Federal
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February 04, 2025
IRS Cancels Hearing On Admin Requirements For Direct Pay
The Internal Revenue Service on Tuesday canceled a hearing scheduled for this Friday on proposed regulations related to administrative requirements for tax-exempt entities looking to take advantage of new rules enabling direct cash payment of clean energy tax credits.
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February 03, 2025
Trump Orders Plan For Creating US Sovereign Wealth Fund
President Donald Trump on Monday signed an executive order calling on the U.S. Department of the Treasury and U.S. Department of Commerce to come up with a plan to create a U.S. sovereign wealth fund and said the social media app TikTok could potentially be put in the proposed fund.
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February 03, 2025
Schumer Warns Of 'Hostile Takeover' From DOGE
Top Senate Democrats on Monday railed against access granted to Elon Musk's Department of Government Efficiency that allowed the outfit's employees to tap into the U.S. Department of Treasury's federal payment system over the weekend.
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February 03, 2025
Man Failed To Prove Biz Loss Claims, Tax Court Says
A Connecticut man failed to adequately back up his argument that he was entitled to nearly $85,000 in partnership losses tied to two businesses, the U.S. Tax Court said Monday, upholding an IRS determination that also hit him with an accuracy-related penalty.
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February 03, 2025
Senate Tees Up Vote On Trump's Pick To Lead OMB
The U.S. Senate set the stage Monday to proceed with a vote on President Donald Trump's pick to be the new chief of the Office of Management and Budget.
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February 03, 2025
DC Circ. Urged To Back IRS' Denial Of Whistleblower Award
The D.C. Circuit should affirm the IRS' rejection of a man's claim for a whistleblower award because it was filed too late and the agency never collected proceeds or took action based on the tip, the federal government argued Monday.
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February 03, 2025
IRS Defends Process For Denying Worker Credit Claims
The Internal Revenue Service defended its process for rejecting applications for pandemic-era worker tax credits that it deems too risky to pay out, telling an Arizona federal court that contrary to the claims of two companies suing the agency over denials, its response has been reasonable.
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February 03, 2025
DC Judge Joins RI In Blocking Trump Funding Freeze
A D.C. federal judge on Monday temporarily blocked the Trump administration from implementing a freeze on federal spending while a group of nonprofits sue over the move, ruling the pause appears to "suffer from infirmities of a constitutional magnitude."
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February 03, 2025
Couple Cannot Deduct IVF Surrogacy Expenses, IRS Says
A married couple who said medical problems require them to use a pregnancy surrogate to have a child may not deduct their payments for in vitro fertilization for the surrogate as their own medical expenses, the Internal Revenue Service said in a private letter ruling.
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January 31, 2025
Funding Freezes 'Commonplace,' Feds Tell DC Judge
The Trump administration is asking a D.C. federal judge to throw out a lawsuit challenging a freeze on federal spending outlined in a since-rescinded memo from the White House budget office, telling the court that the withdrawal moots the litigation.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
The Tax Angle: TCJA Renewal Cost, ACA Credits, OMB Pick
From a look at the budget impact of renewing the 2017 tax overhaul law to uncertainty surrounding the renewal of Affordable Care Act premium tax credits and the nomination of a new chief of the Office of Management and Budget, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
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January 31, 2025
Couple Can't Sue IRS Without First Paying Tax, 5th Circ. Says
A couple who claimed they overpaid their taxes and should be allowed to sue the IRS for a refund must first pay the taxes the agency says are due, the Fifth Circuit ruled Friday, saying it was bound by U.S. Supreme Court precedent.
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January 31, 2025
Akin Hires Tax Pro From Cooley In London
Akin Gump Strauss Hauer and Feld LLP announced Friday that a partner at Cooley LLP will join as a tax partner in Akin's London office later in 2025.
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February 14, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Goldstein Case Raises The Stakes For A DOJ Office In Tumult
The bombshell tax-crimes case of U.S. Supreme Court lawyer Tom Goldstein landed at a U.S. Department of Justice outpost in Maryland that has been plagued in recent years by botched cases and internal strife — pitting a beleaguered U.S. attorney against a pair of former Donald Trump attorneys itching for a fight.
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January 31, 2025
Trump Funding Freeze Blocked As Court Doubts Reversal
A Rhode Island federal judge on Friday issued a temporary restraining order barring the Trump administration from freezing spending on federal grant and aid programs, calling the move illegal and saying the issue was not mooted by a White House memo claiming the directive had been rescinded.
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January 31, 2025
Tax Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP's diverse tax practice went from strength to strength this year, from advising well-known companies like Boeing and Discover that inked multibillion-dollar deals to counseling industry leaders in shaking up their sectors, helping it earn a place among the 2024 Law360 Tax Groups of the Year.
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January 31, 2025
Taxation With Representation: Cravath, Gibson Dunn, Milbank
In this week's Taxation with Representation, Eversource Energy sells Aquarion Water Co., Diversified Energy Partners acquires oil and gas company Maverick, Lantheus Holdings buys Evergreen Theragnostics, and NASCAR champion Jimmie Johnson becomes the majority owner in the Legacy Motor Club racing team.
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January 31, 2025
6th Circ. Affirms Pot Biz Owner's $2.8M Tax Restitution
The owner of a medical marijuana dispensary who was sentenced to prison and ordered to pay $2.8 million in restitution to the IRS after being convicted of tax crimes failed to convince the Sixth Circuit that Congress lacked the power to tax his sales of the drug.
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January 31, 2025
Data Centers Blur Lines At BigLaw Firms
The rise in complex, hybrid data center deals is increasingly calling for real estate, infrastructure and private equity attorneys to work together and, in some cases, to combine their practice groups.
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January 31, 2025
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included final rules that target abusive tax avoidance by large partnerships using basis shifting, requiring partnerships to report certain transactions among related members.
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January 30, 2025
Retired Atty Says Schwab, Others Flubbed His Contributions
A retired attorney said companies that managed his individual retirement plan, including Charles Schwab and Barnes & Thornburg LLP, hampered his tax savings by incorrectly classifying his pretax retirement contributions as posttax contributions, according to a lawsuit filed in an Indiana district court.
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January 30, 2025
IRS Allowed Summonses For Records In Foreign Assets Case
A Georgia federal court gave the Internal Revenue Service the go-ahead to issue summonses for the records of a group of financial institutions that clients may have used to avoid taxes, the U.S. Department of Justice said Thursday.
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January 30, 2025
Tax Court OKs Penalty Sign-Off In $18M Easement Dispute
An IRS agent complied with a requirement that her supervisor approve tax penalties she asserted against an Alabama partnership whose nearly $18 million deduction for a conservation easement donation was rejected by the agency, the U.S. Tax Court said Thursday.
Expert Analysis
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
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.
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Congress Can And Must Enact A Supreme Court Ethics Code
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.
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What To Make Of Dueling Corporate Transparency Act Rulings
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.
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The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
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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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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How The 2025 Tax Policy Debate Will Affect The Energy Sector
Regardless of the outcome of the upcoming U.S. election, 2025 will bring a major tax policy debate that could affect the energy sector more than any other part of the economy — so stakeholders who could be affected should be engaging now to make sure they understand the stakes, say attorneys at Mayer Brown.
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This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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A Look At How De Minimis Import Rules May Soon Change
The planned implementation of executive actions focused on the de minimis rule as it applies to shipments means companies should use this interval to evaluate the potential applicability and impact of Section 301, Section 201 or Section 232 duties on their products, say attorneys at Holland & Knight.