- Cryptocurrency stakers must include the value of their earnings from staking as part of their gross income for the tax year they earned the rewards, the Internal Revenue Service said in new guidance. (CrypoSlate.com) In staking, cryptocurrency holders earn rewards from committing their assets in a process to validate transactions on the blockchain. The US Securities and Exchange Commission has been cracking down on crypto companies offering lucrative staking products. (Reuters)
- Viatris got a win for generic drug companies in its federal appeals court fight with the IRS, which wants to void $50 million in tax deductions the company’s predecessor took for litigation fees from patent cases tied to drug approvals. Viatris, created from the 2020 combination of Mylan Inc. and Pfizer’s off-patent business Upjohn, was represented by Latham & Watkins partner Greg Garre and Morgan Lewis partner Bryan Killian, according to reports. (Fierce Pharma) (LegalEraonline.com)
- DLA Piper hired Gibson Dunn Tax attorney Brian Hamano in Los Angeles as partner in its transactions specialist subgroup within its corporate practice. Hamano advises on federal income tax aspects of transactions, including domestic and cross-border M&A, private equity, real estate, life sciences, capital markets, and blockchain transactions. He advised private equity firm Quad-C Management on its 2021 acquisition of specialty consulting and staffing firm Astrix Technology Group. (DLA Piper)
- The French government delayed by one day a requirement for property owners to report their housing assets to the tax authority, after its online reporting site was overwhelmed. It was the second time the deadline has been postponed. (Les Echos)
- A group representing Japan’s manga and anime artists and content creators says the country’s new consumption tax and invoicing rules set to take effect Oct. 1 could put them out of business. (Niche Gamer) (Libération) (Stop! Invoice)
- A federal jury convicted a Texas man of bribing former Seminole County, Florida, tax collector Joel Greenberg. (Justice.gov) Greenberg, a former associate of a friend and business associate of US Representative Matt Gaetz was sentenced last year to 11 years in prison for sex trafficking a minor and stalking a political opponent. (Orlando Sentinel)
- A new report from legal tech group Big Hand says staff attrition is a growing problem for law firms. (BigHand.com)
*Written by a human.
