PENALTY KILL? - Tax attorneys are already taking the U.S. Supreme Court up on its new interpretation of penalties associated with taxes on foreign income, a ruling that spells both good and bad news for those with money overseas, Law.com’s Brad Kutner reports. In Bittner v. U.S., the high court was asked whether a violation under the Bank Secrecy Act is the failure to file a single annual report, no matter the number of foreign accounts, or whether there is a separate violation for each account that is not properly reported. The majority in Bittner ruled that, under the tax code, penalties for non-willful violations accrue only on a per-report basis. The decision is expected to make big impacts in not only future tax disputes, but also many currently running and possibly even already decided tax penalties cases, according to Kenneth Ahl, a tax attorney with Archer & Greiner, and his co-counsel at the firm, Mark Oberstaedt.

ON THE RADAR - Glancy Prongay & Murray filed a shareholder derivative complaint naming Generac Holdings on Monday in Wisconsin Eastern District Court. The complaint, which targets certain board members, concerns the ‘SnapRS,’ a safety feature of the company’s ‘PWRcell’ solar power storing system. The complaint contends that the defendants failed to disclose that the SnapRS is defective, tending to overheat, melt or catch fire, causing sales partner Pink Energy to lose $155 million and declare bankruptcy. Counsel have not yet appeared for the defendants. The case is 2:23-cv-00302, Sterbcow et al v. Jagdfeld et al. Stay up on the latest deals and litigation with the new Law.com Radar


EDITOR’S PICKS

More From ALM

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
April 25, 2024
Dubai

Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.


Learn More
April 29, 2024 - May 01, 2024
Aurora, CO

The premier educational and networking event for employee benefits brokers and agents.


Learn More
May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.


Learn More

A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...


Apply Now ›

We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...


Apply Now ›

We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...


Apply Now ›
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
04/08/2024
Daily Report

Daily Report 1/2 Page Professional Announcement 60 Days


View Announcement ›