Tax

  • February 21, 2024

    Irish Pub Chain's Ex-CFO Gets 1.5 Years For $1M Tax Fraud

    The former chief financial officer of a pub chain with more than a dozen Irish-themed restaurants was sentenced to one and a half years in prison Wednesday by an Ohio federal court for his role in a bookkeeping scheme that defrauded eight states of $1 million in sales taxes.

  • February 21, 2024

    Developing Countries Favor Majority Voting At UN Tax Group

    The United Nations General Assembly's simple majority voting rules should continue to apply in a steering committee to draft rules, procedures and possibly goals for a framework convention on global tax cooperation, although governments should still pursue consensus, diplomats from many developing countries said Wednesday.

  • February 21, 2024

    IRS To Crack Down On Corp. Jet Travel Tax Compliance

    The Internal Revenue Service is going to begin conducting audits of three to four dozen corporations, partnerships and individuals this spring to crack down on improper business deductions and underreporting related to personal use of corporate jets, IRS Commissioner Daniel Werfel said Wednesday.

  • February 21, 2024

    Hunter Biden Wants Tax Case Nixed For Trump Interference

    Hunter Biden asked a California federal court to drop a set of criminal tax charges against him, saying that former President Donald Trump is improperly driving the prosecution and that politicians are "openly interfering" with the case.

  • February 21, 2024

    Baker McKenzie Adds San Francisco Tax Pro From Boutique

    Baker McKenzie has hired a state and local tax lawyer in San Francisco who joins the firm to broaden its ability to work with clients on a range of California tax matters, the firm announced Wednesday.

  • February 21, 2024

    Sheppard Mullin Adds Ex-Foley Hoag White Collar Partner

    Sheppard Mullin Richter & Hampton LLP announced it has hired a former partner from Foley Hoag LLP who focuses his practice on white collar matters to join the firm's Washington, D.C., office.

  • February 20, 2024

    Calif. Tribe Looks To Undo Tobacco Noncompliance Listing

    The Twenty-Nine Palms of Mission Indians is suing the U.S. government in California federal court over its decision to place the tribe on a "non-compliant list" under a law that targets illegal tobacco trafficking, arguing that its operations comply with all applicable state laws.

  • February 20, 2024

    FinCEN Details Owner Data Access Rules For Small Banks

    The U.S. Treasury Department's Financial Crimes Enforcement Network on Tuesday released a compliance guide for small financial firms on accessing and safeguarding company ownership information that their customers are required to report under recently implemented rules.

  • February 20, 2024

    Media Broker Gets 15 Months For Hiding $19.5M From IRS

    A media broker was sentenced to 15 months in prison Tuesday after admitting she concealed $19.5 million in income from the Internal Revenue Service.

  • February 20, 2024

    Wealthy Nations Want Consensus Voting At UN Tax Group

    The United Nations General Assembly's committee for drafting the rules and goals of an international tax convention should make decisions by consensus rather than following the assembly's simple majority voting rules, governments from wealthy countries said Tuesday.

  • February 20, 2024

    $71M Deal Proposed To End Premier Inc. Share Exchange Suit

    Healthcare-purchasing giant Premier Inc. has agreed to a $71 million settlement of a derivative stockholder suit in Delaware's Chancery Court that challenged a $473.5 million payout in a 2020 restructuring, with stockholder attorneys seeking an award of up to $14 million in fees.

  • February 20, 2024

    Kirkland & Ellis Brings On Weil Tax Pros In NY, DC

    Kirkland & Ellis has recruited a pair of real estate tax partners from Weil Gotshal & Manges LLC who advised clients on a wide range of complex transactions, Kirkland announced Tuesday.

  • February 16, 2024

    Ga. Man Hit With Charges Over Unemployment, Tax Fraud

    Georgia federal prosecutors unsealed an indictment on Thursday against an Atlanta man charged with using stolen personal information to secure tens of thousands of dollars in unemployment benefits and tax returns.

  • February 16, 2024

    Medtronic Urges 8th Circ. To Undo Transfer Pricing Ruling

    Medical device company Medtronic asked the Eighth Circuit on Friday to overturn a decision rejecting its pricing method for licensing intellectual property to its Puerto Rican affiliate, saying in the long-running case that Medtronic hadn't used the intercompany arrangement to underreport its income.

  • February 16, 2024

    Conspirators In $3M IRS Refund Check Theft Get Prison Terms

    Two men will serve lengthy prison terms for their role in conspiring to steal and cash a Houston couple's tax refund check worth nearly $3 million, according to sentencing orders filed in Texas federal court.

  • February 16, 2024

    Trump Owes $355M For Fraud That 'Shocks The Conscience'

    A New York state judge on Friday found Donald Trump, his adult sons, his companies and longtime executives liable for a decadelong valuation fraud conspiracy, ordering the defendants to disgorge $364 million in ill-gotten gains to the state, plus interest, with the former president on the hook for the lion's share.

  • February 16, 2024

    Taxation With Representation: Paul Weiss, Kirkland

    In this week's Taxation With Representation, Diamondback buys Endeavor, KKR & Co. acquires a stake in Cotiviti, and Gilead Sciences Inc. purchases CymaBay Therapeutics Inc.

  • February 15, 2024

    American Express Sued Over Tax Refund Card Thefts

    American Express has been hit with a proposed class action alleging that it fails to protect consumers against fraudulent transactions on their tax refund prepaid debit accounts, even though its advertisements said it would.

  • February 15, 2024

    NRA Accuses NY AG Of Political Bias As Trial Closes

    Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.

  • February 15, 2024

    Werfel Defends Delay Of $600 Payment Reporting Rule

    Internal Revenue Commissioner Daniel Werfel defended Thursday his decision to delay implementation of a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, saying the decision was informed by stakeholders.

  • February 15, 2024

    Ariz. Panel Votes To Put Public Nuisance Tax Credits On Ballot

    Arizona property owners impacted by deemed public nuisances that local governments fail to address, which would include homelessness, could qualify for tax refunds from the state if voters approve a ballot measure advanced by a House panel.

  • February 15, 2024

    Fla. Couple Get 57 Mos. For Evading $42M In Plywood Duties

    A Florida couple were sentenced to nearly five years in prison each after confessing to disguising the Chinese origin of millions of dollars' worth of plywood imports to avoid paying $42 million in import tariffs.

  • February 15, 2024

    Tax On Tribune's Cubs Sale Troubling, 7th Circ. Judge Says

    A Seventh Circuit judge said Thursday he was troubled by an IRS push to tax Tribune Media Co. on some gains from its sale of the Chicago Cubs that stemmed from a $425 million debt transaction, saying the agency seemed to ignore the relevant legal test.

  • February 15, 2024

    'Jock Tax' Is Constitutional, Pittsburgh Tells Pa. Justices

    The Pennsylvania Commonwealth Court erred by ruling Pittsburgh's fee on nonresident professional athletes violates the state constitution's uniformity clause, the city told the Pennsylvania Supreme Court.

  • February 15, 2024

    Ga. Jury Convicts PPP Fraudsters In $11M Case

    A Georgia federal jury found a man and woman guilty on Thursday of involvement in a sprawling Paycheck Protection Program loan fraud scheme that defrauded the government of more than $11 million.

Expert Analysis

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • How 3 New Laws Change Calif. Nonprofits' Legal Landscape

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    Legislation that went into effect on Jan. 1 should be welcomed by California’s nonprofit organizations, which may now receive funding more quickly, rectify past noncompliance more easily and have greater access to the states’ security funding program, say Casey Williams and Brett Overby at Liebert Cassidy.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • Deferral Pointers For Employers After $700M Ohtani Deal

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    Darren Goodman and Christine Osvald-Mruz at Lowenstein Sandler examine the legal consequences of Shohei Ohtani's $700 million, 10-year contract with the Los Angeles Dodgers — a high-profile example of nonqualified deferred compensation — and offer lessons for employers of all sizes interested in similar deals.

  • High Court Case Could Reshape Local Development Fees

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    If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Opinion

    Nebraska Should Abandon Proposed Digital Ad Tax

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    If passed, Nebraska’s recently proposed Advertising Services Tax Act, which would finance property tax relief by imposing a 7.5% gross revenue tax on advertising services, would cause a politically risky shift of tax burdens from landowners to local businesses and consumers, and would most certainly face litigation, say attorneys at McDermott.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

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