In a strategic move reflecting its commitment to enhancing expertise in the energy sector, Simpson Thacher & Bartlett LLP has welcomed Richard J. Lorch to its team. Lorch, formerly with Weil, Gotshal & Manges LLP, takes on the role of partner within Simpson Thacher’s tax department in New York. The hiring of Lorch is seen…
The ongoing litigation between Coca-Cola and the IRS represents a critical examination of the principles established by the Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc. decision. This case, which reshaped administrative law doctrines, is now being tested as courts grapple with complex tax disputes influenced by global profit allocation strategies. At the center…
In a significant legal confrontation, Kalshi has filed a lawsuit against Illinois, challenging a new tax imposed on its prediction market sports bets. This lawsuit, directed at Illinois Attorney General Kwame Raoul, Governor J.B. Pritzker, and other state officials, arises after Illinois labeled Kalshi and similar platforms as unlicensed sports wagering operators. Such classification subjects…
Texas property owners are bracing for a potential surge in their tax bills following a recent announcement regarding single-year taxation. The increase, which could significantly impact financial planning for both residential and commercial property stakeholders, stems from anticipated changes in valuation and assessment practices. According to Bloomberg Law, property owners should prepare for these adjustments…
Recent discussions around the model state law for taxing partnership income have sparked significant critique from various advocacy groups. The controversy centers on how these tax proposals could impact business operations and tax compliance across states. Critics argue that the model, designed by the Multistate Tax Commission (MTC), could lead to increased administrative burdens and…
Kilpatrick Townsend & Stockton LLP has announced the addition of Jaime Martin as Senior Government Relations Advisor in its Seattle office. Martin, an enrolled member of the Snoqualmie Tribe, brings extensive experience in tribal leadership and public policy to the firm’s government relations team. ([ktslaw.com](https://ktslaw.com/en/insights/news/news%20release/2026/6/kilpatrick%20continues%20government%20relations%20team%20growth?utm_source=openai)) Prior to joining Kilpatrick, Martin served as Director of External…
“`html The recent NBA Finals run by the New York Knicks and San Antonio Spurs has spotlighted an important issue in the realm of sports betting: tax implications for states benefiting from this burgeoning industry. As states have moved to legalize and regulate sports betting, the taxation of winnings has become a crucial topic for…
The controversy surrounding the State and Local Tax (SALT) deduction cap has once again found its way into legal discussions, but recent assessments suggest that its limitations are more a matter of design flaws than constitutional issues. The $10,000 cap placed on the SALT deduction, part of the Tax Cuts and Jobs Act of 2017,…
Bracewell LLP has announced the acquisition of Maryann Perry, who previously served as the lead tax counsel for Shell USA Inc. Perry will join the firm’s Houston office, bringing her extensive experience in oil and gas taxation. This move underscores Bracewell’s strategic aim to bolster its capabilities in the energy sector, particularly as the industry…
In a striking move, several Democratic-led states are proposing a 100% tax on funds derived from former President Donald Trump’s legal and political defense fund. The proposal aims to counteract what proponents of the tax view as an approach to exploit state tax codes to benefit from legal proceedings involving Trump. This initiative reflects ongoing…
The growing discourse surrounding wealth taxes in the United States has led to an increasing number of state-level ballot initiatives aimed at implementing such taxes. These efforts, however, face significant scrutiny from legal experts, who argue that they warrant careful examination by the courts due to the complex constitutional issues they raise. One key argument…
As artificial intelligence continues to revolutionize various industries, it is shedding light on a complex issue within the legal and tax domains: the taxability of cloud services. State governments are now grappling with how to effectively tax these digital services, as the distinction between services and tangible goods blurs. For many jurisdictions, current legislation does…
Holland & Knight has bolstered its state tax capabilities by recruiting a team of three tax attorneys from K&L Gates, a notable move in the bustling legal market of Texas. The trio, consisting of partners Isabel Dashtaki, George Finkle, and associate James Brown, brings a wealth of experience in state and local tax matters, which…
Squire Patton Boggs has strategically bolstered its public policy capabilities in Washington, D.C., by bringing in a notable hire from the U.S. Treasury Department. This move is part of the firm’s broader strategy to enhance its profile and expertise in public policy and regulatory issues, particularly in financial services and taxation. The latest addition to…
A recent development in the legal saga surrounding Martin Shkreli’s former attorney has emerged from the Second Circuit Court, where a judge suggested that a trial court might have made a misstep by dismissing an agreement involving a retirement-fund garnishment. This decision effectively left the lawyer exposed to a potential $1 million punitive tax event….
The U.S. Supreme Court’s decision to dismiss the Oklahoma tribal tax case has garnered attention, yet its immediate implications appear limited. The controversy, which revolved around the taxation rights on tribal lands, reached the Supreme Court but was ultimately bypassed. This move leaves the contentious issue of state tax authority on tribal jurisdiction unresolved for…
Legal professionals frequently face challenges when comparing state corporate laws, as these laws can be deeply idiosyncratic. A prime example of this complexity arises when contrasting the laws of Texas and Nevada against the established standards of Delaware, a state renowned for its influential corporate legal framework. Delaware’s legal system is considered a benchmark owing…
As the cryptocurrency industry continues to evolve, the need for regulatory clarity remains at the forefront of discussions among financial policymakers. U.S. Securities and Exchange Commission Chair Paul Atkins recently highlighted a critical aspect of this debate by asserting that while the SEC can be nimble in providing market clarity, true stability requires legislative action…
New York State’s latest budget discussions have brought a tax benefit commonly utilized by law firms under scrutiny. This development is part of a broader initiative to reform tax policies affecting high-income individuals and professional entities. Historically, law firms have leveraged specific tax provisions to optimize their financial structures. However, recent legislative proposals aim to…
Several major lobbying firms have reported unprecedented revenue levels for the first quarter of 2026, continuing a trend from the previous year. This surge in earnings reflects heightened lobbying activities as midterm elections approach and firms vie for influence in shaping policy and legislation. In the first quarter, firms saw their strongest financial performance yet,…
As prediction markets continue to gain traction, their ambiguous classification poses challenges for state tax authorities. At the heart of the issue is whether these platforms should be considered akin to gambling or financial trading. Understanding the correct categorization is crucial before any taxation framework can be effectively applied. Prediction markets operate by allowing individuals…
The disparity in tax burdens among professionals earning a similar salary is a nuanced issue shaped by varying factors such as investment income, deductions, and the composition of revenue streams. According to Bloomberg Law, a banker and a plumber each earning $1 million might face different tax obligations due to their income components. Bankers typically…
As the legal landscape continues to evolve, several critical litigation trends are emerging that demand attention from legal professionals in large corporations and law firms. One area seeing significant legal activity involves human tissue products. Distributors of wound care products are intensifying efforts to crack down on unpaid invoices, driven by federal regulators seeking to…
Jones Walker LLP has bolstered its tax practice in Miami with the addition of two seasoned attorneys, Carla J. Herrera and Joshua S. Levine. This strategic move is expected to enhance the firm’s capabilities in serving clients with complex tax needs. Herrera and Levine bring substantial expertise to the firm, particularly in the areas of…
Mayer Brown LLP’s request for $21 million in attorney fees was recently denied by a Rhode Island federal judge in the litigation involving the state’s truck tolling program. Despite representing the American Trucking Associations (ATA), the court concluded that the trade group was not the “prevailing party” in the suit. The litigation centered around the…