Federal

  • January 21, 2025

    Co. Seeks IRS Refund In $2.7M Captive Insurance Case

    A Delaware federal court should refund tax penalties a company paid on a $2.7 bill from the IRS for activities related to captive insurance companies and promoting abusive tax shelters, the company argued Tuesday, saying the government provided no proof it did anything wrong.

  • January 21, 2025

    Tribal Tax Status Regs Leave Energy Credit Access Up In Air

    While recently proposed regulations would provide long-awaited clarity that enterprises wholly owned by Native American tribes are exempt from federal taxes, the rules leave glaring questions open about whether tribes can access clean energy tax credits through business structures like joint ventures.

  • January 21, 2025

    Senate Finance Committee Approves Trump's Treasury Pick

    The Senate Finance Committee on Tuesday approved Scott Bessent, President Donald Trump's nominee for treasury secretary, sending his nomination to the full Senate for a vote.

  • January 21, 2025

    Trump Order Places IRS Under Indefinite Hiring Freeze

    President Donald Trump said a hiring freeze that he ordered at federal government agencies will be harsher at the Internal Revenue Service, with the agency requiring an extra layer of review, with no specified end date, before hiring can restart.

  • January 17, 2025

    Law360 Names Practice Groups Of The Year

    Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.

  • January 17, 2025

    Law360 Names Firms Of The Year

    Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.

  • January 17, 2025

    Par Funding's Fraud Caused $288M In Losses, Pa. Judge Says

    Par Funding caused $288 million in losses stemming from a scheme to defraud investors who poured money into its cash advance business, a Pennsylvania federal judge said Friday, days after holding an evidentiary hearing where the government and the defendants sparred over dueling loss amounts.

  • January 17, 2025

    Feds Say Pa. Investment Adviser Stole $20M From Clients

    A Pennsylvania investment adviser's alleged misappropriation of more than $20 million worth of client funds has landed him criminal charges and civil enforcement action from U.S. Securities and Exchange Commission.

  • January 17, 2025

    US Guidance On Amount B Carries Potential For Disputes

    Recent IRS guidance on a simplified and streamlined transfer pricing method for certain cross-border transactions, known as Amount B, suggests rulemakers want feedback on how it would work if it were made mandatory, but that approach could lead to controversy without global cooperation.

  • January 17, 2025

    Bill Aims To Extend Biogas Investment Credit Through 2025

    A bill in the U.S. House of Representatives would extend the clean energy investment tax credit available for certain biogas facilities' equipment through the end of 2025 instead of at the end of 2024, the bill's sponsors said Friday.

  • January 17, 2025

    11th Circ. Urged To Reject Biz Owners' Tax Penalty Challenge

    The owners of an electronic parts company who asked the Eleventh Circuit to reverse a tax penalty and find that Tax Court judges have unconstitutional job protections failed to link the two and are not entitled to tax relief, the U.S. government said Friday.

  • January 17, 2025

    LA Crypto 'Godfather' Admits To $36M Meta Hacking Fraud

    A Los Angeles-based cryptocurrency founder who called himself "The Godfather" will plead guilty to earning $36 million through the sale of hacked Meta Platforms advertising accounts and evading taxes on the fraudulent profits, according to federal court documents unsealed Friday,

  • January 17, 2025

    IRS Rewrites Residential Green Energy Credit FAQ

    The Internal Revenue Service made substantial changes Friday to its fact sheet for the energy efficient home improvement and residential clean energy property tax credits.

  • January 17, 2025

    Meet The Key Players In Tom Goldstein's Tax-Crimes Case

    The tax-evasion indictment of U.S. Supreme Court expert lawyer and SCOTUSblog publisher Tom Goldstein features an eclectic cast of characters linked to his purported side career as a high-stakes poker player, including law firm partners, professional gamblers, a Texas billionaire, a movie producer and an actor.

  • January 17, 2025

    Taxation With Representation: Simpson Thacher, Covington

    In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater Analytics buys Enfusion, and Lantheus Holdings Inc. buys Life Molecular Imaging Ltd.

  • January 17, 2025

    Ex-Pol's Atty Chided For Early Morning Sentencing Memo

    The lawyer for a former Massachusetts state senator convicted of tax and pandemic aid fraud was scolded by a federal judge on Friday for filing a sentencing memo at 3:30 a.m. on the day of the hearing, then showing up late to court, forcing a postponement.

  • January 17, 2025

    Co. Suggests 4 Chemicals For Taxable Substances List

    The Internal Revenue Service is seeking comments on proposals from Occidental Chemical Corp. to add four chemicals to the Internal Revenue Code's list of taxable substances, the agency said Friday.

  • January 17, 2025

    IRS Commissioner To Step Down As Trump Takes Office

    Internal Revenue Commissioner Daniel Werfel is stepping down from his position in light of President-elect Donald Trump's intent to nominate former Rep. Billy Long to replace him, Werfel said in a message to the agency's employees Friday.

  • January 17, 2025

    Vanguard To Pay SEC, States $106M Over Surprise Tax Bills

    The U.S. Securities and Exchange Commission was joined by dozens of state regulators Friday in announcing a $106.4 million settlement with The Vanguard Group Inc. over claims that the company misled investors about the heightened capital gains taxes they would have to pay on certain retirement savings accounts.

  • January 17, 2025

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included revised rules for companies that file consolidated federal income tax returns to modernize previous rules' terminology, including removing gender-specific pronouns. 

  • January 16, 2025

    Trump's Treasury Pick Calls For Permanently Extending TCJA

    Congress must permanently extend the Tax Cuts and Jobs Act provisions set to expire this year to prevent the largest tax increase in history, Scott Bessent, President-elect Donald Trump's pick for Treasury secretary, told the Senate Finance Committee on Thursday.

  • January 16, 2025

    Tax Court Denies Late Pass For Identity Theft

    A California couple cannot challenge an Internal Revenue Service decision to levy their state tax refund because they missed the deadline for filing a petition by four years, the U.S. Tax Court said Thursday, rejecting their request for an extension for dealing with identity theft.

  • January 16, 2025

    DOJ Tax Chief Touts Winning Court Record On Appeals

    The U.S. Department of Justice's Tax Division won an overwhelming majority of appeals in tax cases last year by prioritizing strong legal arguments in disputes that had the potential to significantly affect federal tax administration, the head of the division said Thursday.

  • January 16, 2025

    Tax Court Rejects Explanation For Unreported Wages

    A woman owes taxes on nearly $19,000 of unreported income she said she reported on a gift tax return, the U.S. Tax Court ruled Thursday, rejecting her argument that wages reported as gifts would not incur taxes.

  • January 16, 2025

    Tax Court Tosses Some Of Ind. Couple's Deduction Claims

    The U.S. Tax Court had mixed responses Thursday related to an Indiana couple's claimed business deductions tied to a rental property as well as itemized deductions related to the husband's work as an electrician, allowing some while saying others weren't properly substantiated.

Expert Analysis

  • A Healthier Legal Industry Starts With Emotional Intelligence

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    The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.

  • BF Borgers Clients Should Review Compliance, Liability

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    After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.

  • Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • What Updated PLR Procedure May Mean For Stock Spin-Offs

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    A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.

  • Proposed Cannabis Reschedule Sidesteps State Law Effects

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    The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • Geothermal Energy Has Growing Potential In The US

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    Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential to draw on the skills of existing highly specialized oil and gas workers and renewable specialists, say attorneys at Weil.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Trump Hush Money Case Offers Master Class In Trial Strategy

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    The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad facts, craft a simple story that withstands attack, and cross-examine with that story in mind, says Luke Andrews at Poole Huffman.

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