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Tax
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April 24, 2024
Hawaii High Court Affirms Timeshare Property Tax Is Legal
Timeshares in Maui County, Hawaii, were properly taxed using a timeshare property classification because the classification is both constitutional and in line with the county's code, the state Supreme Court affirmed.
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April 24, 2024
Trump Can't Subpoena Daniels For Alleged Bias In NY Trial
A New York state judge rejected Donald Trump's "overbroad" subpoena seeking records that the former president said would show bias by adult film star Stormy Daniels ahead of her testimony about an alleged hush money payment in 2016.
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April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
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April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
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April 23, 2024
4 Things Attys Should Know About NJ's $56B Spending Plan
New Jersey Gov. Phil Murphy has crafted a spending plan that furthers his vision of the state as an innovator in offshore wind and artificial intelligence, while drawing pushback for a proposed corporate transit fee and warehouse tax.
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April 23, 2024
Tabloid Made Deal To Save Trump 'Embarrassment,' Jury Told
A longtime tabloid executive told a Manhattan jury Tuesday that he struck a secret deal with Donald Trump ahead of the 2016 presidential election to plant negative stories about his opponents and suppress salacious stories that could cause his campaign "embarrassment."
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April 23, 2024
Biz Ownership Law Constitutional, Lawmakers Tell 11th Circ.
The Corporate Transparency Act is a garden-variety exercise of Congress' powers to address threats to national security, foreign affairs, commerce and tax collection, five Democratic lawmakers told the Eleventh Circuit, disputing a ruling that the law is unconstitutional.
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April 23, 2024
Broadcasters Support Bill To Revive Diversity Tax Certificate
Broadcasters are supporting the recent reintroduction of a bill that seeks to increase diversity in the broadcasting industry by requiring the Federal Communications Commission to bring back a tax incentive program to facilitate the sale of broadcast stations to people of color and women.
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April 23, 2024
DC Circ. Backs Tax Penalties Against Swiss Couple
A Swiss couple who incurred $500,000 in penalties for failing to report millions of dollars they held in Swiss bank accounts can't get out of paying, the D.C. Circuit ruled Tuesday, rejecting their argument that the IRS didn't properly approve the fines.
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April 23, 2024
Migrant-Hiring Crimes And Tax Evasion Get Pair Prison, $1.8M Fine
A Florida federal judge has ordered two men to pay $1.8 million to the U.S. government and sentenced them to three years in prison after they confessed to recruiting migrants without employment authorization and failing to report workers' wages for tax purposes.
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April 23, 2024
Dentons Adds Ex-Jones Walker SALT Atty To Ala. Office
Dentons Sirote said it has added a state and local tax shareholder who was previously a partner at Jones Walker LLP to the tax practice in its Birmingham, Alabama, office.
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April 23, 2024
Atty Can Deduct $303K In Racing Ad Costs, 10th Circ. Told
A Colorado attorney asked the Tenth Circuit to reverse a U.S. Tax Court decision that prevented him from deducting $303,000 in advertising expenses tied to his automobile racing, saying the lower court incorrectly ruled that the costs were related to a hobby rather than his litigation practice.
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April 23, 2024
Coverage Recap: Day 2 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a full recap from day two.
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April 23, 2024
Trump 'Detached From Facts' In Fla. Docs Case, Feds Say
Prosecutors in Donald Trump's classified documents case have told a Florida federal judge that the former president's legal team was trying to paint a false narrative of political bias in its motion to obtain more discovery.
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April 23, 2024
Feds Want About 3 Years In Prison For LA Bank Embezzler
The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.
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April 23, 2024
Indicted 'Magician' Tax Preparer's Clients Under Scrutiny
Clients of a New York City-based tax preparer who earned the nickname "the magician," allegedly making $15 million while fraudulently depriving the IRS of $100 million, may also face charges, a prosecutor told the federal judge in charge of the case on Tuesday.
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April 23, 2024
Trump Atty 'Losing Credibility' In Defending Posts, Judge Says
The New York judge presiding over former President Donald Trump's hush money case on Tuesday gave a harsh appraisal of defense attorney Todd Blanche's attempts to keep his client out of criminal contempt for disparaging witnesses online, saying the lawyer was "losing all credibility" as he argued Trump was "being very careful" with his words.
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April 23, 2024
DOL's Final Investment Advice Regs Expand ERISA's Reach
The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.
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April 22, 2024
Seattle Property Owners Can't Use COVID To Stop $160M Tax
A Washington appeals court said on Monday that Seattle can keep a $160 million property tax to pay for waterfront improvements, in an opinion that rejected an argument that diminished property values after COVID-19 should force the city to recalculate the tax.
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April 22, 2024
Hedge Funder's IRS Suit Over Leaked Tax Info Gets Trimmed
A Florida federal judge on Monday dismissed part of a hedge fund executive's case seeking to hold the Internal Revenue Service accountable for a leak of his private tax data to the media, saying he failed to show he suffered any damages.
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April 22, 2024
Scotiabank Fights To Keep Peru VAT Claim Alive
The Bank of Nova Scotia urged the World Bank's international arbitration institution in recently released documents not to dismiss the arbitration of its value-added tax dispute against Peru, saying the case raises issues of fact.
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April 22, 2024
Colo. Sales Tax Can't Touch Netflix Subscriptions, Judge Says
A Colorado judge has sided with Netflix Inc. in a fight with the state over whether its streaming service subscriptions are subject to sales tax, finding that because the subscriptions can't be physically touched, they don't fit the law's definition of "tangible" property.
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April 22, 2024
Congress Can Enact Corp. Transparency, Orgs Tell 11th Circ.
Congress is empowered to require American companies to report their beneficial owners to the federal government because there is ample evidence they've previously been used to fund hostile foreign actors, evade sanctions and traffic drugs, two think tanks told the Eleventh Circuit in an amici brief.
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April 22, 2024
As DA Aims High, Trump Defense Gets 'Down And Dirty'
Donald Trump lifted the curtain Monday on his strategy to win over jurors in his New York criminal hush-money trial, as a lawyer for the former president hammered the state's "liar" star witness and rejected the prosecution's quixotic framing of the case, experts observed.
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April 22, 2024
IRS Failed To Act After Supervisor Groped Worker, Court Told
An IRS employee told an Iowa federal court Monday that her supervisor groped her and made a sexually degrading comment about her during a meeting but that the agency "has done nothing" to protect her, despite an investigation concluding the harassment had likely occurred.
Expert Analysis
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Deferral Pointers For Employers After $700M Ohtani Deal
Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.
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High Court Case Could Reshape Local Development Fees
If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Opinion
Nebraska Should Abandon Proposed Digital Ad Tax
If passed, Nebraska’s recently proposed Advertising Services Tax Act, which would finance property tax relief by imposing a 7.5% gross revenue tax on advertising services, would cause a politically risky shift of tax burdens from landowners to local businesses and consumers, and would most certainly face litigation, say attorneys at McDermott.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules
Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.