In a strategic move set to reshape the global packaging industry, Amcor Plc has announced an agreement to acquire Berry Global Group Inc. for approximately $8.4 billion. This transaction represents a culmination of efforts by two of the world’s largest packaging companies to consolidate their market positions and leverage combined operational efficiencies. Under the terms…
In the aftermath of former President Donald Trump’s re-election, discussions have emerged concerning the possibility of leaving the U.S. Disappointment with election outcomes often triggers such considerations, yet the practicality of relocation adds layers of complexity to the decision-making process. The route to emigration begins with navigating immigration laws of the desired country. Legal entry…
As sophisticated tax avoidance methods gain traction among wealth managers, the debate over how to ensure equitable taxation intensifies. The “tax-aware long-short” strategy, a form of tax-loss harvesting that allows investors to offset capital gains with strategically engineered capital losses, is becoming more accessible through wealth management firms. This strategy, while legal, shifts the tax…
As the European Union contemplates the introduction of a tax on artificial intelligence (AI), concerns are mounting that such a move may reflect an anti-innovation stance, rather than fostering growth. AI, which has rapidly ascended as a critical industry, is potentially facing increased scrutiny from policymakers eager to balance regulation and competitiveness. The debate within…
The shift in power within the United States Senate marks a significant political turning point with far-reaching implications, particularly in the realm of taxation and spending. In the recent elections, Republicans gained control of the Senate, propelled by a series of victories by allies of former President Donald Trump. This critical change provides the GOP…
The meteoric rise of nonequity partners in law firms has introduced significant financial challenges for these legal professionals, notably through increased taxation without the corresponding profit share benefits enjoyed by equity partners. A recent report by Bloomberg Law sheds light on how some Big Law firms classify nonequity partners as full partners for tax purposes….
As global climate targets tighten, policymakers are turning their attention to taxation as a versatile economy-wide tool to drive down carbon emissions. The American transportation sector accounts for approximately one-fourth of the nation’s greenhouse gas emissions. This makes the sector a logical starting point for tax reforms aimed at curbing emissions and achieving climate resilience,…
This past week, London’s legal landscape has been marked by a series of notable developments. The Competition and Markets Authority has initiated action against a mattress retailer accused of misleading customers with deceptive discount practices. Meanwhile, technology giants Lenovo and Motorola have launched a patent infringement claim against ZTE Corporation. In the banking sector, Lloyds…
Foley & Lardner LLP has strategically augmented its innovative technology sector and transactions practice group by appointing Joshua Ehrenfeld and Charles Curley as partners within its Jacksonville, Florida office, as per the firm’s recent announcement. Joshua Ehrenfeld brings his extensive experience in domestic and international taxation, mergers and acquisitions, venture capital, private equity, and corporate…
Coca-Cola Co. has officially lodged an appeal against a decision from the U.S. Tax Court that has significant financial implications. The dispute stems from a transfer pricing case involving Coca-Cola’s Brazilian affiliates, which could result in a tax bill totaling $2.6 billion, excluding potentially significant interest charges. This case primarily concerns financial years 2007 through…
The Internal Revenue Service (IRS) has made significant strides in revitalizing its Whistleblower Office, culminating in a substantial $74 million award to three anonymous whistleblowers, an outcome that reflects both the efficacy of recent reforms and the importance of further legislative changes. This award follows the injunctions and reforms initiated by the office’s director, John…
K&L Gates has announced the addition of Marcellin Mbwa-Mboma to its tax practice in Houston, further bolstering its capabilities in international taxation. Mbwa-Mboma is expected to bring his expertise in advising multinational corporations on U.S. tax implications of cross-border transactions to the global law firm. Marcellin Mbwa-Mboma joins K&L Gates from Ernst & Young, where…
Greenberg Traurig has recently announced a significant expansion of its tax practice in Amsterdam with the addition of Wesley Boldewijn as a partner. Boldewijn, previously with Dentons, brings a wealth of expertise in international tax law to the firm. His practice focuses on corporate taxation in an international context, including advising on withholding taxes and…
As artificial intelligence (AI) continues to transform various industries, a comparison gains traction: considering AI as a resource akin to oil or minerals. This comparison illuminates the idea that AI capitalizes on human knowledge, similar to how industries exploit natural resources. This analogy underscores the concept of implementing a tax policy to secure the benefits…
Winston & Strawn has bolstered its transactions department and tax practice with the addition of Louis Jenull as a partner in Dallas. The firm announced Jenull’s appointment on Monday. Jenull brings extensive experience in advising clients on federal income taxation. His practice focuses on several areas including tax credits, renewable energy, oil and gas, mergers…
As multinational enterprises (MNEs) reevaluate their operational policies to comply with environmental, social, and governance (ESG) regulatory requirements and ethical standards, the integration of ESG and transfer pricing policies becomes essential. According to a recent article published by Bloomberg Tax, MNEs making ESG-related changes to their business models must revisit their transfer pricing practices to…
As the 2024 US Presidential Election approaches, corporations and law firms are closely monitoring potential regulatory changes and legal implications that could impact their operations. The election outcome may shift the balance on issues such as corporate taxation, antitrust regulations, and labor laws. Ongoing coverage from across the Law.com newsroom highlights critical analyses and expert…
A recent proposal to exclude tips from income taxes aims to address the financial burden on service workers, but the intricacies of the law might lead to unintended consequences. As Above the Law reports, the proposed legislation is set to exempt tips from being taxed as income, a move that supporters argue would benefit low-wage…
Wilson Sonsini Goodrich & Rosati has announced the recruitment of Emma Game as a partner in its tax practice located in London. Game brings with her extensive expertise in tax matters related to corporate and financing transactions, including mergers and acquisitions, joint ventures, de-mergers, and IPOs. She will also provide standalone tax advisory services, such…
Jason Graham has joined Baker Botts as a partner in the firm’s tax department in Dallas, according to an announcement made by the firm on Thursday. Graham brings extensive experience in representing multinational companies in various cross-border tax matters including internal restructurings, mergers and acquisitions, corporate transactions, and financing transactions. Additionally, he has a robust…
The Nebraska Supreme Court’s ruling in a tax case involving a Berkshire Hathaway Inc. subsidiary has significant implications for state taxation of multinational companies. The court upheld the Nebraska Department of Revenue’s decision to deny Precision Castparts Corp.’s request to deduct income generated by its foreign subsidiaries since 1986, treating it as untaxed dividends. This…
Bryan Cave Leighton Paisner LLP’s lawsuit seeking a refund of over $370,000 in St. Louis earnings taxes has been characterized as baseless by the city and its revenue collector, Gregory Daly. This contention was made in front of a Missouri trial court. The law firm filed a complaint on May 9, alleging that for a…
What’s in a name—or a title? When it comes to “partner,” a lot. In two lawsuits—one filed in February against Thompson Hine, and one filed in July against Duane Morris—lawyers allege their firms mistreated and discriminated against them. And they lay some of the blame on their status as non-equity partners. Rebecca Brazzano, the ex-partner…
Corporations play an essential role in society, contributing to economic buoyancy and job creation. However, there’s an increasing debate around whether they are paying their fair share of taxes, especially in light of the substantial benefits they derive from public infrastructure, stability, and scientific advancements that governments provide. The discussion on corporate tax has intensified…
A Michigan lawyer who faces criminal charges for allegedly misusing voting equipment after the 2020 election is seeking a spot on the state’s top court. Matthew DePerno, a Trump-backing attorney, is one of three Republicans campaigning for the party’s nomination on August 24 for a partial term on the Michigan Supreme Court that runs through…