Tax

  • June 07, 2022

    Toyota Thai Bribery Probe Marches On, FCPA Deal Likely

    A year after Thailand's Court of Justice said it was investigating Toyota's suspected conspiracy to bribe current and former Thai Supreme Court judges, inquiries in the Southeast Asian kingdom and the U.S. are slowly piecing together evidence to back up suspicions first outlined in an internal WilmerHale investigation, including a multimillion-dollar payment to a small law firm that allegedly acted as a middleman.

  • June 07, 2022

    Feds Want 2 Years For Ill. Politician Who's Seeking Probation

    Former Chicago Alderman Patrick Daley Thompson, an attorney and scion of the famed Daley political family, told an Illinois federal judge Tuesday that he shouldn't serve jail time following his conviction for falsifying tax returns and lying to Federal Deposit Insurance Corp. officials, a crime for which prosecutors are recommending a two-year prison term.

  • June 07, 2022

    'Chrisley Knows Best' Stars Convicted In Bank Loan Scheme

    The stars of reality television show "Chrisley Knows Best" were found guilty Tuesday by a Georgia federal jury of bank fraud and tax evasion following a three-week trial in Atlanta.

  • June 07, 2022

    Poland Edging Toward Support For EU Minimum Tax

    Poland is expected to drop its veto of the European Union's 15% minimum tax during the June meeting of the bloc's finance ministers or early in the second half of 2022, diplomats from multiple member countries told Law360 on Tuesday.

  • June 06, 2022

    Cannabis Bill Roundup: NC Senate Approves Medical Pot Bill

    The North Carolina Senate recently approved a bill legalizing medical marijuana, while Louisiana lawmakers advanced a host of cannabis reform bills. Here are the major moves in legislative cannabis reform from the past week.

  • June 06, 2022

    Chicago Pol In Corruption Case Ordered To 'Tell It To A Jury'

    An Illinois federal judge on Monday refused to dismiss numerous charges in a sprawling indictment accusing longtime Chicago Alderman Edward Burke of racketeering, attempted extortion and bribery and rejected his bid to suppress evidence gathered from a wiretap on his cellphone, putting the case on course for a jury trial next year.

  • June 06, 2022

    3rd Circ. Affirms Professor's FBAR Penalties

    A professor lost his appeal of more than $308,000 in penalties for intentionally failing to report his foreign bank accounts after the Third Circuit held Monday that a district court did not commit clear error in upholding the penalties.

  • June 06, 2022

    Investment Promoter Asks To Close $2.4M Tax Penalty Case

    A federal court must dismiss an action regarding a $2.4 million tax penalty against an Illinois promoter of Chinese investments after the IRS abated it and refunded a 15% down payment to him, the man said.

  • June 06, 2022

    CMS Adds Partner To London Employee Incentives Team

    CMS has hired a new partner for its employee incentives practice in London from Freeths LLP, as it looks to increase its ability to advise clients on employee and management reward packages.

  • June 03, 2022

    NY Lawmakers Approve Pair Of Crypto Bills On Final Day

    New York lawmakers early Friday sent a pair of cryptocurrency-related bills to Gov. Kathy Hochul's desk that would halt some new cryptocurrency mining operations and examine how cryptocurrency use affects state tax revenues.

  • June 03, 2022

    NY Session Wraps Amid Unresolved Housing Fights

    Two proposals that went unaddressed in New York's April budget remained in limbo as the state legislative session wrapped on Friday, including an eviction defense law and tax abatement replacement, despite hopes that housing might take center stage post-deal.

  • June 03, 2022

    7th Circ. Probes Errors In Biofuel Fraudster Forfeiture Rulings

    The wife of convicted fraudster Joseph Furando urged the Seventh Circuit Friday to bar the government from inspecting their assets and selling a home the couple owned, arguing a lower court made a serious error by denying her third-party forfeiture interest petition without an evidentiary hearing or any dispositive motion filed.

  • June 03, 2022

    Regulators Urged To Make Inroads With Legacy Pot Sellers

    Cannabis legalization advocates told attendees at an industry conference in New York on Friday that regulators of state-legal markets needed to make a concerted effort to integrate existing, unregulated cannabis sellers in order for their regimes to be successful.

  • June 03, 2022

    NY Officials Boost Equitable Cannabis Industry

    New York state and city officials told attendees at a cannabis industry conference Friday that they were committed to building the most equitable legal marijuana market in the country.

  • June 03, 2022

    4th Circ. Won't Rehear Scientist's Income Tax Challenge

    The Fourth Circuit dismissed the suit of a Russian scientist Friday, declining to reconsider its April decision that his earnings from subatomic particle research were a form of taxable income.

  • June 03, 2022

    Irish Environment Minister Refuses To Rule Out Windfall Tax

    The Irish government has not ruled out levying a windfall tax on unusually high profits from energy companies and is examining a range of measures aimed at alleviating soaring heating costs for consumers, Ireland's environment minister told legislators.

  • June 03, 2022

    Suspect In Dividend Case Arrested In Dubai, Denmark Says

    A suspect who faces charges in what authorities describe as a multibillion-dollar dividend fraud scheme was arrested in Dubai, the Danish tax authority said Friday.

  • June 02, 2022

    US Supports Expanded Carveouts In Tax Deal, Official Says

    The U.S. Department of the Treasury supports expanding an exclusion for regulated financial service firms in a proposed global tax overhaul to include reinsurance and asset management companies, a department official said Thursday.

  • June 02, 2022

    Pot Bans And Overregulation Help Illicit Markets, Experts Say

    The illicit cannabis market will persist in states that are slow to legalize or have burdened the lawful industry with overregulation, attendees at a cannabis industry convention in New York heard on Thursday.

  • June 02, 2022

    Shartsis Friese Welcomes Ex-Cargill Atty To Tax Team

    Shartsis Friese LLP, a San Francisco-based boutique, has added a tax expert who formerly was counsel with global agribusiness conglomerate Cargill.

  • June 02, 2022

    T-Mobile, Sprint Can't Divide Cos. In Tax Fight, Mo. City Argues

    Missouri's capital city urged a federal judge to deny a request from T-Mobile and Sprint to divide 21 telecommunications companies named in a dispute over their business license tax liabilities into five groups based on their corporate families.

  • June 01, 2022

    Ga. Justices Pass On Limousine Co.'s Sales Tax Refund Bid

    The Georgia Supreme Court declined Wednesday to review an appeals court's denial of nearly $900,000 in sales tax refunds for a limousine company that claimed its services qualified for an exemption and local governments were barred from taxing them.

  • June 01, 2022

    Chamber, Groups Tell Justices To Back Firm In Privilege Case

    The U.S. Chamber of Commerce and legal groups Wednesday urged the U.S. Supreme Court to find a tax law firm's communications are protected by attorney-client privilege, saying a Ninth Circuit ruling to the contrary risks eroding the bedrock legal principle.

  • May 31, 2022

    11th Circ. Says SLUSA Bars Penn Mutual Client's Class Claims

    The Eleventh Circuit on Tuesday refused to revive a Georgia investor's claims for breach of fiduciary duty against Penn Mutual Life Insurance Co. and its investment firm subsidiary for self-dealing, ruling that the Securities Litigation Uniform Standards Act bars such claims from being brought as a class action. 

  • May 31, 2022

    Feds Seek To Push Back Bitfinex Hack Case For Plea Talks

    Federal prosecutors told a D.C. federal court that they need more time to sort through financial records and to pursue a plea deal with a couple accused of laundering bitcoins stolen from cryptocurrency exchange Bitfinex worth billions of dollars. 

Expert Analysis

  • Top 10 SALT Developments Of 2021: Part 2

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    Attorneys at Grant Thornton continue their countdown of the 10 biggest state and local tax issues of 2021, including pass-through entity tax regimes, American Rescue Plan Act tax mandate challenges and the extended tax implications of telework.

  • Opinion

    Fla. High Court Is Wrong To Ban CLE Diversity Requirements

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    The Florida Supreme Court is wrong in precluding attorneys from getting any continuing legal education credit for courses that use so-called diversity quotas, as it erroneously assumes existing biases and prejudices in the legal profession will change without proactive steps, says Sidney Kanazawa at ARC LLC.

  • Top 10 SALT Developments Of 2021: Part 1

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    Attorneys at Grant Thornton count down the 10 biggest state and local tax issues of 2021, including remote seller and digital advertising tax challenges, and recent net operating loss developments.

  • Lawyers Must Prepare For Contract Tech Co. Consolidation

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    The legal industry's continued remote work needs during the pandemic have fueled growth of contract lifecycle management providers, but to continue access to the platforms they have come to rely on, businesses should look out for the CLM mergers that are likely to occur in 2022, says Naseeha Machingal at LegalEase Solutions.

  • How Budget Bill Could Affect Employer Health, Benefit Plans

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    Following the House's recent passage of President Joe Biden’s $1.75 trillion spending bill — the Build Back Better Act — employers should carefully consider several of the proposal’s health care and benefits provisions, which could pose immediate compliance challenges if the act is signed into law this year, say Anne Hall and Tim Kennedy at Hall Benefits Law.

  • How Firms Can Adapt Amid COVID's Shifting Legal Needs

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    Avi Stadler at Esquire Deposition Solutions discusses the practice areas that are expanding most aggressively during the COVID-19 era of increased litigation and technology needs, and offers recommendations for how law firms can attract and retain the expertise they need to thrive in today's competitive market for legal services.

  • 3 Forces That Will Define Sales Tax Compliance In 2022

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    As we head into 2022, it's likely that many of the legal and cultural shifts we saw this year — such as increased adoption of economic nexus and marketplace facilitator laws, growth in state budgets and continuation of remote work — will define sales tax compliance in the new year, says Liz Armbruester at Avalara.

  • Series

    Embracing ESG: Synchrony Counsel Talk Role Of Legal Teams

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    Jonathan Mothner and Danielle Do at Synchrony Financial discuss legal departments' essential role in their firms' environmental, social and governance programs, and how legal leaders can leverage their teams and internal relationships to advance ESG efforts.

  • The Benefits Of Competent Authority In Int'l Tax Disputes

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    Multinational enterprises seeking relief from double taxation in a changing international tax landscape should consider utilizing the competent authority process, which provides both taxpayers and domestic tax regulators an efficient and effective means of dispute resolution, say David Farhat and Eman Cuyler at Skadden.

  • For Junior Lawyers, Authenticity And A Solid Pitch Are Key

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    With strong lateral partner hiring and other pandemic-era trends making it harder for newly minted attorneys to progress in their careers, junior lawyers should take steps to perfect their elevator pitch and remain true to who they are, as a big part of their success will depend on how well they sell themselves to clients and how genuine they appear, says Emily Weber at Foley & Lardner.

  • Texas Tax Talk: Exemption Win Signals Taxpayer Opportunity

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    A Texas appellate court’s recent ruling in Hegar v. Texas Westmoreland Coal, holding that mineral extraction equipment qualifies for the Texas sales tax manufacturing exemption, may yield opportunities for taxpayers in other industries to push back on comptroller exemption denials, say attorneys at Baker Botts.

  • A Compliance Primer For Attorneys Outsourcing Legal Work

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    Growing numbers of law firms and corporations outsource legal work for cost savings, so lawyers must firmly understand their related obligations set forth by bar associations across the country — from obtaining client consent to using accepted billing methods, say Melissa Khalil at Nora.Legal, Jeremy Babener at Structured Consulting and Patrice Asimakis at LegalEase Solutions.

  • When And How To Depose Fact Witnesses Remotely In 2022

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    Tim Tryniecki and Thomas Mudd at MG+M offer a series of practice tips for successfully conducting remote depositions of often-inexperienced fact witnesses, as the virtual court proceedings sparked by COVID-19 look set to become a part of the legal landscape next year.

  • How OECD Transfer Tax Initiative Affects Smaller Businesses

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    Small and midsize enterprises with cross-border transactions need to consider redefining tax strategies and operational models in light of the Organization for Economic Cooperation and Development's base erosion and profit shifting initiative, even though the agency's new tax guidelines are aimed at large multinational enterprises, says Ganesh Ramaswamy at Kreston Rangamani.

  • EU, US Carbon Import Tax Proposals: What Cos. Must Know

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    With the European Union working on a carbon border adjustment mechanism, and congressional Democrats formulating their own carbon import tax plans, U.S. businesses — especially those in emissions-intensive, trade-exposed industry sectors — could face adverse trade effects, supply chain problems and increased transactional costs, say attorneys at Hogan Lovells.

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