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Tax
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July 30, 2025
Justices Urged To OK Bankruptcy Courts As Tax Debt Venues
Bankruptcy courts are authorized to decide the amount and legality of nondischargeable tax claims, an Indiana couple told the U.S. Supreme Court in a bid to overturn a Seventh Circuit ruling to the contrary.
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July 30, 2025
US Adds 40% Tariff On Brazil, Sanctions Top Court Justice
President Donald Trump imposed a 40% tariff on Brazil on Wednesday, alleging in an executive order that the country's Supreme Court is "politically persecuting" former President Jair Bolsonaro, while the U.S. Treasury Department sanctioned one of the court's justices.
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July 30, 2025
Senate Panel Advances 2 Bipartisan Bills Boosting ESOPs
A key Senate panel advanced two bills Wednesday that would change federal benefits law related to employee stock ownership plans, or ESOPs, by providing businesses additional legal cover when they make company stock valuations and by adding ESOP representatives to a federal advisory board.
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July 30, 2025
Dechert Adds Tax Pro From PwC In DC
Dechert LLP has continued to grow its financial services platform in Washington, D.C., with the hire of a partner from PwC.
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July 30, 2025
Trump To Hit India With 25% Tariff, 'Penalty' Starting Friday
President Donald Trump said Wednesday that he planned to impose a 25% tariff on India beginning Friday, plus an additional "penalty," citing the country's energy and defense dealings with Russia as top concerns along with trade barriers.
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July 30, 2025
Ore. Clarifies Info Disclosure For Enterprise Zone Tax Breaks
Oregon specified which of a business's records are exempt from disclosure when applying for an enterprise zone property tax exemption and clarified eligibility requirements under a bill signed by the governor.
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July 29, 2025
Economists Decry Federal Budget's Looser Interest Deduction
It's regrettable that Congress loosened rules allowing companies to deduct interest costs from tax liabilities in its latest budget, which as a whole is poised to worsen the country's fiscal trajectory while prompting higher interest rates, a panel of economists said Tuesday.
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July 29, 2025
Trump To Make Call On Further Delay Of Higher China Tariffs
President Donald Trump will decide whether to extend a tariff delay another 90 days for Chinese imports after U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with Chinese officials to discuss trade matters, the officials told reporters Tuesday in Stockholm.
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July 29, 2025
Top Int'l Trade Policy To Watch In The 2nd Half Of 2025
Pervasive uncertainty surrounds international trade policy as the U.S. takes mercurial swings at the world with tariffs, including a quelled-for-now quasi embargo of China, and while lasting economic fallout hasn't materialized at home, partners abroad are aiming to replace reliance on the American market. Here, Law360 looks ahead at international trade policy during the latter half of one of the most consequential years in the field's history.
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July 29, 2025
State & Local Tax Atty Rejoins Pillsbury In San Francisco
Pillsbury Winthrop Shaw Pittman LLP continues expanding its tax team, welcoming a state and local tax expert who worked several years as a solo practitioner back to the firm as a partner in its San Francisco office.
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July 29, 2025
4th Circ. Rejects BofA's Claim Of Tax Offsets After Mergers
Bank of America cannot use its tax overpayments to offset interest on tax underpayments by Merrill Lynch just because the two companies later merged, the Fourth Circuit affirmed Tuesday in a $163 million case that affects more than 20 years' worth of tax adjustments.
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July 29, 2025
Colo. Conservative Group Says New OT Law Violates TABOR
Colorado's new overtime law, which requires overtime deducted from federal gross income to be added back to a taxpayer's federal taxable income for state income tax, violates the state's Taxpayer's Bill of Rights, a conservative advocacy group told a state district court.
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July 29, 2025
Calif. Allows Retroactive Tax Exclusion For Solar Property
California will allow the purchaser of a new property a three-year window to apply for a property tax exclusion for solar energy systems under a bill signed by Gov. Gavin Newsom.
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July 28, 2025
EU, US Agree To 15% Tariff Rate For Most Sectors
The European Union and the U.S. government have reached a deal for a 15% U.S. tariff rate on EU goods from most industry sectors, including cars, semiconductor chips and pharmaceuticals, avoiding the 30% rate that was due to take effect next month.
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July 28, 2025
Neb. Tax Board Backs Assessment Of Vacant Commercial Lots
A Nebraska county correctly valued three vacant commercial lots at a combined $540,000, despite the owners' claim that the parcels were purchased for a fraction of that amount, the state Tax Equalization and Review Commission said.
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July 28, 2025
Texas Resolution Seeks Vote On Lower Property Value Limits
Texas would ask voters if the state should amend its constitution to authorize lower limits on the maximum appraised value of residence homesteads and of real property other than homesteads for tax purposes under a joint resolution filed in the state House of Representatives during a special session.
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July 25, 2025
Trump Trade Deals Do Little To Ease Importers' Concerns
President Donald Trump's recently announced framework trade deals offer new insight into tariff rates for several countries come Aug. 1, but experts say unanswered questions about those agreements and others still at large continue to stifle longer-term planning, leaving importers in uncertain territory.
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July 25, 2025
Ex-Credit Suisse Client Gets 2½ Years For Hiding Assets
A Florida federal judge on Friday sentenced a Colombian-American businesswoman and former Credit Suisse client to two and a half years in prison for conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.
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July 25, 2025
Mayo Clinic's $11.5M Tax Refund Affirmed By 8th Circ.
The Mayo Clinic qualifies as an "educational organization" under federal tax law, making it eligible for a tax exemption for such organizations and meriting a nearly $11.5 million refund, the Eighth Circuit said Friday, affirming a federal district court.
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July 25, 2025
Russia Loses Bid To Nix Enforcement Of $63B Awards
A Singapore court on Friday denied Russia's bid to dodge litigation seeking the enforcement of more than $63 billion in arbitral awards issued to former investors in Yukos Oil Co. 11 years ago, rejecting the Kremlin's argument that it never agreed to arbitrate the dispute.
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July 25, 2025
Calif. County Denied Rehearing Over Timeshare Fee
A California county will not get a rehearing over a judgment that an annual fee the county charges to timeshare resort owners to give them each a value of their own properties for property tax purposes was excessive and, in fact, acted as a tax, an appellate panel ruled.
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July 25, 2025
Top International Tax Policy To Watch In 2nd Half Of 2025
The attempt by the U.S. to win an exemption for its companies from the 15% global minimum tax is the most consequential saga currently in international tax policy, but the tumultuous trade scene and anticipated guidance on Congress' tax code tinkering are also in the minds of tax professionals. Here, Law360 looks at what further changes are likely in the volatile global tax landscape during the second half of the year.
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July 25, 2025
Rising Star: Gibson Dunn's Michael Q. Cannon
Michael Q. Cannon of Gibson Dunn & Crutcher LLP has been the lead attorney on several high-profile cases, including playing a key role in advising on the tax aspects of the world's largest merger and acquisition deal in 2023, earning him a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.
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July 25, 2025
Okla. Tribe Fights Town's Plan To Cut Casino Utilities
The Delaware Nation is suing the town of Hinton, Oklahoma, and its officials, alleging that the municipality has threatened to nix utility services to its casino after an agreement over land use expired, in an effort to extract taxes from the federally recognized tribe.
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July 25, 2025
What To Watch As Attys Brace For 401(k) Private Equity Order
Benefits and asset management attorneys are anticipating an executive order from President Donald Trump aimed at expanding access to private equity investments in 401(k) plans, a potential move that's stoking excitement about added investment options and concerns about legal risks. Here are four things on experts' minds as they wait to see if the order materializes.
Expert Analysis
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Series
Law School's Missed Lessons: Preparing For Corporate Work
Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.
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A Cold War-Era History Lesson On Due Process
The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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Tariffs And FCA Create Perfect Storm For Importers
The Trump administration's aggressive tariff policies pose a high risk to certain importation practices that are particularly likely to trigger False Claims Act enforcement, say attorneys at Jeffer Mangels.
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Opinion
US Reassessment Of OECD Tax Deal Is Right Move
The wholesale U.S. reevaluation of the Organization for Economic Cooperation and Development's global tax deal ordered by President Donald Trump is a positive step that could ultimately create a more durable international tax system, says Anne Gordon at the National Foreign Trade Council.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Measuring And Mitigating Harm From Discriminatory Taxes
In response to new tariffs and other recent "America First Trade Policy" pronouncements, corporations should assess and take steps to minimize their potential exposure to discriminatory and reciprocal tax measures that are likely to come, say economists at Charles River Associates.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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How The CRE Industry Is Adapting To Tariff Uncertainty
Amid uncertainty about pending tariffs and their potential ripple effects, including higher material costs, supply chain delays and tighter margins, commercial real estate industry players are focusing on strategic planning and risk mitigation, says Daniel Diaz Leyva at Day Pitney.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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Trade Policy Shifts Raise Hurdles For Gov't And Cos. Alike
The persistent tension between the Trump administration's fast-moving and aggressive trade policies and the compliance-heavy nature of the trade industry creates implementation challenges for both the business community and the government, says Sara Schoenfeld at Kamerman.