Transfer pricing, a critical aspect of international tax compliance, demands acute precision and economic understanding. As noted recently by an economist discussing transfer pricing, the fundamental principle is that getting the economics right leads to outcomes that are economically neutral. This embodies the arm’s length principle, which ensures that intercompany transactions are priced as if…
As the Supreme Court prepares to embark on its 2025-26 term, legal professionals are poised for an engaging lineup of cases that promise to impact both political and legal landscapes across the United States. The first days of October have already seen a flurry of compelling legal discussions, offering us a glimpse into the intricate…
Michael Platt, co-founder of BlueCrest Capital Management, has initiated legal action against a prominent tax lawyer. The lawsuit emerges in the wake of significant legal challenges faced by Platt, as reported by Bloomberg Law. The core of the dispute revolves around substantial tax liabilities and alleged professional negligence. Platt’s lawsuit underscores growing tensions between high-net-worth…
The U.S. Supreme Court’s potential interpretation of the International Emergency Economic Powers Act (IEEPA) could significantly alter the landscape of American trade regulations. Legal experts are closely watching a case under consideration that may clarify whether the president’s authority to regulate imports and exports under IEEPA extends to imposing tariffs. If affirmed, this power could…
California’s cannabis industry may soon experience significant relief with a proposed cut to the excise tax. The reduction comes as a response to ongoing concerns from stakeholders who argue that high taxes are stifling growth and encouraging the persistence of illegal markets. This sentiment is reflected in a recent analysis by experts, which underscores the…
Each year, a symbolic marker emerges on the fiscal calendar: “Deficit Day.” This is the date when federal spending surpasses total government revenue for the year, shining a spotlight on the U.S. budgetary practices. Deficit Day typically underscores the fiscal challenges faced by policymakers who must balance competing demands for resources, as spending consistently outpaces…
Baker McKenzie, one of the world’s most prominent law firms, finds itself entangled in a United States investigation into potential tax abuses in Puerto Rico. The U.S. probe is examining whether certain tax strategies, facilitated by Baker McKenzie and others, have been exploited to shield income unfairly from taxation. This scrutiny comes amid growing concerns…
The competitive landscape of the U.S. pharmaceutical industry may soon witness a significant shift if the Internal Revenue Service (IRS) decides to align with a decision by the U.S. Tax Court concerning AbbVie Inc. The court recently sided with AbbVie in a dispute over the allocation of income between the company and its foreign subsidiaries….
The U.S. Supreme Court has agreed to review the legality of tariffs imposed by the Trump administration, a move that could redefine presidential powers under the International Emergency Economic Powers Act (IEEPA). This comes after the administration’s appeal of two lower court decisions that found the tariffs exceeded presidential authority under the IEEPA. Specifically, the…
Skadden, Arps, Slate, Meagher & Flom LLP has announced a significant addition to its Washington, D.C. tax team, welcoming the head of the IRS Independent Office of Appeals. This strategic move positions Skadden to strengthen its capacity in handling complex tax disputes, leveraging the expertise of a seasoned professional known for her adeptness in resolving…
Washington, D.C., is amplifying its legal confrontation with former President Donald Trump by navigating the intricacies of its municipal governance and autonomy. The recent legal skirmish is a facet of a broader struggle for control that pits the city’s aspirations for independence against federal oversight. An underlying thread in this dispute has been the extent…
A recent analysis has suggested that proposed changes to the UK’s partnership tax could generate an additional £1.9 billion in revenue for the government, specifically benefiting the Chancellor of the Exchequer, Rachel Reeves. The study highlights a potential shift in the taxation framework, targeting partnerships and limited liability partnerships (LLPs) which are commonly used structures…
The state of California is at the forefront of a legal exploration regarding the rights and liabilities of Decentralized Autonomous Organizations (DAOs). These blockchain-based entities, characterized by their decentralized nature and governed by smart contracts, face unique challenges in existing legal frameworks. As DAOs become increasingly prevalent, the need to clearly define their legal status…
In a recent decision, the US Court of Appeals for the Federal Circuit affirmed that President Donald Trump’s imposition of certain tariffs exceeded the authority granted to the executive branch. The court highlighted that the International Emergency Economic Powers Act (IEEPA) did not provide the president with the power to levy tariffs as he had…
As Taylor Swift and Travis Kelce’s high-profile relationship continues to capture public attention, it also highlights the financial implications of their combined wealth. Both Swift, a global music icon, and Kelce, an NFL star, possess substantial fortunes, raising questions about effective tax strategies to safeguard their assets. For celebrities and high-net-worth individuals like Swift and…
The Trump administration’s approach to fiscal federalism has prompted significant shifts in the dynamics between federal and state governments, leading states to face difficult financial decisions. The administration’s policies, emphasizing a reduction in federal oversight and responsibility, have required states to become more autonomous in managing a variety of services traditionally supported by federal funds….
In recent discussions surrounding the potential revision of clean energy credits, legal professionals are expressing concerns about the implications of being sharply scrutinized under the tax system influenced by the Trump administration’s Tax Cuts and Jobs Act of 2017. This apprehension draws attention to the risk of these credits being targeted by the IRS, potentially…
Loeb & Loeb LLP has announced the addition of Natan Leyva as a tax partner in its Washington, DC office. Leyva’s arrival marks a strategic enhancement to the firm’s capabilities in the nation’s capital, underscoring its commitment to strengthening its tax practice. Bloomberg Law highlights this expansion as part of Loeb & Loeb’s ongoing growth…
A bipartisan coalition of 32 state attorneys general has urged Congress to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act of 2025, aiming to provide legal clarity for financial institutions serving state-regulated cannabis businesses. This initiative seeks to address public safety concerns and enhance states’ abilities to collect taxes and conduct regulatory oversight….
Hodgson Russ LLP has expanded its state and local tax (SALT) practice by welcoming two seasoned professionals with extensive backgrounds in New York’s complex tax landscape. These additions are anticipated to bolster the firm’s capacity to navigate intricate tax regulations and policies impacting businesses in New York City and beyond. You can read more about…
Osler, Hoskin & Harcourt LLP, the renowned Canadian law firm, announced the return of Laura Scheim as a tax partner in their Montreal office. Scheim’s reinstatement at the firm is poised to bolster its tax advisory services, particularly amidst shifting global tax regimes and increasing regulatory complexities. Scheim initially joined Osler as a summer student…
Recent discussions within the U.S. legal framework have raised a critical question: Does Congress possess the authority to ban home distilling? The answer to this legal query might significantly impact hobbyists and small-scale producers who engage in the distillation of spirits for personal use. A recent piece from Bloomberg Law delves into this topic by…
Amid the fast-evolving landscape of cryptocurrencies, the White House has emphasized the necessity for cohesive regulatory frameworks to ensure legal clarity in the United States. Recent reports highlight the administration’s renewed push for Congress to step in and harmonize regulations, eliminating the inconsistencies currently emerging from divergent policies set by various agencies. Matt Bisanz, a…
In a strategic move to bolster its presence in the financial services sector, Dechert LLP has announced the addition of a new partner to its Washington, D.C., office. The law firm has successfully recruited a specialist from PricewaterhouseCoopers (PwC), aiming to enhance its capabilities within the tax realm. This expansion underscores Dechert’s commitment to deepening…
In a strategic move designed to enhance its tax practice, Jones Walker has added state and local tax (SALT) attorney Kyle Brehm to its team in Minnesota. This expansion represents the firm’s commitment to deepening its expertise in an area critical to many of its clients’ needs. Brehm brings a formidable track record in SALT…