Tax

  • July 30, 2021

    Avenatti Lied About $3M NBA Player Deal, Ex-Client Testifies

    One of Michael Avenatti's former clients told the California federal jury in his embezzlement trial Friday that the suspended attorney lied about the terms of her $3 million settlement with NBA player Hassan Whiteside, leading her to believe it was Whiteside's fault she wasn't receiving the money.

  • July 30, 2021

    Alaska Lawmakers Seek To Up Tribal Bonds To $4B, Add ANCs

    Alaska's congressional lawmakers have floated legislation that would double the cap on tax-exempt bonds to spur Native American tribal projects to $4 billion and make Alaska Native corporations eligible for the program to help Alaska Natives the lawmakers said had been unfairly left out.

  • July 30, 2021

    Diageo Says It's Been Cleared In £277M EU State Aid Case

    Global beverage giant Diageo said it won't have to pay as much as £277 million ($385 million) to cover a U.K. tax break after HM Revenue & Customs determined the provision didn't violate European Union rules against state aid.

  • July 30, 2021

    Chamberlain Hrdlicka Adds 5 New Attys In Houston

    Chamberlain Hrdlicka has added five attorneys in its Houston office in recent months, bolstering the firm's commercial litigation, securities, tax planning and transactional practice groups.

  • July 30, 2021

    Pa. Panel Calls Philly Commercial Tax Hikes Unconstitutional

    A Pennsylvania appeals court has upheld a decision that the city of Philadelphia violated state constitutional guarantees on uniform taxation when it singled out commercial and industrial properties for reassessments in a bid to help raise revenue four years ago.

  • July 30, 2021

    DOJ Tells Treasury To Give Trump's Returns To House Panel

    The U.S. Department of Justice recommended that the Treasury Department disclose former President Donald Trump's personal tax returns, along with those for eight of his businesses, to the House Ways and Means Committee, according to a slip opinion published Friday.

  • July 29, 2021

    Avenatti Was 'Anxious' To Get NBA Player's $3M, Atty Testifies

    A Katten Muchin Rosenman LLP partner who represented NBA player Hassan Whiteside told the California federal jury in Michael Avenatti's embezzlement trial Thursday that Avenatti appeared "anxious" to receive the $3 million settlement he negotiated for Whiteside's ex-girlfriend, saying Avenatti sent multiple inquiries before the money was even due.

  • July 29, 2021

    Crypto Industry Balks At Infrastructure Deal's Tax Measures

    Industry groups are pushing back against proposals to ramp up cryptocurrency reporting and tax enforcement measures to help pay for the White House's $1.2 trillion infrastructure deal, arguing that the measures will have unintended consequences across the digital asset ecosystem.

  • July 29, 2021

    Fired IRS Worker's Arbitration Bid Untimely, Fed. Circ. Says

    A former Internal Revenue Service customer service representative cannot challenge her termination, given with a day's notice, after a split Federal Circuit said Thursday that her attempt to arbitrate the agency's decision under her collective bargaining agreement was too late.

  • July 29, 2021

    FedEx, Others Must Give IRS Panama Offshore Account Info

    A federal judge will allow the IRS to obtain from couriers and financial institutions, including FedEx and Bank of America, records of individuals who may have used Panamanian offshore service providers to hide assets, the U.S. Justice Department said Thursday.

  • July 29, 2021

    Ex-NYC Councilman Gets 3 Months Prison For Tax Fraud

    A Manhattan federal judge rebuked former New York City Council Member Chaim Deutsch on Thursday for cheating on his taxes while serving as a public official, sentencing the fallen politician to three months in prison for cheating on his taxes.

  • July 29, 2021

    Pot Biz Owner To Pay $3.4M After Admitting Tax, Bribe Crimes

    A cannabis businessman in California is set to pay $3.4 million in restitution to the Internal Revenue Service after agreeing to cop to allegations that he failed to report income to the agency and bribed a county supervisor.

  • July 28, 2021

    Avenatti Made Ex-Paralegal 'Scapegoat' In Scheme, Jury Told

    A former Eagan Avenatti LLP paralegal told a California federal jury during the second day of testimony in Michael Avenatti's embezzlement trial Wednesday that the suspended attorney instructed her to lie to a client about the location of settlement funds, making her a "scapegoat."

  • July 28, 2021

    IRS Can Impose $3.2M Penalty In Trust Case, 2nd Circ. Says

    The IRS can impose a $3.2 million penalty on a dead man's estate because he failed to report a distribution from a foreign trust he owned and enjoyed as beneficiary, the Second Circuit held Wednesday, vacating a district court's ruling.

  • July 28, 2021

    Senate Votes To Debate $1.2T Bipartisan Infrastructure Bill

    The U.S. Senate voted Wednesday to move forward with debate on an estimated $1.2 trillion infrastructure proposal after a bipartisan group of senators reached a deal earlier in the day on major outstanding issues in a scramble to finalize legislation comprising key parts of President Joe Biden's economic agenda.

  • July 28, 2021

    Trade Group Asks 5th Circ. To Grant Exxon $300M Fuel Credit

    A Texas federal court wrongly denied Exxon Mobil a $300 million refund in connection with a fuel excise tax credit, as receiving that credit shouldn't lead to an increased income tax liability, a trade association told the Fifth Circuit on Wednesday.

  • July 28, 2021

    Judge Axes Utah LLC's Contract Claims Against Conn. Atty

    One of Connecticut's most seasoned federal judges ruled that a Utah company could not pursue breach of contract and covenant claims against a New Haven County-based attorney whom it accused of helping it purchase tax lien certificate portfolios at prices he knew were inflated.

  • July 28, 2021

    Maine Recycling Law Could Spark Wave Of Policies Across US

    A new Maine law could signal a fresh era of recycling responsibility for businesses in America by requiring companies to pay to recycle the packaging on the products they sell, a policy that experts expect to be adopted in other parts of the country.

  • July 28, 2021

    Cum-Ex Deals Are Criminal Tax Evasion, German Court Says

    Claiming capital gains taxes that were not withheld via dividend trading arrangements known as cum-ex constitutes criminal tax evasion, Germany's highest criminal court said on Wednesday as it upheld a lower court ruling from March 2020.

  • July 27, 2021

    Avenatti Decided Where Client Funds Went, Ex-Employee Says

    A former paralegal for Eagan Avenatti LLP told the California federal jury in Michael Avenatti's embezzlement trial Tuesday that she handled client billing and money transfers for the firm, but that the suspended attorney decided what happened with the money, including putting it toward paying his ex-wife and his coffee business.

  • July 27, 2021

    Calif. Infrastructure Funding Could Yield $21B In Tax, Group Says

    Investment in infrastructure in California could result in an additional $21 billion in tax revenue a year, according to a report released Tuesday by a transportation infrastructure group.

  • July 27, 2021

    NY Pot Groups Seek Tax Breaks For Energy Efficiency

    New York policymakers should develop a program allowing cannabis cultivators to meet energy efficiency and environmental standards in exchange for offsetting THC potency tax credits, a New York cannabis advocacy group urged Tuesday.

  • July 27, 2021

    Judge Urged To Rethink Ruling Perrigo Hid $1.9B Irish Tax Bill

    Perrigo asked a New York federal court to reconsider finding that the drugmaker misled investors by failing to disclose a €1.6 billion ($1.9 billion) Irish tax bill, saying its actions were justified by Ireland's overstatement of the liability.

  • July 26, 2021

    The Law360 400: Tracking The Largest US Law Firms

    As much of the U.S. emerges from the worst of the coronavirus pandemic that upended the world last year, law firms are taking stock of how much their business and their bench strength were affected by the unprecedented pressures of a global health crisis.

  • July 26, 2021

    Where Have All The Associates Gone?

    Nonpartner attorney headcounts declined slightly across the Law360 400 last year amid the pandemic, leaving many law firms scrambling for associate talent that seems to be evaporating even as many firms see an uptick in work.

Expert Analysis

  • Law Firms, Know Who's Responsible For Your Cloud Security

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    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

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    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • How Western States Help The Wealthy Avoid Taxes, Creditors

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    The race by certain states in the western U.S. to legalize shell companies, private trusts and other mechanisms allowing wealthy individuals to avoid taxes and creditors underlies the U.S.' status as a secrecy haven of choice, says Daniel Pascucci at Mintz.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

  • 3 Keys To Winning Your Next Oral Argument

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    To leverage the unique opportunity oral arguments provide to talk directly to judges and contribute to their decision making, attorneys must mind the three hallmarks of persuasiveness: projecting credibility, exuding likability and gaining the listener's trust, says Daniel Karon at Karon LLC.

  • Keys To Efficient And Accurate Doc Review For E-Discovery

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    Attorneys involved in e-discovery can review information accurately and cost-effectively by understanding the data in a document collection and identifying its key pitfalls, drafting comprehensive review guidelines, and preparing ahead, says John Wertelet at Eckert Seamans.

  • Problems To Avoid When Forming Your 2nd Real Estate Fund

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    There are a number of considerations when moving from your first real estate fund to subsequent funds during post-pandemic growth, particularly if the aggregate regulatory assets under management of the funds exceed $110 million or if additional country jurisdictions will be involved, say Matt Ertman and Max Brunner at Allen Matkins.

  • Series

    Embracing ESG: Raytheon GC Talks Climate Change

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    Now that the climate crisis is seen as an existential threat, the stakes couldn't be higher — or the challenges more daunting — for the general counsel, who must enlist all parts of the company for support while providing both a legal and ethical road map on how to respond, says Frank Jimenez at Raytheon.

  • IRS Ruling Opens Runway For Stalled Carbon Capture Deals

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    A recent Internal Revenue Service ruling that clarifies how multiparty ownership affects eligibility for the carbon sequestration tax credit should accelerate the pace of project financing transactions that were held up by lingering uncertainty, and should increase the pool of projects into which tax equity will consider investing, say attorneys at Orrick.

  • Will The OECD Plan Fix International Taxation?

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    Lilian Faulhaber at Georgetown Law breaks down the Organization for Economic Cooperation and Development’s plan for international tax reform, recently joined by 130 countries, and whether it will solve the problems it was designed to address, including the need for multinational companies to pay their fair share of taxes in the digitized world economy.

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