Tax

  • March 20, 2024

    IRS Withholding Docs On Partnership Audits, Baker Atty Says

    The Internal Revenue Service has not responded to a request for documents pertaining to the agency's scrutiny of large partnerships and should be forced to disclose them, an attorney with Baker McKenzie told a D.C. federal court.

  • March 20, 2024

    EU Floats Alternative To Unanimity As Bloc Eyes Growth

    The European Commission floated an alternative Wednesday to unanimity voting on matters such as tax as it seeks to streamline the way the bloc reaches decisions amid talk of expanding the number of EU countries.

  • March 20, 2024

    IRS Grants Income Exclusion To Those Fleeing 6 Countries

    Individuals who fled conditions in Ukraine, Belarus, Sudan, Haiti, Niger and Iraq after specific dates in 2023 can exclude foreign earned income, and can exclude or deduct housing costs, from gross income that year because of adverse conditions in the countries, the IRS said.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

  • March 20, 2024

    King & Spalding Adds Ex-PwC Tax Pro As Partner In NY

    An experienced tax attorney has joined King & Spalding LLP in New York after working at PricewaterhouseCoopers LLP for six years.

  • March 19, 2024

    Chicago Voters Nix Tiered Rates On Real Estate Transfer Tax

    Chicago voters rejected a contentious referendum Tuesday night that would have authorized the city to impose tiered real estate transfer tax rates including an increase for properties sold at $1 million and higher.

  • March 19, 2024

    UN Experts Aim To Finalize Tool For Model Treaty Updates

    The United Nations' tax committee is aiming this week to finalize a tool to facilitate faster adoption of updates to its model tax treaty within bilateral negotiations, although some members remain skeptical about its usefulness, according to discussions Tuesday.

  • March 19, 2024

    Minn. BCBS Wants Toss Of DOL's $66.8M Tax Liability Suit

    An insurance company is urging a Minnesota federal judge to toss a U.S. Department of Labor suit alleging the company improperly collected at least $66.8 million in state tax liability from plans it administered to pay in-network providers, arguing plans allowed the practice and participants weren't injured.

  • March 19, 2024

    Staffing Co. Owner Gets 4 Years For Hiring Untaxed Labor

    The owner of a staffing company in Key West, Florida, that hired untaxed and unauthorized workers was sentenced by a Florida federal judge to four years in prison and ordered to pay $3.5 million in restitution to the U.S. government, according to court documents.

  • March 19, 2024

    GILTI Figures Into CFC Applicability Project, Official Says

    The U.S. global intangible low-taxed income system is factoring into continuing Internal Revenue Service work on whether a tax code provision limiting corporations from offsetting income with net operating or other tax losses after ownership changes applies to controlled foreign corporations, an agency official said Tuesday.

  • March 19, 2024

    NC Panel Rules Nonprofit Not Entitled To Tax Exemption

    A North Carolina manufactured home community doesn't qualify for a charitable tax exemption because providing land for housing units isn't considered equivalent to providing affordable housing for low-income individuals, the state appeals court ruled Tuesday.

  • March 19, 2024

    Md. House OKs Special Tax Rates For Vacant Property

    Maryland would let the Baltimore city council and county governments in the state impose special tax rates on vacant or abandoned property under a bill passed by the House of Delegates.

  • March 19, 2024

    Fla. Judge Inclined To Grant CNN's Costs In Defamation Suit

    A Florida judge said Tuesday he might trim parts of CNN's $320,000 request for attorney fees and costs incurred defending a defamation suit brought by a West Palm Beach pediatric heart surgeon but declined the doctor's request for a wholesale reduction. 

  • March 19, 2024

    Colo. Panel OKs Expanding Historic Structure Tax Credit

    Colorado would expand its tax credit for preservation of historic structures, reducing the age requirement for the properties, postponing the sunset of the credit and making other changes under legislation passed by the state House panel.

  • March 19, 2024

    EU Parliament Committees Approve AML Laws

    Two European Parliament committees approved new anti-money laundering legislation Tuesday for the European Union to create a single rule book for all 27 EU countries and to establish a common enforcement authority.

  • March 19, 2024

    Md. House OKs Property Tax Credits For Residential Projects

    Local governments in Maryland would be authorized to grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved by the state House of Delegates.

  • March 18, 2024

    Trump Can't Use Quasi-Advice Of Counsel Defense In NY Trial

    Donald Trump cannot use an informal "presence of counsel" defense in the Manhattan district attorney's hush money case against him, a New York judge ruled Monday, rejecting a strategy that would have allowed the former president to blame his ex-attorneys without having to divulge details about the purported legal advice.

  • March 18, 2024

    NY Gov. Audits Pot Regulator After Troubled Rollout

    New York Gov. Kathy Hochul on Monday announced an audit of the Empire State's embattled cannabis regulator to address the rocky implementation of the adult-use marijuana market, which has been plagued by delays, litigation and an explosion of unlicensed sellers.

  • March 18, 2024

    Justices Won't Review Dead Film Exec's IRS Summons

    The U.S. Supreme Court on Monday denied a request from the daughter of a dead film executive to consider invalidating an IRS summons for her father's financial records, letting stand a Ninth Circuit decision that found the agency sought the records in good faith.

  • March 18, 2024

    Werfel Calls Online Biz Account Authentication A Challenge

    Establishing an effective user authentication method for companies using online business tax accounts is a challenge for the Internal Revenue Service and the agency wants suggestions on how to do it, commissioner Daniel Werfel said Monday.

  • March 18, 2024

    Tennis Job No Reason To Slice 'Varsity Blues' Term, Feds Say

    A tennis instructor job in New York is no reason to grant an early end to the home confinement portion of a sentence given to a former Georgetown University coach for his role in the "Varsity Blues" college admissions scandal, prosecutors told a Massachusetts federal judge Monday.

  • March 18, 2024

    Gov'ts Widely Back Building Capacity Of Tax Authorities

    Building the skills and capacities of tax authorities to implement international tax standards should be a central focus of global tax cooperation at the United Nations for governments to gain revenue, officials from the U.S., the African Group and many others said Monday.

  • March 18, 2024

    Trump Says He Can't Secure Bond For $465M Fraud Judgment

    Former President Donald Trump told a New York appellate court Monday that posting bond while he appeals a $465 million judgment against him and his business empire for allegedly defrauding banks and insurers is a "practical impossibility."

  • March 18, 2024

    Ore. Tax Court Rejects Valuation Corrections By County

    The Oregon Tax Court agreed with a residential property owner that a county assessor's corrections of a valuation due to errors were not valid, restoring the valuation to the property's real market value before the corrections.

  • March 18, 2024

    Md. Senate OKs Letting Only Owners Appeal Tax Values

    Maryland would allow property tax assessment appeals only by the owners of the properties in question under emergency retroactive legislation approved by the state Senate.

Expert Analysis

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • How 3 New Laws Change Calif. Nonprofits' Legal Landscape

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    Legislation that went into effect on Jan. 1 should be welcomed by California’s nonprofit organizations, which may now receive funding more quickly, rectify past noncompliance more easily and have greater access to the states’ security funding program, say Casey Williams and Brett Overby at Liebert Cassidy.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    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.

  • Deferral Pointers For Employers After $700M Ohtani Deal

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    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.

  • High Court Case Could Reshape Local Development Fees

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    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.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    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.

  • Opinion

    Nebraska Should Abandon Proposed Digital Ad Tax

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    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.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    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.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    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.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    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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