Tax

  • January 13, 2025

    Tax-Lien Biz Atty Accused Of Duping Bank Can't Touch Money

    A Manhattan federal judge declined Monday to unfreeze assets on behalf of a former compliance lawyer accused of duping a bank into lending his tax-lien investment firm $20 million, complicating his plan to go to trial with private counsel.

  • January 13, 2025

    Justices Won't Review Reversal Of Firm's Tax Penalty Win

    The U.S. Supreme Court let stand Monday a Fifth Circuit decision overturning a jury ruling that a wealth management company didn't owe $579,000 in tax penalties because an employee's mental health problems excused the company's failure to file information returns on time.

  • January 13, 2025

    Tax Hikes Hit Business Confidence, UK Industry Chair Says

    The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.

  • January 12, 2025

    Justices To Review Whether Ex-Wife Can Challenge Tax Levy

    The U.S. Supreme Court will review a Third Circuit decision allowing a woman to continue challenging what she claims was an improper application of her tax payment to her ex-husband's bill even after the Internal Revenue Service stopped pursuing a proposed property seizure against her.

  • January 10, 2025

    Up Next At High Court: Porn ID Check & Retiree Discrimination

    The U.S. Supreme Court will return to the bench Monday for a full argument session, in which the justices will debate whether a Texas law requiring pornography websites to verify their visitors aren't minors violates the First Amendment and if retirees have the right to sue former employers for benefits discrimination. 

  • January 10, 2025

    NJ Justices Say Private Lienholders Can Be State Actors

    The Garden State's highest court has ruled that a previous version of the New Jersey Tax Sale Law is unconstitutional, pointing to U.S. Supreme Court precedent in concluding that private lienholders are not entitled to surplus equity in property that exceeds the debt owed.

  • January 10, 2025

    Ga. Law Firm Latest To Fight Corporate Transparency Act

    A federal law designed to combat money laundering violates the U.S. Constitution by forcing lawyers to disregard attorney-client privilege, a Georgia lawyer told a federal court, joining a chorus seeking legal action to stop the law.

  • January 10, 2025

    Treasury, IRS Plan Rules For Clean Transportation Fuel Credit

    Treasury and the IRS released guidance Friday for producers of transportation fuel hoping to qualify for the newly available clean fuels production tax credit, saying they plan to release rules clarifying which entities qualify for the credit and how producers can determine allowable emissions levels.

  • January 10, 2025

    IRS Proposes Rules For Roth Catch-Up Contributions

    The Internal Revenue Service floated rules Friday for catch-up contributions made possible by the 2022 retirement law known as Secure 2.0, including the requirement that contributions made by certain participants be designated Roth contributions.

  • January 10, 2025

    Taxation With Representation: Kirkland, Davis Polk, Wachtell

    In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.

  • January 10, 2025

    Treasury Floats Rules For Commercial Green Vehicle Credits

    The U.S. Treasury Department and the Internal Revenue Service proposed rules Friday for obtaining tax credits for commercial green vehicles under provisions of the Inflation Reduction Act, suggesting ways for determining the credit amount and identifying which vehicles are eligible.

  • January 10, 2025

    Broker Arian Hit With Fine For Cum-Ex Trade Failings

    The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.

  • January 10, 2025

    Trump Avoids Jail As Judge Points To Presidential Status

    A New York state judge on Friday spared President-elect Donald Trump any incarceration for his 34-count felony hush money conviction, citing the changed legal landscape, which affords the chief executive with "extraordinary legal protections."

  • January 09, 2025

    Wash. Justices Won't Review $160M Seattle Property Tax Win

    Seattle can keep $160 million in property taxes for waterfront improvements, after Washington's Supreme Court declined to review a lower appellate court's ruling rejecting property owners' bid to recalculate the tax to reflect the hit property values had taken from COVID-19.

  • January 09, 2025

    Suspended Atty Seeks To Avoid Prison Over Payroll Tax Fraud

    A suspended Ohio attorney who managed his wife's dental practice and admitted causing a $750,000 tax loss by failing to pay over employment taxes asked a federal court Thursday to spare him a prison sentence, saying he is not the "greedy liar" depicted by federal prosecutors.

  • January 09, 2025

    Supreme Court Declines To Halt Trump's NY Sentencing

    The U.S. Supreme Court on Thursday denied Donald Trump's request to halt New York criminal proceedings in his hush money case, clearing the way for a state judge to sentence the president-elect on Friday, days before he takes the oath of office.

  • January 09, 2025

    Indiana House Bill Would Abolish Property Taxes

    Indiana would disallow the assessment of tangible property beginning in 2026 and end the imposition of property taxes beginning in 2027 under a bill introduced Thursday in the state House of Representatives. 

  • January 09, 2025

    EisnerAmper Adds Tax Pro As Partner In Dallas

    International business adviser EisnerAmper LLC announced it appointed a certified public accountant from Citrin Cooperman Advisors LLC to serve as a tax partner in the firm's private client services group based in Dallas.

  • January 09, 2025

    Conn. House Bill Seeks Overtime Pay Income Tax Exemption

    Connecticut would exempt employees' earned overtime pay from income tax under a bill introduced in the state House of Representatives.

  • January 09, 2025

    Ariz. Bill Seeks Tax Credits For Land Taken For Border Wall

    Arizona property owners would be entitled to income tax credits equal to the fair market value of land that is used by the federal government for construction of a border wall under a bill prefiled in the state House of Representatives.

  • January 09, 2025

    Hochul Floats Curbing Tax Breaks For PE Home Investments

    New York Gov. Kathy Hochul said Thursday that she is seeking to curtail certain tax breaks for private equity firms that invest in certain residential properties, saying the policy would make more of the state's housing stock available to individual homebuyers.

  • January 09, 2025

    IRS Gets First Dibs On $1M BP Oil Spill Payout, 11th Circ. Says

    The IRS gets first priority to a $1 million settlement BP paid to a staffing company that racked up $23 million in federal tax debt and went bankrupt following the Deepwater Horizon oil spill, the Eleventh Circuit affirmed, denying an insurer's claim to the money.

  • January 08, 2025

    Ex-FBI Informant Who Smeared Bidens Gets 6 Years

    A former FBI informant who falsely told agents that a Ukrainian energy company had paid off President Joe Biden and his son Hunter was sentenced Wednesday in California federal court to six years in prison.

  • January 08, 2025

    Pension Plan Official's Estate Excused From Danish Tax Suit

    A New York federal court approved Wednesday an agreement for Denmark's tax authority to settle its claims against the estate of a pension plan official whose plan allegedly defrauded the agency out of $9 million.

  • January 08, 2025

    Final Treasury Regs Grow Low-Income Bonus Energy Credits

    New hydropower, nuclear, solar, geothermal and other nonpolluting energy facilities developed in areas designated as low-income communities are eligible for bonus investment tax credits under final regulations the U.S. Treasury Department unveiled Wednesday.

Expert Analysis

  • The Trade And Tax Issues Behind US-Canada Digital Tax Clash

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    The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • A Look At How De Minimis Import Rules May Soon Change

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    The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.

  • Ruling On Foreign Dividend Break Offers 2 Tax Court Insights

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    In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.

  • Series

    Round-Canopy Parachuting Makes Me A Better Lawyer

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    Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.

  • Why Now Is The Time For Law Firms To Hire Lateral Partners

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    Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Considering Possible PR Risks Of Certain Legal Tactics

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    Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.

  • It's No Longer Enough For Firms To Be Trusted Advisers

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    Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.

  • Avoid Getting Burned By Agencies' Solar Financing Spotlight

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    Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.

  • Tax Traps In Acquisitions Of Financially Distressed Targets

    Excerpt from Practical Guidance
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    Parties to the acquisition of an insolvent or bankrupt company face myriad tax considerations, including limitations on using the distressed company's tax benefits, cancellation of indebtedness income, tax lien issues and potential tax reorganizations.

  • Navigating A Potpourri Of Possible Transparency Act Pitfalls

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    Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.

  • How Methods Are Evolving In Textualist Interpretations

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    Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.

  • Financial Incentives May Alleviate Affordable Housing Crisis

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    There is a wide array of financial incentives and assistance that the government can provide to both real estate developers and individuals to chip away at the housing affordability problem from multiple angles, say Eric DeBear and Madeline Williams at Cozen.

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