Tax

  • March 20, 2024

    IRS Asks Justices To Scrap Couple's Late-Filed Tax Court Suit

    The IRS asked the U.S. Supreme Court to consider reversing the Third Circuit's revival of a couple's challenge to their tax bill, saying the appeals court incorrectly concluded that a 90-day deadline for petitioning the U.S. Tax Court need not always be met.

  • March 20, 2024

    How The Supreme Court Could Narrow Chevron

    After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.

  • March 20, 2024

    OECD Reports More Compliance With Tax Treaty Standards

    The Organization for Economic Cooperation and Development reported Wednesday that members of the group's inclusive framework — countries that have agreed to adopt minimum standards of an international anti-base erosion plan — have increased their compliance with the standard intended to prevent treaty shopping.

  • March 20, 2024

    IRS Withholding Docs On Partnership Audits, Baker Atty Says

    The Internal Revenue Service has not responded to a request for documents pertaining to the agency's scrutiny of large partnerships and should be forced to disclose them, an attorney with Baker McKenzie told a D.C. federal court.

  • March 20, 2024

    EU Floats Alternative To Unanimity As Bloc Eyes Growth

    The European Commission floated an alternative Wednesday to unanimity voting on matters such as tax as it seeks to streamline the way the bloc reaches decisions amid talk of expanding the number of EU countries.

  • March 20, 2024

    IRS Grants Income Exclusion To Those Fleeing 6 Countries

    Individuals who fled conditions in Ukraine, Belarus, Sudan, Haiti, Niger and Iraq after specific dates in 2023 can exclude foreign earned income, and can exclude or deduct housing costs, from gross income that year because of adverse conditions in the countries, the IRS said.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

  • March 20, 2024

    King & Spalding Adds Ex-PwC Tax Pro As Partner In NY

    An experienced tax attorney has joined King & Spalding LLP in New York after working at PricewaterhouseCoopers LLP for six years.

  • March 19, 2024

    Chicago Voters Nix Tiered Rates On Real Estate Transfer Tax

    Chicago voters rejected a contentious referendum Tuesday night that would have authorized the city to impose tiered real estate transfer tax rates including an increase for properties sold at $1 million and higher.

  • March 19, 2024

    UN Experts Aim To Finalize Tool For Model Treaty Updates

    The United Nations' tax committee is aiming this week to finalize a tool to facilitate faster adoption of updates to its model tax treaty within bilateral negotiations, although some members remain skeptical about its usefulness, according to discussions Tuesday.

  • March 19, 2024

    Minn. BCBS Wants Toss Of DOL's $66.8M Tax Liability Suit

    An insurance company is urging a Minnesota federal judge to toss a U.S. Department of Labor suit alleging the company improperly collected at least $66.8 million in state tax liability from plans it administered to pay in-network providers, arguing plans allowed the practice and participants weren't injured.

  • March 19, 2024

    Staffing Co. Owner Gets 4 Years For Hiring Untaxed Labor

    The owner of a staffing company in Key West, Florida, that hired untaxed and unauthorized workers was sentenced by a Florida federal judge to four years in prison and ordered to pay $3.5 million in restitution to the U.S. government, according to court documents.

  • March 19, 2024

    GILTI Figures Into CFC Applicability Project, Official Says

    The U.S. global intangible low-taxed income system is factoring into continuing Internal Revenue Service work on whether a tax code provision limiting corporations from offsetting income with net operating or other tax losses after ownership changes applies to controlled foreign corporations, an agency official said Tuesday.

  • March 19, 2024

    NC Panel Rules Nonprofit Not Entitled To Tax Exemption

    A North Carolina manufactured home community doesn't qualify for a charitable tax exemption because providing land for housing units isn't considered equivalent to providing affordable housing for low-income individuals, the state appeals court ruled Tuesday.

  • March 19, 2024

    Md. House OKs Special Tax Rates For Vacant Property

    Maryland would let the Baltimore city council and county governments in the state impose special tax rates on vacant or abandoned property under a bill passed by the House of Delegates.

  • March 19, 2024

    Fla. Judge Inclined To Grant CNN's Costs In Defamation Suit

    A Florida judge said Tuesday he might trim parts of CNN's $320,000 request for attorney fees and costs incurred defending a defamation suit brought by a West Palm Beach pediatric heart surgeon but declined the doctor's request for a wholesale reduction. 

  • March 19, 2024

    Colo. Panel OKs Expanding Historic Structure Tax Credit

    Colorado would expand its tax credit for preservation of historic structures, reducing the age requirement for the properties, postponing the sunset of the credit and making other changes under legislation passed by the state House panel.

  • March 19, 2024

    EU Parliament Committees Approve AML Laws

    Two European Parliament committees approved new anti-money laundering legislation Tuesday for the European Union to create a single rule book for all 27 EU countries and to establish a common enforcement authority.

  • March 19, 2024

    Md. House OKs Property Tax Credits For Residential Projects

    Local governments in Maryland would be authorized to grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved by the state House of Delegates.

  • March 18, 2024

    Trump Can't Use Quasi-Advice Of Counsel Defense In NY Trial

    Donald Trump cannot use an informal "presence of counsel" defense in the Manhattan district attorney's hush money case against him, a New York judge ruled Monday, rejecting a strategy that would have allowed the former president to blame his ex-attorneys without having to divulge details about the purported legal advice.

  • March 18, 2024

    NY Gov. Audits Pot Regulator After Troubled Rollout

    New York Gov. Kathy Hochul on Monday announced an audit of the Empire State's embattled cannabis regulator to address the rocky implementation of the adult-use marijuana market, which has been plagued by delays, litigation and an explosion of unlicensed sellers.

  • March 18, 2024

    Justices Won't Review Dead Film Exec's IRS Summons

    The U.S. Supreme Court on Monday denied a request from the daughter of a dead film executive to consider invalidating an IRS summons for her father's financial records, letting stand a Ninth Circuit decision that found the agency sought the records in good faith.

  • March 18, 2024

    Werfel Calls Online Biz Account Authentication A Challenge

    Establishing an effective user authentication method for companies using online business tax accounts is a challenge for the Internal Revenue Service and the agency wants suggestions on how to do it, commissioner Daniel Werfel said Monday.

  • March 18, 2024

    Tennis Job No Reason To Slice 'Varsity Blues' Term, Feds Say

    A tennis instructor job in New York is no reason to grant an early end to the home confinement portion of a sentence given to a former Georgetown University coach for his role in the "Varsity Blues" college admissions scandal, prosecutors told a Massachusetts federal judge Monday.

  • March 18, 2024

    Gov'ts Widely Back Building Capacity Of Tax Authorities

    Building the skills and capacities of tax authorities to implement international tax standards should be a central focus of global tax cooperation at the United Nations for governments to gain revenue, officials from the U.S., the African Group and many others said Monday.

Expert Analysis

  • EPA Report A Reminder That Fuel Credits Are 'Buyer Beware'

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    A recent report from the U.S. Environmental Protection Agency's Office of Inspector General is a reminder that fraud risk in the renewable fuel identification number market remains, and that purchasers are ultimately responsible for ensuring the validity of credits they buy, say David McIndoe and Nick Hillman at Eversheds Sutherland.

  • How And Why Your Firm Should Implement Fixed-Fee Billing

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    Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Opinion

    Judicial Independence Needs Defense Amid Political Threats

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    Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.

  • How Law Firms Can Use Account-Based Marketing Strategies

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    Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.

  • While Risks Exist, AI Could Transform IRS Enforcement

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    The Internal Revenue Service's recently announced use of artificial intelligence could revolutionize the agency's enforcement efforts, and transparency about its use and a forum for challenging AI findings could help mitigate fears that the technology will increase bias, say attorneys at Lewis Brisbois.

  • AGs' Distaste For Food Bill May Signal Other State Issues

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    States' recent opposition to a proposed federal law that would block them from regulating out-of-state agricultural production could affect issues beyond this narrow debate, such as the balance of state and federal regulatory power, reproductive rights post-Dobbs, and energy production and water use, say Christopher Allen and Stephen Cobb at Cozen O'Connor.

  • Strategic Succession Planning At Law Firms Is Crucial

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    Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.

  • Maximizing Law Firm Profitability In Uncertain Times

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    As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.

  • 5th Circ. Ruling Reminds Attys That CBP Can Search Devices

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    The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.

  • Enforcement Of International Tax Reporting Is Heating Up

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    Since the U.S. Supreme Court’s February decision in Bittner v. U.S. changed how penalties for failure to report offshore accounts are calculated, recent developments suggest the government is preparing to step up enforcement and vigorously pursue the collection of resulting penalties, say Daniel Silva and Agustin Ceballos at Buchalter.

  • How Gov't Agencies Will Fare In The Event Of A Shutdown

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    With a federal shutdown potentially set to begin at the end of this month, it may be useful to consider the approximate timelines that agencies such as the Federal Trade Commission and IRS have announced for curtailing operations, and potential strategies for mitigating challenges that may arise while agency functions are limited, say attorneys at Cleary.

  • Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees

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    The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • 4 Pharma Industry Arguments Against CMS Drug Pricing Plan

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    The Centers for Medicare & Medicaid Services is facing significant pushback regarding its plans for implementing the Inflation Reduction Act's Medicare drug price negotiation program, due to a number of potential repercussions for manufacturers, say attorneys at Mintz Levin.

  • IRS Notice Clarifies R&E Amortization, But Questions Remain

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    The IRS and Treasury Department’s recent notice clarifying the treatment of specified research and experimental expenditures under Section 174 provides taxpayers and practitioners with substantive guidance, but it misses the mark in delineating which expenditures are amortizable, say attorneys at Eversheds Sutherland.

  • Preparing Your Legal Department For Pillar 2 Compliance

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    Multinational entities should familiarize themselves with Pillar Two of the Organization for Economic Cooperation and Development’s BEPs 2.0 project and prepare their internal legal tracking systems for related reporting requirements that may go into effect as early as January, says Daniel Robyn at Ernst & Young.

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