Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- Two French business law firms filed an administrative challenge against a May 2023 rule change by the country’s tax authority removing tax-deferral advantages for certain employee share-purchase warrants favored by start-up companies. (Les Echos) The change means that, although the incentive provides no cash, the employee is obligated to pay tax on the potential capital gains from the stock warrants, one of the law firms said. (INLO.fr)
- Belgium’s 700 million euro ($746 million) tax exemption program benefiting 55 multinational corporations violates European Union rules on state aid, the EU’s second-highest court ruled Wednesday. The decision by the Luxembourg-based General Court affirms a 2016 decision by the European Commission competition regulator. (Curia.Europa.eu)
- The US Internal Revenue Service said it’s starting a work group within its large business and international division to carry out its plan to boost tax compliance scrutiny of large partnerships and other pass-through entities. (CPA Practice Advisor)
Tax Increases, Rulings
- A Delaware federal prosecutor investigating potential tax charges against Hunter Biden, son of President Joe Biden, was refused help last year by his colleagues in California and Washington, an IRS official said. (Politico)
- Wealth taxes have faced political obstacles in several countries but could be due for a comeback. (Financial Times)
Laterals, Moves, Promotions
- Crowell & Moring hired benefits and compensation lawyer Joe Urwitz as partner in Washington in its tax group. He arrives from Orrick Herrington & Sutcliffe, where he was partner, and was previously partner at McDermott Will & Emery. (Crowell.com)
