Tax

  • June 11, 2021

    Cannabis Bill Roundup: Conn. Pot Bill Gets Special Session

    Connecticut lawmakers will hold a special session on June 16 to debate a marijuana legalization bill and Louisiana legislators sent a bill expanding the state's medical marijuana program to the governor's desk. Here are some of the major moves in cannabis reform from the past week.

  • June 11, 2021

    Real Estate Rumors: Page, Wafra, KD Properties

    Investor J. David Page is reportedly on the hunt for $14 million of bond financing for a Florida senior housing project, a Wafra Capital venture is said to have landed roughly $500 million in financing for a Manhattan office tower and KD Properties is said to have paid $9.9 million for a Florida industrial building.

  • June 11, 2021

    Texas Justices Say School Must Pay Tax On Leased Property

    The Texas Supreme Court on Friday affirmed lower-court rulings that a charter school is not exempt from paying ad valorem taxes on property it subleases because the property is not state-owned, even if the school's lease used state funds.

  • June 11, 2021

    Pa. Law Firm Sued Over Breach Of Estate Settlement

    A federal lawsuit accuses a central Pennsylvania law firm of misrepresenting the estates of two sisters and causing their families to receive just a fraction of the more than $1 million of combined inheritance money owed them.

  • June 11, 2021

    Co.'s $1.4M Relief-Aid Carryback Claims Barred, Court Says

    A company can't sue the IRS claiming it's entitled to a $1.4 million net operating loss carryback under pandemic relief legislation when it didn't make those arguments in administrative proceedings with the agency, a Colorado federal court said Friday.

  • June 11, 2021

    Tax Issue Bars Fidelity Account Transfer Suit, 5th Circ. Says

    A Texas federal court correctly rejected a woman's request to rule she didn't need IRS certification to transfer a Fidelity Investment account because it was barred by a law that prevents courts from making tax determinations, the Fifth Circuit said.

  • June 10, 2021

    Kan. Tribe Says Treasury Must Set Aside More Pandemic Aid

    The Prairie Band Potawatomi Nation has pressed a D.C. federal judge to set aside $4 million more in COVID-19 relief for the tribe, saying that figure is soundly based on the tribe's population and that the Treasury Department's stance against the request would undermine earlier court rulings.

  • June 10, 2021

    Sacramento Imposes Illegal Fee On Pot Cos., Suit Says

    Sacramento's practice of levying a fee on cannabis businesses seeking a permit to open is illegal, according to a lawsuit filed against the city in California state court this week.

  • June 10, 2021

    Annual Asset Taxation Of Wealthy Needs More Time, Official Says

    Proposals to tax wealthy individuals as their assets gain value — regardless of whether they're sold — are promising but not yet "ready for prime time," a U.S. Treasury Department official said Thursday.

  • June 10, 2021

    Judge Throws Out No-Jail Deal For Corrupt Mayor's Aide

    The chief of staff to a former Massachusetts mayor convicted on corruption charges may have to face a jury of her own after a federal judge on Thursday rejected a plea agreement that would have spared her any prison time.

  • June 10, 2021

    Ex-UAW Leader Gets 28 Months In Feds' Embezzlement Probe

    Former United Auto Workers President Gary Jones was sentenced to 28 months in prison Thursday for his role in a conspiracy to embezzle more than $1 million in dues that he and other officials spent on swanky dinners, golf outings and other extravagances.

  • June 10, 2021

    EU Court Finds Driver Liable For Excise Duty In Win For UK

    A truck driver hauling beer across borders is liable for excise duty even if he was not aware it should have been paid, the European Union's highest court ruled on Thursday, handing a victory to the British tax authorities.

  • June 09, 2021

    Legalizing Marijuana Will Be Subject Of Conn. Special Session

    Connecticut lawmakers voted Wednesday afternoon to hold a special session to debate a marijuana legalization bill after Republicans said they would filibuster it if the bill came up in the last day of the session.

  • June 09, 2021

    Ex-NJ Assemblyman Beats Charge Of Taking Bribe From Atty

    A New Jersey state judge has tossed a bribery indictment against a former state assemblyman over a purported $10,000 payment from a tax attorney, finding that he was merely a mayoral candidate at the time and could not have followed through on his alleged promise to steer municipal work to the lawyer.

  • June 09, 2021

    In Global First, El Salvador Deems Bitcoin Legal Tender

    El Salvador on Wednesday became the first country in the world to recognize Bitcoin as legal tender, a move that comes just days after the country's President Nayib Bukele publicly announced the plan.

  • June 09, 2021

    Mich. Legislators Back Ohio In Tax Cuts Case Against US

    A provision in the federal pandemic relief law stating that states must show they paid for tax cuts without coronavirus relief funds hampers Michigan's exercise of sovereign power, two key state lawmakers told a federal court Wednesday.

  • June 09, 2021

    Nixon Peabody Adds Top DOJ Enforcer To White Collar Group

    Nixon Peabody LLP said Wednesday it is adding a veteran prosecutor from the U.S. Department of Justice's Criminal Division to its government investigations and white collar defense practice.

  • June 09, 2021

    Aide To Corrupt Ex-Mayor Too Contrite For Prison, Feds Say

    Federal prosecutors on Tuesday backed a request for no prison time by the chief of staff for a former Massachusetts mayor convicted of corruption, saying her remorse "stands in stark contrast" to the ex-pol's continued denials.

  • June 08, 2021

    Avenatti Says Feds Hid Witness' PTSD, Renews Trial Delay Bid

    Celebrity attorney Michael Avenatti on Monday renewed an effort to postpone his upcoming embezzlement trial by accusing California federal prosecutors of concealing that a key government witness suffers from PTSD.

  • June 08, 2021

    IRS Budget Boost Would Target Rich Taxpayers, Rettig Says

    IRS Commissioner Charles Rettig pledged Tuesday that increasing federal funding for the agency would allow auditors to crack down on wealthy taxpayers with unpaid tax liabilities without disrupting the lives of small-business owners and low-income Americans.

  • June 08, 2021

    Conn. Senate Votes To Legalize Cannabis, Tax THC Potency

    Connecticut would legalize recreational cannabis sales and use and impose an excise tax on retail cannabis sales based on the potency of various products, under a bill passed early Tuesday morning by the state Senate.

  • June 08, 2021

    EU Seeks Public's View In Battle Against Abuse Of Shell Cos.

    European Union officials are seeking public comment on the abuse of shell companies in an effort to collect data and evidence that will be used in the drafting of new rules to deter tax avoidance.

  • June 08, 2021

    Pillsbury Adds Ex-Oaktree Capital Atty In Los Angeles

    Pillsbury Winthrop Shaw Pittman LLP scored an attorney who had been in-house with Oaktree Capital Management LP to bolster the firm's tax practice in Los Angeles.

  • June 08, 2021

    Coronavirus Regulations: A State-By-State Week In Review

    COVID-19 mitigation measures largely nourished the food and beverage industry this past week, which ushered in a restaurant comeback plan in California and free drinks for vaccinated bar patrons in Illinois.

  • June 07, 2021

    Pa. Buyers Lose Suit Claiming Masks Were Deceptively Taxed

    A Pennsylvania federal judge on Monday tossed buyers' claims that retailers, including Walmart, Home Depot and Big Lots, illegally collected sales tax on nonmedical protective face masks amid the pandemic, ruling that charging sales tax doesn't amount to deceptive or unfair trade practices under Keystone State law.

Expert Analysis

  • Takeaways From 2 New FBAR Rulings

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    In light of two recent California federal court decisions, capping penalties for nonwillful violations of foreign bank account reporting but broadening the willfulness standard, U.S. taxpayers must be vigilant about understanding their reporting obligations, and prepare for the Internal Revenue Service to target willful conduct, which yields much higher penalties, say Friedemann Thomma and Marianna Felshtiner at Venable.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • El Salvador's Use Of Bitcoin Complicates US Commercial Law

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    El Salvador recently became the first country to recognize Bitcoin as currency, presenting significant implications for U.S. commercial law as the development will likely trigger the cryptocurrency to now fall within the definition of "money" under the Uniform Commercial Code, say Joe Carlasare and Eric Fogel at SmithAmundsen.

  • How Biden Tax Plans Would Boost Renewable Energy

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    The Biden administration's recently released revenue proposals for fiscal year 2022 include major enhancements and extensions to various green energy tax credits, and show that the administration is aligned with Congress in supporting renewable development, even if they differ on details, say attorneys at Eversheds Sutherland.

  • What Tax Court's Mylan Legal Fee Ruling Means For IP Suits

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    The U.S. Tax Court's recent ruling that Mylan Inc. could deduct as regular business expenses the legal fees it incurred defending itself against patent infringement suits from brand-name drug manufacturers has the potential to increase patent litigation and may make settlement less appealing, say attorneys at Snell & Wilmer.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Stop Networking, Start Relationship Marketing

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    USA 500 Clubs' Joe Chatham offers four tips for lawyers to get started with relationship marketing — an approach to business development that prioritizes authentic connections — and explains why it may be more helpful than traditional networking post-pandemic.

  • What Attorneys Should Know About Fee Deferral

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    Milestone Consulting’s John Bair explores contingency-fee structuring considerations for attorneys, laying out the advantages — such as tax benefits and income control — as well as caveats and investment options.

  • Predictions On Pandemic's Lasting Impact On Legal Education

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    The pandemic accelerated the pace of technological change for legal education, and some of the changes to how law school courses are taught and on-campus interviews are conducted may be here to stay, says Leonard Baynes at the University of Houston.

  • Opinion

    Biden's Clean Energy Goals Require Big Hydrogen Push

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    To realize its ambitious renewable energy goals, the Biden administration, along with Congress, must promote the growth of the hydrogen industry using every available tool, including regulations, grants, tax incentives and direct purchases, say Abdon Rangel at Andersen Tax and John Taylor at King & Spalding.

  • Lawyer Perfectionism Is A Disease We Can Control

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    The pursuit of perfection that is prevalent among lawyers can lead to depression, anxiety and other mental health impacts, but new attorneys and industry leaders alike can take four steps to treat this malady, says Liam Montgomery at Williams & Connolly.

  • IRS Summons Ruling Isn't A Total Loss For Investors

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    A California federal court’s recent order allowing an IRS information summons on cryptocurrency exchange Kraken paradoxically provides hope for investors concerned about their privacy by limiting the scope of the agency’s inquiry, says Joshua Smeltzer at Gray Reed.

  • 5 Tips To Help Your 2021 Summer Associates Succeed

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    Despite pandemic-related challenges this year, law firms can effectively train summer associates on writing and communicating — without investing more time than they ordinarily would, says Julie Schrager at Schiff Hardin.

  • Pa. Tax Talk: Takeaways From 2 Commonwealth Court Rulings

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    A Pennsylvania appellate court's recent decision in Good Shepherd Rehabilitation v. Allentown sets a positive precedent for other nonprofits subject to Allentown's aggressive tax position, and its recent decision in Mandler v. Commonwealth offers a reminder that some taxes, including payroll withholding taxes, are never dischargeable in bankruptcy, says Jennifer Karpchuk at Chamberlain Hrdlicka.

  • Firms Should Use Surveys To Make Smart Legal Tech Choices

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    The utility of legal technology innovations may be limited without clear data and objectives from the outset, but targeted surveys can provide specific insights that enable law firms to adopt the most appropriate and efficient tech solutions, says Tim Scott at Frogslayer.

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