Tax

  • December 01, 2023

    Justices Call O'Connor 'American Hero,' 'Perfect Trailblazer'

    Following news of retired U.S. Supreme Court Justice Sandra Day O'Connor's death at the age of 93, current and former high court justices paid public homage to her trailblazing career, devotion to the rule of law and illuminating charisma.

  • December 01, 2023

    Former Clerks Say Justice O'Connor Still Worth Emulating

    BigLaw attorneys mentored by former U.S. Supreme Court Justice Sandra Day O'Connor, who died Friday after a lengthy battle with dementia, say she'll be remembered as an incisive jurist who always put facts and practical considerations above abstract ideological commitments, as well as a deeply gracious and down-to-earth woman who never let her dedication to the law overshadow her zest for life.

  • December 01, 2023

    Up Next At High Court: Purdue Pharma, Taxes & Job Transfers

    The U.S. Supreme Court returns Monday for the last argument session of the calendar year to consider whether bankruptcy courts have the authority to sign off on third-party liability releases in Chapter 11 plans, whether Congress can tax unrealized foreign gains, and which standard should be used to determine the viability of employment discrimination claims.

  • December 01, 2023

    Trump Gets More Experts In NY Fraud Trial, Can't Call Monitor

    A New York judge on Friday allowed Donald Trump to call more experts in his civil fraud trial defense case, including a real estate broker friendly with the former president, but rejected Trump's attempt to put the court's independent monitor on the stand.

  • December 01, 2023

    4 Decisions For Which Justice O'Connor Will Be Remembered

    Many of the hotly divided cases at the U.S. Supreme Court came down to Justice Sandra Day O’Connor, a central force on the bench whose savviness at striking compromises and taking a pragmatic approach to resolve disputes is on full display in four opinions.

  • December 01, 2023

    Justice O'Connor Shattered Barriers, Built Bridges

    A Southwestern cowgirl who will always be known as the first woman to sit on the U.S. Supreme Court, Justice Sandra Day O’Connor inspired those around her with an indomitable work ethic, a deep affection for public service and an innate ability to drive consensus among her colleagues.

  • December 01, 2023

    Feds Unveil 'Foreign Entity' Guidance For EV Tax Credit

    Federal regulators released guidance Friday that would allow automakers to satisfy new trade restrictions that the 2022 climate law incorporated into the consumer electric vehicle tax credit, including sought-after proposed rules defining the foreign-entity-of-concern provision.

  • December 01, 2023

    COVERAGE RECAP: Day 38 Of Trump's NY Civil Fraud Trial

    Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 38.

  • December 01, 2023

    Sandra Day O'Connor, First Woman On Supreme Court, Dies

    Retired U.S. Supreme Court Justice Sandra Day O'Connor, the court's first female member, died Friday at 93, according to the court. Justice O'Connor's position at the ideological center of the court gave her outsized influence in controversial cases during her 25-year tenure.

  • December 01, 2023

    Work Still Needed On Key EU Tax Files, Ministers Warn

    Member countries must continue to negotiate to find agreement on key tax proposals in the European Union, with some states seeming to be far from accord more than two years after laws were proposed, a draft report penned by finance ministers indicates.

  • November 30, 2023

    Holtec's $26M Tax Break Affirmed By New Jersey Panel

    The New Jersey Economic Development Authority erred when it rescinded a $26 million tax break from nuclear energy giant Holtec International and said the company had misrepresented itself on a program application, a state appeals court affirmed Thursday.

  • November 30, 2023

    FTX Says IRS Tax Estimate Is $24B Too High

    Bankrupt cryptocurrency exchange FTX asked a Delaware bankruptcy judge to set its tax bill at zero dollars, arguing that the Internal Revenue Service's estimated $24 billion in claims threaten to halt any progress in getting a Chapter 11 plan approved.

  • November 30, 2023

    Calif. Justices To Hear Dems' Bid To Block Tax Ballot Measure

    California's highest court agreed to consider an emergency petition by Democratic Gov. Gavin Newsom and Democratic leaders in the California Legislature to strike from the 2024 ballot a measure that would make it harder to create or raise taxes.

  • November 30, 2023

    Citi Owed $183M In Tax Breaks From '80s, Claims Court Says

    Citigroup is entitled to nearly $183 million in tax deductions in a dispute over its predecessor's accounting of excess liabilities that belonged to a failing bank acquired during the 1980s savings and loan crisis, the U.S. Court of Federal Claims said.

  • November 30, 2023

    Feds Ordered To Clarify IRS Leaker's Worker Status

    The federal government must produce its contracts with consulting firm Booz Allen clarifying the employment status of an IRS contractor who admitted leaking to the media the tax data of thousands of wealthy people, a Florida federal judge ordered in a billionaire's privacy suit against the tax agency.

  • November 30, 2023

    Brown Rudnick Adds Tax Partner To DC Office

    Brown Rudnick has added a partner to the firm's tax practice in Washington, D.C., who will specialize in tax planning in addition to mergers and acquisitions, according to the firm.

  • November 30, 2023

    House Tax Panel Clears Taiwan Tax Relief Bill

    The House Ways and Means Committee unanimously approved legislation Thursday that would provide certain tax treaty-like benefits for Taiwanese businesses after bipartisan leaders of the panel reached agreement to proceed on the measure with Senate lawmakers.

  • November 30, 2023

    Chicago Pol Denied Mistrial Over Witness's 'Corrupt' Remark

    An Illinois federal judge refused to grant former Chicago Alderman Ed Burke a mistrial Thursday after a witness described a developer's hiring of Burke's law firm as "symbolic of the Chicago way of doing business" and "very corrupt."

  • November 30, 2023

    NY Appeals Court Reinstates Trump Gag Orders

    A midlevel New York appeals court on Thursday reinstated gag orders issued by the judge overseeing the civil fraud trial of Donald Trump and others, which prohibit the former president from speaking publicly about the judge's court staff.

  • November 30, 2023

    COVERAGE RECAP: Day 37 Of Trump's NY Civil Fraud Trial

    Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 37.

  • November 30, 2023

    Hopes Rise For Deal On Ownership Rules For EU Tax List

    European Union member countries hope they are nearing an agreement on a beneficial ownership criterion for its process of flagging countries outside the bloc that fail to reach international standards on tax transparency, the chair of the listing committee said in testimony Thursday.

  • November 29, 2023

    Trump's Bankers Testify They Saw No Fraud And Made Millions

    Current and former Deutsche Bank employees told a New York state judge Tuesday and Wednesday that they raked in millions from Donald Trump's business and saw no fraud in the nine-figure loans they approved, but the judge appeared unswayed by arguments that the testimony undermined the attorney general's case.

  • November 29, 2023

    Chicago Pol Recorded Tying Project Aid To Work For Law Firm

    A former Chicago alderman facing charges that he used his considerable power to steer property tax work to his law firm was heard Wednesday on recordings made by a government informant resisting involvement in a developer's plans to renovate Chicago's Old Main Post Office because "the cash register has not rung yet."

  • November 29, 2023

    2024 Female Sports Revenues Predicted To Break $1B Barrier

    Big Four accounting firm Deloitte on Wednesday issued a report anticipating that women's elite sports will generate more than $1 billion in revenues for the first time next year — a prediction that comes as private equity firms are increasingly nabbing stakes in female professional sports clubs.

  • November 29, 2023

    Mass. Tax Board Lowers Valuation Of Walmart Store By $1M

    A Massachusetts Walmart store was assessed for more than its fair market value, the state tax board said in a decision released Wednesday, opting to reduce its valuation by more than $1 million based on an income and capitalization analysis by the retailer.

Expert Analysis

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • Unpacking Long-Awaited Clean Energy Tax Credit Guidance

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    Recently proposed Internal Revenue Service regulations provide welcome confirmatory guidance on the application of investment tax credits as reworked by 2022's Inflation Reduction Act, prevailing wage and apprenticeship rules that are largely consistent with market expectations, and broader eligibility criteria that should please the wind power industry in particular, say attorneys at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • A Year-End Look At Florida's Capital Investment Tax Credit

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    Notwithstanding the Walt Disney Co.’s feud with Gov. Ron DeSantis this year, Florida's capital investment tax credit will continue to make the state a favored destination for large corporations, particularly in light of the new federal alternative minimum tax and the Pillar Two top-up tax, says Alan Lederman at Gunster.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • IRS Proposal May Help Clarify Donor-Advised Fund Excise Tax

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    Recently proposed regulations provide important clarifications of the Internal Revenue Code's excise tax on donor-advised fund distributions by providing detailed definitions of key terms and addressing some of the open issues related to their operation and administration, say attorneys at Morgan Lewis.

  • Ohio Voters Legalize Cannabis — What Comes Next?

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    This month, voters approved a citizen-initiated statute that legalizes marijuana for recreational use in Ohio, but the legalization timeline could undergo significant changes at the behest of the state's lawmakers, say Daniel Shortt and David Waxman at McGlinchey Stafford.

  • Opinion

    A Telecom Attorney's Defense Of The Chevron Doctrine

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    The Chevron doctrine, which requires judicial deference to federal regulators, is under attack in two U.S. Supreme Court cases — and while most telecom attorneys likely agree that the Federal Communications Commission is guilty of overrelying on it, the problem is not the doctrine itself, says Carl Northrop at Telecommunications Law Professionals.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Mo. Solar Projects Need Clarity On Enterprise Zone Tax Relief

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    In Missouri, enhanced enterprise zones offer tax abatements that could offset the cost of solar project infrastructure, but developers must be willing to navigate uncertainty about whether the project is classified as real property, say Lizzy McEntire and Anna Kimbrell at Husch Blackwell.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • What To Expect After Colo. Nixes Special Standing Rules

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    Two recent Colorado Supreme Court decisions have abandoned a test to preclude standing in lawsuits challenging government decisions brought by subordinate government entities, which will likely lead to an admixture of results, including opening the door to additional legal challenges between government entities, says John Crisham at Crisham & Holman.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

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