International
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November 07, 2024
EU's Anti-Tax Avoidance Rules Underperforming, Group Says
The European Union should strengthen its rules for combating tax avoidance by categorically including certain income of controlled foreign corporations and by limiting deductions for intragroup royalties and service fees, the Tax Justice Network said in response to a consultation by the bloc.
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November 07, 2024
Varian Not Relevant In Liberty Global Case, US Tells 10th Circ.
A U.S. Tax Court decision that granted medical device company Varian Medical Systems a deduction for dividends received from foreign subsidiaries does not support Liberty Global's claims to a $110 million tax refund, the federal government told the Tenth Circuit on Thursday.
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November 07, 2024
ECJ Says VAT Applies To Land Prepared For Building
Land with foundations to build residential housing is subject to value-added tax as a supply of land in the European Union, the European Court of Justice said Thursday in a dispute between Denmark's tax authority and a real estate company.
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November 07, 2024
Transparency Act Should Exclude Housing Co-Ops, Court Told
A group of housing cooperatives asked a Michigan federal judge to grant them an exemption from the "dragnet" Corporate Transparency Act, claiming the disclosure requirements will deter members from serving on boards that govern affordable housing developments.
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November 07, 2024
G20 Beneficial Ownership Transparency Lacking, Group Says
While Group of 20 nations are making progress on establishing beneficial ownership registers since committing to doing so a decade ago, a nonprofit dedicated to stopping corruption and promoting transparency said Thursday that there is still work to be done, including in countries that have yet to establish their registers.
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November 07, 2024
Gov't Gets Default In $4.9M Son-Of-Boss Case
A federal judge entered a $4.9 million default against the estate of a Michigan man and his widow after having threatened to dismiss the case, in which the government says the couple avoided taxes by participating in a Son-of-Boss scheme.
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November 07, 2024
Aussie Pols Urge Barring PwC From Gov't Work For Now
An Australian Parliamentary committee said Thursday that PwC should be temporarily barred from taking on government work while investigations into its tax document leak scandal continue, along with other recommendations.
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November 07, 2024
Trinidad And Tobago Joins OECD Tax Transparency Treaty
Trinidad and Tobago formally joined the Organization for Economic Cooperation and Development's global tax transparency agreement on combating tax avoidance and evasion by multinational corporations, the OECD announced Thursday.
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November 07, 2024
EU Tax Nominee Says Bloc Could Go It Alone On Digital Tax
The nominee to serve as the European Union's next tax commissioner said Thursday that the EU should seek its own solution to digital taxation if it can't keep the U.S. on its side following the elections this week.
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November 07, 2024
IRS To Hold Hearing On Dual Consolidated Loss Regs
The Internal Revenue Service plans to hold a public hearing Nov. 22 on proposed regulations that outline when foreign taxes under the Pillar Two international minimum tax agreement could trigger U.S. rules that aim to prevent companies from double-dipping the same economic loss.
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November 06, 2024
Finance Committee Helm Awaits Crapo After GOP Wins Senate
Idaho Republican Mike Crapo is expected to lead the Senate Finance Committee when Congress convenes next year, following President-elect Donald Trump's win Tuesday in the election that also handed Republicans control of the U.S. Senate for the first time since 2021.
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November 06, 2024
Portugal Implements Global Min. Tax After EU Pressure
Portugal officially implemented the global corporate minimum tax spearheaded by the Organization for Economic Cooperation and Development following pressure from the European Union to join the majority of the bloc in doing so.
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November 06, 2024
EU Court Won't Toss Commission's Tax Clawback In Portugal
A European Union court on Wednesday tossed two challenges to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.
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November 06, 2024
Gov't Urges 11th Circ. To Rethink FBAR Excessive Fine Ruling
The Eleventh Circuit should reconsider its decision that some of the $12.6 million in penalties the Internal Revenue Service imposed on a man for willfully failing to report his foreign bank accounts violated the Eighth Amendment's bar on excessive fines, the U.S. government said.
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November 06, 2024
Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."
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November 06, 2024
Improved Carbon Measuring Could Guide Taxes, OECD Says
Measuring the carbon intensity of products can help countries design taxes to push toward emission-reduction goals, but countries need to work together to develop more accurate and specific measurements to make them more effective, the Organization for Economic Cooperation and Development said.
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November 06, 2024
UK Considering Tweaks To Global Minimum Tax
The U.K. is looking at tweaks to its implementation of the OECD's global minimum tax on large multinational entities that HM Revenue & Customs said Wednesday will address concerns from stakeholders and bring it in line with updated guidance.
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November 06, 2024
UK VAT Collection Up £9B In 2023-24, A 6% Boost
The U.K.'s value-added tax revenue increased to £169 billion ($218 billion) in financial year 2023-24, a 6% rise over the £160 billion generated the year prior, HM Revenue & Customs said Wednesday, despite a net drop in registered VAT entities.
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November 06, 2024
Rachel Reeves Calls Budget A 'Once In A Parliament' Reset
Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.
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November 05, 2024
Trump Victory Boosts GOP Push To Extend 2017 Tax Law
Former President Donald Trump's projected reelection early Wednesday gave GOP lawmakers a strong boost in their efforts to renew major parts of the 2017 tax law that will expire next year, further dimming Democrats' hopes of promoting tax fairness by increasing rates on wealthy corporations and individuals.
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November 05, 2024
Trump Has Official Immunity. What About His Aides?
Whether the U.S. Supreme Court's decision on presidential immunity extends to subordinates who follow a president's orders has become a more pressing question in the wake of Donald Trump's projected election win, according to legal experts.
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November 05, 2024
How Trump Can Quash His Criminal Cases
Donald Trump's projected victory at the polls also translates to a win in the courts, as the second-term president will have the power to end both of his federal criminal cases. And the U.S. Supreme Court's decision on presidential immunity would shield him from any consequences for ordering his charges to be dismissed, experts say.
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November 05, 2024
An Early Look At Trump's Supreme Court Shortlist
With former President Donald Trump projected to win the 2024 presidential election and the Republicans' success in securing the U.S. Senate majority, Trump may now get the chance to appoint two more justices to the U.S. Supreme Court, cementing the court's conservative tilt for decades to come.
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November 05, 2024
GOP's Senate Win Hands Future Of The Judiciary To Trump
Republicans were projected to take back the White House and Senate and possibly the House early Wednesday, putting the GOP in position to back Donald Trump's agenda and his slate of young, conservative judicial nominees.
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November 05, 2024
The Firms With An Inside Track To A New Trump Admin
Law firms that have represented Donald Trump and the Republican Party on everything from personal legal woes to election-related lawsuits could see the risks of that work pay dividends as Trump is projected to secure a second term in office.
Expert Analysis
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6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Unpacking The Proposed Production Tax Credit Regulations
Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.
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10 Considerations For Litigating A New York Tax Case
While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.