The Australian Taxation Office (ATO) has intensified its scrutiny on lawyers over tax evasion concerns. According to a recent review of 250 legal practitioners, it was discovered that 85% of them had not filed their tax returns, including instances where the submissions were overdue by several years. The ATO, akin to the U.S. Internal Revenue…
As economies worldwide strive to find funding for vital public services and other fiscal responsibilities, an estimated $492 billion is lost annually due to tax abuse by multinational corporations and wealthy individuals. In a concerted effort to recuperate this lost revenue, policymakers are working to close the taxation loopholes that facilitate such avoidance. Recently, an…
The US Court of Appeals for the Ninth Circuit recently upheld an Arizona law that prevents out-of-state retailers from directly shipping alcohol to in-state customers. This ruling comes following an appeal in which two Arizona residents challenged the “three-tier” alcohol regulation framework imposed by the state. The court, through a split decision, stated that Arizona’s…
In a legal climate characterized by evolving interpretations of the U.S. Constitution in the realm of taxation, several states bordering Canada are under scrutiny for their tax credit systems that acknowledge taxes paid to Canadian provinces. Such policies potentially prioritize commercial activity with Canada, casting a shadow of unconstitutionality in cases where these tax credits…
Vedder Price has announced the appointment of Tom Geraghty as a shareholder within its corporate tax and estate planning practice group, a strategic move that signifies the firm’s ongoing expansion in the Chicago market. Geraghty brings a wealth of experience to the table, offering advisory services on the structuring and tax implications of complex domestic…
“`html In a strategic move that underscores its commitment to expanding its tax practice, Miller & Chevalier Chartered has announced the appointment of Michael Desmond as a member and co-leader of its tax controversy and litigation division. Desmond, who hails from his previous role at Gibson Dunn, is renowned for his deep involvement with the…
Poland has unveiled a legislative project to exempt legal professionals, including legal advisers, attorneys, tax advisers, and patent attorneys, from the obligation to disclose potentially aggressive tax arrangements. This initiative was publicly announced by the government on Monday, referencing an outline of the project published online. This policy decision is reportedly grounded in the European…
Brown Rudnick has announced the hiring of Matthew Sharp as a partner in its Litigation and Dispute Resolution Practice Group in London. Matthew Sharp’s appointment, as confirmed by the announcement on Bloomberg Law, marks a strategic addition to the firm’s contentious tax specialty. Sharp’s expertise is widely recognized in the fields of tax and trust…
Berger Singerman has expanded its capabilities within the business, finance, and tax domain with the strategic recruitment of Daniel Badovinac as a partner. According to a recent announcement by the firm, Badovinac, who previously served at Carlton Fields, brings a wealth of expertise in advising high-net-worth individuals, family offices, and multinational entities. Badovinac’s specialization lies…
In a legal development, Volkswagen has engaged the services of Economics Laws Practice (ELP) to contest a substantial tax bill imposed by Indian authorities. The $1.4 billion tax notice, sent in September of last year, pertains to tax assessments on vehicles under Volkswagen’s various brands, including VW, Skoda, and Audi. This legal challenge underscores ongoing…
President Donald Trump’s recent proposal to exempt tips from taxation has sparked significant debate about its potential implications for workers in the hospitality industry and beyond. While the measure has been promoted as a benefit for workers who traditionally rely on tips as a substantial part of their income, critics argue that it may exacerbate…
In a strategic move aimed at bolstering its tax and wealth offerings, Burges Salmon has welcomed Stewart Jordan to its ranks as the new director of its UK-wide tax and private wealth team based in London. This addition was announced by the firm on Monday. Jordan brings with him a wealth of experience, underscored by…
As state budgets tighten, digital advertising taxes have emerged as a viable solution to declining fiscal resources. States like Rhode Island have proposed a 10% tax on digital advertising revenue from major companies, following in the footsteps of Maryland, setting a precedent that other states are eyeing. With Connecticut, Indiana, and Arkansas considering similar propositions,…
In light of recent suggestions by tax experts and industry specialists, the call for Congress to simplify the federal tax code concerning business income has gained renewed urgency. A significant complaint centers on the intricate framework within which businesses must navigate to comply, often requiring substantial resources to manage effectively. The current system, characterized by…
In a strategic move to bolster its tax capabilities in Latin America, DLA Piper has appointed Jesús Ramos as a partner in its tax practice in Peru. The announcement was made on January 13, indicating the firm’s ambition to enhance its service offerings in a region characterized by complex tax regimes and increasing cross-border trade….
In the lead-up to the World Economic Forum in Davos, Amnesty International has made a strong appeal to the international community, urging for a more robust focus on climate justice. In a financial mobilization statement, Amnesty pointed out the deficiencies within current climate finance strategies, emphasizing that they fall short of addressing the escalating impacts…
The recent ruling by the US Court of Federal Claims in Bruyea v. US has opened the door for expatriates to claim significant tax refunds. The court found that the Internal Revenue Service (IRS) had improperly denied treaty-based foreign tax credits against net investment income tax (NIIT) liabilities. This decision could have wide-ranging implications, particularly…
The Pennsylvania Supreme Court is currently considering a significant case: the legality of the so-called “jock tax,” a 3% fee implemented by the City of Pittsburgh on earnings made by nonresident athletes and entertainers. The decision could have implications not only for Pennsylvania but potentially for other states contemplating similar taxation strategies. The primary question…
In a recent announcement, Novogradac & Company LLP has elevated Joe Abbott, Justin Chubb Lurya, and Don Sabine to partner positions. The promotion, reported on Thursday, highlights the firm’s strategic emphasis on strengthening leadership across various practice areas. The San Francisco-based Joe Abbott specializes in real estate taxation, offering expertise in general tax consulting and…
In the evolving landscape of US corporate taxation, the possibility of adjusting future tax rates offers compelling opportunities for businesses. While Republican lawmakers are currently prioritizing strategies such as maintaining or lowering corporate tax rates and renewing full expensing for qualified assets, companies should proactively consider tax planning strategies now. Doing so could yield significant,…
EisnerAmper LLP, a leading accounting and advisory firm, has recently announced the addition of Navin Sethi as a tax partner within its financial services group. Sethi brings with him extensive expertise in taxation for prominent partnerships in the financial sector, particularly focusing on hedge, venture capital, and private equity funds. His role will be instrumental…
As the European Union’s energy tax reform discussions approach a critical phase, businesses face potential adjustments in their cost structures. EU leaders are set to meet on December 10 to attempt reaching a consensus on modernizing the bloc’s approach to energy taxation. A pivotal part of this agenda is the Energy Taxation Directive (ETD), which…
As Donald Trump prepares to enter his second term as President, he stands to benefit from a substantial and well-coordinated network of conservative organizations that will enable a more aggressive policy rollout than during his first administration. Unlike in his initial term, when the infrastructure of think tanks, nonprofits, and advocacy groups was notably absent,…
The recent United Nations COP29 climate summit has highlighted critical challenges surrounding carbon taxation, especially for developing countries in the Global South. The discussions underscored the necessity for equitable approaches in carbon pricing that recognize the unique economic and social contexts of these nations. While a $300 billion annual aid package was agreed upon to…
An email from the IRS has shed light on the critical need for partnerships to maintain meticulous documentation when a partner lends money to a business. Released on November 1, the email describes how a lack of documentation can lead to a significant financial burden for partnerships, potentially resulting in a hefty imputed underpayment by…