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Tax
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May 08, 2024
NY AG Says $6M NRA Verdict Should Stand
A New York state court should not undo a jury's finding that the National Rifle Association allowed its officers to misappropriate $6.4 million of donor money, the state's attorney general has argued, saying trial evidence abundantly laid out evidence of misconduct and organizational failures.
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May 08, 2024
Credit Suisse Urges Mich. Panel To Reverse Biz Loss Denial
A Credit Suisse attorney pressed the Michigan Court of Appeals on Wednesday to clarify how the state's tax laws account for losses from real estate mortgage investment conduits, saying a lower court incorrectly denied its attempt to carry forward $21.3 million in losses.
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May 08, 2024
Calif. Justices Weigh Striking Anti-Tax Ballot Initiative
California Supreme Court justices sought to understand Wednesday if a measure approved for the November ballot that would make it harder to raise taxes would eliminate lawmakers' ability to tax and would illegally revise — rather than amend — the state constitution.
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May 08, 2024
In Final Memo, Blumenauer Eyes Path Forward For Cannabis
Rep. Earl Blumenauer, D-Ore., a longtime champion of cannabis reform in Congress who plans to retire this year, is calling marijuana reform a "winning issue" for policymakers and outlined numerous actions both legislators and federal agencies can take to move the issue forward.
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May 08, 2024
4th Circ. Asks If High Court Ruling Bars Credit Suisse Tipster
A Fourth Circuit panel questioned Wednesday whether a U.S. Supreme Court ruling prevented it from reviving a whistleblower case by a former Credit Suisse employee alleging the bank helped U.S. citizens evade taxes after paying a $2.6 billion criminal penalty.
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May 08, 2024
Auto Cos. Brace For EV Battery Compliance Hurdles
New federal regulations aimed at shoring up the domestic electric vehicle manufacturing supply chain give automakers a much-needed two-year cushion to navigate a compliance minefield, and to figure out how to reinvigorate the recent waning consumer demand for electric vehicles.
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May 08, 2024
Ind. Youth Center Rightly Denied Tax Exemption, Board Says
An Indiana youth center was correctly denied a religious tax exemption because the property is used to the benefit of the adopted children of the organization's founder, the state Board of Tax Review said in a decision published Wednesday.
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May 08, 2024
EGC Won't Annul EU Decision To Toss Spanish Tax Scheme
The European General Court will not annul a European Commission decision that a Spanish tax scheme for vessels built in its domestic shipyards must be abandoned because it was incompatible with the European Union's internal market, according to a judgment released Wednesday.
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May 08, 2024
In Story Of Sex And Lies, Can Cohen Write Final Chapter?
The Manhattan District Attorney's Office has told a story of scandal and scheming to the jury in Donald Trump's criminal hush money trial, setting the stage for the prosecution's star witness to take the stand and wrap up the narrative.
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May 08, 2024
Disbarred Mich. Atty Jailed For Stealing $140K From Client
A Michigan attorney will spend more time in prison than planned after failing to keep up his side of a plea agreement he made with the state attorney general when he admitted to stealing more than $140,000 from an elderly client.
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May 08, 2024
Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners
Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.
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May 08, 2024
A Foley Hoag Co-Chair Joins Litigation Firm As Name Partner
Litigation and dispute resolution firm Elliott Kwok Levine & Jaroslaw LLP will operate under a new name after welcoming as its newest name partner a former federal prosecutor who most recently co-chaired Foley Hoag LLP's white-collar crime and government investigations practice.
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May 08, 2024
DOD Trucking Contractor Owner Indicted On $1M Tax Evasion
The owner of a trucking company that hauled military supplies for the U.S. Department of Defense tried to evade more than $1 million in taxes partly by using a nominee company headed by her former dispatcher, according to an indictment by a federal grand jury in Ohio.
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May 08, 2024
Colo. Lawmakers OK Historic Structure Tax Credit Extension
Colorado's tax credit for rehabilitation of historic structures would be extended and apply to structures as young as 30 years old under legislation approved by the Senate and headed to the governor.
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May 07, 2024
LA Cannabis Co. Owes $216K In Taxes, City Says
Los Angeles has slapped a Venice cannabis shop with a lawsuit accusing it of shirking a more than $200,000 tax obligation, asking a state court for to force the dispensary to pay up.
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May 07, 2024
Tax Software Co. Still Can't Trim Rival's Trade Secrets Suit
A corporate-focused tax preparation software company still can't pare back a suit alleging that it poached workers from its rival's recently acquired company, a Pennsylvania federal judge ruled Tuesday.
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May 07, 2024
6th Circ. Considers Rebooting Crypto Reporting Challenge
Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.
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May 07, 2024
Industry Groups Suggest Changes To Aussie Reporting Rules
A coalition of global fund industry associations asked Australia to further amend its proposal for public country-by-country tax data reporting by including, among other measures, a provision that would allow companies to withhold sensitive information, according to a letter released Tuesday by the U.S. Treasury Department.
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May 07, 2024
Colo. House OKs Conservation Easement Tax Break Extension
Colorado would extend its conservation easement tax credit through 2031 and raise its statewide annual cap on available credits under legislation approved Tuesday by the state House of Representatives.
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May 07, 2024
India High Court Says Biz's Tax Refunds Can't Be Held Back
Indian tax authorities must refund value-added taxes of 225 million rupees ($2.7 million) to a business instead of withholding them to offset future tax liabilities, the country's top court ruled.
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May 07, 2024
Employment Agency Owner Admits Hiding $10M In Income
The owner of a temporary employment agency pled guilty to filing false federal business tax returns to conceal more than $10 million in corporate income, the U.S. Department of Justice announced Tuesday.
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May 07, 2024
NC Firm Beats Appeal In Fee Fight With Fla. Client
A North Carolina state appeals court on Tuesday affirmed a lower court's denial of a motion to dismiss a breach-of-contract lawsuit filed by Raleigh-based law firm Wilson Ratledge PLLC, agreeing the fee dispute with two Florida-based companies falls under the state court's jurisdiction.
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May 07, 2024
Colo. Senate Approves Property Tax Cuts
Colorado would extend temporary property tax rate reductions into 2024 and set lower rates for future years under bipartisan legislation passed Tuesday by the state Senate that is forecast to save property owners nearly $1 billion in its first year if enacted.
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May 07, 2024
Stormy Daniels Tells NY Jury 'Fear' Drove Hush Money Deal
Adult film star Stormy Daniels detailed for a Manhattan jury on Tuesday how a sexual encounter with Donald Trump in 2006 led to an alleged $130,000 hush money payment in 2016, describing how it was "fear and not money" that led her to make the deal.
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May 07, 2024
Coverage Recap: Day 9 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day nine.
Expert Analysis
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What To Know About IRS' New Jet Use Audit Campaign
The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Opinion
Neb. Justices Should Weigh IRC Terms In Dividend Tax Case
Nebraska’s highest court, which will hear oral arguments in Precision CastParts v. Department of Revenue on April 1, should recognize that the Internal Revenue Code provides key clues to defining “dividends received or deemed to be received,” and therefore limits Nebraska’s tax on foreign-sourced corporate income, says Joseph Schmidt at Ryan.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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A Legal Playbook For Stadium Construction Agreements
As a new wave of construction in the professional sports arena space gets underway, owners must carefully consider the unique considerations and risks associated with these large-scale projects and draft agreements accordingly, say attorneys at Akerman.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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How FinCEN Proposal Expands RE Transaction Obligations
Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.
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What To Know About Employee Retention Credit Disclosures
Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Unpacking FinCEN's Proposed Real Estate Transaction Rule
Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.