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Tax
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July 30, 2025
US Adds 40% Tariff On Brazil, Sanctions Top Court Justice
President Donald Trump imposed a 40% tariff on Brazil on Wednesday, alleging in an executive order that the country's Supreme Court is "politically persecuting" former President Jair Bolsonaro, while the U.S. Treasury Department sanctioned one of the court's justices.
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July 30, 2025
Senate Panel Advances 2 Bipartisan Bills Boosting ESOPs
A key Senate panel advanced two bills Wednesday that would change federal benefits law related to employee stock ownership plans, or ESOPs, by providing businesses additional legal cover when they make company stock valuations and by adding ESOP representatives to a federal advisory board.
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July 30, 2025
Dechert Adds Tax Pro From PwC In DC
Dechert LLP has continued to grow its financial services platform in Washington, D.C., with the hire of a partner from PwC.
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July 30, 2025
Trump To Hit India With 25% Tariff, 'Penalty' Starting Friday
President Donald Trump said Wednesday that he planned to impose a 25% tariff on India beginning Friday, plus an additional "penalty," citing the country's energy and defense dealings with Russia as top concerns along with trade barriers.
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July 30, 2025
Ore. Clarifies Info Disclosure For Enterprise Zone Tax Breaks
Oregon specified which of a business's records are exempt from disclosure when applying for an enterprise zone property tax exemption and clarified eligibility requirements under a bill signed by the governor.
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July 29, 2025
Economists Decry Federal Budget's Looser Interest Deduction
It's regrettable that Congress loosened rules allowing companies to deduct interest costs from tax liabilities in its latest budget, which as a whole is poised to worsen the country's fiscal trajectory while prompting higher interest rates, a panel of economists said Tuesday.
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July 29, 2025
Trump To Make Call On Further Delay Of Higher China Tariffs
President Donald Trump will decide whether to extend a tariff delay another 90 days for Chinese imports after U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese officials to discuss trade matters, the officials told reporters Tuesday in Stockholm.
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July 29, 2025
Top Int'l Trade Policy To Watch In The 2nd Half Of 2025
Pervasive uncertainty surrounds international trade policy as the U.S. takes mercurial swings at the world with tariffs, including a quelled-for-now quasi embargo of China, and while lasting economic fallout hasn't materialized at home, partners abroad are aiming to replace reliance on the American market. Here, Law360 looks ahead at international trade policy during the latter half of one of the most consequential years in the field's history.
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July 29, 2025
State & Local Tax Atty Rejoins Pillsbury In San Francisco
Pillsbury Winthrop Shaw Pittman LLP continues expanding its tax team, welcoming a state and local tax expert who worked several years as a solo practitioner back to the firm as a partner in its San Francisco office.
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July 29, 2025
4th Circ. Rejects BofA's Claim Of Tax Offsets After Mergers
Bank of America cannot use its tax overpayments to offset interest on tax underpayments by Merrill Lynch just because the two companies later merged, the Fourth Circuit affirmed Tuesday in a $163 million case that affects more than 20 years' worth of tax adjustments.
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July 29, 2025
Colo. Conservative Group Says New OT Law Violates TABOR
Colorado's new overtime law, which requires overtime deducted from federal gross income to be added back to a taxpayer's federal taxable income for state income tax, violates the state's Taxpayer's Bill of Rights, a conservative advocacy group told a state district court.
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July 29, 2025
Calif. Allows Retroactive Tax Exclusion For Solar Property
California will allow the purchaser of a new property a three-year window to apply for a property tax exclusion for solar energy systems under a bill signed by Gov. Gavin Newsom.
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July 28, 2025
EU, US Agree To 15% Tariff Rate For Most Sectors
The European Union and the U.S. government have reached a deal for a 15% U.S. tariff rate on EU goods from most industry sectors, including cars, semiconductor chips and pharmaceuticals, avoiding the 30% rate that was due to take effect next month.
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July 28, 2025
Neb. Tax Board Backs Assessment Of Vacant Commercial Lots
A Nebraska county correctly valued three vacant commercial lots at a combined $540,000, despite the owners' claim that the parcels were purchased for a fraction of that amount, the state Tax Equalization and Review Commission said.
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July 28, 2025
Texas Resolution Seeks Vote On Lower Property Value Limits
Texas would ask voters if the state should amend its constitution to authorize lower limits on the maximum appraised value of residence homesteads and of real property other than homesteads for tax purposes under a joint resolution filed in the state House of Representatives during a special session.
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July 25, 2025
Trump Trade Deals Do Little To Ease Importers' Concerns
President Donald Trump's recently announced framework trade deals offer new insight into tariff rates for several countries come Aug. 1, but experts say unanswered questions about those agreements and others still at large continue to stifle longer-term planning, leaving importers in uncertain territory.
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July 25, 2025
Ex-Credit Suisse Client Gets 2½ Years For Hiding Assets
A Florida federal judge on Friday sentenced a Colombian-American businesswoman and former Credit Suisse client to two and a half years in prison for conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.
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July 25, 2025
Mayo Clinic's $11.5M Tax Refund Affirmed By 8th Circ.
The Mayo Clinic qualifies as an "educational organization" under federal tax law, making it eligible for a tax exemption for such organizations and meriting a nearly $11.5 million refund, the Eighth Circuit said Friday, affirming a federal district court.
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July 25, 2025
Russia Loses Bid To Nix Enforcement Of $63B Awards
A Singapore court on Friday denied Russia's bid to dodge litigation seeking the enforcement of more than $63 billion in arbitral awards issued to former investors in Yukos Oil Co. 11 years ago, rejecting the Kremlin's argument that it never agreed to arbitrate the dispute.
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July 25, 2025
Calif. County Denied Rehearing Over Timeshare Fee
A California county will not get a rehearing over a judgment that an annual fee the county charges to timeshare resort owners to give them each a value of their own properties for property tax purposes was excessive and, in fact, acted as a tax, an appellate panel ruled.
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July 25, 2025
Top International Tax Policy To Watch In 2nd Half Of 2025
The attempt by the U.S. to win an exemption for its companies from the 15% global minimum tax is the most consequential saga currently in international tax policy, but the tumultuous trade scene and anticipated guidance on Congress' tax code tinkering are also in the minds of tax professionals. Here, Law360 looks at what further changes are likely in the volatile global tax landscape during the second half of the year.
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July 25, 2025
Rising Star: Gibson Dunn's Michael Q. Cannon
Michael Q. Cannon of Gibson Dunn & Crutcher LLP has been the lead attorney on several high-profile cases, including playing a key role in advising on the tax aspects of the world's largest merger and acquisition deal in 2023, earning him a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.
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July 25, 2025
Okla. Tribe Fights Town's Plan To Cut Casino Utilities
The Delaware Nation is suing the town of Hinton, Oklahoma, and its officials, alleging that the municipality has threatened to nix utility services to its casino after an agreement over land use expired, in an effort to extract taxes from the federally recognized tribe.
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July 25, 2025
What To Watch As Attys Brace For 401(k) Private Equity Order
Benefits and asset management attorneys are anticipating an executive order from President Donald Trump aimed at expanding access to private equity investments in 401(k) plans, a potential move that's stoking excitement about added investment options and concerns about legal risks. Here are four things on experts' minds as they wait to see if the order materializes.
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July 25, 2025
Legal Org. Urges DC Circ. To Reject Trump's Tariff Powers
The D.C. Circuit should affirm a ruling that sided with toy makers and blocked President Donald Trump from using an international economic law to impose emergency tariffs because the law does not give the president the authority he claims, a legal organization argued.
Expert Analysis
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Unpacking The Legal Foundation Of Trump's New Trade War
President Donald Trump's recent executive orders and proclamations regarding emergencies at the U.S. border are based on statutory powers enabling a president to address extraordinary external threats — and could be used to fend off legal challenges to the tariffs levied on Mexican and Canadian goods, says Chris Zona at Mandelbaum Barrett.
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Trump's Energy Plans: Funding, Permits And Nuclear Power
In the wake of President Donald Trump's flurry of first-day executive orders focusing on the energy sector, attorneys at Gibson Dunn analyze what this presidency will mean for energy-related grants and loans, changes to permitting processes and developments in nuclear power.
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When Innovation Overwhelms The Rule Of Law
In an era where technology is rapidly evolving and artificial intelligence is seemingly everywhere, it’s worth asking if the law — both substantive precedent and procedural rules — can keep up with the light speed of innovation, says Reuben Guttman at Guttman Buschner.
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What Compensation Committees Must Keep In Mind In 2025
New disclosure obligations, an evolving discussion on the analysis of executive perks and updated proxy adviser policies — on top of a new presidential administration — are all important things compensation committees must pay close attention to in 2025, say attorneys at Simpson Thacher.
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Anticipating Direction Of Cosmetics Regulation Under Trump
It is unclear how cosmetics regulation reform from the last few years will fare under President Donald Trump, but the new administration's emphasis on deregulation and Robert F. Kennedy Jr.'s views on product safety provide some insight, say attorneys at Crowell & Moring.
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IRS Basis-Shifting Rule Poses Notable Reporting Obligations
While the IRS’ recently finalized rule requiring partnerships to report certain related-party basis adjustment transactions is narrower than originally proposed, taxpayers and their advisers will still need to comb through myriad transactions to comply, say attorneys at Debevoise.
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Imagine The Possibilities Of Openly Autistic Lawyering
Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Scope And Nature Of Judicial Relief Will Affect Loper's Impact
The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Opinion
Congress Should Pass Sex Abuse Settlement Tax Exemptions
The proposed Survivor Justice Tax Prevention Act would expand tax exemptions more clearly for sexual abuse cases, and finally remove the stigma around compensation for emotional and psychological damage, says Rocco Strangio at Milestone & Co.
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What's Next For Accounting Enforcement After SEC's Big 2024
The U.S. Securities and Exchange Commission under the Trump administration will likely continue to focus enforcement efforts on many of the same accounting and auditing issues that it pursued over the past year — but other areas, such as ESG, internal controls and cryptocurrency cases, may fall out of focus, say attorneys at Debevoise.