Federal

  • July 23, 2024

    IRS Makes Corrections To 2 Proposed Regulations

    The Internal Revenue Service issued a handful of corrections Tuesday to two notices of proposed rulemaking, one regarding certain partnership related-party basis adjustment transactions and the other interest capitalization requirements for improvements to designated property.

  • July 22, 2024

    3 Policies Tax Pros Want Congress To Pass This Year

    As momentum around the House-passed tax break bill has fizzled and election season ramps up, tax experts hope lawmakers use what little time they have left to extend expired research tax breaks, approve the Taiwanese tax agreement and pass disaster relief before the end of the year. Here are three policy changes tax professionals think Congress should make before the end of the year.

  • July 22, 2024

    CPAs Back Bill To Apply Mailbox Rule To Electronic Returns

    The American Institute of Certified Public Accountants said Monday that it endorsed a congressional proposal that would apply what is known as the mailbox rule to electronically submitted tax returns and shift the deadlines for estimated tax payments to intervals that are actually quarterly.

  • July 22, 2024

    US Treasury Working To Extend Pillar 1 DST Compromise

    As OECD-led negotiations continue on a taxing rights overhaul known as Pillar One after a missed June deadline, the U.S. Treasury Department is working to extend the political agreement between it and several countries to nullify their digital services taxes once the rights overhaul is implemented.

  • July 22, 2024

    Pension Plans Slam Biz Docs In $2B Danish Tax Fraud Case

    Denmark's tax agency has produced experts who are relying on unauthenticated documents in litigation accusing U.S. pension plans of participating in a $2.1 billion fraud scheme, the pension plans claimed in urging a New York federal court to exclude the testimony.

  • July 22, 2024

    11th Circ. Denies Rehearing On Social Security Garnishment

    The Eleventh Circuit on Monday turned down a Florida woman's request to reconsider its rejection of her challenge to the Internal Revenue Service's garnishment of her Social Security payments.

  • July 22, 2024

    Werfel Wants IRS to Help Eligible EITC Nonclaimaints

    The Internal Revenue Service needs to do more to help people who are eligible for the earned income tax credit but don't claim it, Daniel Werfel, the agency's commissioner, said Monday.

  • July 22, 2024

    IRS Delays Tax Deadlines For Texans Affected By Hurricane

    Certain Texas taxpayers affected by Hurricane Beryl, which hit the state this month, will have until a delayed deadline of Feb. 3 to file individual and business tax returns and make payments, the Internal Revenue Service said Monday.

  • July 22, 2024

    Kyocera Failed To Back R&D Credits With Records, US Says

    Multinational electronics maker Kyocera AVX Components Corp. failed to back up its claim to research tax credits with the required paperwork, the U.S. government told a South Carolina federal court in asking it to stop part of the company's nearly $9 million refund suit from going to trial.

  • July 19, 2024

    House Panel To Weigh EV Credit Restrictions, IRS' Use Of AI

    The House Rules Committee will consider amendments Monday to a fiscal 2025 funding bill that would give the IRS $10.1 billion, sorting through divergent priorities of lawmakers from integrating artificial intelligence into agency operations to restricting tax credits for electric vehicles and helping seniors file tax returns.

  • July 19, 2024

    Partnership Protests IRS' Reasons For $84M Deduction Denial

    The Internal Revenue Service wrongly denied a partnership's charitable contribution deduction of nearly $84 million for a donated conservation easement for reasons including the partnership failing to demonstrate it made the contribution, the partnership's representative told the U.S. Tax Court.

  • July 19, 2024

    Cox Owner's Estate Claims IRS Miscalculated $46M Tax Bill

    The estate of an owner of the Cox Enterprises media empire challenged a $46 million tax bill from the Internal Revenue Service, telling the U.S. Tax Court that the agency erroneously calculated the tax by inflating the value of the company's stock by about $20 per share.

  • July 19, 2024

    Attorney Denied Separate Trial In $2.1B Danish Tax Fraud

    An attorney facing trial alongside his clients for alleged ties to a $2.1 billion Danish tax fraud has been denied a separate hearing by a New York federal court, which remained unconvinced that his co-workers' advice to the clients could rebound on him prejudicially in a joint trial.

  • July 19, 2024

    Taxation With Representation: A&O Shearman, Gibson Dunn

    In this week's Taxation With Representation, Cleveland-Cliffs Inc. buys Stelco Holdings Inc., KBR acquires LinQuest Corp., Blue Owl Capital Inc. purchases Atalaya Capital Management LP, and Amphenol Corp. buys two mobile networks units from CommScope.

  • July 19, 2024

    Chippewa Lawyer Not Exempt From Taxes, 8th Circ. Says

    The Eighth Circuit said Friday that an attorney who belongs to the Minnesota Chippewa Tribe is not exempt from federal taxes on his self-employment income, saying no treaty or statute specifically allows Native Americans to skirt the tax.

  • July 19, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included the finalized rules that curb the conservation easement tax deduction claimed by certain partnerships.

  • July 18, 2024

    Hunter Biden Wants Charges Tossed After Trump Docs Ruling

    Hunter Biden on Thursday asked federal judges in Delaware and California to throw out his conviction on felony gun charges and to toss other charges of tax evasion, citing a Florida federal judge's order disqualifying the special prosecutor in Donald Trump's classified documents case.

  • July 18, 2024

    Treasury Starting To Address Amount B, Official Says

    The U.S. Department of the Treasury is just starting to decide how to handle a transfer pricing regime under a prong of the OECD-led global tax overhaul, a Treasury official said Thursday.

  • July 18, 2024

    Bank Exec's Tax Tip Case Wrongly Axed, Estate Tells DC Circ.

    The estate of a Dutch bank executive asked the D.C. Circuit to overturn a U.S. Tax Court decision denying him a whistleblower award for reporting on tax avoidance schemes, saying the lower court improperly relied on proposed regulations from the Internal Revenue Service.

  • July 18, 2024

    New IRS Easement Settlements Put Tax Pros In A Pickle

    The IRS' new settlement program for partnerships that participated in conservation easements that haven't yet ended up in court comes with terms far sweeter than past offers, making it difficult for practitioners to advise clients to take the deal or wait for a better one.

  • July 18, 2024

    Tax Pros Say Gov'ts Stretching 'Realistic Alternative' Analysis

    Tax authorities including the Internal Revenue Service are overstepping in their use of "realistic alternative" arguments, substituting their own judgment for that of businesses, transfer pricing specialists said Thursday.

  • July 18, 2024

    Tax Court Affirms IRS Whistleblower Award Computation

    The Internal Revenue Service's Whistleblower Office did not abuse its discretion when it set an award at 22% of collected proceeds even though other awards tied to related claims were set at 30%, the U.S. Tax Court said Thursday.

  • July 18, 2024

    Ex-Venable Trusts And Estates Partner Joins Stradling In LA

    Stradling Yocca Carlson & Rauth PC announced that it launched a trusts and estates practice with the hiring of an experienced Los Angeles-based partner from Venable LLP.

  • July 18, 2024

    Most Top US Cos. To Report Tax Under Aussie Bill, Study Says

    Australia's Senate is expected to consider adoption next month of the world's most extensive public country-by-country reporting rules, which would require 51% of large U.S. multinational corporations to disclose tax arrangements retroactively from July 1, according to a study published Thursday.

  • July 18, 2024

    Final IRS Rules Require Beneficiaries To Take Distributions

    Beneficiaries of retirement account owners who died after starting to take distributions must continue taking the distributions annually, the Internal Revenue Service said Thursday in final regulations on required minimum distributions that rejected feedback saying the requirement was overly complex.

Expert Analysis

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

  • 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.

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