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Tax
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March 07, 2024
Minn. Tax Court Rejects Appeal Of Parking Lot's Classification
A Minnesota parking lot was correctly classified as commercial property by a local assessor, the state's tax court said, rejecting the owner's argument that it should be mostly classified as multifamily housing because of development plans for the site.
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March 07, 2024
Biden Urges Higher Taxes On Wealthy Companies, Individuals
President Joe Biden, in his Thursday night State of the Union address, urged Congress to make the U.S. tax code fairer by enacting higher rates on wealthy corporations and individuals and extending tax relief to working families.
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March 06, 2024
Software Execs Tried To Save Co. With Trust Taxes, Jury Told
Prosecutors and defense attorneys on Wednesday painted competing pictures of two former software executives at the start of their tax fraud trial in North Carolina, with the government characterizing the pair as liars and cheaters while the defense claimed they were merely trying to right the ship as their business floundered.
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March 06, 2024
Ill. Appeals Court Revives Chicago Real Estate Tax Measure
A Chicago referendum seeking authorization to impose tiered real estate transfer tax rates can proceed, an Illinois state appeals court ruled Wednesday, reversing a Cook County Circuit Court decision that blocked the city from counting votes on the measure.
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March 06, 2024
Startup Investors' Attys Want $1.5M In Fees On Disclosure Suit
Lawyers for a class of investors have asked a New York federal court to approve their attorney fees of $1.5 million for a $4.5 million settlement with a Chinese analytics startup over claims the company misrepresented its tax liability before its initial public offering.
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March 06, 2024
Trump Mocks Hush Money Case As 'Deluded Fantasy'
Counsel for former President Donald Trump has branded the hush money charges against him as a "deluded fantasy," arguing that the Manhattan district attorney is framing the New York state court case as a conspiracy to undermine the 2016 election despite it being a "narrow business records case."
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March 06, 2024
Minn. Tax Court OKs Value Of Home In Easement Dispute
A Minnesota owner of lakefront property failed to convince the state's tax court that obstructions he claimed hindered access to the property through an easement should result in a lower valuation for tax purposes.
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March 06, 2024
Md. Tax Court OKs Valuing Boat Slips, Condo Units Separately
Two boat slips in a Maryland condominium development were correctly valued separately from the units for which they were exclusively reserved, the Maryland Tax Court ruled, affirming the methods of a local assessor.
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March 05, 2024
DA Defends Cohen's Credibility In Trump Hush Money Case
The Manhattan district attorney has told a New York state judge presiding over Donald Trump's hush money case that the presidential candidate's former attorney Michael Cohen will tell the truth at trial, despite his past perjury.
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March 05, 2024
Pillar 1 Would Have Cost US Gov't $1.4B In 2021, Study Says
U.S. tax revenue would have been reduced by $1.4 billion in 2021 under a proposed system to reallocate a share of tax payments to where large multinational corporations have customers but lack a physical presence, the Joint Committee on Taxation said Tuesday.
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March 05, 2024
Biz Owner Gets 10 Months For Evading Tax On Foreign Income
The owner of a manufacturing company was sentenced in California federal court to 10 months in prison for avoiding taxes on almost $4.5 million in income by failing to report his foreign sales to the Internal Revenue Service, the U.S. Department of Justice said.
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March 05, 2024
Netflix Says Service Isn't Taxable Tangible Property In Colo.
Netflix's streaming video service is not tangible personal property subject to sales tax because the company does not sell objects to its subscribers, Netflix told a Colorado court in its case to force a refund of sales taxes paid.
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March 05, 2024
Judge's Side Job Invalidates Tax Rulings, Pa. Justices Told
Pennsylvania's constitution has barred judges from holding second jobs since 1776, counsel for a Delaware County hospital told the state Supreme Court during an oral argument Tuesday, so a senior judge who started collecting pay from a Philadelphia tax appeals board had effectively resigned and his rulings on the hospital's tax appeals were invalid.
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March 05, 2024
Baker McKenzie Lands KPMG Tax Atty In Chicago
Baker McKenzie recently hired a new tax partner in Chicago who came from KPMG and has prior experience working at PwC.
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March 05, 2024
Treasury Finalizes Direct Pay Rules For Energy Tax Credits
The U.S. Department of the Treasury on Tuesday finalized regulations governing direct payments of several clean energy tax credits provided by the Inflation Reduction Act but said it was still mulling how to address so-called chaining of payments and co-ownership arrangements.
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March 04, 2024
Former DOJ Assistant Chief Joins Bird Marella
The assistant chief in the fraud section of the Department of Justice's Criminal Division joined Bird Marella Rhow Lincenberg Drooks & Nessim LLP, the firm announced Tuesday.
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March 04, 2024
Corporate Transparency Act Unconstitutional, Ala. Judge Says
An Alabama federal judge has found that the Corporate Transparency Act is unconstitutional, dealing a blow to proponents of the anti-money laundering law, who anticipate the ruling will be appealed to the Eleventh Circuit.
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March 04, 2024
Trump Blasts DA's Gag Order Motion In NY Hush Money Case
Donald Trump's attorneys on Monday slammed the Manhattan district attorney's request for a gag order in the hush money case against the former president, arguing it would be unconstitutional to silence the "leading candidate in the 2024 election" in the midst of the primary season.
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March 04, 2024
Former IRS Commissioner Joins Chamberlain Hrdlicka
Former IRS Commissioner Charles "Chuck" Rettig joined Chamberlain Hrdlicka White Williams & Aughtry as a shareholder in Los Angeles, following in the footsteps of his former acting chief of staff, whom the firm hired last year.
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March 04, 2024
Laptop Dustup Pits Steptoe & Johnson Against Bookkeepers
A Manhattan federal judge on Monday prodded Steptoe & Johnson PLLC to try to settle claims that it unlawfully exploited the contents of a Pennsylvania accounting and tax concern's laptop, but the law firm's counsel denied it had any such device.
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March 04, 2024
Md. House OKs Local Property Tax Credit Options
Local governments in Maryland could award tax credits for certain properties that are used for housing homeless people or have undergone health and safety improvements under legislation passed by the state House of Delegates.
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March 04, 2024
1st Circ. Grapples With Crypto Exchange Tax Docs Seizure
First Circuit judges grappled Monday with an investor's claim that the IRS violated his privacy and property rights when it seized his account records from cryptocurrency exchange Coinbase, trying to establish during oral arguments to what extent the exchange was different from a traditional bank.
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March 04, 2024
Trump's Former Finance Chief Pleads Guilty To Perjury
Allen Weisselberg, the longtime former financial chief of Donald Trump's real estate business empire, admitted Monday to lying under oath in the New York attorney general's civil fraud case as part of a plea deal to serve five months in jail.
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March 01, 2024
Pa. Supreme Court Snapshot: Judge's Side Gig Vexes Tax Row
In its first argument session of 2024, the Supreme Court of Pennsylvania will once again have seven justices on the bench to hear cases concerning issues like a judge taking a second job, following last year's elevation of Superior Court Judge Daniel D. McCaffery to fill the vacancy left by the death of former Chief Justice Max Baer in 2022.
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March 01, 2024
Commission Eyes Sweeping Changes To US Olympic Model
An independent commission called for an overhaul of the U.S. Olympic system Friday, rebuking leaders for failing to keep athletes safe from sexual abuse and calling on Congress to take a more active role in administrating youth sports.
Expert Analysis
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Cannabis Supercenters: Key Benefits And Legal Issues
Barstow, California’s novel plan to convert an abandoned mall into a cannabis supercenter could offer a potential blueprint for cannabis companies to thrive in a saturated market and for communities to repurpose underutilized retail spaces — but certain financing, zoning and leasing issues will need to be assessed, says Christopher Gordon at Fox Rothschild.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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Taxing The Digital Economy: The Good, The Bad And The Ugly
U.S. tech companies should watch for important developments in international taxation, including the resolution of Apple's decade-old state aid case, growing frustration with the Organization for Economic Cooperation and Development's global tax plan and adoption of the digital services tax instead, says Joyce Beebe at Rice University's Baker Institute for Public Policy.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.
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Kentucky Tax Talk: Pros, Cons Of The SALT Cap Workaround
Recent legislation that allows pass-through entities to be taxed at the entity level — Kentucky’s response to the federal cap on state and local tax deductions — could result in significant savings for taxpayers, but whether it applies to sole proprietorships and other aspects of the law are unclear, say attorneys at Frost Brown.
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Big Tax Changes For Multinational Cos. In Budget Proposal
The Biden administration’s fiscal year 2024 budget proposes changes that would materially alter decades-old Internal Revenue Code provisions, requiring a shift in multinational corporations' tax planning strategies comparable to that required after enactment of the Tax Cuts and Jobs Act, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.
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Opinion
Attorneys Should Have An Ethical Duty To Advance DEI
National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.
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SVB Collapse Reinvigorates Bank Accounting Debate
Silicon Valley Bank's sudden collapse revives questions over whether fair value or amortized cost accounting is the most appropriate for banks' financial reporting — a controversy that's crucial for understanding what information could have helped market participants better understand SVB's financial condition, say consultants at Analysis Group.
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Data-Driven Insights Are Key To Attracting Today's Clients
As law firm growth slows and competition for clients increases, modern firms must rely on robust data analytics to develop the sector-based expertise and industry insights that clients increasingly prioritize in relationships with counsel, says Lavinia Calvert at Intapp.
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Ghosting In BigLaw: Why Better Feedback Habits Are Needed
Not giving assignments or constructive criticism to junior associates can significantly affect their performance and hours, potentially leading them to leave the firm, but partners can prevent this by asking the right questions and creating a culture of feedback, says Rachel Patterson at Orrick.
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Get Ready For IRS Criminal Crackdown On Crypto
Recent developments at the IRS, from a new operating plan to the announcement of a centralized data center, signal that the agency is ramping up criminal enforcement against those using digital assets to evade tax liabilities — and given its high conviction rate, companies and individuals must prioritize compliance, say attorneys at BakerHostetler.
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Rebuttal
Law Needs A Balance Between Humanism And Formalism
A recent Law360 guest article rightly questions the pretextual pseudo-originalism that permits ideology to masquerade as judicial philosophy, but the cure would kill the patient because directness, simplicity and humanness are achievable without renouncing form or sacrificing stare decisis, says Vanessa Kubota at the Arizona Court of Appeals.
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NFT Tax Guidance Shows IRS Interest In Crypto Enforcement
The IRS' first ever guidance addressing the federal income tax treatment of NFTs indicates the agency could take a potentially aggressive stance in enforcing U.S. tax laws in the NFT and crypto spaces, which could have a significant impact on the self-directed IRA market, say attorneys at BakerHostetler.
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Short Message Data Challenges In E-Discovery
As short message platforms increasingly dominate work environments, lawyers face multiple programs, different communication styles and emoji in e-discovery, so they must consider new strategies to adapt their processes, says Cristin Traylor at Relativity.
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Substantiation Is Key When Gifting Crypto To Charity
A recent Internal Revenue Service memorandum makes clear that the agency will require substantiation when gifting cryptocurrency to charity, even for relatively small amounts, so donors need to be aware of the important differences between crypto and typical cash donations, says Sheryl Morrison at Lathrop GPM.