On March 9, 2022, President Biden signed an Executive Order entitled “Executive Order on Ensuring Responsible Development of Digital Assets” that outlines a whole-government strategy to ensure responsible innovation in digital assets, including cryptocurrencies. The Executive Order identifies six principal
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Damages From Inherently Physical Injuries Are Not Taxable
In Tax Notes, tax partner Kat Gregor, tax counsel Brittany Cvetanovich and Elizabeth Smith, and associates Maggie Heine and Michelle Perry offer a response to a recent article in the publication concerning whether damages in a civil suit that…
Upcoming and Noteworthy Tax Controversy Events
Boston Bar Association (BBA) Virtual CLE: Taxation of Cryptocurrency: IRS Guidance, State and Local Tax Approaches, and Enforcement Trends: Elizabeth Smith, tax counsel, is panelist during this BBA webinar. This webinar will provide an introduction to tax issues related to…
Hughes v. Northwestern University: Key Takeaways for 401(k) and 403(b) Plan Sponsors and Fiduciaries
On January 24, 2022, the U.S. Supreme Court ruled in Hughes v. Northwestern University that the plaintiff-participants will get another opportunity to assert that the Northwestern retirement plan fiduciaries violated ERISA’s duty of prudence based on the following: the number of investment…
ATAD 3 – How Will Private Equity Measure Up?
Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes
If adopted, the “Directive laying down…
Mass. ATB Rejects Pre-Wayfair Application of Taxation of Out-of-State Seller Under Massachusetts’ Internet Vendor Rule
By Eva Hellwig
Until the U.S. Supreme Court’s June 2018 decision in South Dakota v. Wayfair, states could not require out-of-state sellers to collect and remit sales or use tax unless the seller had a physical presence in that state. The Wayfair court…
How Would an ESG-Friendly DOL Final Rule Change the Investment Marketplace for ERISA Plans?
In the latest installment 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 and benefits partner Josh Lichtenstein, counsel Sharon Remmer,…
Coronavirus Thought Leadership and Updates from the Biden Administration
Please refer to the following list of recent tax and tax controversy-related COVID-19 alerts in addition to original articles for insight and guidance pertaining to updates from the Biden Administration. For a comprehensive list of related thought leadership, please refer…
FinCEN’s Proposed Rule Would Broadly Expand Beneficial Ownership Reporting Requirements
By Ama Adams
On December 8, the Financial Crimes Enforcement Network (“FinCEN”), within the U.S. Department of the Treasury, published proposed regulations, Beneficial Ownership Information Reporting Requirements (the “Proposed Rule”),1 to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act…
United States Strategy on Countering Corruption
On December 6, 2021, the White House issued the “United States Strategy on Countering Corruption” (the “Strategy Document”) and accompanying fact sheet. This release by the Biden Administration follows a months-long interagency review of existing U.S. government…