William Gorrod has returned to Morgan Lewis as a partner, the law firm confirmed Monday. Gorrod’s return marks an important addition to the firm’s operational ambit in San Francisco. Formerly, Gorrod served as a prominent State Tax Partner with an impressive record. Gorrod’s reputation has been well established in the area of state taxation and…
In a recent announcement, Rodrigo Gómez Ballina has been named the partner-in-charge of Jones Day’s Mexico City office. Ballina, who had previously been a partner in the firm’s tax practice, is renowned in the industry for his expertise in Mexican federal and international taxation for M&A transactions, restructurings, and intellectual property licensing. His proven expertise…
The Internal Revenue Service’s (IRS) recent decision to trim the transactional no-rule list looks unlikely to disrupt conventional tax advisory practices. Although this action could potentially reshape the dynamics of transactions and restructurings involving multinational groups, tax experts advise practitioners to maintain their customary approach to client support. Earlier, Bloomberg reported on the new IRS…
Foley & Lardner, a law firm with an established presence across the United States, has recently welcomed a new partner into its taxation practice group based in New York. The well-regarded tax professional, David Makso, previously a member of Paul Hastings, officially joined the team on January 22, 2024, according to the firm. Makso’s experience…
New York’s Governor, Kathy Hochul, recently proposed a shift in the state’s cannabis potency taxation plan. She recommended substituting the potency tax in the state’s 2025 budget with a 9% wholesale excise tax, to be administered by the state’s cannabis distributors. The substitution has several potential benefits which could positively impact the legal cannabis market,…
Each weekday, the legal community continuously seeks to understand and analyze the implications of decisions, commentary, and changes within the Supreme Court. For those professionals interested in a curated list of noteworthy articles and links directly related to this vital institution, one should consider making a routine visit to the SCOTUSblog. This resource, diligently maintained,…
Telework, while enabling many industries to attract and maintain the best talent, also expands the number of states where company employees are present. This dynamic not only complicates state and local tax compliance but also increases the tax-related burdens for corporations. It’s essential to have a comprehensive understanding of the potential tax implications when having…
Flaster Greenberg PC has elected Alexander Brown and Matthew J. Meltzer as shareholders. The news was announced on the firm’s website and originally reported by Bloomberg Tax Automation. Flaster Greenberg announced the litigation experience of Alexander Brown, who has been involved in complex commercial matters in both state and federal courts. His representation extends to…
In November, the Ohio electorate took the bold step of bypassing the legislature, voting through Issue 2 and making Ohio the 24th state in the US to allow adult-use cannabis sales. Issue 2 sets a moderate taxation rate on adult-use cannabis, while also remaining heavily focused on social equity. The passing of a citizen-initiated statute…
As the 2024 presidential election season begins, there are numerous US tax policy changes that are slated to occur at the end of 2025. Internationally, there are also significant shifts in taxation that are poised to add to the legislative agenda. Given these forthcoming developments, it is crucial for taxpayers to begin evaluating potential outcomes…
Work and personal life have intertwined since the Covid-19 pandemic, proving that remote working can be a sustainable practice. Some employees are increasingly finding it attractive to work remotely while on overseas vacations, technically known as workations. In fact, this trend has been absorbed into corporate culture, with companies offering such work arrangements as part…
The Internal Revenue Service (IRS) and US Treasury Department recently provided guidance anticipated by many corporations, clarifying some aspects of the foreign tax credit under the newly introduced global minimum tax deal titled Pillar Two. According to the guidance, US multinationals will generally be eligible for a foreign tax credit for qualified domestic minimum top-up…
Colombia’s growing digital economy, while opening avenues for advancement and economic dynamism, has also posed significant fiscal challenges. Legal professionals, such as Juan David Velasco and Juan Diego Fernandez of Baker McKenzie, have been at the forefront of analyzing these emerging issues. The inherent characteristics of the digital economy often clash with the traditional principles…
The nativity story as told in Chapter 2 of the Gospel of Luke centers around a decree issued by Caesar Augustus for the people of the world to be taxed based on ancestral lineage. This decree necessitated the journey of Joseph and Mary, from Nazareth to Bethlehem – a lineage tracing back to King David….
Jeff Bezos, founder and executive chairman of Amazon, has recently announced his residency transition from Seattle to the affluent Miami neighborhood of Indian Creek Village, raising questions about a potential trend and the consequent tax implications for states like Washington and beyond. Indian Creek Village is known for its high concentration of billionaires and lavish…
An OECD-led global agreement continues to impact the international corporate taxation landscape, with the new regulations due to take effect on January 1 and heralding significant changes, particularly with the introduction of Pillar Two. Pillar Two focuses on introducing guidelines tailored to ensure multinational companies pay minimum level taxation, with a nuanced treatment of tax…
Australia’s significant tax victory over PepsiCo is likely to have serious repercussions for multinational enterprises (MNEs) operating within the country as it could lead to increased examination of embedded royalties emerging from the use of intellectual property (IP), as well as potential shifts in the interpretation of tax treaties. The Federal Court of Australia on…
Hunter Biden, son of President Joe Biden, is anticipated to appear in a Los Angeles court on January 11 for arraignment on federal tax charges. This case is premised on allegations that Biden has been delinquent in paying taxes on millions of dollars acquired from foreign business dealings, as court records have corroborated. The focus…
In a recent ruling, the European Court of Human Rights (ECHR) determined that the lack of recognition for same-sex couples in Poland contravenes the country’s obligations to human rights. According to the ECHR, this failure infringes upon the right to privacy, protected by Article 8 of the European Convention of Human Rights. The case Przybyszewska…
The Moore v. United States case is a battleground invoking heated debates over the income realization necessity for taxation. Charles and Kathleen Moore’s victory would shake up many aspects of the current tax code and, likely, obstruct any future ideas of a wealth tax. The estate tax alone, however, would remain unaffected. Financial experts have…
In a recent case, Moore v. United States, the US Supreme Court appeared likely to reach a narrow holding, according to the justices’ questioning during oral arguments. This state of affairs could potentially limit the case’s broader impact. The litigation in question revolves around a $15,000 tax bill brought against Charles and Kathleen Moore, minority…
Apple Inc.’s iMessage service appears poised to sidestep new antitrust regulations designed to check the power of Big Tech platforms in the European Union. Initial assessments by regulatory watchdogs indicate that the service may not be sufficiently popular among business users to justify the application of the new rules. This tentative conclusion, if upheld, points…
In a recent Supreme Court case, the constitutionality of a corporate tax reform provision from 2017 has been put into question. A SCOTUS blog post by Amy Howe detailed the arguments from both sides of this issue. The provision in question imposes a tax on the undistributed profits from U.S. shares of foreign corporations that…
The U.S. Internal Revenue Service (IRS) announced new inflation-adjusted amounts for 2024, according to an update provided via Revenue Procedure 2023-34 and an accompanying News Release. This annual adjustment, revealed on November 9, 2023, affects over 60 tax provisions. The announcement, which is a part of the IRS’s ongoing efforts to manage inflation, is expected…
On Tuesday, Kenya’s High Court declared a 1.5 percent levy, introduced to fund affordable housing, unconstitutional. The levy was a provision of the Finance Act 2023, which faced legal challenges earlier this summer amidst mass demonstrations against the cost of living crisis in the country. Further details of the situation were reported by jurist.org. The…