Federal

  • July 01, 2024

    Tax Court Again Rules Against Couple On Social Security Pay

    A California couple should have included Social Security disability payments in their income on their federal tax return, the U.S. Tax Court said Monday, upholding an Internal Revenue Service determination against the couple in such a case for a second time.

  • July 01, 2024

    US-Taiwan Biz Groups Push For True Double-Tax Treaty

    Top-ranking Senate members should push for the start of consultations on a bilateral tax treaty to avoid double taxation between the U.S. and Taiwan as opposed to measures already included in a stalled larger bill, two groups focused on business relations between the countries said.

  • July 01, 2024

    Nelson Mullins Adds 9-Attorney Tax Team In Houston

    Nelson Mullins Riley & Scarborough LLP announced Monday that five partners and four other tax attorneys have joined its new Houston office from Chamberlain Hrdlicka White Williams & Aughtry, including a former Texas Supreme Court justice.

  • July 01, 2024

    Longtime IRS Trial Atty Joins Jones Day In NY

    An attorney who spent his entire career at the IRS has moved to private practice at Jones Day, the firm said on Monday.

  • July 01, 2024

    Firm Can't Cast Off $1.5M Tax Levy In Alter Ego Case

    A Baltimore law firm can't stop a $1.5 million tax levy that allowed the IRS to freeze its bank account, a Maryland federal judge ruled, saying the firm failed to prove at this point in its suit that one of its clients lacked an interest in the money.

  • July 01, 2024

    IRS Floats Taking Tax Payments Directly By Credit Card

    Taxpayers using credit cards could sidestep third-party payment processors and make tax payments directly to the IRS under regulations the agency proposed Monday that align with the Taxpayer First Act.

  • July 01, 2024

    IRS Regs Would Tax Overpayment Interest On COVID Credits

    Businesses, tax-exempt groups and some governmental entities could be taxed on overpayment interest received for erroneous refunds of pandemic relief tax credits under proposed Internal Revenue Service regulations released Monday.

  • July 01, 2024

    Top 3 Federal Tax Policies Of 2024: Midyear Report

    Despite an energetic start of the year with the House's overwhelming passage of a bipartisan tax package negotiated between the chairs of the House and Senate's tax-writing committees, tax policy discussions in Congress have slowed down in the months since. Here, Law360 looks at the most consequential developments in federal tax policy from the first half of 2024.

  • July 01, 2024

    Supreme Court Widens Window To Challenge Federal Regs

    Legal challenges to federal regulations can be brought outside the normal statute of limitations if someone isn't adversely affected until after the six-year window of time to file suit, the U.S. Supreme Court ruled Monday.

  • June 28, 2024

    Chevron's End Is Just The Start For Energized Agency Foes

    By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.

  • June 28, 2024

    In Chevron Case, Justices Trade One Unknown For Another

    The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in challenges of government policies, but lawyers warn it raises new questions over what rules courts must follow and how judges will implement them.

  • June 28, 2024

    The Tax Angle: IRS Budget Vote, TCJA's Racial Impact

    From a look at an upcoming vote on IRS funding for fiscal 2025 to an analysis of GOP claims that tax incentives in the 2017 Tax Cuts and Jobs Act benefited Black Americans, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • June 28, 2024

    IRS Finalizes Broker Rules For Digital Asset Sales

    Brokers of digital assets such as cryptocurrency and non-fungible tokens will face tax reporting requirements for the first time similar to those for brokers of securities and other financial instruments under final regulations issued Friday by the Internal Revenue Service.

  • June 28, 2024

    Final Rules Exempt REITs From Stock Buyback Tax

    Real estate investment trusts and regulated investment companies may be able to avoid the stock buyback tax but would still be required to keep records under final regulations on reporting and paying the tax released by Treasury and the IRS Friday.

  • June 28, 2024

    IRS Plans To Quickly Finalize Partnership Basis-Shifting Regs

    The IRS is moving quickly to finalize partnership rules that target abusive tax avoidance using basis shifting within related partnerships, the agency's top attorney said Friday, asking practitioners to weigh in on the rulemaking so enforcement can properly target the problematic transactions.

  • June 28, 2024

    IRS Improves Availability But Can Do More, TIGTA Says

    The Internal Revenue Service has improved the accessibility and availability of customer services in underserved, underrepresented and rural communities, but it could do more to expand into other geographic areas, the Treasury Inspector General for Tax Administration said Friday.

  • June 28, 2024

    IRS Whistleblower Office Overhaul In Process, Chief Says

    The Internal Revenue Service is working through initiatives to improve its whistleblower program that were laid out in the agency's strategic operating plan, including improving systems and processes and drastically increasing staffing, the director of the agency's Whistleblower Office said Friday.

  • June 28, 2024

    NY Law Firm Botched Gas Co. Sale, Ex-Client Says

    Albany, New York-based Whiteman Osterman & Hanna LLP is facing a lawsuit in New York federal court alleging it failed to properly structure the sale of a gas company and caused its owner to incur an avoidable tax liability.

  • June 28, 2024

    IRS Reminds Marijuana Businesses They Can't Get Tax Breaks

    The Internal Revenue Service sought to remind taxpayers Friday that businesses selling marijuana, even in states where it's legal, are not entitled to federal tax deductions, saying some taxpayers are filing invalid claims for refunds through amended returns.

  • June 28, 2024

    Chevron Ruling No Sea Change For Tax Court, Judge Says

    The U.S. Tax Court will continue to rely on the IRS and Treasury's expertise in the tax code following the U.S. Supreme Court's landmark decision to overturn the 40-year-old Chevron doctrine that directed courts to defer to federal agencies' interpretations of ambiguous law, a judge said Friday.

  • June 28, 2024

    Spouse's Prenup Payments Count As Income, IRS Says

    Support payments to a taxpayer from a former spouse made before they officially divorce constitute alimony and should be included in the taxpayer's gross income, the Internal Revenue Service said in a private letter ruling released Friday.

  • June 28, 2024

    IRS Revokes Variable Annuity Ruling From 2014

    The IRS revoked part of a 2014 private letter ruling regarding an annuity option with variable payments that a taxpayer had planned to offer, saying in a ruling released Friday that it no longer agreed with its former position.

  • June 28, 2024

    Taxation With Representation: Kirkland, Vinson, Skadden

    In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.

  • June 28, 2024

    Estate Owes $4.9M For Son-Of-Boss Scheme, US Says

    An estate owes $4.9 million in tax liabilities for a couple's scheme to artificially cancel out their capital gains, the federal government said in a complaint in Michigan federal court, arguing that the Son-of-Boss scheme constitutes fraud and its proceeds aren't entitled to bankruptcy protection.

  • June 28, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included an extension of the penalty relief for entities that fail to make estimated quarterly payments of the corporate alternative minimum tax.

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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