Non-Dom Tax Changes

The U.K. government will amend its finance bill to soften its plan to abolish the nondomicile tax status for people claiming tax benefits as nonresidents, Exchequer Chancellor Rachel Reeves said in an interview broadcast Thursday.
January 23, 2025
Poland's €23M For Chemical Co. Clears EU State Aid Inquiry

The Polish government didn't break state aid law when it awarded €23 million ($23.9 million) to a chemical producer to open a production plant, the European Commission said Thursday.
January 22, 2025
'Unicorn Prosecution' Could Upend Legal Practice, Court Told

Brown & Connery LLP partner William Tambussi told a New Jersey state judge Wednesday that the entire practice of law in the Garden State rests on his impending decision on the charges against him in the state's sweeping racketeering case targeting power broker George E. Norcross III, arguing that a lawyer has never been prosecuted for routine legal work.
January 22, 2025
Madigan Used ComEd As 'Personal Piggy Bank,' Jurors Told

Former Illinois House Speaker Michael Madigan and his devoted surrogate Michael McClain conspired to enhance and preserve Madigan's power and line his pockets, both by steering business to the ex-speaker's law firm and rewarding his political allies with do-nothing jobs, prosecutors told an Illinois federal jury during closing arguments Wednesday.
January 22, 2025
Seven Charged In $600 Million COVID Tax Credit Scheme

Seven people have been accused of trying to defraud the federal government of more than $600 million by filing more than 8,000 false tax returns in what the U.S. Department of Justice on Wednesday called "the nation's largest COVID-19 tax credit scheme."
January 22, 2025
GOP Again Floats Reciprocal Taxes In Affront To Global Deal

Republicans on the House Ways and Means Committee on Wednesday renewed their proposal for reciprocal taxes against countries that participate in an international minimum tax agreement, following up on President Donald Trump's rejection of the global accord.
January 22, 2025
Wyden Urges National Standard For Hemp Regulation

Sen. Ron Wyden, D-Ore., rallied on Wednesday for his bill that would beef up regulation of products with hemp-derived cannabinoids in order to protect consumers, particularly children.
January 22, 2025
Captive Insurance Co. Head Seeks Tax-Shelter Fine Refund

A tax attorney who heads a business that creates captive insurance companies said the IRS wrongly accused him of promoting an abusive tax shelter, telling an Ohio federal court the agency owes him a refund of penalties he handed over.
January 22, 2025
Minn. Senate Bill Seeks Income Tax Break For Med Costs

Minnesota would allow its tax filers to subtract uncompensated medical care and health insurance costs from their state taxable income under legislation introduced in the state Senate.
January 21, 2025
Tax Court Slashes $33M Easement Deduction

The U.S. Tax Court reduced a partnership's claimed $33 million tax deduction for a donation of a Georgia conservation easement Tuesday, saying the easement was only worth $4.7 million, partly because the partnership overestimated its development potential in a rural area.
January 21, 2025
Union Calls For Block To Trump's Federal Workers Order

President Donald Trump must halt efforts to enforce his executive order easing the process to fire certain federal employees, the National Treasury Employees Union argued in a lawsuit, claiming thousands of workers could be at risk of termination "for any reason including political agenda."
January 21, 2025
Co. Seeks IRS Refund In $2.7M Captive Insurance Case

A Delaware federal court should refund tax penalties a company paid on a $2.7 bill from the IRS for activities related to captive insurance companies and promoting abusive tax shelters, the company argued Tuesday, saying the government provided no proof it did anything wrong.
January 21, 2025
UK Waste Management Co. Denies Ties To £2.2M Tax Scam

A U.K. waste management company denied involvement in a scheme to reduce tax rates that put a business affiliate on the hook for £2.2 million ($2.7 million), contending that the affiliate failed to detect red flags.
January 21, 2025
EU Officials Still Committed To Global Tax Deal Without US

The European Union remains committed to the global tax deal signed by over 130 countries in 2021 even after President Donald Trump announced the U.S. would no longer participate in the agreement, according to EU officials speaking in Brussels on Tuesday.
January 17, 2025
Law360 Names Practice Groups Of The Year

Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.
January 17, 2025
Law360 Names Firms Of The Year

Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.
January 17, 2025
Par Funding's Fraud Caused $288M In Losses, Pa. Judge Says

Par Funding caused $288 million in losses stemming from a scheme to defraud investors who poured money into its cash advance business, a Pennsylvania federal judge said Friday, days after holding an evidentiary hearing where the government and the defendants sparred over dueling loss amounts.
January 17, 2025
Feds Say Pa. Investment Adviser Stole $20M From Clients

A Pennsylvania investment adviser's alleged misappropriation of more than $20 million worth of client funds has landed him criminal charges and civil enforcement action from U.S. Securities and Exchange Commission.
January 17, 2025
SEC Says Food Tech Startup Overstated Revenue By $550M

The U.S. Securities and Exchange Commission on Friday fined venture-backed food technology startup GrubMarket $8 million for allegedly misleading investors by overstating revenue by more than $550 million, with faulty accounting that regulators say the company should have known was unreliable.
January 17, 2025
COST Pans Maine's Receipt Sourcing Change For Cos.

Maine's plan to change its apportionment methodology from sourcing business receipts where services are received to where they are acquired or experienced overreaches from what lawmakers had originally intended, the Council on State Taxation said Friday.
January 17, 2025
11th Circ. Urged To Reject Biz Owners' Tax Penalty Challenge

The owners of an electronic parts company who asked the Eleventh Circuit to reverse a tax penalty and find that Tax Court judges have unconstitutional job protections failed to link the two and are not entitled to tax relief, the U.S. government said Friday.

Editor's Picks

Blockchain Tech May Present New Transfer Pricing Challenges

Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
Trump-Era Tariff Angst Hasn't Gone Away Under Biden

The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
3 Major Implications For States In Biden's Tax Plans

President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.

Expert Analysis

Series

Coaching Little League Makes Me A Better Lawyer

While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
5 Litigation Funding Trends To Note In 2025

Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
Rethinking Litigation Risk And What It Really Means To Win

Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
How DOGE's Bite Can Live Up To Its Bark

All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
Small Biz Caught In Corporate Transparency Act Crossfire

Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
5 Notable Information Security Events In 2024

B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
Series

Playing Rugby Makes Me A Better Lawyer

My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
Opinion

No, Litigation Funders Are Not 'Fleeing' The District Of Del.

A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
Hydrogen Regs Will Provide More Certainty — If They Survive

Newly finalized regulations implementing the Section 45V clean hydrogen tax credit allow producers more flexibility, and should therefore help put the industry on more solid footing — but the incoming Trump administration and Republican Congress will have multiple options for overturning or altering the regulations, say attorneys at Steptoe.
5 E-Discovery Predictions For 2025 And Beyond

In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
What's Ahead As Transparency Act Comes To A Crossroads

Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
Final Hydrogen Tax Credit Regs Add Flexibility For Producers

The recently released final regulations implementing the Inflation Reduction Act's clean hydrogen production tax credit offer taxpayers greater flexibility, reducing risk and creating more certainty for investments in the industry, thus diminishing — but not eliminating — the risk of legal challenges to the regulations, say attorneys at Steptoe.
5 Evolving Concerns For Family Offices In 2025

Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
Series

Illinois Banking Brief: All The Notable Legal Updates In Q4

While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.
7 Ways 2nd Trump Administration May Affect Partner Hiring

President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.