Federal

  • September 06, 2024

    $111M Tax Fraud Scheme's Ringleader Sentenced To 14 Years

    The leader of a scheme to steal the identities of taxpayers and pose as their accountants to commit $111 million in tax fraud was sentenced Friday to more than 14 years in prison by a Texas federal judge, according to the U.S. Department of Justice.

  • September 06, 2024

    IRS Urges Safe And Legal Sports Betting As NFL Kicks Off

    With the professional football season just barely underway, and in the wake of a few bombshell betting scandals, IRS Criminal Investigation is reminding the public to bet safely and legally, warning that illegal gambling activities can lead to criminal charges ranging from money laundering to tax evasion.

  • September 06, 2024

    Federal Tax Policies To Watch In The Rest Of The Year

    As Congress returns to Washington, D.C., after the August recess, proposals including disaster tax relief and an agreement to provide tax treaty-like benefits to Taiwanese residents could be readied to be included in year-end legislation. Here, Law360 examines federal tax policies to watch during the last four months of 2024.

  • September 06, 2024

    FDII Covers Overseas Services For US Gov't, Memo Says

    Government contractors that provide services to U.S. operations overseas are allowed to claim the deduction for foreign-derived intangible income, the IRS said in one of two internal memos released Friday that address foreign income issues.

  • September 06, 2024

    IRS Project Collected $172M From Rich Nonfilers In 6 Months

    About 21,000 wealthy taxpayers who had failed to file tax returns since 2017 have paid $172 million in taxes under a project the Internal Revenue Service launched in February, the agency and the U.S. Department of the Treasury announced Friday.

  • September 06, 2024

    4 Key Complications 3 Years After Pillar 2

    Three years ago, countries around the world outlined an agreed-upon minimum corporate tax system in an eight-page document that couldn't have foreseen the full scope of complications that later emerged during implementation, including frictions with existing tax laws. Here, Law360 looks at four key issues that countries and multinational corporations are grappling with as Pillar Two turns three.

  • September 06, 2024

    IRS Issues 2025 Table For Premium Tax Credit Calculations

    The Internal Revenue Service published the table used to determine the 2025 premium tax credit Friday.

  • September 06, 2024

    Taxation With Representation: Debevoise, Bennett, Orrick

    In this week's Taxation With Representation, Verizon reaches a deal to absorb Frontier in a deal worth $20 billion, First Majestic agrees to buy Gatos Silver for $970 million, and Epam Systems inks a $630 million purchase of Neoris.

  • September 06, 2024

    Man Disguised Businesses To Duck Tax, US Says In $1.9M Suit

    A retired business owner who the U.S. government said removed his mailbox to avoid receiving letters from the IRS owes nearly $1.9 million in unpaid tax liabilities, some stemming from pretending to operate his companies as religious ministries, the government said in a suit in Florida federal court.

  • September 06, 2024

    Vialto Partners Member Joins Baker McKenzie As Partner

    Baker McKenzie has hired a tax partner in Washington, D.C., from Vialto Partners, a business consulting firm, the firm announced Thursday.

  • September 06, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included updated interest rates for overpayments and underpayments of tax for the fourth quarter of 2024.

  • September 05, 2024

    Unconstitutionality Of Transparency Act Clear, 11th Circ. Told

    A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.

  • September 05, 2024

    Liberty Global Urges 10th Circ. To Grant $248M Tax Credit

    The U.S. Tax Court improperly applied an Internal Revenue Code provision to some of the $2.8 billion gain from Liberty Global's sale of a Japanese entity, the telecommunications company said in urging the Tenth Circuit to overturn the resulting rejection of a $248 million tax credit.

  • September 05, 2024

    Holland & Knight Appoints Former Perkins Coie Tax Partner

    Holland & Knight LLP appointed a partner to its Portland, Oregon, office who previously served as a partner in energy tax law for Perkins Coie LLP, the firm announced.

  • September 05, 2024

    $70M Bill Came Too Late, Tax Court Says In Tossing IRS Claim

    Partners in a subscription business don't owe around $70 million in taxes as the IRS claimed because the agency notified them too late and couldn't extend the deadline by proving the partners had filed fraudulent returns, the U.S. Tax Court said in rulings Thursday.

  • September 05, 2024

    Sen. Finance Panel To Hold Hearing On Tax Policy, Avoidance

    The Senate Finance Committee will hold a hearing Sept. 12 covering the 2025 tax policy debate and tax avoidance strategies, it announced Thursday.

  • September 05, 2024

    CPAs Seek Guidance On Business Interest Expense Deduction

    The American Institute of Certified Public Accountants requested Thursday that the Internal Revenue Service and U.S. Treasury Department issue guidance clarifying that new limits on business interest expenses included in the 2017 federal tax overhaul apply after an election to capitalize interest expenses.

  • September 05, 2024

    Two Sentenced To Prison In $111M Tax Fraud Scheme

    Two members of a crime ring who admitted to participating in a $111 million tax fraud scheme involving stealing the identities of accountants and taxpayers were sentenced to prison, according to Texas federal court documents.

  • September 05, 2024

    IRS Seeks Input On Treasury Retirement Match Contributions

    The Internal Revenue Service said Thursday it is looking for comments regarding two portions of the Secure 2.0 Act of 2022 related to matching contributions paid by the U.S. Treasury Department to certain retirement savings vehicles for eligible people who make qualified contributions.

  • September 05, 2024

    Hunter Biden Pleads Guilty To Tax Charges In Surprise Move

    Hunter Biden entered a surprise guilty plea to nine criminal tax charges in California federal court on Thursday, bringing a dramatic conclusion to the case following a dizzying series of events on what was set to be the first day of his trial.

  • September 04, 2024

    Judge Chides IRS, Preparers Over $167M Refund For ID Fees

    A D.C. federal judge has declined to approve the IRS' roughly $167 million refund proposal for a putative class of tax-return preparers for charging them excessive fees for special identification numbers, saying the agency failed to address problems the preparers raised with its calculations.

  • September 04, 2024

    IRS' Economic Substance Authority Has Limits, Tax Court Told

    The U.S. Tax Court and other federal courts have the authority to conduct an initial analysis of a transaction in cases where the Internal Revenue Service is challenging the economic substance of the transaction, a manufacturers advocacy group said Wednesday in an amicus brief.

  • September 04, 2024

    Harris Floats Capital Gains Tax Hike To 28% For High Earners

    The tax on long-term capital gains would increase to 28% from 20% for taxpayers who earn $1 million or more under a proposal unveiled Wednesday by Vice President and Democratic presidential nominee Kamala Harris ahead of a campaign rally in New Hampshire.

  • September 04, 2024

    Woman Owes Taxes On Share Of Sold Biz, Tax Court Says

    A woman whose ex-husband told a bankruptcy court that he was the sole owner of a business they had started together was actually a 50% shareholder when it was sold and is liable for capital gains, the U.S. Tax Court ruled Wednesday.

  • September 04, 2024

    Tax Court OKs $465K Gambling Losses Deduction Amount

    An Indiana woman adequately proved she had more than $465,000 in substantiated gambling losses over six years, the U.S. Tax Court said Wednesday, though she failed to substantiate her claimed business losses.

Expert Analysis

  • After Chevron: Delegation Of Authority And Tax Regulators

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    The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.

  • Lawyers Can Take Action To Honor The Voting Rights Act

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    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Contract Disputes Recap: Preserving Payment Rights

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    Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • After Jarkesy, IRS Must Course-Correct On Captive Insurance

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    The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • Class Actions At The Circuit Courts: July Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers cases touching on pre- and post-conviction detainment conditions, communications with class representatives, when the American Pipe tolling doctrine stops applying to modified classes, and more.

  • Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • Reading Between The Lines Of Justices' Moore Ruling

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    The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

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