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Tax
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April 03, 2024
NJ Tax Preparer Accused Of $150M COVID Relief Fraud
A New Jersey tax preparer has been indicted over what prosecutors are calling a yearslong scheme in which he filed more than 1,600 bogus tax forms seeking over $150 million in COVID-19-related employment tax credits for his clients and his own businesses that they weren't eligible for, the U.S. Department of Justice announced Wednesday.
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April 03, 2024
Trump's Late Immunity Motion Fails To Halt Hush Money Trial
A New York judge on Wednesday rejected Donald Trump's effort to delay his hush money trial based on his claimed presidential immunity from criminal prosecution, keeping the historic case on track for jury selection later this month.
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April 03, 2024
Colo. Says Trial Unnecessary In Transportation Funding Fight
Colorado told a state judge that a conservative group did not need a trial to "further develop the record" in its challenge to a transportation funding law, arguing that the group had its chances in discovery but only named a single witness, who can't testify about how the state law works.
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April 03, 2024
4 Atty Takeaways From DOL's Asset Manager Exemption
The U.S. Department of Labor's final regulation limiting investment managers with serious misconduct on their records from handling Employee Retirement Income Security Act-covered retirement plans backed away from some controversial aspects of the agency's initial proposal, but still imposes significant new compliance obligations on plan sponsors, attorneys say. Here are four key takeaways from the final amendment released Tuesday.
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April 03, 2024
McDermott Adds Ex-Baker McKenzie Tax Pro In Chicago
The former chair of Baker McKenzie's Chicago tax practice group has joined McDermott Will & Emery LLP and will work as a partner in the firm's Chicago office, McDermott said Wednesday.
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April 03, 2024
Veteran Atty Joins Saxton & Stump To Co-Chair Estates Group
A seasoned attorney with more than 40 years of experience in tax law and estate planning has joined Saxton & Stump in Harrisburg, Pennsylvania, after practicing for four years with local firm Johnson Duffie Stewart & Weidner.
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April 03, 2024
UK Seeks To Share Country-Level Tax Reports, Official Says
The U.K. government wants to allow low-income countries greater access to country-by-country reports of multinational corporations' tax data as a way to help them recover revenue that they're owed, a Cabinet official said Wednesday.
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April 03, 2024
Trump Ally Brings Ethics Query Over Judge's CNN Interview
An ally of Donald Trump has raised ethics concerns about a senior D.C. federal judge, complaining that the judge's statements on CNN about the former president's statements about the judiciary was "highly prejudicial" toward Trump's four pending criminal cases.
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April 03, 2024
Salesman Admits Lying To IRS In Tax Preparer's Refund Scam
A timeshare salesman who benefited from a scheme that inflated tax refunds pled guilty to obstruction after lying to Internal Revenue Service agents who sought to collect his 2015 tax refund.
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April 03, 2024
Fed. Circ. Backs Firing IRS Agent Who Golfed On Agency Time
A former senior appraiser for the Internal Revenue Service was appropriately fired for golfing on company time, a federal appeals court affirmed Wednesday.
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April 02, 2024
Trump Wants New Bite At Recusal Over Judge's Daughter
Donald Trump is again seeking the recusal of the judge overseeing his Manhattan criminal case, saying the judge's daughter and her political consulting firm stand to financially benefit from the case, while prosecutors argued Trump's "daisy chain of innuendos" isn't evidence that the judge, or his daughter, will gain anything.
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April 02, 2024
Hunter Biden Can't Toss 'Vindictive' Criminal Tax Charges
Hunter Biden lost his bid to end his criminal tax case over claims his prosecution is vindictive and politically motivated, among other arguments, after a California federal judge ruled Monday that Biden "filed his motion without any evidence" and merely "cites portions of various internet news sources, social media posts and legal blogs."
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April 02, 2024
Swiss Banker Avoids Prison For $60M Tax Evasion Conspiracy
A Manhattan federal judge allowed a Swiss finance pro to avoid prison Tuesday for facilitating a tax evasion scheme that helped wealthy Americans hide $60 million from the IRS, saying the defendant is less culpable than alleged co-conspirators.
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April 02, 2024
Feds Seek Use Of 'Intertwined' Evidence In NC Tax Fraud Trial
Federal prosecutors have asked a North Carolina district court to permit tangential evidence in a tax fraud trial, saying that the evidence is "inextricably intertwined with the charged conduct" of two St. Louis attorneys and a North Carolina insurance agent.
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April 02, 2024
Public Gets More Time To Comment On Secure 2.0 Disclosure
Government agencies tasked with reviewing the reporting and disclosure requirements for employee retirement plans said Tuesday that they'll be extending the deadline for comments on how these processes could be improved, a goal established under retirement plan incentive package Secure 2.0.
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April 02, 2024
South Africa Relying Less On Biz Tax As Revenues Top $115B
South Africa's total tax revenue rose to 2.155 trillion rand ($115 billion) last year, buoyed by collections of personal income tax increasing more than 8% and despite corporate income tax collections sinking nearly 9%, the South African Revenue Service said Tuesday.
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April 02, 2024
Okla. High Court Denies Gov.'s Veto Suit Over Tribal Compacts
The Oklahoma Supreme Court on Tuesday denied Gov. Kevin Stitt's suit against state lawmakers over two veto overrides on tribal tobacco and motor vehicle compacts, saying the executive branch doesn't have exclusive authority to negotiate state-tribal compacts.
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April 02, 2024
Boston Bomber Case Offers Clues For Trump Jury Selection
A recent ruling that may undo the Boston Marathon bomber's death sentence holds lessons for Donald Trump's upcoming trials, where attorneys will need to make prospective jurors comfortable enough to admit bias before they're picked — and potentially avoid years of appellate fights.
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April 02, 2024
Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court
The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.
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April 02, 2024
DOL Narrows Retirement Asset Manager Exemption
The U.S. Department of Labor unveiled a final regulation Tuesday making it tougher for investment managers with serious misconduct on their records to handle Employee Retirement Income Security Act-covered retirement plans, broadening an ineligibility clause that previously only covered criminal convictions.
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April 01, 2024
Trump Posts $175M Bond, Pausing $465M Fraud Judgment
Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.
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April 01, 2024
Trump's Gag Order Expands Over 'Attacks' On Judge's Family
Donald Trump has a constitutional right to respond to alleged political attacks, but he does not have a right to attack family members of the state judge overseeing his criminal case in New York, the judge ruled late Monday, expanding the former president's gag order in his hush money case.
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April 01, 2024
US Support For Pillar 1 Still In Question After House Inquiry
U.S. lawmakers signaled that they think technical and other issues remain in the OECD's Pillar One taxing rights overhaul during a recent House subcommittee meeting, casting further doubt on the plan's implementation as the timeline to finalize it has slipped.
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April 01, 2024
Adviser Gets 4 Years For Fraud, Filing False Tax Returns
An Indiana investment adviser was sentenced to four years in prison and ordered to pay $6.4 million in restitution for stealing $4.7 million from a client and filing false returns, the U.S. Department of Justice announced.
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April 01, 2024
Feds Back Guilty Verdict After Software Execs' Tax Fraud Trial
Federal prosecutors on Monday defended a jury verdict finding two former software executives in North Carolina guilty of failing to pay employment taxes, saying sufficient evidence supported their convictions.
Expert Analysis
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Now Is The Time For State And Local Sales Tax Simplification
In the five years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, state and local governments increasingly rely on sales tax, but simple changes are needed to make compliance more manageable for taxpayers, wherever located, without unduly burdening interstate commerce, says Charles Maniace at Sovos.
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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Recent Bills Show Congress' Growing Maturity On Cannabis
Though two recently introduced cannabis reform bills, the Prepare Act and the Small Business Tax Equity Act, are unlikely to pass in this Congress, they demonstrate a new level of focus and sophistication on the part of lawmakers as it relates to cannabis at the federal level, says Irina Dashevsky at Greenspoon Marder.
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What To Make Of IRS' New Advance Pricing Guidance
Recent guidance on the IRS' goals for its advance pricing agreement system provides helpful insight into review and decision-making procedures for advance pricing agreement requests, but it also raises questions about the IRS' objectives, say Richard Slowinski and Stefanie Kavanagh at Alston & Bird.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.
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Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.
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Justices' Minn. Takings Ruling May Have Broad Impact
The U.S. Supreme Court's decision in Tyler v. Hennepin County that a Minnesota tax foreclosure violated the U.S. Constitution's takings clause may, beyond resolving a circuit split, influence well-established foreclosure laws across the U.S., say Emily Ladd and Gregory Nowak at Miller Canfield.
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Compliance Obligations Still Murky For Superfund Excise Tax
Comments on the IRS' reinstatement of the Superfund chemicals excise tax show that, given taxpayers' lack of institutional knowledge and the government's previous failure to finalize clarifying guidance, further regulatory action is needed to help taxpayers understand their obligations, say Nicole Elliott and Mary Kate Nicholson at Holland & Knight.
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Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
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Challenging Standing In Antitrust Class Actions: Rule 23
A recent Sixth Circuit decision in Fox v. Saginaw County that rejected the common attempt to use Rule 23 to sidestep Article III's standing limitations shows antitrust defendants' success in challenging standing will rest on happenstance without more clarity from the Supreme Court — which no litigant should be comfortable with, say Michael Hamburger and Holly Tao at White & Case.
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The Reciprocal Tax Bill Is A Warning Shot At Pillar 2
A bill recently introduced in the House of Representatives to reciprocally tax countries deemed to have imposed discriminatory taxes on U.S. citizens and businesses takes aim at countries implementing the global minimum tax treaty known as Pillar Two, with which the U.S. has not complied, says Alan Cole at the Tax Foundation.
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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Cost To Gov't Means Justices Must Review NC Sales Tax Case
The U.S. Supreme Court should review and overrule the North Carolina high court’s decision in Quad Graphics v. North Carolina Department of Revenue — an anticipatory overruling of precedent that expands the state sales tax base and imposes a stealth tax on the federal government, says Richard Pomp at the University of Connecticut Law School.
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How REITs Can Prep For SEC's Repurchase Disclosure Rules
With real estate investment trusts' share repurchase activity on the rise, REITs should beware the potential enforcement risks that may arise from the U.S. Securities and Exchange Commission's new rules requiring additional disclosures regarding such repurchases, says Zach Swartz at Vinson & Elkins.
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.