Tax

January 18, 2021
German Court Drops Lesser Charge Against Former VW Chief

A court in the German city of Braunschweig has dropped securities law charges against the former chief executive officer of the carmaker Volkswagen as prosecutors continue to pursue more serious charges, including tax evasion, against him.
January 15, 2021
Simpson, Davis Polk Steer Dating App Bumble's IPO Filing

Bumble, the women-talk-first dating app, hopes to hit it off with investors amid a robust initial public offerings market, filing plans to go public on Friday under guidance from Simpson Thacher and underwriters' counsel Davis Polk.
January 15, 2021
Manhattan DA Subpoenas NY Towns Over Trump Property

Manhattan's district attorney has subpoenaed records from three New York towns, seeking information about a Trump Organization property called Seven Springs Estate, which is already under scrutiny by the state's attorney general, according to a news report Friday.
January 15, 2021
NRA Files Ch. 11 To Move From NY To Texas

Facing a financial probe and attorney general's suit in New York seeking to dissolve the group, the National Rifle Association sought Chapter 11 protection in Texas on Friday and said it would move its charter to that state, toting along more than $100 million in debt.
January 15, 2021
Taxation With Representation: Baker, Wachtell, Shearman

In this week's Taxation With Representation, New Fortress Energy snaps up two liquefied natural gas firms for $5 billion, health care products company Steris buys Cantel Medical Corp. for $3.6 billion, and cryptocurrency platform Bakkt goes public.
January 15, 2021
IRS Pushes Back Start Of Filing Season To Feb. 12

The Internal Revenue Service said Friday it will not open the filing season for 2020 income tax returns until Feb. 12, later than its usual start in January, citing the need to conduct additional programing and testing for its systems.
January 15, 2021
IRS Keeps Patronage Calculation In Final Farming Co-Op Regs

The Internal Revenue Service finalized rules on the 20% pass-through deduction, maintaining its prior stance that specified exempt cooperatives must calculate two separate deductions for patronage and nonpatronage activities for accuracy reasons.
January 14, 2021
Ga. Gov. Vows To Expand Virus Tax Credits For Manufacturers

Georgia Gov. Brian Kemp promised to extend tax credits to manufacturers of pharmaceuticals and medical equipment Thursday, aiming to cement the Peach State as a national leader in health care that doesn't have to jockey with other states for necessary coronavirus-related supplies amid a pandemic.
January 14, 2021
Biden Floats Stimulus Checks, Credits In $1.9T Of Virus Relief

President-elect Joe Biden unveiled a $1.9 trillion plan Thursday designed to rescue the economy from the novel coronavirus pandemic by providing more business and individual tax incentives, creating jobs and supporting medical professionals.
January 14, 2021
USTR Raps Digital Taxes In 3 More Countries, But No Tariffs

The U.S. Trade Representative on Thursday determined that digital services taxes adopted by Austria, Spain and the United Kingdom discriminate against American companies, in rulings that come barely a week after similar findings for three other countries.
January 14, 2021
Ill. House Declines To Decouple From Virus Aid Tax Provisions

The Illinois governor's plan to decouple from federal pandemic aid provisions, including those that temporarily suspend the limitation on pass-through businesses' ability to use net operating losses to offset nonbusiness income, has failed to pass.
January 14, 2021
Italian Region's Gas Subsidy Isn't Illegal Tax Break, ECJ Rules

Subsidies granted to motorists in Italy's northern Friuli Venezia Giulia region do not constitute an illegal excise tax reduction, Europe's top court ruled Thursday, rejecting calls by the European Commission to find Italy in violation of European law.
January 14, 2021
IRS Properly Notified Calif. Attorney Of Levy, Tax Court Says

A California attorney cannot challenge an Internal Revenue Service levy and seizure of his property, the U.S. Tax Court said Thursday in finding the agency complied with statutory notice requirements despite claims the original notice was never received.
January 14, 2021
Va. Gov. Urges Legislature To Legalize, Tax Cannabis Sales

Virginia's governor called on the state Legislature to legalize and tax adult-use cannabis to help support state programs and communities historically affected by drug enforcement and criminalization, during his State of the Commonwealth address.
January 13, 2021
Ex-IRS Office Head Can't Get NJ Hospital's Tax Records

The onetime head of the IRS Office of Tax-Exempt Bonds cannot get his hands on documents exchanged between a New Jersey authority and the IRS as part of an agency probe because they contain a hospital's confidential federal tax return information, a state appeals court ruled Wednesday.
January 13, 2021
Reed Smith Says Beneficiary To Blame In Trust Fund Row

Attorneys for Reed Smith LLP fought Wednesday to convert a Hong Kong man claiming the firm allegedly mishandled the setup of his trust fund into a co-defendant and counter-claimant in two lawsuits, telling a Pennsylvania state court that any damages the trust suffered were a result of his efforts to seize control of it.
January 13, 2021
Calif. Restaurants Launch COVID-19 Suits For Permit Refunds

Restaurant owners in Orange County, California, have hit county and state authorities with a COVID-19-related suit claiming they're slapped unfairly with fees for liquor licenses and health permits at the same time that civil orders threaten their businesses by forcing them to reduce operations.
January 13, 2021
Reed Smith Nabs Freshfields Exec Compensation Partner

Reed Smith LLP has added a former Freshfields Bruckhaus Deringer LLP attorney with more than a decade of experience to its corporate team in New York, bringing on a new executive compensation expert as the COVID-19 pandemic continues to complicate employers' C-suite agreements.
January 13, 2021
Dems May Seek Temporary SALT Repeal, House Counsel Says

Democratic lawmakers may pursue a temporary repeal of the $10,000 state and local tax deduction cap during the new congressional session, the lead tax counsel for the House Ways and Means Committee said Wednesday.
January 13, 2021
Claims Trimmed In Mich. Counties Tax Foreclosure Row

A Michigan federal judge on Wednesday dismissed individual defendants and trimmed claims from a class action against multiple counties in the state accused of illegally auctioning off tax debtors' property and keeping the excess proceeds.
January 13, 2021
Brown Rudnick Adds Experienced Trial Atty As Partner In NY

Brown Rudnick LLP is continuing to expand its litigation practice, recently announcing the addition of an experienced partner from Spar & Bernstein PC who had established that firm's corporate business, sports and entertainment practice.
January 13, 2021
Baker McKenzie Adds Leading Transfer Pricing Adviser

Baker McKenzie has added a former partner from PwC and KPMG to its North America tax practice in New York.
January 13, 2021
Justices Urged To Restore Tax Felon's 2nd Amendment Rights

Gun rights organizations told the U.S. Supreme Court that stripping nonviolent felons of their right to bear arms contradicts precedent and urged the justices to restore that right to a convicted tax fraudster.
January 12, 2021
Perrigo Urges US Judge Not To Delay $163.5M Tax Trial

Irish drugmaker Perrigo Co. urged a Michigan federal judge Tuesday not to further delay the trial of its $163.5 million tax refund case, countering government concerns over the court's ability to conduct a safe in-person proceeding.
January 12, 2021
Tax Should Apply To Non-Native Contract Work, 8th Circ. Told

Federal laws prohibiting taxation on Native American lands shouldn't prevent South Dakota from taxing contracting work performed by a non-Native American company on the Flandreau Santee Sioux Tribe's on-reservation casino, the state government told the Eighth Circuit Tuesday.

Editor's Picks

5 Tax Ballot Measures To Watch On Election Day

From a proposal to overhaul California’s property tax system to imposing a graduated income tax in Illinois, voters will have the final say on a number of significant tax-related ballot measures on Election Day. Here, Law360 examines five measures that headline this year’s slate of initiatives.
14 Influential Women In Tax Law

Law360 is proud to present a new series profiling a select group of women in tax law, spotlighting attorneys who have provided outstanding service to their clients and the public, changing the dynamics at their workplaces while they did so.
5 Considerations For IRS Cryptocurrency Letter Recipients

The IRS has started mailing letters to cryptocurrency users warning they could face penalties or worse if they don't properly report transactions and pay taxes on them. Law360 explores important considerations for cryptocurrency users who have received such a letter.

Expert Analysis

What's On The Horizon For Unclaimed Property In 2021

Unclaimed property professionals who run holder compliance programs should buckle themselves in for what portends to be a perfect storm of legislative, enforcement and litigation contests this year between state administrators and holders, say attorneys at Alston & Bird.
4 Legal Industry Trends Litigation Financiers Are Watching

Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.
Tips For Forming A Real Estate Fund

Multi-asset real estate funds may provide investors with opportunities to deploy capital during the pandemic-induced market downturn, but several structural questions should be considered before raising a fund, say Matt Ertman and Max Brunner at Allen Matkins.
2 Cases Highlight Superpriority Lien Risks For Lenders

Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.
4 Steps For Public Cos. Subject To New Executive Pay Rules

To comply with recently finalized Internal Revenue Service regulations implementing the Tax Cuts and Jobs Act's $1 million cap on compensation deductions, employee benefit and tax executives at public companies should understand who their covered employees are and identify compensation agreements subject to the rules, say Samuel Krause and Teresa Abney at Crowell & Moring.
Lenders' Role Will Be Key In NYC Green Building Loans

New York City's Climate Mobilization Act, which will soon restrict large buildings' carbon emissions, provides for a loan program to help owners finance energy-efficient improvements — but the program's success will depend on mortgage lenders' participation, says Jason Rozes at Dechert.
A Lawyer's Guide To Setting Well-Being Goals In 2021

In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.
IRS Continuity Safe Harbor Will Aid Renewable Projects

Recent Internal Revenue Service guidance expanding the continuity safe harbor to protect tax credit eligibility for qualified offshore and federal land renewable energy projects will provide certainty for developers who often face significant construction and permitting delays, say attorneys at Mayer Brown.
Keyword Searches To Improve Your Privilege Doc Review

"Confidential" and other search terms commonly used to locate privileged documents during e-discovery are pretty ineffective, so practitioners should consider including specific types of keywords that are demonstrably better at targeting privilege, say Robert Keeling at Sidley and Rishi Chhatwal at AT&T.
A Benefits Attorney's Role In Corporate Transactions: Part 2

Excerpt from Practical Guidance

In the context of a corporate transaction, employee benefits and compensation attorneys may need to consider the treatment of benefit plans, integration issues, the purchase agreement and agreements that extend beyond the closing, says Michelle Capezza at Epstein Becker.
A Benefits Attorney's Role In Corporate Transactions: Part 1

Excerpt from Practical Guidance

Employee benefits and executive compensation attorneys must consider a spate of issues in the context of a corporate transaction, including the due diligence process and identification of plan-related liabilities, says Michelle Capezza at Epstein Becker.
ABA Approves Remote Practice, But Questions Remain

Lawyers working remotely during the pandemic while physically outside the jurisdictions in which they are licensed will find some comfort in a recent American Bar Association opinion sanctioning such practice, but there is ambiguity regarding the contours of what's allowed, say attorneys at Harris Wiltshire.
How Biden Administration Can Crack Down On Ransomware

By using the novel prosecutorial tactic known as access theory, President-elect Joe Biden can initiate a 2021 offensive to stop ransomware, says John Stark at John Reed Stark Consulting.
Opinion

US Economy Needs Cannabis Banking Bill More Than Ever

The cannabis industry is helping generate much-needed tax revenue and has kept people employed during the pandemic — it's time to provide these essential businesses with mainstream banking services, says Aaron Smith at the National Cannabis Industry Association.
Keys To Creating Standout Law Firm Thought Leadership

Whether geared toward a global audience or a particular client, a law firm's articles, blog posts and client alerts should strive to be original by harnessing a few editorial tools and following the right distribution sequence, say Steven Andersen and Tal Donahue at Infinite Global.