Tax

  • April 12, 2021

    IRS Eyes Tweaks For Non-US Investment In Opportunity Zones

    Foreigners could see reduced or eliminated capital-gains withholding from investments in federal opportunity zones, under proposed rules that also would tighten requirements for non-U.S. parties and refine guidance on safe harbors in disaster areas, the IRS said Monday.

  • April 12, 2021

    Wis. Can Tax Tribal Land After Sale To Non-Indians

    A Wisconsin federal judge has ruled that the state generally can't tax Indian-owned land on four Chippewa tribes' reservations, but also said that such land can be taxed once it's sold to non-Indians, even if tribe members eventually buy it back.

  • April 12, 2021

    Utah Federal Judge's Shift Opens Red-State Seat For Biden

    After overseeing cases ranging from employment and Native American law to a major solar energy tax write-off scheme, Utah U.S. District Judge David O. Nuffer's transition to senior status next year will give President Joe Biden a rare and delicate red-state opening.

  • April 12, 2021

    Atty Tells 11th Circ. Passport Denial Over Tax Violates Rights

    A law denying passports to individuals until they repay tax debts violates their fundamental right to travel enshrined in the roots of American constitutional law, an attorney whose passport was restricted over tax debt told the Eleventh Circuit.

  • April 12, 2021

    Md. Bill To Bar Passing On Digital Ad Tax Goes To Gov.

    Large online companies such as Google and Facebook would be prohibited from passing along the cost of a new tax on digital advertising in Maryland under a bill sent Monday to the state's governor.

  • April 12, 2021

    Minn. House Panel OKs Legalizing, Taxing Recreational Pot

    A Minnesota House committee advanced a bill Monday to legalize recreational cannabis and impose gross receipts and use taxes on sales of cannabis products.

  • April 12, 2021

    New Mexico Becomes Latest State To Legalize Marijuana

    New Mexico Gov. Michelle Lujan Grisham signed off Monday on legislation that legalizes marijuana for adult use and expunges criminal records for certain marijuana-related convictions, making the state the 18th in the country to launch a recreational cannabis industry.

  • April 12, 2021

    Jackson Lewis Gets Benefits Pro Back From Morrison Cohen

    Jackson Lewis PC has added an executive compensation and employee benefits attorney to bolster its ranks in Houston, bringing him back into the fold after almost two years with Morrison Cohen LLP.

  • April 09, 2021

    Cannabis Bill Roundup: Mont. Weighs How To Dole Out Funds

    The Montana House of Representatives advanced multiple bills implementing voter-approved adult-use legalization, but with dueling proposals on how to spend the tax revenue, while North Carolina lawmakers pitched medical and recreational cannabis legislation on the same day. Here are the major developments in cannabis reform from the past week. 

  • April 09, 2021

    Swiss Court Says UBS Clients Can't Bar French Data Transfer

    A Swiss court rejected bids by five UBS Group clients to stop the transfer of their data to France in a wider case in which the bank has been fined for helping French clients dodge taxes, rulings released Friday show.

  • April 09, 2021

    6th Circ. Upholds IRS Summons For Cannabis Biz Docs

    A Michigan federal court correctly dismissed a suit by cannabis business owners seeking to quash a third-party summons issued by the IRS requesting their companies' records because the summons aided a criminal investigation, the Sixth Circuit said Friday.

  • April 09, 2021

    Perrigo Execs Ask Out Of Investor Lawsuit Over $1.9B Tax Bill

    Two executives should be dismissed from a lawsuit against pharmaceutical company Perrigo alleging it hid a €1.6 billion ($1.9 billion) tax bill because there is no evidence of their wrongdoing, they told a New York federal court.

  • April 09, 2021

    GOP Lawmakers Want Fed. Relief Law's Tax Provision Blocked

    A provision in the federal pandemic relief law disallowing states from using relief funds to "directly or indirectly" cut taxes or else risk losing money is unconstitutional, 74 Republican members of Congress told a federal court Friday.

  • April 09, 2021

    NY Landlord Must Face Tenants' Rent Suit, NY Court Says

    A Brooklyn landlord must face a putative class action from tenants accusing the owner of reporting rents that were higher than what was charged as a way to skirt rent stabilization obligations while still accepting property tax breaks.

  • April 09, 2021

    Taxation With Representation: Fried Frank, White & Case, Weil

    In this week's Taxation With Representation, U.K.-based LumiraDx goes public with a $5 billion valuation, Israeli digital investigations support business Cellebrite inks a $2.4 billion merger, and Topps Inc. is valued at $1.3 billion.

  • April 09, 2021

    Split 5th Circ. Denies Rehearing For $479M ACA Fee Dispute

    A split Fifth Circuit declined to reconsider its ruling that six states were wrongly awarded $479 million in disgorgement from the federal government over the Affordable Care Act's health insurance provider fees, according to a Friday order.

  • April 08, 2021

    Ex-Jenkens Atty's Wife Wants Feds Sanctioned Over Docs

    The wife of a former Jenkens & Gilchrist PC lawyer imprisoned for tax fraud told a Manhattan federal judge Thursday that the government should be sanctioned for failing to preserve bank records that could support her bid to recoup funds claimed by the government in connection with the ex-attorney's purported crimes.

  • April 08, 2021

    Dems Look To Treasury Regs To Simplify GILTI Tax Changes

    A proposal from Senate Democrats to use existing U.S. Treasury regulations to enhance the tax on global intangible low-taxed income could reduce administrative complexity, but likely won't avoid all potential compliance and enforcement headaches with the proposal.

  • April 08, 2021

    Fla. Lawmakers OK Amended $1B Marketplace, Nexus Tax Bill

    The Florida Legislature passed a bill Thursday that would require remote sellers and marketplace facilitators to collect and remit sales and use tax, eventually slash the state's business rent tax and raise an estimated $1.08 billion annually.

  • April 08, 2021

    Minn. Panel OKs PPP Tax Cap, Expanded Combined Reporting

    Minnesota would provide a capped tax exclusion for Paycheck Protection Program loans and expand its combined reporting regime to include foreign corporations that have global intangible low-taxed income, under an omnibus tax bill a state House committee approved Thursday.

  • April 08, 2021

    W.Va. Senate Advances Personal Income Tax Repeal

    The West Virginia Senate advanced a bill to cut the state's personal income tax by about $818 million starting next year after stripping the bill of several changes made by the chamber's Finance Committee.

  • April 08, 2021

    IRS LB&I Head Chosen As Enforcement Deputy Commissioner

    The commissioner of the Internal Revenue Service's Large Business and International Division will become the agency's deputy commissioner for services and enforcement, the IRS announced Thursday.

  • April 08, 2021

    Rivkin Radler Adds 4 Partners To Rebranded Estates Group

    Long Island-based law firm Rivkin Radler LLP has added four partners to its trust and estates practice, which is being rebranded as the personal, family and business planning practice group.

  • April 08, 2021

    Kirkland Welcomes New Tax Partner From Weil

    Kirkland & Ellis' New York tax practice group added a partner, hiring a former Weil Gotshal & Manges LLP partner with deep experience in the legal art of negotiating complex financial transactions, the firm said.

  • April 07, 2021

    Va. Moves Up Date To Legalize, Tax Marijuana To July 1

    Virginia will legalize and tax marijuana for adult recreational use starting July 1, after lawmakers Wednesday approved amendments from the governor to move up the date from Jan. 1, 2024.

Expert Analysis

  • Lessons From Tax Court's Nixing Of Investor's Energy Credits

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    The U.S. Tax Court's recent ruling in Olsen v. Commissioner, the first of 200 cases involving individual taxpayers who invested in a tax shelter involving solar equipment, is a case study in how not to structure an energy tax credit investment, says David Burton at Norton Rose.

  • Partial Repeal Could Resolve Biden's SALT Cap Dilemma

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    Lawmakers' calls to repeal the cap on federal deductions for state and local taxes are controversial because doing so could cost over $600 billion, but a partial repeal could be accomplished on a revenue-neutral basis, providing relief to some, if not most, affected taxpayers, says Joseph Mandarino at Smith Gambrell.

  • What Associates Should Consider Before Switching Practices

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    The current high demand for midlevel associates provides them a rare opportunity to potentially explore new practice areas, but associates should first ask themselves six questions to begin figuring out why a change sounds appealing, says Stephanie Biderman at Major Lindsey.

  • 4 Effective Ways To Prioritize Client Advocacy

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    To truly support a client going through a complicated lawsuit or a painful experience, lawyers must think beyond interpreting legal guidelines and navigating court proceedings, says attorney Scott Corwin.

  • Remote Law Firm Culture Should Prioritize Associate Training

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    Due to the pandemic, the gap between law school and the first day on the job has never been wider, but law firms can leverage training to bridge that intimidating gap and convey the unique value of their culture in a virtual environment, say Melissa Schwind at Ward and Smith, and William Kenney and Jaron Luttich at Element Standard.

  • Key Considerations For Litigation Settlement Trustees

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    Robert Weiss and David Vanaskey at Wilmington Trust describe some of the core considerations for trustees that administer settlements resulting from mass tort and class action litigation, based on their experience working on the Volkswagen diesel emissions settlement.

  • Virtual Litigation May Unravel The Narcissistic Lawyer

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    The virtual courtroom limits a narcissistic lawyer's ability to intimidate witnesses and opposing counsel, boast to clients or engage in grandstanding — an unexpected benefit of the global pandemic as some aspects of remote litigation are likely here to stay, says Jennifer Gibbs at Zelle.

  • ABA Remote Work Guide Raises Bar For Atty Tech Know-How

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    A recent American Bar Association opinion on lawyers' ethical duties of competence and confidentiality when working remotely should be viewed as part of a larger movement by which attorneys are being exhorted to develop competence in 21st century technology, say Jennifer Goldsmith at Ironshore and Barry Temkin at Mound Cotton.

  • How NY's Cannabis Legalization Act Prioritizes Equity

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    Elements of New York's recently passed Marijuana Regulation and Taxation Act, such as its prohibition of vertically integrated operators, show consideration for social and economic equity in the new industry, says Simon Malinowski at Harris Bricken.

  • US Advance Pricing Agreements, Amid COVID And Before

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    Steptoe & Johnson's Matthew Frank, former director of the U.S. Advance Pricing Agreement Program, shares insights from an Internal Revenue Service report revealing an uptick in APA completions amid the pandemic, discusses trends over the program's 30-year history, and suggests ways taxpayers and the IRS could bolster program participation.

  • Lateral Hire Conflict Screening Lessons From DLA Piper Case

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    While a Texas federal court recently denied a motion to disqualify DLA Piper from representing Apple in a patent dispute after the law firm hired an attorney who formerly represented opponent Maxwell, the case is a reminder that robust conflict checks during lateral hiring can save firms the time and expense of defending disqualification motions, says Hope Comisky at Griesing Law.

  • High Court Hotels.com Case Could Alter Appellate Strategy

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    If the U.S. Supreme Court upholds the Fifth Circuit in the upcoming San Antonio v. Hotels.com case, ruling that district courts may not amend taxable appellate costs, it could reprioritize the incentive structure and decision-making calculus of appeals, says Patrick Hammon at McManis Faulkner.

  • Choosing A Branch Or Subsidiary For Overseas Expansion

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    Samuel Pollack and Naoko Watanabe at Baker McKenzie examine the corporate and U.S. tax law considerations involved in deciding whether a branch or subsidiary is the most efficient way to expand operations overseas, now that recent Treasury regulations clarified the complicated international tax regime created by the Tax Cuts and Jobs Act.

  • Calif. Warehouse GHG Proposal Would Likely Face Lawsuits

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    The South Coast Air Quality Management District's proposal to regulate Southern California warehouses as indirect sources of truck-related greenhouse gas emissions will almost certainly face legal challenges if adopted, including arguments that it improperly imposes a tax and exceeds the district's regulatory authority, says Niran Somasundaram at Hanson Bridgett.

  • 3 Cybersecurity Questions To Ask Before A Remote Mediation

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    Lawyers preparing to mediate or arbitrate a case through videoconference should take steps to ensure they and their alternative dispute resolution providers are employing reasonable security precautions to protect digital client data and conform to confidentiality obligations, say F. Keith Brown and Michael Koss at ADR Systems.

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