Tax

  • February 23, 2024

    Netflix, Hulu Don't Owe Franchise Fees, Calif. Panel Rules

    Netflix and Hulu have again beaten a proposed class action from a California city claiming the streaming providers should be regulated like cable companies and pay franchise fees to localities, with a state appeals court ruling the city had no right to private action under a 2006 statute.

  • February 23, 2024

    FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys

    The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier products, the government agency announced Friday.

  • February 23, 2024

    'Empire' Star Owes Income Tax After Threatening DOJ Atty

    "Empire" actor Terrence Howard owes more than $900,000 in federal income taxes under a default judgment by a Pennsylvania federal judge that follows a monthslong search by the government to notify the actor of the suit, during which he threatened a government attorney.

  • February 23, 2024

    NRA, LaPierre Found Liable For Misconduct In $6M Verdict

    A New York jury found Friday that the National Rifle Association, longtime CEO Wayne LaPierre and two other executives improperly used donor money, among other misconduct, ordering individual defendants to repay the gun rights group a total of $6.4 million.

  • February 23, 2024

    UN Tax Pact May Need OECD Nations' Support, Diplomats Say

    The United Nations' global tax convention will likely require adoption by many advanced economies to address corporate tax abuse effectively, diplomats said, after countries resolved to pursue consensus over the long term but retain majority rule while drafting its terms of reference.

  • February 23, 2024

    With Interest, Trump Now Owes $454M For NY Valuation Fraud

    Donald Trump owes New York state nearly a half billion dollars after a county clerk on Friday tacked on $99 million in interest linked to a $355 million judgment in the state attorney general's civil fraud case against the former president last week.

  • February 23, 2024

    Mass. Tax Panel Grants Part Of Homeowner's Value Appeal

    The Massachusetts Appellate Tax Board said that the valuation of a single-family home should be slightly increased from the previous tax year because of rising home values in the neighborhood, but it determined that the local assessor's valuation was too high.

  • February 23, 2024

    Pot Rescheduling Could Spur Inventory Accounting Change

    If cannabis is reclassified to a lower tier under the Controlled Substances Act, it would unlock significant tax benefits for cannabis companies, such as allowing them to take standard business deductions, but they may need to account for their inventories differently to take full advantage.

  • February 22, 2024

    Attys Settle Yacht Donor's Malpractice Suit Over $4.6M Tax Bill

    A New York law firm and two attorneys have settled what remained of a malpractice suit brought by a former client who alleged faulty legal advice led to her being slapped with a $4.6 million tax bill, with a joint stipulation of dismissal filed Thursday.

  • February 22, 2024

    Conn. Embezzler Gets 2 Years For $1M Mom-And-Pop Ripoff

    The former office manager for a family-owned construction business in Connecticut must serve 24 months in prison for stealing nearly $1 million from her employer through a yearslong embezzlement scheme and failing to pay taxes on the money, a federal judge has ruled.

  • February 22, 2024

    Ex-HFZ Capital Chief Denies $86M Real Estate Fraud Charges

    The former head of troubled real estate firm HFZ Capital Group has pled not guilty in New York state court to dozens of criminal charges alleging he spearheaded a series of theft and tax fraud schemes that netted more than $86 million in total.

  • February 22, 2024

    Biz Group Urges OECD Candidates To Back Digital Duties Ban

    The U.S. Council for International Business laid out its priorities for countries vying to be members of the Organisation for Economic Co-operation and Development, looking to garner support for a global moratorium on digital tariffs that is set to expire in a week.

  • February 22, 2024

    Minn. Tax Court Says Shipping Container Not A Homestead

    A Minnesota man who said he lived in a shipping container on a 40-acre piece of property was correctly denied a homestead exemption after failing to show the property was used for agricultural purposes, the state's tax court ruled.

  • February 22, 2024

    Va. Oil Terminal's Tax Value Upheld By Appeals Court

    A petroleum terminal was correctly valued by a local assessor at about $63 million for 2018 and $66 million for 2020, the Virginia Court of Appeals said, rejecting the owner's argument that the property's business prospects had plummeted, lowering its value.

  • February 22, 2024

    IRS Agent, Gov't Attys Immune From RICO Suit, Judge Says

    An Arizona federal judge dismissed a $15 million lawsuit against an Internal Revenue Service agent and two assistant U.S. attorneys brought by an investment adviser convicted of filing false tax returns, saying Thursday the government employees were immune from claims that included racketeering and malicious prosecution.

  • February 22, 2024

    Convicted Chicago Pol Seeks Acquittal Or New Trial

    One of Chicago's longest serving and most powerful local politicians asked an Illinois federal judge Wednesday to set aside a jury's December verdict convicting him of using his official position to steer tax business to his personal law firm, saying no rational jury could have convicted him based on the evidence presented at trial.

  • February 22, 2024

    Md. House OKs Fee On Unpersuasive Property Tax Appeals

    Maryland's taxpayers would face a $100 fee if they are unable to persuade the state's Tax Court to revise high-dollar valuations of income-producing property under a bill passed Thursday by the state's House of Delegates.

  • February 21, 2024

    Irish Pub Chain's Ex-CFO Gets 1.5 Years For $1M Tax Fraud

    The former chief financial officer of a pub chain with more than a dozen Irish-themed restaurants was sentenced to one and a half years in prison Wednesday by an Ohio federal court for his role in a bookkeeping scheme that defrauded eight states of $1 million in sales taxes.

  • February 21, 2024

    Developing Countries Favor Majority Voting At UN Tax Group

    The United Nations General Assembly's simple majority voting rules should continue to apply in a steering committee to draft rules, procedures and possibly goals for a framework convention on global tax cooperation, although governments should still pursue consensus, diplomats from many developing countries said Wednesday.

  • February 21, 2024

    IRS To Crack Down On Corp. Jet Travel Tax Compliance

    The Internal Revenue Service is going to begin conducting audits of three to four dozen corporations, partnerships and individuals this spring to crack down on improper business deductions and underreporting related to personal use of corporate jets, IRS Commissioner Daniel Werfel said Wednesday.

  • February 21, 2024

    Hunter Biden Wants Tax Case Nixed For Trump Interference

    Hunter Biden asked a California federal court to drop a set of criminal tax charges against him, saying that former President Donald Trump is improperly driving the prosecution and that politicians are "openly interfering" with the case.

  • February 21, 2024

    Baker McKenzie Adds San Francisco Tax Pro From Boutique

    Baker McKenzie has hired a state and local tax lawyer in San Francisco who joins the firm to broaden its ability to work with clients on a range of California tax matters, the firm announced Wednesday.

  • February 21, 2024

    Sheppard Mullin Adds Ex-Foley Hoag White Collar Partner

    Sheppard Mullin Richter & Hampton LLP announced it has hired a former partner from Foley Hoag LLP who focuses his practice on white collar matters to join the firm's Washington, D.C., office.

  • February 20, 2024

    Calif. Tribe Looks To Undo Tobacco Noncompliance Listing

    The Twenty-Nine Palms of Mission Indians is suing the U.S. government in California federal court over its decision to place the tribe on a "non-compliant list" under a law that targets illegal tobacco trafficking, arguing that its operations comply with all applicable state laws.

  • February 20, 2024

    FinCEN Details Owner Data Access Rules For Small Banks

    The U.S. Treasury Department's Financial Crimes Enforcement Network on Tuesday released a compliance guide for small financial firms on accessing and safeguarding company ownership information that their customers are required to report under recently implemented rules.

Expert Analysis

  • DC's Housing Tax Break Proposal: What's In It, What's Missing

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    Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Opinion

    Biden Admin's March-In Plan Would Hurt Medical Innovation

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    The Biden administration's proposal to reinterpret the Bayh-Dole Act and allow the government to claw back patents when it determines that a commercialized product's price is too high would discourage private investment in important research and development, says Ken Thorpe at the Rollins School of Public Health.

  • Class Actions At The Circuit Courts: February Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five notable circuit court decisions on topics from property taxes to veteran's rights — and provides key takeaways for counsel on issues including class representative intervention, wage-and-hour dispute evidence and ascertainability requirements.

  • US-Chile Tax Treaty May Encourage Cross-Border Investors

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    Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.

  • 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.

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