Federal

  • May 16, 2024

    Treasury Provides Extra Relief For Bonus Energy Tax Credits

    The U.S. Treasury Department provided additional safe harbors Thursday that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing their steel and aluminum parts in response to the Biden administration's new trade restrictions on solar products from China.

  • May 15, 2024

    Conn. Strip Club Owner Ran 'Brothel,' Hid $5.7M, Feds Say

    The man in charge of a Connecticut strip club and two of his associates operated the business as a brothel, took payments for "commercial sex acts," lied to secure a $150,000 federal COVID-19 relief grant, and hid $5.7 million in income from the IRS, according to a federal indictment unsealed Wednesday.

  • May 15, 2024

    Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules

    The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in reporting penalties, a Florida federal judge ruled Wednesday.

  • May 15, 2024

    House Panel Advances Tax-Exempt Org Oversight Bills

    The House Ways and Means Committee approved a package of bills Wednesday that would increase scrutiny of foreign donations to tax-exempt organizations, including legislation that would require those organizations to publicly report the donations.

  • May 15, 2024

    Schulte Roth Adds Ex-Kleinberg Kaplan Partner To Tax Group

    Schulte Roth & Zabel LLP added a former Kleinberg Kaplan Wolff & Cohen PC partner with a focus on private investment funds to its tax group in New York.

  • May 15, 2024

    11th Circ. Judge Doubts Defense Of IRS Easement Notice

    An Eleventh Circuit judge was skeptical Wednesday of the government's arguments that the Internal Revenue Service could issue a notice imposing reporting requirements on potentially abusive conservation easements without soliciting public feedback that administrative law requires.

  • May 15, 2024

    3 Key Takeaways From Floated Foreign Trust Reporting Rules

    Proposed rules for reporting transactions with foreign trusts recently issued by the U.S. Treasury Department provide breathing room on disclosure requirements for certain offshore retirement accounts, but leave open some questions about classification. Here, Law360 breaks down three sections of the proposed foreign trust reporting regulations.

  • May 15, 2024

    House Judiciary Chair Seeks Docs On IRS Backdating Probe

    The House Judiciary Committee's Republican chairman asked an IRS watchdog to reveal findings from investigations into allegations of IRS employee misconduct, including in a high-profile $38 million conservation easement deduction case in which the agency admitted to backdating evidence.

  • May 15, 2024

    Senate Finance Panel Schedules Hearing On Tax Accounts

    The Senate Finance Committee will meet next week to discuss investment in tax-advantaged accounts and its impact on children, the committee said Wednesday.

  • May 15, 2024

    Pardoned NJ Atty Suspended Over Tax, Fraud Convictions

    A former Gilmore & Monahan PA partner — who was convicted of failing to pay payroll taxes and lying on a loan application, and was pardoned by then-President Donald Trump — has received a two-year suspension from practicing law in New Jersey, though it will be largely offset by a previous suspension he served, according to a Wednesday order. 

  • May 15, 2024

    IRS Not On Hook For Ohio Woman's Legal Fees, Court Says

    The Internal Revenue Service is not liable to pay nearly $87,000 in legal fees of an Ohio woman because the agency's position was "substantially justified" throughout the woman's pursuit of a refund, the U.S. Tax Court ruled Wednesday.

  • May 15, 2024

    Applicable Federal Interest Rates To Rise In June

    Applicable federal rates for income tax purposes will increase in June, the Internal Revenue Service said Wednesday.

  • May 15, 2024

    IRS Issues Static Mortality Tables For 2025 Defined Plans

    The Internal Revenue Service on Wednesday released the updated static mortality tables used to calculate the funding target and other items for defined benefit pension plans during the 2025 calendar year.

  • May 15, 2024

    Pension Plan Segment Rates Increase In May

    Segment rates for calculating pension plan funding rose in May, the Internal Revenue Service said Wednesday.

  • May 15, 2024

    IRS Working To Prevent Child Support Collection Disruption

    The Internal Revenue Service is working to prevent disruption of federal tax refund offsets — including garnishment for owed child support — affecting Native American tribal governments and other taxpayers, the agency said.

  • May 14, 2024

    Northwestern Settles Tax Law Prof's Age Bias Suit

    Northwestern University agreed to settle a law school professor's age bias suit filed in Illinois federal court claiming he was given smaller raises year-over-year in comparison with his younger colleagues after he cast aside the institution's push for him to retire early.

  • May 14, 2024

    Law Prof Comes To Treasury's Aid In 3M Transfer Pricing Fight

    The U.S. Department of the Treasury did not act arbitrarily when it wrote transfer pricing regulations that allowed the government to disregard foreign legal restrictions on royalty payments when allocating income to 3M from an affiliate, a law professor told the Eighth Circuit on Tuesday.

  • May 14, 2024

    Yellen, Werfel Urged To Make E-Filing Program Permanent

    The Internal Revenue Service's pilot program for free electronic tax return filing should be made permanent and grown, a coalition of groups that endorse the project told IRS Commissioner Daniel Werfel and Treasury Secretary Janet Yellen in a letter Tuesday.

  • May 14, 2024

    Billionaire's Pilot Cops To Tax Count, Avoids Insider Trial

    A pilot from Virginia accused of profiting from stock tips fed to him by British billionaire Joe Lewis on Tuesday copped to dodging taxes on $500,000 of income from Lewis' company, in a plea deal that avoids an insider trading trial.

  • May 14, 2024

    Microsemi Calls IRS' Penalty Approval 'Woefully Inadequate'

    An Internal Revenue Service supervisor's sign-off on a transfer pricing penalty for Microsemi was "woefully inadequate" to meet statutory requirements for penalty approval, the semiconductor manufacturer told the U.S. Tax Court.

  • May 14, 2024

    Ex-Husch Blackwell, Dykema Atty Pleads Guilty To Tax Evasion

    A former Husch Blackwell LLP partner who helped launch Dykema Gossett PLLC's Milwaukee office two years ago has agreed to plead guilty in Wisconsin federal court to willfully evading paying income tax, which could land him in prison for over a year and will force him to pay almost $4 million in restitution to the IRS.

  • May 14, 2024

    Big Refund Filings Could Be Improper, IRS Says

    Inaccurate advice from social media, as well as a series of tax scams, has resulted in an increase in questionable, inflated refund claims, the Internal Revenue Service said Tuesday.

  • May 14, 2024

    ER Doc Can't Deduct His Film Co.'s Costs, 5th Circ. Told

    An emergency room doctor with a passion for music was correctly denied business deductions for his unprofitable production company, the IRS told the Ninth Circuit in asking it to uphold a U.S. Tax Court ruling that found the doctor owed more than $59,000 in taxes and penalties.

  • May 14, 2024

    IRS Floats Property Rule Changes On Interest Capitalization

    The Internal Revenue Service floated changes Tuesday to the interest capitalization requirements for improvements constituting property production, including removing the so-called associated property rule that was invalidated by the Federal Circuit.

  • May 14, 2024

    Ex-Whiteford Taylor Business Co-Chair Joins Baker Donelson

    Baker Donelson Bearman Caldwell & Berkowitz PC has welcomed a new shareholder who spent more than a decade with the Internal Revenue Service and previously co-chaired Whiteford Taylor & Preston LLP's business department, the firm announced on Monday.

Expert Analysis

  • General Counsel Need Data Literacy To Keep Up With AI

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    With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.

  • Liability Exposure For Unpaid Payroll Taxes May Surprise You

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    The Ninth Circuit’s recent decision in Richard W. York v. U.S. offers important lessons for business owners and others who may be responsible for a company's checkbook about how someone else's failure to submit payroll taxes can result in their personal liability, says Douglas Charnas at McGlinchey Stafford.

  • Navigating Discovery Of Generative AI Information

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    As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

  • Unlocking Value In Carve-Out M&A Transactions

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    Some of the largest mergers and acquisitions in 2023 were carve-out transactions, and despite their unique intricacies and challenges, these transactions offer both buyers and sellers the opportunity to generate outsized returns in an otherwise vigorously competitive landscape, when carefully planned and diligently executed, say Kevin Crews and Rami Totari at Kirkland.

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • 1st Tax Easement Convictions Will Likely Embolden DOJ, IRS

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    After recent convictions in the first criminal tax fraud trial over allegedly abusive syndicated conservation easements, the IRS and U.S. Department of Justice will likely pursue other promoters for similar alleged conspiracies — though one acquittal may help attorneys better evaluate their clients' exposure, say Bill Curtis and Lauren DeSantis-Then at Polsinelli.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • Anticipating Intensified Partnership Enforcement From IRS

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    The Internal Revenue Service's decadeslong difficulties with partnership audits led to the recent announcement of a clear, well-funded, focused initiative, and businesses operating in the partnership form will feel the impact, with definite changes ahead, says Sharon Katz-Pearlman at Greenberg Traurig.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'

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    The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.

  • Newman Suspension Shows Need For Judicial Reform

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    The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.

  • How And Why Your Firm Should Implement Fixed-Fee Billing

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    Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.

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