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Tax

May 28, 2025
Fintech Group Warns Remittance Tax Will Hurt Consumers

The American Fintech Council sent a letter to members of Congress asking them to reconsider a proposed tax on remittances that is a part of the $3.8 trillion bill to extend and make permanent the Republican Party's 2017 tax overhaul law, also known as The One Big Beautiful Bill Act.
May 28, 2025
Coinbase Users Sue Over Terraform Token Conversion Losses

A group of crypto buyers sued Coinbase聽Global Inc. over losses they say they incurred from the crypto exchange's actions in the wake of the historic Terraform collapse, accusing Coinbase of muddling the process of converting their assets and providing them with inaccurate tax documents.
May 28, 2025
Stay Won't Be Lifted On Claims Over $93M Real Estate Fraud

Victims of a $93 million Miami real estate development scheme won't be able to pursue their claims 鈥� at least for now 鈥� against the company's former CEO after a Florida federal judge on Wednesday denied their request to lift a stay on litigation during a U.S. Securities and Exchange Commission receivership.
May 28, 2025
Execs Smuggled Billions In Goods To Skirt Duties, Feds Say

Two California shipping company executives have been charged with smuggling billions of dollars' worth of goods from the United States into Mexico 鈥� avoiding millions of dollars in duties to Mexico 鈥� using bogus documents, shell companies, bribes to public officials and kickbacks to drug cartels.
May 28, 2025
Judge Shields NY Congestion Pricing From Feds' Threats

New York's congestion pricing program can keep running at least through the fall, after a federal judge on Wednesday signaled that the U.S. Department of Transportation likely overstepped its authority by purportedly terminating a federal agreement that gave congestion pricing the green light.
May 28, 2025
4 Big Questions Raised By International Retaliatory Tax In GOP Bill

Republicans' evolving international retaliatory tax proposal has been viewed as an effort to influence foreign tax regimes and as a possible tool in global tax and trade talks, but it has sparked concerns that it could escalate a trade war or otherwise hurt the U.S. economy. Here, Law360 explores four questions raised by the proposal.
May 28, 2025
DOL Tells 5th Circ. It Will Craft New ESG Rule For 401(k) Plans

The U.S. Department of Labor told the Fifth Circuit on Wednesday that it will launch new rulemaking and move "as expeditiously as possible" to replace Biden administration regulations on whether fiduciaries can consider issues like climate change and social justice when choosing retirement plan investments.
May 28, 2025
IRS Coinbase Summons Challenged As Overbroad, Unlawful

A Connecticut man wants a California federal court to quash an Internal Revenue Service summons issued to Coinbase for his personal financial documents, arguing that the agency's request was inappropriate聽and violates his privacy rights.
May 28, 2025
Texas Voters To Decide On Raising Homestead Tax Exemption

Texas voters will decide if the state should amend its constitution to increase the state's homestead property tax exemption from $100,000 to $140,000 under a Senate joint resolution approved by state lawmakers and filed with the Texas secretary of state.
May 28, 2025
One Convicted For Role In 鈧�195M VAT Fraud Scheme

A Munich court convicted a man for his role in a value-added tax fraud scheme that spanned 17 countries and caused an estimated 鈧�195 million ($220 million) in damages, the European Public Prosecutor's Office said Wednesday.
May 28, 2025
Fried Frank Adds KPMG International Tax Ace In NY

Fried Frank Harris Shriver & Jacobson LLP has hired a KPMG international tax group principal as a tax partner in New York.
May 27, 2025
Trump To Pardon 'Chrisley' Stars Convicted Of Tax Evasion

President Donald Trump is planning to pardon reality TV stars Todd and Julie Chrisley, the Georgia duo sentenced to prison after being convicted of running a yearslong bank fraud scheme and dodging federal taxes, according to a post Tuesday on X by Trump's communications adviser.
May 27, 2025
Mich. Fuel Supplier Fights $8.7M Tax Bill Over Flight Credit

A fuel supplier is challenging the Michigan Department of Treasury's determination that the company cannot claim credit for interstate flights on its returns because it is not an airline operator and is now liable for $8.7 million in tax and interest.
May 27, 2025
Debate Over Moratorium On State AI Oversight Goes To Senate

Before going on recess, the U.S. House of Representatives passed their budget reconciliation bill that includes a hotly debated moratorium on states' enforcement of artificial intelligence-related legislation, and the debate continues as the bill heads to the U.S. Senate, where at least a few Republicans have voiced opposition.
May 27, 2025
Ariz. Asks Justices To Skip Tax Fight Over Plant On Tribe Land

Arizona's tax agency urged the U.S. Supreme Court to pass on a power company's claims that property taxes were illegally levied on a power plant it owns on tribal land, saying the justices have consistently upheld taxes on tribal reservations that solely fall on non-Native Americans.
May 27, 2025
Canada Could Use Tax System For Growth, OECD Says

While Canada's economy has been largely resilient, changes in areas like goods and services taxes and its research and development tax incentives could help protect against projected slowed growth brought on by its trade dispute with the U.S., the Organization for Economic Coooperation and Development said.
May 27, 2025
Crypto Exec's IRS Privacy Appeal Tossed By 5th Circ.

A cryptocurrency executive who sought to quash IRS summonses for his bank records must wait at least until the U.S. government decides whether to bring legal proceedings against him before he can appeal a ruling denying his request to block the agency's demands, the Fifth Circuit said Tuesday.
May 27, 2025
Fla. Biz Owner Missed Tax Appeal Deadline, 11th Circ. Told

The owner of a Florida marketing business who failed to report millions of dollars in income to the Internal Revenue Service missed the deadline to appeal U.S. Tax Court rulings sustaining the related taxes, the U.S. government told the Eleventh Circuit.
May 27, 2025
Suspected Ringleader Of 鈧�520M VAT Scheme Turns Self In

The suspected ringleader of a 鈧�520 million ($589 million) value-added tax fraud scheme that was under a cross-border investigation has turned himself in, law enforcement agencies said Tuesday.
May 23, 2025
Law360 Reveals Titans Of The Plaintiffs Bar

This past year, a handful of attorneys secured billions of dollars in settlements and judgments for both classes and individual plaintiffs against massive companies and organizations like Facebook, Dell, the National Association of Realtors, Johnson & Johnson, UFC and Credit Suisse, earning them recognition as Law360's Titans of the Plaintiffs Bar for 2025.
May 23, 2025
Trade Court Says Wis. Man Can't Sue Over Trump Tariffs

The U.S. Court of International Trade dismissed a Wisconsin resident's case against President Donald Trump's tariffs Friday, holding that the man's allegations of economic injury are too speculative to create standing to sue.
May 23, 2025
Judge Extends Block On Trump's Government Layoffs

A California federal judge has extended her block of President Donald Trump's executive order directing layoffs at federal agencies, saying a coalition of unions, nonprofits and cities has shown it is likely to succeed in showing the order exceeded the president's authority.
May 23, 2025
Senate Dems Bash Spectrum 'Giveaway' In Budget Bill

Key Senate Democrats who oversee telecommunications issues have lambasted聽House Republicans for "handing over" swaths of radio spectrum to the wireless industry in the sweeping budget reconciliation bill that GOP lawmakers passed Thursday.
May 23, 2025
Staffing Co. Owner Gets 8 Years For $60M Payroll Tax Fraud

The owner of California staffing companies who admitted to a long-running payroll tax fraud that caused roughly $60 million in tax losses was sentenced to eight years in prison and ordered to pay $38 million in restitution to the Internal Revenue Service, prosecutors said.
May 23, 2025
Mich. Justices To Hear Law Firm's Roof 'Addition' Appeal

Michigan's highest court said it will review whether a law firm office building's new roof was an addition to the property for the purposes of evaluating taxable value, meaning the property's value could increase beyond a 5% cap.聽

Expert Analysis

Opinion

Congress Should Pass Sex Abuse Settlement Tax Exemptions

The proposed Survivor Justice Tax Prevention Act would expand tax exemptions more clearly for sexual abuse cases, and finally remove the stigma around compensation for emotional and psychological damage, says Rocco Strangio at Milestone & Co.
What's Next For Accounting Enforcement After SEC's Big 2024

The U.S. Securities and Exchange Commission under the Trump administration will likely continue to focus enforcement efforts on many of the same accounting and auditing issues that it pursued over the past year 鈥� but other areas, such as ESG, internal controls and cryptocurrency cases, may fall out of focus, say attorneys at Debevoise.
Mentorship Resolutions For The New Year

Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process 鈥� mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.
Series

Coaching Little League Makes Me A Better Lawyer

While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it 鈥� and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
5 Litigation Funding Trends To Note In 2025

Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
Rethinking Litigation Risk And What It Really Means To Win

Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
How DOGE's Bite Can Live Up To Its Bark

All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
Small Biz Caught In Corporate Transparency Act Crossfire

Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act 鈥� and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
5 Notable Information Security Events In 2024

B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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.
Opinion

No, Litigation Funders Are Not 'Fleeing' The District Of Del.

A recent study claimed that litigation funders have 鈥渇led鈥� 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.
Hydrogen Regs Will Provide More Certainty 鈥� 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 鈥� but the incoming Trump administration and Republican Congress will have multiple options for overturning or altering the regulations, say attorneys at Steptoe.
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.
What's Ahead As Transparency Act Comes To A Crossroads

Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act鈥檚 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.
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 鈥� but not eliminating 鈥� the risk of legal challenges to the regulations, say attorneys at Steptoe.