Federal

  • November 19, 2024

    Group Of Local Gov'ts Asks For Clarity On Energy Credits

    A coalition of local government agencies called on the U.S. Treasury Department and the IRS in a letter released Tuesday to clarify that tax-exempt entities undertaking projects that qualify for certain energy credits are able to choose elective payments for certain costs.

  • November 19, 2024

    'Survivor' Winner Needs To Pay $3.3M Tax Bill, Judge Advises

    The winner of the "Survivor" television series who evaded taxes on his $1 million in prize money and served time in prison should pay $3.3 million of his civil liabilities, including fraud penalties, a federal magistrate judge said.

  • November 19, 2024

    Payments To Ex-Wife Clearly Tax-Deductible, 11th Circ. Told

    A Georgia man claiming payments he must make to his ex-wife as part of a marital settlement are alimony and therefore tax-deductible reaffirmed his argument to the Eleventh Circuit, saying the court can clearly answer two questions in his favor.

  • November 19, 2024

    Liberty Global Tax Break Based On Void Moves, 10th Circ. Told

    The economic substance doctrine is broad and can invalidate telecommunications company Liberty Global's transaction that led to a $2.4 billion deduction because steps taken to maximize the tax break lacked business purpose, a government attorney told the Tenth Circuit on Tuesday.

  • November 19, 2024

    IRS Can Extend Deadline Over Preparer's Fraud, 3rd Circ. Told

    The Third Circuit should affirm a U.S. Tax Court ruling allowing the Internal Revenue Service to skirt the normal deadlines and assess taxes going back to 1993 against a couple who were unaware that their tax preparer had falsified their returns to lower their liabilities, the government said.

  • November 19, 2024

    Treasury Finalizes Partnership Tax Credit 'Direct Pay' Regs

    The U.S. Treasury Department finalized regulations Tuesday to make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.

  • November 18, 2024

    Tax Court Won't Reverse On Foreign Reporting Penalties

    The U.S. Tax Court affirmed Monday its position that the IRS lacks authority to assess certain foreign information reporting penalties, denying the agency's request to reverse a ruling that let a Missouri businessowner off the hook for $120,000.

  • November 18, 2024

    Nursing Home Owner Pleads Guilty A 2nd Time To Tax Fraud

    A nursing home operator pled guilty for the second time in Newark federal court on Monday to a $38.9 million employment tax fraud scheme involving care centers he owned across the country.

  • November 18, 2024

    Countries Eye Certain Tax Credits To Get Leg Up Under Pillar 2

    The international minimum tax agreement known as Pillar Two is changing how countries compete for corporate investment, in part by prompting some governments to retool their tax credit systems in ways that could edge out jurisdictions with fewer resources.

  • November 18, 2024

    IRS Must Speed Up Adoption Of AI Governance, TIGTA Says

    The Internal Revenue Service has nearly 70 artificial intelligence tools in use or in development, but the agency needs speed up its development of governance procedures to make sure AI is being used safely and securely, the Treasury Inspector General for Tax Administration said Monday. 

  • November 18, 2024

    IRS Sinks Arizona's Challenge To Federal Tax On Rebates

    A federal judge dismissed Arizona's challenge to the Internal Revenue Service's position that rebates the state paid to taxpayers with dependents in 2023 were subject to federal tax, saying the state lacked standing to bring the case.

  • November 18, 2024

    Stradley Ronon Adds Tax Pro From Perkins Coie In Chicago

    Pennsylvania-based firm Stradley Ronon Stevens & Young LLP has added a tax partner to its Chicago office who spent more than two decades with Perkins Coie LLP, the firm announced Monday.

  • November 18, 2024

    6th Circ. Pauses IRS Summons For Eaton Worker Docs

    The Sixth Circuit said Eaton Corp. doesn't have to comply with an IRS demand to produce performance reviews for its foreign employees until the appellate court decides whether to overturn a decision that the agency's transfer pricing investigation of the multinational power management company outweighed worker privacy concerns.

  • November 18, 2024

    Tobacco Co. Asks Justices To Review Ore. Out-Of-State Tax

    Actions in Oregon by the wholesale customers of an out-of-state tobacco company do not invalidate the protections in federal law against state taxation, the company told the U.S. Supreme Court, seeking review of an Oregon Supreme Court decision.

  • November 18, 2024

    Loan Provider Owed $34M In Retention Credits, Court Told

    A mortgage loan company based in New York asked a federal court to award it more than $34 million in pandemic-era employee retention tax credits, saying the Internal Revenue Service has failed to respond to three separate claims for the credits.

  • November 18, 2024

    Intuit's GC-Turned-People Chief Sees Comp Reach $15.8M

    An executive who helps oversee financial software company Intuit's workforce and formerly served as its general counsel earned roughly $15.8 million in compensation for fiscal year 2024, most of that from stock awards, a public filing says.

  • November 18, 2024

    Allen Matkins Adds Stradley Ronon Tax Co-Chair In NY

    Allen Matkins Leck Gamble Mallory & Natsis LLP has continued growing its New York office with the addition of the co-chair of Stradley Ronon Stevens & Young LLP's tax department, the firm said Monday.

  • November 18, 2024

    11th Circ. Shelves Peanut Truck Co.'s Excise Tax Refund

    The Eleventh Circuit has overturned a decision awarding an excise tax refund to a manufacturer for selling wagons that dry and carry peanuts, saying the refund is reserved for vehicles that are specially designed for off-highway transportation — a test the peanut wagons failed.

  • November 18, 2024

    Tax Interest Rates To Drop In First Quarter Of 2025

    The Internal Revenue Service's interest rates for overpayments and underpayments of tax will drop in the first quarter of 2025, the agency said Monday.

  • November 15, 2024

    The Tax Angle: TCJA Debate, S Corp. Compliance

    From a look at congressional lawmakers ramping up their debate over the expiration of the GOP's 2017 tax overhaul law to the IRS' plans to provide more oversight for pass-through businesses and S corporations, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • November 15, 2024

    Poor Counsel Led To Unjust Tax Convictions, Justices Told

    A North Carolina actuary asked the U.S. Supreme Court to review a Fourth Circuit decision denying his bid to reverse his 2016 tax fraud convictions, saying the ruling was based on bad decisions made by his then-trial counsel.

  • November 15, 2024

    Man Gets 6 Years For Tax Evasion With Watches, Casino Chips

    A former New Jersey businessman was sentenced to more than six years in prison and ordered to pay roughly $10.3 million in restitution to the Internal Revenue Service after being convicted of evading taxes using ploys involving luxury watches and casino chips.

  • November 15, 2024

    Hedge Fund Group Urges Trump To Reject 'Punitive' Policies

    A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.

  • November 15, 2024

    Fla. Health Co. Owner Pleads Guilty In $11M Payroll Tax Case

    A Florida healthcare business owner who caused a tax loss to the IRS of nearly $11 million pled guilty in a Miami federal court to failing to pay employment taxes and not filing his income tax returns, the U.S. Department of Justice said Friday.

  • November 15, 2024

    Applicable Federal Rates Set To Increase In Dec.

    Applicable federal rates for income tax purposes will increase across the board in December, reversing a decline spanning months, the Internal Revenue Service said Friday.

Expert Analysis

  • How Attorneys Can Break Free From Career Enmeshment

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    Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.

  • Ex-Chicago Politician's Case May Further Curb Fraud Theories

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    The U.S. Supreme Court recently agreed to hear Thompson v. U.S. to determine whether a statement that is misleading but not false still violates federal law, potentially heralding the court’s largest check yet on prosecutors’ expansive fraud theories, with significant implications for sentencing, say attorneys at the Law Offices of Alan Ellis.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.

  • Judicial Committee Best Venue For Litigation Funding Rules

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    The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.

  • The Strategic Advantages Of Appointing A Law Firm CEO

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    The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.

  • Tariffs' Economic Downsides Outweigh Potential Revenue

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    Import tariffs proposed by the campaign of former president Donald Trump would generate revenue like other taxes, but policymakers must consider the net-negative impact of associated consumer and downstream-industry costs, harm to exporters, potential foreign retaliation and reduction in economic output, says Erica York at the Tax Foundation.

  • Navigating The Last Leg Of The Worker Retention Tax Credit

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    Whether a business has applied for the pandemic-era employee retention tax credit, received a denial letter or is still considering making a claim before the April 15 deadline, it should examine recent developments significantly affecting the program before planning next steps, say attorneys at Nixon Peabody.

  • How Cos. Can Build A Strong In-House Pro Bono Program

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    During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.

  • Home Canning Makes Me A Better Lawyer

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    Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.

  • Use The Right Kind Of Feedback To Help Gen Z Attorneys

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    Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.

  • Congress Can And Must Enact A Supreme Court Ethics Code

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    As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.

  • What To Make Of Dueling Corporate Transparency Act Rulings

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    Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.

  • The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan

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    Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.

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