Tax

  • January 22, 2021

    Biden Draws Conservative Ire Over 'Social' Regulatory Reform

    President Joe Biden's day-one order for "Modernizing Regulatory Review" calls on the Office of Management and Budget to craft a new set of regulatory recommendations that will "promote the public interest" in line with his four top priorities, a move that more conservative voices characterized as a push toward "hyper-regulation."

  • January 22, 2021

    More Charitable Crypto Donations Spur Calls For Rule Change

    As growth in digital currency values since March 2020 has made charitable donations of virtual currency more attractive, calls are coming for the Internal Revenue Service to change guidance in a way that could spur more philanthropy.

  • January 22, 2021

    Ohio AG, Wine Seller Request Settlement In Sales Tax Row

    The Ohio attorney general on Friday asked a federal district court to approve a settlement with Wine.com after the online wine retailer and several others were accused of depriving the state of tax revenue.

  • January 22, 2021

    Treasury Must Notify Trump Before Tax Info Request Honored

    The U.S. Department of the Treasury must provide former President Donald Trump 72 hours' notice if it decides to honor a long-standing request by a House tax panel for his personal and business tax returns, a D.C. federal judge ordered Friday.

  • January 22, 2021

    3 Key Provisions In The Final Executive Pay Cap Rules

    Final Internal Revenue Service rules on the limitation of corporate deductions for excess executive compensation have provided clarity on the effect of changes in the 2017 tax overhaul and how compensation in excess over $1 million will be treated. Here, Law360 examines three key areas of clarity in the final rules.

  • January 22, 2021

    Taxation With Representation: Wilson, Faegre Drinker, Weil

    In this week's Taxation With Representation, laser tool developers Lumentum and Coherent merge in a $5.7 billion deal, Boston Scientific buys medical device maker Preventice Solutions for $1.1 billion, and RxBenefits gets a $1.1 billion valuation.

  • January 22, 2021

    Yellen Slated To Win Senate Approval As Treasury Secretary

    The Senate will vote Monday on the confirmation of former Federal Reserve Chairwoman Janet Yellen as the nation's first female Treasury secretary, despite some Republican misgivings about her support for raising the corporate tax rate under President Joe Biden.

  • January 21, 2021

    Bill To Recategorize Cannabis Kicks Off Federal Pot Reform

    A Republican lawmaker introduced a bare-bones congressional bill to recategorize cannabis to a less restrictive legal tier Tuesday, inaugurating what advocates hope will be a landmark year for federal marijuana reform.

  • January 21, 2021

    UK Co. Filed 4 Years Too Late For Deductions, Tax Court Says

    A British company does not have the right to claim deductions or credits that may have lowered its $32 million tax bill to the Internal Revenue Service because it filed four years late, the U.S. Tax Court said Thursday.

  • January 21, 2021

    Apple Broadens Challenge Against Chicago Streaming Tax

    Apple expanded its effort to strike down Chicago's streaming tax, telling an Illinois circuit court that the tax illegally and unconstitutionally applies to a bevy of its services rather than just to music streaming.

  • January 21, 2021

    Bankrupt NRA Can't Shake NY AG's Lawsuit

    A lawsuit filed by the New York attorney general seeking to dissolve the National Rifle Association survived a motion to dismiss Thursday in state court, with a judge ruling the suit was brought in the proper venue.

  • January 21, 2021

    Tax Treaties Allow For COVID-19 Telework, OECD Concludes

    No permanent establishment is created for businesses when their employees work from home in compliance with public health measures to contain the COVID-19 crisis, the OECD affirmed Thursday in updated guidance on the pandemic's implication for tax treaties.

  • January 21, 2021

    Bikini-Latex Clubs Ask Texas Justices To Undo Tax Ruling

    Texas bikini and latex clubs have asked the state's Supreme Court to reverse a ruling upholding a fee on clubs whose dancers cover themselves with liquid latex, arguing that the rule imposing the fee conflicts with statute and legislative intent.

  • January 21, 2021

    Amazon, Etsy's Mask Sales In Pa. Trigger Tax Class Suit

    Amazon, Etsy and other online retailers have been hit with a suit in Pennsylvania federal court by a proposed class of consumers who claim the companies are violating state laws by collecting sales tax on protective masks that are nontaxable.

  • January 21, 2021

    Morgan Lewis Moving To End Tax Work For Trump

    Morgan Lewis & Bockius LLP is moving to end its tax-related assistance for former President Donald Trump and his businesses, the firm said Wednesday, the same day Trump left the White House and Joe Biden assumed the presidency.

  • January 20, 2021

    Biden Freezes Late Trump Regs For White House Review

    The Biden administration moved Wednesday to institute a broad "regulatory freeze" on last-minute rules issued by the Trump administration, directing agencies across the federal government to withdraw or delay action on potentially dozens of regulations.

  • January 20, 2021

    NY Bill Tolling Statutes Of Limitations On Trump Advances

    A New York legislative committee on Wednesday advanced a bill that would pause the statute of limitations on any possible New York crimes committed by a U.S. president amid New York investigations involving former President Donald Trump.

  • January 20, 2021

    NY Judge Orders Morgan Lewis To Turn Over Trump Org Docs

    A New York state judge has ordered Morgan Lewis & Bockius to hand over documents to the state attorney general's office related to a probe into whether former President Donald Trump's businesses inflated asset values of a New York estate.

  • January 20, 2021

    11th Circ. Lets IRS Pursue Ex-Biz Owners For $61M Tax Bill

    The IRS can pursue taxes owed by three former business owners for their company's $61 million debt because its efforts were within the statute of limitations, the Eleventh Circuit has found, reversing a decision from a lower Georgia federal court.

  • January 20, 2021

    Convicts With NJ Ties Among Trump's Final Pardons

    A former Gilmore & Monahan PA partner facing prison for tax crimes, a Ponzi schemer who bilked clients out of millions in multiple schemes and a Florida ophthalmologist once ensnared in the corruption case against Sen. Bob Menendez, D-N.J., were among those granted clemency by President Donald Trump during his final hours in office.

  • January 19, 2021

    NJ Justices Challenge Tax Collector's Bid To Avoid Suit

    The New Jersey Supreme Court suggested Tuesday that a municipal tax collector might have to face a property partnership's lawsuit over claims she refused to accept a payment that would have scotched a foreclosure, casting doubt on her attorney's stance that the official had acted reasonably.

  • January 19, 2021

    NY Gov. Pitches Tax Hike On Rich, Depending On Fed. Aid

    New York Gov. Andrew Cuomo proposed a budget Tuesday that would increase the state's top income tax rate to create a combined rate that's the highest in the country, unless the federal government provides billions of dollars in aid.

  • January 19, 2021

    NY Gov. Pushes State-Run Sports Betting In New Budget

    New York Gov. Andrew Cuomo on Tuesday reiterated a proposal to legalize mobile sports betting through a state-controlled model similar to the state lottery, setting up a dispute with some state lawmakers who are pushing for several operators licensed through casinos.

  • January 19, 2021

    Immigrants' US Kids Not Entitled To Virus Aid, US Tells Court

    Children of undocumented immigrants don't qualify for the $500 coronavirus relief payments provided by last spring's stimulus bill even though they are U.S. citizens, the federal government told a federal court.

  • January 19, 2021

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

    The COVID-19 vaccination effort led to milestones over the past week in states including Florida and Texas, which became the first in the nation to administer its millionth dose, and prompted New York to call on Pfizer for direct purchase access so the state can meet increased demand due to expanded eligibility.

Expert Analysis

  • How Rebooted Paycheck Protection Program Works: Part 2

    Excerpt from Practical Guidance
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    Attorneys at Cozen O'Connor analyze key provisions of the U.S. Small Business Administration's two new interim final rules regulating first-draw and second-draw loans under the reinstituted Paycheck Protection Program.

  • How Rebooted Paycheck Protection Program Works: Part 1

    Excerpt from Practical Guidance
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    Attorneys at Cozen O'Connor provide an overview of the recently reinstituted Paycheck Protection Program's provisions for new borrowers to receive loans and existing borrowers to receive additional funding, and the U.S. Small Business Administration's startup of the program.

  • Law Firms Should Note GCs' Growing Focus On Biz Strategies

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    Amid the challenges of the pandemic, a shifting digital landscape, and increasing calls for diversity and inclusion, general counsel responsibilities are expanding into six new areas, highlighting the need for both in-house and outside counsel to serve as strategic and empathetic business leaders, say Wendy King at FTI Consulting and David Horrigan at Relativity.

  • How To Reliably Value Income-Producing Real Estate

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    Amid the pandemic-fueled surge in tax appeals and loan workouts, using the income approach to calculate the present worth of a property's future income provides the most reliable indication of value and does not rely on subjective adjustments, say Mark Dunec at FTI Consulting and Anthony DellaPelle at McKirdy Riskin.

  • What New AML Law Means For Correspondent Banking

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    In light of the National Defense Authorization Act’s recent overhaul of the Bank Secrecy Act and related anti-money laundering laws, foreign banks maintaining correspondent bank accounts in the U.S. should be aware of law enforcement's expanded authority to access bank records for their transactions, say attorneys at Arnold & Porter.

  • 6 Changes The Legal Industry Should Prepare For

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    As clients increasingly demand better efficiency, predictability and cost-effectiveness from their legal partners, especially during the pandemic, law firms and other legal service providers may need to explore new ways to bundle and deliver services — and move away from billing by time, says Joey Seeber at Level Legal.

  • Arizona May Have Nudged US Law Firms Toward Future IPOs

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    No U.S. law firm has its shares listed on a public stock exchange unlike some lucrative overseas counterparts, but by allowing nonattorneys to become stakeholders in law firms, Arizona may have paved the way for this to change should other U.S. states — particularly New York — follow suit, says Marc Lieberman at Kutak Rock.

  • Addressing The Security Risks Of University Foreign Funding

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    Higher education institutions that accept foreign funding should address serious concomitant security risks by identifying specific sources and establishing compliance procedures that promote transparency, protect data and research, and account for U.S. national security interests, say attorneys at Manatt.

  • What's On The Horizon For Unclaimed Property In 2021

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    Unclaimed property professionals who run holder compliance programs should buckle themselves in for what portends to be a perfect storm of legislative, enforcement and litigation contests this year between state administrators and holders, say attorneys at Alston & Bird.

  • 4 Legal Industry Trends Litigation Financiers Are Watching

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    Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

  • Tips For Forming A Real Estate Fund

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    Multi-asset real estate funds may provide investors with opportunities to deploy capital during the pandemic-induced market downturn, but several structural questions should be considered before raising a fund, say Matt Ertman and Max Brunner at Allen Matkins.

  • 2 Cases Highlight Superpriority Lien Risks For Lenders

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    Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.

  • 4 Steps For Public Cos. Subject To New Executive Pay Rules

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    To comply with recently finalized Internal Revenue Service regulations implementing the Tax Cuts and Jobs Act's $1 million cap on compensation deductions, employee benefit and tax executives at public companies should understand who their covered employees are and identify compensation agreements subject to the rules, say Samuel Krause and Teresa Abney at Crowell & Moring.

  • Lenders' Role Will Be Key In NYC Green Building Loans

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    New York City's Climate Mobilization Act, which will soon restrict large buildings' carbon emissions, provides for a loan program to help owners finance energy-efficient improvements — but the program's success will depend on mortgage lenders' participation, says Jason Rozes at Dechert.

  • A Lawyer's Guide To Setting Well-Being Goals In 2021

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    In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.

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