Tax

  • September 16, 2024

    Jet Fuel Tax Could Raise Almost £6B A Year, Report Says

    HM Treasury could raise up to £5.9 billion ($7.8 billion) a year by imposing tax on jet fuel to match the duty paid by motorists, according to a think tank report published Monday.

  • September 16, 2024

    Nebraska Medical Cannabis Initiatives Will Be On Nov. Ballot

    Initiatives to legalize medical marijuana in Nebraska will appear on the ballot come November, despite some evidence of fraud in the signature-collecting petition process, according to state election officials.

  • September 16, 2024

    IRS Floats Definition Of 'Covered Month' For Premium Credit

    The IRS on Monday proposed expanding the definition of a "covered month" for purposes of the health insurance premium tax credit to include the first month of the grace period for which an individual does not pay the premium in full but still receives coverage.

  • September 16, 2024

    IRS Cancels Hearing On 'Basket Contract' Transactions Rule

    The Internal Revenue Service canceled a hearing on proposed rules that would flag what are known as basket option contracts as potentially abusive listed transactions, according to a notice released Monday.

  • September 13, 2024

    The 2024 Regional Powerhouses

    The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.

  • September 13, 2024

    Trio Of BigLaw Mergers Expected To Drive More Deal Talks

    After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.

  • September 13, 2024

    Mortgage Co. CEO Gets 11 Years In Prison For Ponzi Scams

    A mortgage company owner was sentenced Thursday to 11 years and three months in prison for defrauding investors, a community bank and the government's pandemic relief program to cover gambling debts and personal expenses like luxury cars, Philadelphia's top federal prosecutor announced.

  • September 13, 2024

    Treasury Proposes Rules Defining Tax-Exempt Tribal Benefits

    Treasury and the Internal Revenue Service released proposed rules Friday that would define what qualifies as tribal welfare benefits exempt from taxable income.

  • September 13, 2024

    Wash. Biz Group Dues Weren't Deductible From Gross Income

    The Better Business Bureau isn't entitled to a refund of business and occupation taxes paid to the Washington Department of Revenue in 2017, an appeals court affirmed, agreeing with the department that membership dues weren't deductible from gross income.

  • September 13, 2024

    HMRC Seeks Comments On Top-Up Tax Guidance

    HM Revenue & Customs is seeking comments on new draft guidance on the multinational top-up tax as part of implementing the global minimum corporate tax rate.

  • September 13, 2024

    EU Finance Ministers Boycott Hungary Meeting Over Russia

    Most European Union finance ministers protested on Friday against what they see as Hungary's Russia-friendly politics by boycotting a meeting with their EU peers in the country's capital, Budapest.

  • September 13, 2024

    UK Pensions Lifeboat Sets £100M Levy Amid Calls For Change

    Britain's pensions protection body has said that it is likely to maintain its £100 million ($131 million) levy on the sector for the next financial year, as analysts call for legislative change that would allow the redress program to lower it further.

  • September 13, 2024

    Brokers Seek Insurance Tax Cut In Budget For At-Risk Housing

    A trade body for insurance brokers has urged the U.K. government to exempt policyholders in apartment buildings with flammable cladding from a tax on premiums, as it seeks to avoid a jump in the price of cover.

  • September 13, 2024

    Hungarian Amendment To Environment Law Shouldn't Fly

    Hungarian proposals to exempt maritime and aviation fuel from an update of the European Union's energy tax directive for the next 20 years risk locking some sectors of the economy into fossil fuel dependency, a think tank has said.

  • September 12, 2024

    2nd Circ. Rejects Another Trump Bid To Halt Hush Money Case

    The Second Circuit on Thursday rejected former President Donald Trump's request for an emergency order pausing his criminal hush money case, citing New York state court Justice Juan M. Merchan's decision to push his sentencing hearing from Sept. 18 until after the election.

  • September 12, 2024

    AGs Ask 2nd Circ. To Revive Their SALT Cap Workaround Suit

    Attorneys general from New York, New Jersey and Connecticut asked the Second Circuit to revive their challenge to an IRS rule prohibiting workarounds to the federal cap on state and local tax deductions, saying the rule was arbitrary and contrary to congressional intent.

  • September 12, 2024

    Convicted Fraudster Seeks To Challenge $21M Restitution

    A Florida man convicted of defrauding hospitals in a payroll fraud scheme urged the Eleventh Circuit Thursday to allow him to challenge a $21 million restitution award while still in prison, saying he wasn't allowed to challenge inaccurate information during sentencing.

  • September 12, 2024

    UK Says Illicit Cigarette Crackdown Halves Tobacco Tax Gap

    HM Revenue & Customs said Thursday it has slashed the tax gap on cigarettes and other tobacco products by more than half since 2005.

  • September 12, 2024

    Wilson Sonsini Hires Tax Pro From Slaughter and May

    Wilson Sonsini Goodrich & Rosati PC has recruited a tax specialist from Slaughter and May to its office in London to boost its strengths representing U.K. and European technology and life sciences companies that are expanding in the U.S. and globally.

  • September 12, 2024

    Ex-Mass. State Sen. Tran Convicted Of Pandemic Aid Fraud

    Former Massachusetts State Sen. Dean Tran was convicted Wednesday of fraudulently collecting pandemic unemployment benefits after he was voted out of office and of cheating on his taxes.

  • September 12, 2024

    House OKs Tightening Restrictions On Tax Credit For EVs

    The U.S. House of Representatives voted in favor of a bill Thursday that would place further restrictions on qualifications for a tax credit for new electric vehicles amid concerns that current limits don't do enough to keep the benefits from flowing to foreign adversaries, including China.

  • September 12, 2024

    NY Top Court Rejects Trump's Latest Challenge To Gag Order

    New York's highest court on Thursday rebuffed Donald Trump's latest effort to strike down a gag order in his hush money case, saying the appeal didn't involve a "substantial constitutional question."

  • September 12, 2024

    IRS Lacked Way To Track CAMT Comments, TIGTA Finds

    The IRS Office of Chief Counsel did not always track comments it received in response to guidance issued on the corporate alternative minimum tax and did not have detailed procedures in place for the pre-rulemaking guidance process, the Treasury Inspector General for Tax Administration reported Thursday.

  • September 12, 2024

    EU Rejects Minimum Price Offers In Chinese EV Dispute

    The European Commission has rejected offers from exporters of electric vehicles made in China to stick to minimum prices that would aim to remove an unfair competitive advantage that the commission believes Chinese state subsidies give the exporters, a commission spokesman said Thursday.

  • September 12, 2024

    Calif. OTA Denies Refund For Criminal Restitution Payments

    California's Office of Tax Appeals said it is unable to refund criminal restitution payments to a couple who operated 21 Subway franchises in the southern part of the state between 2003 and 2010 and pleaded guilty to tax fraud and evasion for some of those years.

Expert Analysis

  • Understanding The IRC's Excessive Refund Claim Penalty

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    Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.

  • Don't Use The Same Template For Every Client Alert

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    As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.

  • Series

    Walking With My Dog Makes Me A Better Lawyer

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    Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.

  • Think Like A Lawyer: Follow The Iron Rule Of Trial Logic

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    Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.

  • Circuit Split Brews Over Who's A Securities Seller Under Act

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    A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks

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    Attorneys at Skadden examine how a bipartisan bill currently being considered by the U.S. Senate to save the Tax Cuts and Jobs Act's tax breaks for research and development costs, and other expiring business-friendly provisions, would affect taxpayers.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • Deciding What Comes At The End Of WTO's Digital Tariff Ban

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    Companies that feel empowered by the World Trade Organization’s recent two-year extension of the ban on e-commerce tariffs should pay attention to current negotiations over what comes after the moratorium expires, as these agreements will define standards in international e-commerce for years to come, say Jan Walter, Hannes Sigurgeirsson and Kulsum Gulamhusein at Akin Gump.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • Consider 2 Alternative Exit Plans In RE Distress Scenarios

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    In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.

  • Tips For Balanced Board Oversight After A Cyberincident

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    The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.

  • Opinion

    SC's Courts Have It Wrong On Amazon Marketplace Sales Tax

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    The South Carolina Supreme Court should step in and correct the misguided change in tax law effectuated by lower court rulings that found Amazon owes state sales tax for marketplace sales made prior to the U.S. Supreme Court’s Wayfair v. South Dakota decision in 2018, says Hayes Holderness at the University of Richmond.

  • IRS Sings New Tune: Whistleblower Form Update Is Welcome

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    In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

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