Tax

  • February 07, 2024

    Judge Sides With Wis. Tribe In HOA Property Dispute

    The Menominee Indian Tribe got a win in Wisconsin federal court in a case in which a Wisconsin neighborhood association said the federal government breached its community restrictive covenants when it took land into trust for the tribe, with the judge agreeing to dismiss the suit.

  • February 07, 2024

    Town's Taxes Would 'Punish' Green Tech, Conn. Justices Told

    Groton is the only community in Connecticut that has ever imposed taxes on FuelCell Energy Inc.'s power plants, and adhering to the town's interpretation of two exemption statutes would create an "absurd" result that discourages the manufacture of energy efficient systems in the rest of the state, the company told the Connecticut Supreme Court on Wednesday.

  • February 07, 2024

    US Eyes Requiring Reports On All-Cash Real Estate Transfers

    Professionals involved in real estate transfers in the U.S. would be required to report on the beneficial owners of trusts and other legal entities that receive residential property in any all-cash transactions under draft regulations released Wednesday that aim to tackle tax evasion and corruption.

  • February 07, 2024

    Orrick Adds Ex-Greenberg Traurig Energy Pro In Chicago

    A former Greenberg Traurig LLP shareholder has reunited with her mentor after jumping to Orrick Herrington & Sutcliffe LLP's energy and infrastructure team in Chicago.

  • February 07, 2024

    House Panel's Top Dem Floats Bill To Require Automatic IRAs

    The House Ways and Means Committee's top Democrat introduced legislation Wednesday that would expand workers' retirement coverage by requiring employers with 10 or more employees to establish a federal automatic individual retirement account program.

  • February 07, 2024

    Perrier Bubbles Don't Burst Tax Barrier, Pa. Court Told

    The fizziness in Perrier bottled water is naturally occurring and should put the product in the same nontaxable category as still water under Pennsylvania's tax code, an attorney for a Pennsylvania Sheetz customer told the state's Commonwealth Court on Wednesday.

  • February 07, 2024

    Big 4 Support Irish Foreign Income Tax Exemption Plans

    The Big Four accounting firms expressed broad support for Ireland's plans to introduce corporate tax exemptions for foreign-sourced dividends and foreign branch profits, saying the changes are long overdue and would reduce complexities for taxpayers, according to comments published Wednesday.

  • February 07, 2024

    German Cum-Ex Trial Ends After €2.2M Profit Payback

    German prosecutors agreed to provisionally end a trial of an unnamed individual over a fraudulent tax refund scheme after he agreed to pay back €2.2 million ($2.4 million) in illegally gained profits, a court said Wednesday.

  • February 07, 2024

    EU Urges Greece To Scrap Tax-Free Border Shops

    The European Commission called on Greece on Wednesday to remove an exemption from excise duty for shops on borders with non-European Union countries, saying the shops' untaxed status breached EU law.

  • February 06, 2024

    UK Windfall Tax Hits BP's Bottom Line As Profits Remain High

    London-based BP PLC laid partial blame on the U.K.'s windfall profits tax for hiking its effective tax rate 5 percentage points to 39% last year as annual profits fell 50% to $13.8 billion, according to filings published Tuesday.

  • February 06, 2024

    Mosby Guilty On One Count Of Lying For Fla. Mortgage

    A federal jury in Maryland on Tuesday found former Baltimore State's Attorney Marilyn Mosby guilty of lying on mortgage applications for one of her two Florida vacation homes, but not guilty on the application for the other home.

  • February 06, 2024

    Mich. Federal Judge Won't Pause State Foreclosure Cases

    A Michigan federal judge overseeing a class action by taxpayers alleging that a county unlawfully kept proceeds on the sales of their foreclosed homes has found that a federal law precludes her from staying state proceedings against the same defendant, denying the homeowners' request to pause the state cases.

  • February 06, 2024

    Estate Of Hilton Founder's Son Challenges $1.2B Tax Bill

    The Internal Revenue Service incorrectly rejected charitable contribution deductions for bequests by the son of the Hilton hotel chain founder, the son's estate told the U.S. Tax Court as it challenged the IRS' determination of a $1.16 billion estate tax deficiency.

  • February 06, 2024

    Thomas' Yacht Trips May Be Tax Scam, Senate Probe Finds

    Billionaire Republican donor Harlan Crow may have taken illegal tax deductions for a yacht he used to entertain family and friends, including Justice Clarence Thomas of the U.S. Supreme Court, the leader of the Senate Finance Committee said Tuesday, citing new evidence.

  • February 06, 2024

    Man Gets 41 Months, Will Pay $1.3M For Foreign Tax Evasion

    A Texas man who pled guilty in 2023 to evading more than $1 million in taxes on foreign income will serve 41 months in prison and pay fines and restitution of $1.3 million, a Texas federal court ruled.

  • February 06, 2024

    DC Authorizes Competitive Process For Housing Tax Breaks

    A District of Columbia program for tax abatement for housing developments will now be awarded through a competitive process under clarifying legislation signed by the mayor.

  • February 06, 2024

    Ore. Vacant Property Rightly Denied Value Cut, Court Says

    Requests for valuation reductions for a vacant lot in Oregon were correctly denied, the state's tax court ruled, saying such appeals were barred for properties that did not include dwellings.

  • February 06, 2024

    Colo. Senate OKs Local Option For Property Tax Breaks

    Local governments in Colorado could establish property tax incentive programs to address local shortcomings in real property usage under legislation approved by the state Senate.

  • February 06, 2024

    NY Judge Wants Info On Perjury Probe Of Trump Lieutenant

    A New York state judge weighing the evidence in Donald Trump's civil fraud trial demanded more information Tuesday about reports that a key trial witness, former Trump Organization Chief Financial Officer Allen Weisselberg, is facing perjury charges for his testimony in the case.

  • February 06, 2024

    International Unity Needed To Seize Russian Assets, EU Says

    Europe would have to coordinate closely internationally with the Group of Seven nations to confiscate frozen Russian state assets, the European Commission said Tuesday.

  • February 05, 2024

    Md. Jury Set To Decide If Ex-State's Atty Lied On Loan Apps

    The legal team representing former Baltimore state's attorney Marilyn Mosby said during closing arguments Monday that she mistakenly placed her trust in her then-husband to address tax debts the couple owed to the IRS, while federal prosecutors accused Mosby of shifting the blame for allegedly lying on mortgage loan applications.

  • February 05, 2024

    Psychedelics Bill Roundup: Mass. Proposal Enters Legislature

    A citizen-led effort to legalize personal use and possession of natural psychedelics in Massachusetts entered the state Legislature this week, a Hawaii bill to regulate therapeutic use of psilocybin is scheduled for its first hearing, and Indiana lawmakers advanced a bill to fund research into psilocybin treatment. Here are the major developments in psychedelic legislation from the past week.

  • February 05, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's chancellor gave us 55 billion reasons to keep an eye on the First State in a case involving Tesla CEO Elon Musk's pay package, while the court of equity also took on cryptocurrency, artificial intelligence, space flight and country music.

  • February 05, 2024

    NY Judge Floats Nixing Some AG Claims From NRA Trial

    A New York state judge on Monday raised the prospect of dismissing claims from the trial of the National Rifle Association and key executives, after the New York attorney general's office rested its case in chief alleging widespread corruption at the nonprofit gun rights organization.

  • February 05, 2024

    Jackson Hewitt To Settle No-Poach Suit Over Its Franchises

    Jackson Hewitt Inc. told a New Jersey federal court that it has reached a settlement in principle with its former workers who brought a proposed class action alleging that the company's franchisees entered into an anti-competitive no-poach agreement despite the firm's previous pledge to not have or enforce such arrangements.

Expert Analysis

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • Series

    Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • How 'As Such' Changes LPs' Self-Employment Tax Exposure

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    In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • High Court's Chevron Review May Be A Crypto Game-Changer

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    The outcome of the U.S. Supreme Court's review of the Chevron doctrine in its pending Loper v. Raimondo case will potentially usher in a paradigm shift in cryptocurrency regulation, challenging agency authority and raising hopes for a recalibrated approach that favors judicial interpretation, says Sylvia Favretto at Mysten Labs.

  • IRA Monetization Energizes Clean Power Tax Credit Market

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    Recent large sales of clean energy production tax credits reflect an environment in which the Inflation Reduction Act's provisions for monetizing such credits via direct transfer — bypassing slow, costly tax equity transactions — offer opportunities for both developers and investors, says Andrew Eastman at Husch Blackwell.

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • 'Manufacturing' Amid Mass. Adoption Of Single-Sales Factor

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    Massachusetts’ recent adoption of single-sales-factor apportionment will benefit companies that have a greater in-state physical presence, reinforce the importance of understanding market-sourcing rules, and reduce the manufacturing classification's importance to tax apportionment, though the classification continues to be significant to other aspects of taxation, say attorneys at McDermott.

  • 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.

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