Tax

  • 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.

  • February 05, 2024

    Brazil Aiming To Overhaul Income Tax System By Summer

    Brazil is aiming to overhaul its income tax system by summer after lawmakers overhauled consumption taxes late last year, but regulations for consumption taxes may take precedence initially with an income tax bill due in March, officials said Monday during Congress' opening session.

  • February 05, 2024

    Ex-Baker Botts Tax Atty Returns To Morgan Lewis In San Fran

    Morgan Lewis on Monday announced the return of a state and local tax expert as a partner who will be based out of the firm's San Francisco office.

  • February 05, 2024

    GOP Lawmakers' Concerns Spur Talks On German Royalty Tax

    House Ways and Means Committee Republicans have been in touch with U.S. Treasury Department officials to address the lawmakers' concerns about a German withholding tax imposed on intellectual property registered in the country, a GOP lawmaker told Law360.

  • February 02, 2024

    MGM Challenges Mich. Tax For Ill. Riverboat Sale

    An MGM subsidiary argued in a lawsuit filed Friday in Michigan state court that it doesn't owe the state taxes for the sale of the company's 50% stake in a riverboat casino that didn't touch its operations in Michigan, contesting corporate income tax and penalties the state assessed.

  • February 02, 2024

    Mich. Panel Rejects Attempts To Claim Foreclosure Surplus

    A Michigan state appeals court denied attempts to reclaim tens of thousands in surplus money from a county's tax foreclosure sale of two homes, finding that the parties either waited too long or wrongly applied to the court system to recover the excess funds.

  • February 02, 2024

    NYC Sues FDIC For $7M Of First Republic's Back Taxes

    New York City sued the Federal Deposit Insurance Corp. in D.C. federal court in the agency's capacity as receiver for failed First Republic Bank, alleging the bank understated its rent and income taxes it owed to the city for several years and now owes more than $7 million.

  • February 02, 2024

    Clean Energy Can Revive Fossil Fuel Sites, But Risks Abound

    Building clean energy projects on the sites of shuttered or aging coal- and gas-fired power plants is a multibillion-dollar opportunity to accelerate the U.S. energy transition, but there are steep legal and practical hurdles to clear. Here's a rundown of what developers must grapple with if they want to build green on fossil fuel sites.

  • February 02, 2024

    Google, H&R Block Ask Court To Toss Tax Data RICO Suit

    Google and H&R Block asked a California federal court to toss a suit accusing them of scheming to intercept the private data of a man who used H&R Block's tax preparation software, saying there was no evidence the companies conspired.

  • February 02, 2024

    Hulu, Disney, Netflix Escape Texas Tax Franchise Suit

    A state appeals court has said Hulu, Disney and Netflix can escape a lawsuit from 31 Texas municipalities that accuse them of failing to pay a state franchise tax, adopting the companies' argument that they are not required to pay the 5% fee because they are not franchise holders.

Expert Analysis

  • 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.

  • General Counsel Need Data Literacy To Keep Up With AI

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    With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.

  • Kentucky Tax Talk: Clash Over Industrial Supplies Exemption

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    Recent legislative testimony in Kentucky may cause another battle over the state's sales tax exemptions for industrial supplies, even though the testimony appears to mischaracterize the impact of a major state court ruling that upheld the exemptions, say attorneys at Frost Brown.

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