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June 05, 2024
Nigeria Holding US Binance Exec Hostage, Lawmakers Say
The White House's hostage negotiator should begin seeking the release of a top executive at cryptocurrency exchange Binance whom the Nigerian government is holding personally liable for tax evasion charges against the company, the House Foreign Affairs Committee's chairman has said.
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June 05, 2024
Ill. Budget Has Higher Cap On NOLs, Sports Betting Tax Hike
Illinois will extend a cap on corporate net operating loss deductions, increase its sports betting tax and reduce sales tax rebates for retailers under a $53.1 billion fiscal year 2025 budget signed Wednesday by Democratic Gov. J.B. Pritzker.
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June 05, 2024
Colo. To Exempt Modular Homes From Sales Tax
Colorado will exempt new modular home sales from state tax under a bill signed into law by Gov. Jared Polis.
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June 05, 2024
Trump Gag Order Still Needed Through Sentencing, DA Says
Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.
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June 05, 2024
NY Gov. Indefinitely Halts Manhattan Congestion Pricing
New York Gov. Kathy Hochul on Wednesday shelved congestion pricing just weeks before officials were set to implement a fee for vehicles entering Manhattan's busiest corridor, in a dramatic about-face following intense backlash and litigation from residents and business owners grappling with the high cost of living.
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June 05, 2024
Loeb & Loeb Expands Nonprofit Services With Attys In DC, NY
Loeb & Loeb LLP has strengthened its services to charitable organizations with this week's addition of two attorneys in New York and Washington, D.C., with deep experience in the public and private sector assisting nonprofits in achieving their goals.
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June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
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June 05, 2024
NY Gov. Denies Cop-Shoving Judge New Term
A Buffalo judge censured for brawling with neighbors, shoving a police officer and bragging about his ties to power was denied a second term by New York Gov. Kathy Hochul, who took the unusual step of rejecting the judge's request for reappointment.
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June 04, 2024
Trump Wants Gag Orders Terminated In Wake Of Guilty Verdict
Donald Trump asked a New York County judge to terminate gag orders restricting the former president from making out-of-court statements during his criminal trial, arguing that the "restrictions" on his First Amendment rights are no longer warranted now that the trial has come to an end.
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June 04, 2024
Sen. Leaders Press Biden's Tax Court Nominees On Fairness
Senate Finance Committee leaders pressed President Joe Biden's three new judicial nominees for the U.S. Tax Court to explain Tuesday how they would extend fair treatment to taxpayers if they are confirmed.
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June 04, 2024
Tax Law Firm Can't Kick Ex-Clients' Class Suit To Arbitration
Former clients of a Florida-based tax law firm who live in Wisconsin can move forward with their proposed class action accusing the firm of malpractice and charging illegal fees, a Wisconsin federal judge ruled Tuesday, rejecting the firm's requests to toss the suit or move it to arbitration.
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June 04, 2024
First Citizens Bank Seeks $15M Tax Refund After Bailout
First Citizens bank is seeking a $15 million refund from the North Carolina Department of Revenue stemming from taxes it paid on a federal bailout it received during the mid-2000s financial crisis, according to a filing in the state court.
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June 04, 2024
11th Circ. Affirms Nix Of IRS Easement Disclosure Guidance
The Eleventh Circuit affirmed Tuesday that an Internal Revenue Service notice imposing reporting requirements on potentially abusive conservation easements was invalid because the agency failed to solicit the public feedback required by administrative law.
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June 04, 2024
Austrian Authorities Reveal Spike In Fake Companies
The number of fake companies in Austria is increasing, according to data from the Finance Ministry, which said that it hoped a new law would aid in combating the trend.
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June 03, 2024
FTX, IRS Propose Settling $8B Tax Fight For Just $885M
FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.
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June 03, 2024
Treasury Aims To Salvage Corp. Transparency Act At 11th Circ.
The Corporate Transparency Act is a valid exercise of congressional authority to curb money laundering under the commerce clause and the necessary and proper clause in the Constitution, the U.S. Treasury Department told the Eleventh Circuit on Monday in a bid to restore the law's reporting requirements.
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June 03, 2024
Trump's NY Gag Orders Likely Lifted With Verdict
Despite claims by former President Donald Trump that he is still limited in what he can say about jurors and witnesses following his guilty verdict, the gag orders imposed on him likely evaporated at the end of the Manhattan trial, lifting a threat of further contempt if he goes on the attack ahead of his sentencing this summer.
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June 03, 2024
Missouri Judge OKs Cannabis Tax By Both City And County
Both a city in Missouri and the county that surrounds it can collect a tax on marijuana dispensaries, a state circuit judge found.
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June 03, 2024
Google Must Face Online Tax Filer's Privacy Suit
An Illinois woman who prepared her taxes online through H&R Block and then sued Google, claiming the search engine's tracking tool effectively eavesdropped on her confidential tax information, can move forward with her proposed class action, a California federal judge ruled Monday.
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June 03, 2024
Vanguard Investors Want Class Cert. In Tax Liability Fight
Investors accusing Vanguard and its top brass of violating its fiduciary duties by triggering a sell-off of assets in target retirement funds in an attempt to lower fees, leaving smaller investors with massive tax bills, asked a Pennsylvania federal court to certify them as a class.
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June 03, 2024
African Gov'ts Made Big Gains From Data Swaps In 2023
African tax authorities made huge headway last year in using the international standard for exchange of information on request to find additional revenues of €2.2 billion ($2.4 billion), which is more than over the past 13 years combined, the OECD reported Monday.
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June 03, 2024
DC Settles Tax Fraud Suit Against Tech Co. Founder For $40M
The District of Columbia will collect $40 million from the founder of a technology and bitcoin holding company to settle a whistleblower complaint that alleged tax fraud, the district's attorney general said Monday.
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June 03, 2024
EU Court Asked To Rule On Belgian Tax On Dividends
A Belgian court asked the European Union's highest court to rule on whether the country can tax dividends transferred from a subsidiary to a parent company, despite an EU law apparently prohibiting this, a document published Monday showed.
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June 03, 2024
Minn. Tax Court Lowers Home Value Over Native Burial Mound
The valuation of a lakeside parcel including a legally protected Native American burial mound must be lowered because a split of the property as envisioned by assessors would have been unlikely to gain the needed approvals, the Minnesota Tax Court said.
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June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
Expert Analysis
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Kentucky Tax Talk: Budget Focus Cools Tax Reform Efforts
There were some noteworthy tax developments during Kentucky’s legislative session — like the revival of local tax reform and enactment of another tax amnesty program — but major tax initiatives, like those seen in recent years, were largely tabled as legislators focused on establishing the state’s two-year budget, say attorneys at Frost Brown.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Should NIL Collectives Be Allowed Tax-Favored Status?
Arguments are being made for and against allowing organizations to provide charitable contribution tax deductions for donations used to compensate student-athletes, a practice with impacts on competition for student-athletes and overall tax fairness, but ultimately it is a question for Congress, say Andres Castillo and Barry Gogel at the University of Maryland School of Law.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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NY Tax Talk: Primary Function Is Key Analysis For Sales Tax
Two sales tax cases recently decided by New York's Appellate Division illustrate why both taxpayers and the state's Department of Revenue subscribe to the primary function test, a logical way to determine whether business transactions are subject to sales tax, say Elizabeth Cha and Jeremy Gove at Eversheds Sutherland.
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Opinion
Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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Understanding The IRC's Excessive Refund Claim Penalty
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.
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Don't Use The Same Template For Every Client Alert
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.
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Series
Walking With My Dog Makes Me A Better Lawyer
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.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
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.
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Circuit Split Brews Over Who's A Securities Seller Under Act
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.
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The Art Of Asking: Leveraging Your Contacts For Referrals
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.
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Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks
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.
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Series
Being An Equestrian Makes Me A Better Lawyer
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.