Kat Gregor, tax partner and co-founder of the tax controversy group, was recently appointed to Law360’s 2021 Tax Authority International Editorial Advisory Board. In addition, Elizabeth Smith, tax controversy counsel, was recently appointed to Law360’s 2021 Tax Authority State & Local Editorial Advisory Board. The purpose of these boards, according to the announcements, is “to provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.”
In an International Bar Association (IBA) article, tax partner and tax controversy group co-founder Kat Gregor provides insight on the U.S. implications of the Organisation for Economic Cooperation and Development’s public consultation on its proposals to address the tax challenges of digitalization, blueprints for which were published in October 2020. Please click here to read the article.
In a previous Disputing Tax posting, we highlighted the IBA Taxes Committee comments to the Pillar One proposal, for which Kat and tax controversy counsel Elizabeth Smith participated as part of an IBA working group.
In this third episode in a series of Ropes & Gray podcasts addressing emerging issues for fiduciaries of 401(k) and 403(b) plans to consider as part of their litigation risk management strategy, litigation & enforcement partner Amy Roy and benefits consultant Aneisha Worrell discuss some key takeaways from Anderson v. Intel Corp. Investment Policy Committee, the first case to date to address the prudence question under ERISA of including private equity and hedge fund investments on a defined contribution plan menu.
Following a ruling by the U.S. Supreme Court, former President Donald Trump will have to face an investigation in New York. María González Calvet, litigation & enforcement partner and former United States federal prosecutor, details the scope of this decision in which Trump, as a U.S. citizen, must provide his tax returns to New York state prosecutors. Trump has for years waged a fierce legal battle through his attorneys to avoid scrutiny of his financial information.
To watch the interview, click here.
Connecticut has passed a bill that provides tax relief for 2020 only for employees working remotely who would have potentially had their wages taxed by two states (H.B. 6516) The bill provides particular relief to Connecticut residents who are required to pay income taxes for the 2020 tax year to other states that use some version of the “convenience of the employer” rule, for example, providing relief to Connecticut residents who telecommuted to Massachusetts and New York-based employers.
Please click here to read the full article.
On Wednesday March 31, 2021, President Joseph R. Biden announced the American Jobs Plan and Made in America Tax Plan, designed to provide dramatic improvements to U.S. infrastructure writ large. The American Jobs Plan will focus on physical infrastructure, climate change, domestic manufacturing, research and development (R&D), and home health care services. The plan proposes funding the initiatives from measures including (i) increasing the corporate tax rate from 21% to 28%, (ii) creating a 15% minimum tax on global book income, (iii) increasing the minimum effective tax rate on GILTI from 10.5% to 21%, (iv) moving towards a global minimum tax and preventing profit-stripping from U.S., (v) modifying deductions to incentivize on-shoring, (vi) eliminating subsidies for fossil fuels, and (vii) increasing tax enforcement. These proposals are summarized in this Alert.
In a recent FCPA Professor guest post, tax partner and tax controversy group co-founder Kat Gregor, litigation partner Ryan Rohlfsen, litigation senior attorney Yana Grishkan, and tax controversy counsel Elizabeth Smith examine how the final regulations interpreting Section 162(f) of the Code released on January 14, 2021 impact the deduction of amounts paid to the government in connection with an Foreign Corrupt Practices Act (“FCPA”) violation. Further, this post highlights considerations in light of Section 162(f) that companies should keep in mind while negotiating resolutions of governmental investigations of FCPA violations.
To read the full post, please click here.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA), in furtherance of the fifth phase of the federal government’s response to the COVID-19 crisis. The full text of the bill is published here. The key tax provisions of the Phase 5 Stimulus are summarized in this Alert, and include the repeal of the worldwide interest allocation election, an expansion of the employee retention credit, and additional economic impact payments for individuals.
Click here to read the full Alert.
In this second episode of our Ropes & Gray podcast series addressing emerging issues for fiduciaries of 401(k) and 403(b) plans to consider as part of their litigation risk management strategy, ERISA & benefits partner Josh Lichtenstein and benefits principal David Kirchner discuss the importance of implementing a robust cybersecurity program for benefit plans to ensure that participant and beneficiary information and plan assets are properly protected.
For the first time, the United States Commodity Futures Trading Commission (“CFTC”) filed a complaint alleging a manipulative scheme involving digital assets.The CFTC’s complaint, filed on March 5, 2021 in the Southern District of New York, charged antivirus software creator John McAfee and his former employee, Jimmy Gale Watson, who served as executive adviser of McAfee’s cryptocurrency team, for engaging in a pump-and-dump scheme in a variety of digital currencies.
Please click here to read the full alert.