Tax

  • September 25, 2020

    IRS Says Precedent Quashes Pot Co.'s Tax Summons Battle

    The IRS urged the Tenth Circuit on Friday to follow a precedent it set earlier this year and toss a series of appeals by Colorado pot businesses and their owners that challenge tax summonses for information on several entities.

  • September 25, 2020

    Taxation With Representation: Weil, Latham, Skadden

    In this week's Taxation With Representation, United Wholesale Mortgage goes public in a $16 billion merger, biotechnology firm Illumina Inc. buys cancer detection company Grail for $8 billion, and Microsoft spends $7.5 billion for two video game companies.

  • September 25, 2020

    2nd Circ. Probes Claim Trump's Tax Subpoena Is Too Broad

    Judges on a Second Circuit panel questioned arguments by President Donald Trump's attorney Friday that a Manhattan grand jury subpoena for his tax records was overbroad, though one judge suggested the possibility of narrowing the subpoena's scope.

  • September 25, 2020

    TIGTA Accused Of Withholding Info On MLB Steroid Probe

    The Treasury Inspector General for Tax Administration improperly withheld records in response to a news organization's request for information on an IRS agent who led steroid investigations into Major League Baseball, the organization told a New York federal court.

  • September 25, 2020

    DC Circ. Revives House Bid To Block $8B Border Wall Funding

    The D.C. Circuit revived the U.S. House of Representatives' lawsuit challenging the Trump administration's diversion of $8.1 billion for the border wall, saying Friday that a sole chamber of Congress can sue to preserve its spending authority.

  • September 25, 2020

    EU Commission To Appeal €13B Apple State-Aid Case

    The European Commission will appeal a court ruling striking down its landmark decision ordering Ireland to recover €13 billion ($15.1 billion) in illegal subsidies granted to Apple through a series of tax rulings, the bloc's top antitrust official said Friday.

  • September 24, 2020

    Insurers Lose ACA Health Exchange Tax Challenge In DC

    Washington, D.C.'s highest court tossed a lawsuit Thursday brought by a group of insurers challenging the District of Columbia's tax on non-Affordable Care Act plans to fund the district's health care exchange, ruling the tax was not preempted by the landmark law.

  • September 24, 2020

    Calif. Regulator Says Pot Co. Made $64M Of Illicit Gummies

    California's cannabis regulator has accused a Los Angeles-area manufacturer of flooding the regulated market with $64 million worth of cannabis gummies that were produced without proper licensing.

  • September 24, 2020

    Panama Papers Accountant Sentenced To 39 Months

    A Manhattan federal judge Thursday sentenced a Massachusetts accountant brought down by the Panama Papers investigation to 39 months in prison for tax evasion, wire fraud, money laundering and other charges for helping law firm Mossack Fonseca's clients avoid taxes.

  • September 24, 2020

    Media Reports On Trump Can't Back Subpoena, 2nd Circ. Told

    Public reports accusing President Donald Trump and his businesses of wrongdoing did not justify the scope of the grand jury subpoena by the Manhattan district attorney for tax returns and financial records, Trump's attorneys told a federal appeals court Thursday.

  • September 24, 2020

    Trump's Niece Says He Cheated Her Out Of Family Inheritance

    President Donald Trump and two of his siblings tricked, bullied and swindled their niece, Mary L. Trump, out of her inherited share of the family business, fleecing her out of tens of millions of dollars, according to a lawsuit she filed in New York state court on Thursday.

  • September 24, 2020

    Full 11th Circ. Will Rehear Case Over Holy Spirit-Led Juror

    The Eleventh Circuit said Thursday that the entire appeals court will rehear former U.S. Rep. Corrine Brown's appeal of her conviction on corruption charges, vacating a previous decision affirming the removal of a juror who believed the Holy Spirit told him the ex-Florida congresswoman was innocent.

  • September 24, 2020

    Pot Biz Can't Raise New Tax Arguments In 9th Circ., US Says

    A California dispensary faced with an $11 million tax bill cannot challenge a law prohibiting federal tax deductions for marijuana businesses because it didn't raise such arguments in the U.S. Tax Court, the government told the Ninth Circuit.

  • September 24, 2020

    ESMA Proposes Regulators Share Info To Fight Tax Fraud

    Europe's securities watchdog called on lawmakers Thursday to give regulators across the bloc more power to share information to combat fraudulent schemes linked to dividend transfers, which have deprived the European Union of €55 billion ($63.6 billion) in taxes.

  • September 23, 2020

    Real Estate Rumors: TSG, Mega Lion, Panda Kitchen

    A TSG Group venture is reportedly on the hunt for $14 million in incentives for a Florida multifamily project, Mega Lion is said to be leasing 132,423 square feet in California for five years, and Panda Kitchen and Bath has reportedly paid $6.5 million for a Florida property where it plans to build a new headquarters.

  • September 23, 2020

    Red Ink From Pandemic Will Outpace Tax Revenue, CBO Says

    Economic disruption from the novel coronavirus pandemic and Congress' efforts to combat it will increase the federal deficit to record levels, despite an expected rise in tax revenue once the 2017 tax law expires, the Congressional Budget Office said Wednesday.

  • September 23, 2020

    NY Drivers Say Lyft Can't Dodge Pay Practices Suit

    New York drivers said Wednesday Lyft improperly deducted ride-hailing taxes and surcharges from drivers' portion of fares instead of charging customers, and the company is blatantly mischaracterizing their lawsuit as a tax collection dispute when it's really about wage theft.

  • September 23, 2020

    McDermott Tax Partners Help Start Up Latin America Practice

    McDermott Will & Emery LLC is adding a designated Latin America practice, led by two tax partners, to assist its clients with business and investments in the region, the firm announced. 

  • September 23, 2020

    Eric Trump Must Give Deposition Before Election, Judge Rules

    Eric Trump can't wait until after the November election to sit for a deposition in the state attorney general's office probe into whether President Donald Trump inflated the value of his assets, a New York judge ruled Wednesday.

  • September 22, 2020

    Without Ginsburg, High Court May Still Keep ACA Intact

    The death of U.S. Supreme Court Justice Ruth Bader Ginsburg has ignited new fears that the sudden opening on the bench might lead to the end of the Affordable Care Act in a closely watched case before the high court, but experts cautioned that the health insurance law's fate is far from sealed.

  • September 22, 2020

    Eric Trump Trying To Delay Testimony In Probe, NY AG Says

    Eric Trump shouldn't be allowed to delay testimony until after the election regarding whether President Donald Trump inflated the value of his assets, New York's attorney general told a state court Tuesday, arguing "dilatory conduct" shouldn't be rewarded.

  • September 22, 2020

    Coronavirus Regulations: A State-By-State Week In Review

    As the stalemate over a new COVID-19 pandemic relief bill continues in the federal government, state lawmakers and leaders made progress over the past week with new measures to battle the health and financial fallout of the coronavirus.

  • September 22, 2020

    Vt. Legislators Approve Recreational Cannabis Sales, Tax

    Vermont would legalize recreational cannabis sales to adults and impose excise and sales taxes while offering a tax carveout for medical cannabis sales under legislation passed Tuesday morning by the state Senate.

  • September 22, 2020

    Trump Records Subpoena Urgent, House Panel Tells DC Circ.

    The D.C. Circuit should consider without delay a House committee's further justifications for its subpoena seeking President Donald Trump's financial records, as its investigation into presidential conflicts of interest is urgent, the panel told the court.

  • September 21, 2020

    Justice Ginsburg: Who She Was, How She Shaped The Law

    Justice Ruth Bader Ginsburg died on Friday at age 87. Here, Law360 looks at the feminist icon's legacy and the battle brewing over her seat.

Expert Analysis

  • A Likely Tipping Point For Nonlawyer Ownership Of Law Firms

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    The Arizona Supreme Court's recent decision to eliminate prohibitions on nonlawyer ownership of law firms may show that the organized bar's long-standing rhetoric that such rules are essential to protecting the legal profession's core values is overblown, say Anthony Sebok at Cardozo School of Law and Bradley Wendel at Cornell Law School.

  • Managing New IRS Global High-Wealth Audits

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    Global high-wealth individuals on the receiving end of an audit letter under the Internal Revenue Service Large Business and International Division's new program should prepare for a thorough examination process that includes their entire network of persons and affiliated entities, say attorneys at MoFo.

  • A Road Map For Drafting Persuasive Discovery Motions

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    Best practices that can help litigators write convincing discovery motions include thinking about the audience, addressing a few key questions, and leaving out boilerplate from supporting briefs, says Tom Connally at Hogan Lovells.

  • How Congress Can Depoliticize The Supreme Court

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    Congress has multiple means to take the politics out of federal judicial nominations and restore the independence of the U.S. Supreme Court — three of which can be implemented without a constitutional amendment, says Franklin Amanat at DiCello Levitt.

  • COVID-19 Crisis May Make M&A Earnouts More Attractive

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    Earnouts are poised for a resurgence in the pandemic-churned M&A market, making it important to weigh the structure’s advantages as a way to close valuation gaps between buyers and sellers, as well as consider potential federal income tax disadvantages, say Efren Acosta and Ron Scharnberg at Baker Botts.

  • IRS Notice Helps Unpack Part-Time Worker 401(k) Eligibility

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    As sponsors struggle to evaluate whether and how to include employer contributions when 401(k) plan eligibility is extended to long-term, part-time workers on Jan. 1, newly released IRS guidance may clarify some of the administrative burdens, say Anne Hall and Katharine Finley at Hall Benefits.

  • Opinion

    The Case For A Nonpolitical Federal Judiciary

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    For the last 20 years, at the insistence of both parties, U.S. Supreme Court nominations have been fierce ideological battles — which is bad for the country and bad for the public's perception of the legitimacy of the court, say Judge Eric Moyé, Judge Craig Smith and Winston & Strawn partner Tom Melsheimer.

  • The Keys To A Better Privilege Logging Paradigm

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    Current privilege logging practices to identify what information is being withheld from discovery often lead to costly disputes, so practitioners should adopt a system based on trust and good faith, similar to the presumptions embedded in the business judgment rule for corporate directors and officers, say Kevin Brady at Volkswagen and Charles Ragan and Ted Hiser at Redgrave.

  • Class Arbitration May Meet Its Demise At High Court This Term

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    While the Second Circuit’s 2019 opinion in Jock v. Sterling Jewelers and the Ninth Circuit’s recent decision in Shivkov v. Artex exemplify how two interrelated inquiries have rescued class arbitration, the U.S. Supreme Court will likely address the issues this term and extinguish the practice, say attorneys at McGuireWoods.

  • White House Due Process Memo Could Reform Enforcement

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    A little-noticed memo recently issued by the Trump administration in response to the pandemic, directing federal agencies to provide greater due process to individuals and companies under regulatory investigation, represents a long-overdue sea change in the way justice is carried out in enforcement proceedings, say Joan Meyer and Norman Bloch at Thompson Hine.

  • Law Firm Hiring Considerations In A COVID-19 Economy

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    Financially robust law firms are entering the recruiting market aggressively knowing that dislocations like the COVID-19 crisis present rare competitive opportunities, and firms that remain on the sidelines when it comes to strategic hiring will be especially vulnerable to having their best talent poached, says Brian Burlant at Major Lindsey.

  • Ohio Tax Talk: Structuring And Defending Drop-Down LLCs

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    The recent Ohio Board of Tax Appeals decision in Cleveland Metropolitan Schools Board of Education v. Cuyahoga County Board of Revision highlights factors that courts use in evaluating drop-down LLC transactions for property tax purposes and reminds taxing authorities of their high burden of proof in these cases, say Martin Mooney and Christopher Tassone at Frost Brown.

  • Opinion

    Lawyers Must Act To Preserve Democracy This Election

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    COVID-19 concerns and glaring gaps in registration threaten to dampen voter turnout in the 2020 election, so attorneys should take on the problem by leveraging their knowledge and resources in seven ways, says Laura Brill at Kendall Brill.

  • How To Effectively Defend Witnesses In Remote Depositions

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    When a witness is isolated from the defending lawyer during a remote deposition, carefully planning the logistics and building witness confidence are critical to avoiding damaging admissions, say Jessica Staiger at Archer Daniels and Alec Solotorovsky at Eimer Stahl.

  • Whether And How To Compel Remote Arbitration

    Excerpt from Practical Guidance
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    As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.

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