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Tax
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June 23, 2025
Texas Authorizes Tax Break For Border Safety Infrastructure
Texas authorized a property tax exemption for real property used to install border security infrastructure in counties that border Mexico, pending voter approval of a proposed amendment to the state constitution, under a bill signed by Gov. Greg Abbott.
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June 23, 2025
Crypto Exec Seeks 5th Circ. Redo Over IRS Summonses
A cryptocurrency executive asked the Fifth Circuit to reconsider his request to quash IRS summonses for his bank records, saying its decision that he was prematurely trying to appeal a lower court's ruling ignored his claims that the agency's documents were incomplete and lacked legal power.
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June 20, 2025
Supreme Court Won't Leapfrog DC Circ. Over Trump's Tariffs
The U.S. Supreme Court rejected a request from two Illinois-based toy makers challenging President Donald Trump's emergency tariffs to consider their case before it is reviewed by the D.C. Circuit.
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June 20, 2025
Senate's Ƶ, PCAOB Cuts Hit Parliamentarian Roadblock
The U.S. Senate parliamentarian has thrown cold water on the Senate Banking Committee's bids to defund the Consumer Financial Protection Bureau and eliminate the Public Company Accounting Oversight Board as part of the "One Big Beautiful" budget megabill, but the panel's top Republican is vowing to keep seeking further spending cuts.
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June 20, 2025
Kansas Sheriff Loses Bid To Dismiss Tribal Jurisdiction Suit
A Kansas federal judge has denied a county sheriff's bid to dismiss the Prairie Band Potawatomi Nation's suit over tribal jurisdiction, saying the tribe has standing to sue and has plausibly shown that it will suffer irreparable harm unless the court issues injunctive relief.
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June 20, 2025
Texas Justices Pass On USA Today, Tax Firm Defamation Fight
The Texas Supreme Court on Friday declined to take up a venue dispute in a defamation suit against USA Today over a 2021 investigative series into tax services and technology company Ryan LLC.
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June 20, 2025
Major Nations Endorse New Payment Transparency Standards
Authorities from the U.S., China and other major countries have endorsed payment transparency standards slated to take effect in 2030 that would require information on peer-to-peer cross-border payments above $1,000, according to the Financial Action Task Force.
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June 20, 2025
Norton Rose Adds Holland & Knight Tax Partner In DC
Norton Rose Fulbright has expanded its tax insurance underwriting offerings in the nation's capital with the addition of a partner from Holland & Knight LLP.
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June 20, 2025
Taxation With Representation: Latham, Paul Weiss, Covington
In this week's Taxation With Representation, Nippon Steel closes its purchase of U.S. Steel, Hunter Point Capital buys a minority stake in Equitix, Eaton acquires Ultra PCS Ltd. from the Cobham Ultra Group, and Eli Lilly and Co. acquires Verve Therapeutics.
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June 20, 2025
Small Biz Tax Represents 60% Of UK Tax Gap, HMRC Says
The U.K. government took in £46.8 billion ($63 billion) less tax revenue than expected for the 2023-2024 tax year, with noncompliance from small businesses accounting for 60% of the gap, according to HM Revenue & Customs.
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June 18, 2025
Toyota Says DOJ Has Closed Thai Bribery Probe
Toyota said Wednesday that the U.S. Department of Justice has closed a long-running Foreign Corrupt Practices Act investigation concerning allegations of bribery at its Thai subsidiary, the latest such probe to be dropped under the Trump administration.
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June 18, 2025
Seychelles Co. Brings $22M Guinea Award To DC Circ.
A consulting company is asking the D.C. Circuit to revive its bid to enforce a $22 million arbitration award against the Republic of Guinea, contending that the lower court was wrong to toss the case on jurisdictional grounds.
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June 18, 2025
Fed. Circ. OKs How Commerce Filled Blank In Steel Duty Case
The U.S. Department of Commerce may apply adverse facts to a company that fails to propose reasonable alternatives for collecting information that would be unreasonably hard to obtain in an antidumping investigation, the Federal Circuit said in a precedential opinion upholding steel duties on German companies.
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June 18, 2025
Feds Want Pa. Inmate To Face $810K Tax Refund Case
Massachusetts federal prosecutors want a Pennsylvania inmate returned to the Bay State by July to face claims he impersonated a corporate executive and swiped an $810,000 tax refund bound for a Stamford, Connecticut, investment firm.
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June 18, 2025
£20M Buybacks Weren't Mainly For Tax Benefit, UK Court Says
Obtaining a tax advantage wasn't the main purpose of two businessmen arranging £20 million ($26.8 million) in share buybacks, despite that being the effect, so they aren't liable for an anti-avoidance action by HM Revenue & Customs, the U.K. Upper Tribunal said in overturning a lower court's ruling.
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June 18, 2025
Mushroom Farm Faces $6M Tax Liens Tied To Fraud Case
A defunct Pennsylvania mushroom farm failed to pay the outstanding balance in a payroll tax fraud case that sent its owner to jail last year and owes more than $6 million worth of tax liens, the U.S. Department of Justice told a federal court.
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June 18, 2025
Mich. Housing Co-Op Suit On Hold After Disclosure Exemption
A Michigan federal judge hit pause on a lawsuit from a group of housing cooperatives to escape requirements of the Corporate Transparency Act after the Financial Crimes Enforcement Network said it would give U.S.-based entities a break from the rules.
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June 18, 2025
Okla. Apartments Not Subject To Property Tax Bump Transfer
An Oklahoma apartment complex is not subject to the county's increased tax assessment that is allowed when a property's title is transferred just because the limited partnership that owns the complex changed ownership, the state Supreme Court ruled.
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June 17, 2025
Baker Tilly Hit With Investor Suit Over Failed LA Projects
Two investors have sued accounting firm Baker Tilly US LLP, its subsidiary Squar Milner LLP, a Los Angeles developer and others in California state court, accusing them of deceiving the investors on a pair of real estate projects that ultimately failed.
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June 17, 2025
Ill. Increases Sports Betting, Tobacco Tax And Taxes Airbnbs
Illinois increased its tax on sports betting and tobacco products and extended its tax on hotel operators to include short-term rentals like Airbnbs and Vrbos under a budget bill approved by the governor.
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June 17, 2025
Ill. Toy Makers Seek Justices' Early Review Of Trump Tariff Suit
Illinois-based toy makers challenging President Donald Trump's emergency tariffs on Tuesday requested the U.S. Supreme Court consider their case before it is reviewed by the D.C. Circuit, arguing a stay to an injunction is allowing duty collections to continue and is damaging the companies.
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June 17, 2025
Commodities Scheme Operator Gets 65 Years, Owes $75M
The operator of a commodities scheme who evaded taxes and stole precious metals from his clients was sentenced to 65 years in prison and ordered to pay more than $75 million in restitution Tuesday by a Delaware federal court that also denied his request for a new trial.
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June 17, 2025
DOJ Seeks 5 Years, $10M For Fla. Man Hiding Swiss Accounts
A Miami man who lied to authorities and others for decades about his Swiss bank accounts should pay $10.3 million in unpaid taxes and face a maximum five-year prison sentence based on his plea agreement, the U.S. Department of Justice told a Florida federal court.
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June 17, 2025
Democrats Probe Palantir About IRS Taxpayer Database
Ten Democratic lawmakers demanded information Tuesday from the head of Palantir Technologies Inc. about media reports that the software company is working with the IRS to create a searchable database containing sensitive taxpayer information — claims the company denied almost immediately.
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June 17, 2025
Ex-Hoboken Official Gets 2 Years For $450K Embezzlement
A former Garden State municipal official was sentenced to 24 months in federal prison after pleading guilty to embezzling hundreds of thousands of dollars from city programs and filing false tax returns, federal prosecutors announced Tuesday.
Expert Analysis
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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Hydrogen Regs Will Provide More Certainty — If They Survive
Newly finalized regulations implementing the Section 45V clean hydrogen tax credit allow producers more flexibility, and should therefore help put the industry on more solid footing — but the incoming Trump administration and Republican Congress will have multiple options for overturning or altering the regulations, say attorneys at Steptoe.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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What's Ahead As Transparency Act Comes To A Crossroads
Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
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Final Hydrogen Tax Credit Regs Add Flexibility For Producers
The recently released final regulations implementing the Inflation Reduction Act's clean hydrogen production tax credit offer taxpayers greater flexibility, reducing risk and creating more certainty for investments in the industry, thus diminishing — but not eliminating — the risk of legal challenges to the regulations, say attorneys at Steptoe.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q4
While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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How Changes In State Gift Card Laws May Affect Cos. In 2025
2024 state legislative movements around the escheatment of unused gift card balances and consumer fraud protections should prompt issuers to consider whether changes in company domicile or blanket cash-back policies are needed in the new year, say attorneys at Alston & Bird.