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Tax
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February 09, 2024
Colo. Ballot Law Violates Free Speech, Group Tells 10th Circ.
Parts of Colorado's state-mandated titles for proposed ballot initiatives to cut taxes are inaccurate and would significantly impair a conservative group's ability to communicate with voters, violating its First Amendment rights, the group told the Tenth Circuit.
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February 09, 2024
Jordan Calls For Investigation Into DOJ's Deal With IRS Leaker
House Judiciary Committee Chairman Jim Jordan is investigating whether federal prosecutors were politically motivated to allow the former IRS contractor who leaked former President Donald Trump's tax returns to plead guilty to a single count of illegal disclosure, calling the arrangement "a sweetheart deal."
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February 09, 2024
Former Moritt Hock Atty Joins Forchelli As Partner
Forchelli Deegan Terrana LLP has added a law school professor and former associate at Moritt Hock & Hamroff LLP as a partner to its tax, trusts and estates practice group, the New York firm announced.
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February 09, 2024
Taxation With Representation: Sullivan & Cromwell, Kirkland
In this week's Taxation With Representation, California Resources Corp. acquires Aera Energy, ZeroFox Holdings goes private, and Acerinox purchases Haynes International.
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February 08, 2024
Ex-BigLaw Atty Tells Jury LaPierre Didn't Control NRA Board
A former BigLaw partner was the latest National Rifle Association board member to testify in defense of the gun rights group at the New York attorney general's fraud trial, telling jurors Thursday that it's "just not true" that longtime CEO Wayne LaPierre had full power over NRA decisionmaking.
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February 08, 2024
AgileThought Gets Initial OK For Rolling Ch. 11 Dismissals
Technology firm AgileThought Inc. can dismiss 19 of 32 consolidated Chapter 11 cases, a Delaware bankruptcy judge ruled Thursday, adding that she wanted to make sure all administrative creditors had some form of notice before she signed off on a process for future dismissals.
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February 08, 2024
School Board Tells Ohio Justices Tax Appeal Not Time-Barred
An Ohio law barring third-party challenges to property valuations does not apply retroactively, a school board told the Ohio Supreme Court, urging it to uphold a ruling allowing its challenge to a valuation of an apartment complex to continue.
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February 08, 2024
Minn. Lake Properties Should Be Valued Together, Court Says
A Minnesota lakefront parcel of land should be valued together with a neighboring developed parcel because the two have a symbiotic relationship, the state's tax court ruled.
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February 08, 2024
Esurance Pockets Totaled Vehicles' Sales Tax, Suit Says
Auto insurer Esurance stole from customers by routinely failing to cover sales tax on totaled vehicles, a policyholder said in a proposed class action filed in New York federal court.
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February 08, 2024
DC Circ. Skeptical Of 5-Hour Energy Partner's Tax Challenge
D.C. Circuit judges seemed skeptical of a Canadian citizen's argument that $6.5 million in gains she received from selling a share of a U.S. partnership that sold 5-Hour Energy drinks shouldn't be federally taxed, grappling to understand her reasoning during oral arguments Thursday.
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February 08, 2024
Frost Brown Adds Estate Tax Pro In Cincinnati
Frost Brown Todd LLP just added a new partner with more than three decades of estate planning experience to its tax, benefits and estates practice group in its Cincinnati office as part of its ongoing investment in its Midwestern presence, the firm has announced.
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February 08, 2024
NY Judge Scolds Trump Attys For Response To Perjury Query
The New York state judge overseeing Donald Trump's civil fraud trial on Thursday chastised defense attorneys for their "misleading" response to his demands for information about reports of possible perjury by defendant and key trial witness Allen Weisselberg.
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February 08, 2024
SD General Revenue Up $23M Through January
South Dakota general receipts from July through January totaled $1.556 billion, more than the $1.533 billion originally forecasted, according to a report by the state Bureau of Finance and Management.
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February 07, 2024
Spouses Ran PPP Fraud In Secret, Ga. Defendants Tell Jury
A Georgia man and woman standing trial for charges that they helped orchestrate a scheme to illegally obtain $11 million in Paycheck Protection Program loans were unwittingly implicated in the fraud by their respective spouses, the defendants' lawyers told a federal jury Wednesday.
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February 07, 2024
Trump Trial Judge Gets Little Info On Exec's Alleged Perjury
An attorney for Donald Trump and his companies' former chief financial officer Allen Weisselberg told the New York state judge presiding over their civil fraud trial Wednesday that she could not respond to "unsubstantiated" reports that the ex-CFO was in plea negotiations for allegedly lying on the stand, citing her ethical obligations.
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February 07, 2024
NRA Upped Compliance After AG Probe, Auditor Tells NY Jury
An outside auditor for the National Rifle Association told jurors Wednesday in the New York fraud case against the gun rights group and its executives that the NRA is "very transparent" and has taken steps to address compliance deficiencies since the state's investigation began.
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February 07, 2024
Colo. Urges Court To Reject Bid To Nix Delivery, Ride Fees
A Colorado court should throw out a suit from a conservative group challenging new fees on deliveries and online ride-hailing services, attorneys for the state said, arguing that the transportation funding law that created them does not violate any state statutes.
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February 07, 2024
Judge Sides With Wis. Tribe In HOA Property Dispute
The Menominee Indian Tribe got a win in Wisconsin federal court in a case in which a Wisconsin neighborhood association said the federal government breached its community restrictive covenants when it took land into trust for the tribe, with the judge agreeing to dismiss the suit.
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February 07, 2024
Town's Taxes Would 'Punish' Green Tech, Conn. Justices Told
Groton is the only community in Connecticut that has ever imposed taxes on FuelCell Energy Inc.'s power plants, and adhering to the town's interpretation of two exemption statutes would create an "absurd" result that discourages the manufacture of energy efficient systems in the rest of the state, the company told the Connecticut Supreme Court on Wednesday.
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February 07, 2024
US Eyes Requiring Reports On All-Cash Real Estate Transfers
Professionals involved in real estate transfers in the U.S. would be required to report on the beneficial owners of trusts and other legal entities that receive residential property in any all-cash transactions under draft regulations released Wednesday that aim to tackle tax evasion and corruption.
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February 07, 2024
Orrick Adds Ex-Greenberg Traurig Energy Pro In Chicago
A former Greenberg Traurig LLP shareholder has reunited with her mentor after jumping to Orrick Herrington & Sutcliffe LLP's energy and infrastructure team in Chicago.
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February 07, 2024
House Panel's Top Dem Floats Bill To Require Automatic IRAs
The House Ways and Means Committee's top Democrat introduced legislation Wednesday that would expand workers' retirement coverage by requiring employers with 10 or more employees to establish a federal automatic individual retirement account program.
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February 07, 2024
Perrier Bubbles Don't Burst Tax Barrier, Pa. Court Told
The fizziness in Perrier bottled water is naturally occurring and should put the product in the same nontaxable category as still water under Pennsylvania's tax code, an attorney for a Pennsylvania Sheetz customer told the state's Commonwealth Court on Wednesday.
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February 07, 2024
Big 4 Support Irish Foreign Income Tax Exemption Plans
The Big Four accounting firms expressed broad support for Ireland's plans to introduce corporate tax exemptions for foreign-sourced dividends and foreign branch profits, saying the changes are long overdue and would reduce complexities for taxpayers, according to comments published Wednesday.
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February 07, 2024
German Cum-Ex Trial Ends After €2.2M Profit Payback
German prosecutors agreed to provisionally end a trial of an unnamed individual over a fraudulent tax refund scheme after he agreed to pay back €2.2 million ($2.4 million) in illegally gained profits, a court said Wednesday.
Expert Analysis
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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Opinion
Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.
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Recalling USWNT's Legal PR Playbook Amid World Cup Bid
As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.
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Looking Behind The Curtain Of Residential Transition Loans
As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.
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IRS Criminal Probe Spells Uncertainty For Malta Pension Plans
The IRS’ recent scrutiny of Malta pension plan arrangements — and its unusual issuance of criminal administrative summonses — confirms that it views many of these plans as illegal tax evasion schemes, and the road ahead will not be smooth and steady for anyone involved, say attorneys at Kostelanetz.
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Perspectives
Mallory Gives Plaintiffs A Better Shot At Justice
Critics of the U.S. Supreme Court's recent decision in Mallory v. Norfolk Southern claim it opens the door to litigation tourism, but the ruling simply gives plaintiffs more options — enabling them to seek justice against major corporations in the best possible court, say Rayna Kessler and Ethan Seidenberg at Robins Kaplan.
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IRS Announcement Will Aid Cos. In Buyback Tax Planning
Recent IRS transitional guidance regarding current requirements for reporting and payment of the stock repurchase excise tax will help corporate taxpayers make decisions about records retention and establishing reserves for future tax payments, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.
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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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Opinion
Mallory Opinion Implicitly Overturned NC Sales Tax Ruling
The U.S. Supreme Court recently declined to review Quad Graphics v. North Carolina Department of Revenue, but importantly kicked the legs from under Quad's outcome a week later, stating in its Mallory decision that the high court has the prerogative to overrule its own decisions, says Richard Pomp at the University of Connecticut.
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How NIL Collectives Could Be Tax-Exempt After IRS Curveball
Since the Internal Revenue Service recently announced that numerous collectives creating paid name, image and likeness deals for collegiate student-athletes do not qualify for tax exemption, for-profit entities and alternative collective structures with incidental student-athlete benefits may be considered to fund NIL ventures, says David Kaufman at Thompson Coburn.
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Is This Pastime A Side-Gig? Or Is It A Hobby?
The recent U.S. Tax Court decision in Sherman v. Commissioner offers important reminders for taxpayers about the documentation and business practices needed to successfully argue that expenses can be deducted as losses from nonhobby income, says Bryan Camp at Texas Tech.
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Level Up Lawyers' Business Development With Gamification
With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.
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Mallory Ruling Leaves Personal Jurisdiction Deeply Unsettled
In Mallory v. Norfolk Southern Railway, a closely divided U.S. Supreme Court recently rolled back key aspects of its 2017 opinion in Daimler AG v. Bauman that limited personal jurisdiction, leaving as many questions for businesses as it answers, say John Cerreta and James Rotondo at Day Pitney.