Federal
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August 14, 2024
Medical Device Maker Pleads Guilty To $2.4M Tax Evasion
A man who made millions of dollars on medical devices and sold one purporting to eradicate viruses by using sound waves pled guilty to evading $2.4 million in taxes in a trust scheme involving his girlfriend, according to Florida federal court documents.
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August 14, 2024
DC Tax Relief Can Aid Office Projects, But It's No 'Silver Bullet'
While tax relief programs may help a handful of office conversion projects in Washington, D.C., and make financial sense, much more needs to happen to bring the city's struggling downtown back to life again, real estate experts say.
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August 13, 2024
Hunter Biden Says Corruption Claims Don't Belong In Tax Trial
Hunter Biden has urged a California federal judge to bar a jury weighing his tax charges from hearing any allegations of corruption regarding foreign sources of income for fear it would "insinuate extraneous, politically charged matters" into the trial.
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August 13, 2024
Gov't Seeks To Use Liens To Nab Decades-Old $2.8M Tax Debt
A businessman and his trust face the prospect of losing a New York property as the Internal Revenue Service asked a federal court to set aside conveyances to him of property with IRS tax liens and collect on a $2.8 million tax debt.
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August 13, 2024
Walz Backed Tax Hikes Funding Plans For Children, Families
As Minnesota's governor, Democrat Tim Walz, now the presumed vice presidential nominee of his party, separated himself from most other governors by signing into law numerous tax increases funding progressive priorities such as a paid family leave plan and the nation's largest child tax credit.
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August 13, 2024
Partnerships' Easement Fight Ends As Gov't Drops IRS Notice
An Alabama federal judge dismissed a complaint by dozens of partnerships claiming they shouldn't have to comply with an IRS notice regarding conservation easement transactions, following an Eleventh Circuit ruling upholding the notice as invalid and the government's agreement not to enforce it.
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August 13, 2024
IRS Delays Tax Deadlines In Vermont After Hurricane Debby
Taxpayers in Vermont will be given until Feb. 3 to file individual and business tax returns and make payments after the state was hit by Hurricane Debby, the Internal Revenue Service said Tuesday.
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August 13, 2024
Tax Court Nixes Loss Deduction, But Owners Owe No Penalty
The Internal Revenue Service was right to determine a business created to provide guidance to real estate owners and investors couldn't claim loss deductions because its business had not actually started, the Tax Court said Tuesday, but the owners are not liable for an accuracy-related penalty.
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August 13, 2024
IRS Wrongly Denied Tomato Cos. Deductions, 9th Circ. Told
Two companies that supply 40% of the United States' tomato paste and diced tomatoes told the Ninth Circuit that the U.S. Tax Court erred in keeping the companies from deducting the costs of restoring their production facilities before the actual restoration occurs.
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August 13, 2024
Firm Asks Court To Reconsider $1.5M Freeze In Tax Dispute
A Baltimore law firm that sued the IRS for freezing $1.5 million in its operating account to satisfy a client's tax debts told a Maryland federal court it was "dead wrong" in denying the firm's request to release the money without going to trial.
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August 13, 2024
Tax Court Design Violates US Law, Widow Tells 11th Circ.
The widow of a grocery store butcher fighting a tax liability upheld by the U.S. Tax Court has told the Eleventh Circuit that the decision should be sent back for reconsideration, arguing that a provision restricting the president's power to remove Tax Court judges is unconstitutional.
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August 13, 2024
IRS Announces Sept. Meeting On Advisory Council Report
The Internal Revenue Service's Advisory Council will hold a public meeting on Sept. 5 to discuss a future report from the council, the agency announced Tuesday.
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August 12, 2024
Accused Accounting Prof Is No Tax Expert, NJ Jury Told
New Jersey federal jurors were urged Monday to keep one word at the front of their minds as they listen to the government present its case against an accounting professor accused of failing to report $3.3 million in income from a pharmacy he co-owned with his wife: willful.
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August 12, 2024
Tax Court Tosses Deficiency Challenge Over Validity
The U.S. Tax Court cannot rule on a man's challenge to an Internal Revenue Service deficiency notice because the agency failed to show it correctly mailed the notice, rendering it invalid, and the case must be dismissed, the court said Monday.
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August 12, 2024
UN Eyes Two Early Changes For Tax Pact In Latest Draft
Diplomats would draft two legally binding protocols under the United Nations framework convention on international tax cooperation while creating the convention itself under the latest draft guidance for negotiators after they select from a shortlist of possible topics, including the digital economy and wealth taxation.
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August 12, 2024
IRS Lacks Broad Plan To Replace Old IT Systems, TIGTA Says
The Internal Revenue Service lacks an agency-wide program to identify and then update, replace or retire legacy information technology systems, the Treasury Inspector General for Tax Administration reported Monday.
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August 12, 2024
FedEx Misreads Chevron Ruling In $85M Tax Dispute, US Says
FedEx wrongly believes the recent U.S. Supreme Court decision overturning the Chevron doctrine precludes the U.S. Treasury Department from promulgating regulations to stop tax cheats and prevent FedEx from claiming $84.6 million in tax credits, the U.S. government told a Tennessee federal court.
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August 12, 2024
Judge OKs IRS To Review Bank Docs Of Exec In Bitcoin Probe
The Internal Revenue Service can review the sequestered bank records of a cryptocurrency executive charged in a 2020 bitcoin fraud investigation, a Texas federal judge ruled, finding the agency had properly notified the executive and his company of summonses it had issued to their banks.
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August 12, 2024
Transparency Act Snowball Fears A 'Mirage,' Treasury Says
The U.S. Department of the Treasury is seeking to quell fears that the Corporate Transparency Act's disclosure requirements could set the stage for more invasive government data collection in a brief asking a Michigan federal judge to uphold the law as constitutional.
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August 12, 2024
IRS Extends Tax Deadlines For Minn. Storm Victims
Minnesota taxpayers affected by severe storms and flooding have until February to file tax returns and make payments, the Internal Revenue Service said Monday.
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August 12, 2024
2 Experts OK'd For Danish Tax Agency In $2.1B Fraud Case
Two experts will be allowed to testify in support of a suit by Denmark's tax agency accusing U.S. pension plans of participating in a $2.1 billion tax refund fraud scheme, a New York federal district court said, overruling the pension plans' objections.
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August 12, 2024
'Survivor' Winner Is True Owner In Property Dispute, US Says
The winner of the first "Survivor" television season is the true owner of disputed property that should be sold to pay down his $3.3 million in tax liabilities, the government told a Rhode Island federal court, rejecting claims that his sister is the owner.
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August 10, 2024
Kyocera Targets Treasury TCJA Reg, Seeking $7M Tax Refund
The Treasury Department acted outside its bounds by issuing a regulation changing the effective date of the 2017 tax overhaul, electronics maker Kyocera argued as it urged a South Carolina federal court to void the regulation and approve the company's claim for $7 million tax refund.
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August 09, 2024
6th Circ. Partially Revives Crypto IRS Reporting Challenge
The Sixth Circuit issued a mixed ruling Friday in a suit brought by a group of cryptocurrency users challenging the IRS' pending mandate to report large crypto transactions, reversing the dismissal of the suit's Fourth and First Amendment violation claims but affirming that some of the case's claims are not ripe.
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August 09, 2024
3rd Circ. Kicks $1M Case To Tax Court Over IRS Violation
The Third Circuit sent a man's protest of a lien seeking over $1 million in unpaid employee payroll taxes back to the U.S. Tax Court on Friday because the IRS violated an automatic stay on the proceedings triggered by a bankruptcy proceeding.
![FILE - The Treasury Building is viewed in Washington, May 4, 2021. The Treasury Department says it's sanctioning a group of companies and people linked to illegal fishing operations and human rights abuses in Chinese waters. (AP Photo/Patrick Semansky, File)](https://assets.law360news.com/1869000/1869295/257d98567082d9005e4b317583b9ca97350724aa-us_china_sanctions_22294.jpg)
Treasury's Loss Rules Take Broad Approach To Min. Tax Deal
The U.S. Treasury Department recently dashed the hopes of multinational corporations seeking regulations that would have carved out an international minimum tax agreement from interacting with long-standing domestic rules aimed at preventing companies from using the same economic loss twice.
![UNITED STATES - AUGUST 6: Vice President Kamala Harris, Democratic nominee for president, and her running mate Minnesota Gov. Tim Walz, address a rally to kick off their campaign at the Liacouras Center in Philadelphia, Pa., on Tuesday, August 6, 2024. (Tom Williams/CQ Roll Call via AP Images)](https://assets.law360news.com/1869000/1869089/db480803427bac8b01c4461c8292c8af5ed5544d-harris_walz_philadelphia_rally_72864.jpg)
Past Tax Ideas Offer Insight Into A Harris-Walz Presidency
An analysis of tax proposals previously put forth by Vice President Kamala Harris and Minnesota Gov. Tim Walz, the Democrats' presumptive nominees for president and vice president, indicates they could pursue a tax agenda geared toward providing tax relief to middle- and lower-income Americans.
![FILE - A sign for the Internal Revenue Service building in Washington, May 4, 2021. The IRS plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade, the U.S Treasury says.(AP Photo/Patrick Semansky, File)](https://assets.law360news.com/1868000/1868414/4ae6ee5a45844d35a4f93df68248262757115782-irs_tax_loophole_09842.jpg)
Partnership Clarity Expected In First Offshore Profits Rules
Tax attorneys anticipate answers to several questions about how partnerships should properly track, report and attribute foreign income previously taxed in the U.S. when the first round of long-awaited proposed rules is published.
Featured Stories
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Walz Backed Tax Hikes Funding Plans For Children, Families
As Minnesota's governor, Democrat Tim Walz, now the presumed vice presidential nominee of his party, separated himself from most other governors by signing into law numerous tax increases funding progressive priorities such as a paid family leave plan and the nation's largest child tax credit.
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Treasury's Loss Rules Take Broad Approach To Min. Tax Deal
The U.S. Treasury Department recently dashed the hopes of multinational corporations seeking regulations that would have carved out an international minimum tax agreement from interacting with long-standing domestic rules aimed at preventing companies from using the same economic loss twice.
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Past Tax Ideas Offer Insight Into A Harris-Walz Presidency
An analysis of tax proposals previously put forth by Vice President Kamala Harris and Minnesota Gov. Tim Walz, the Democrats' presumptive nominees for president and vice president, indicates they could pursue a tax agenda geared toward providing tax relief to middle- and lower-income Americans.
Expert Analysis
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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A Guide To Long-Term, Part-Time Employee Determinations
With final regulations under the Secure Act requiring 401(k) retirement benefits for long-term, part-time employees expected soon, Amy Sheridan and David Guadagnoli at Sullivan & Worcester look at how the proposed rules would shift the risk-reward calculus on excluding categories of employees, and what plan sponsors would need to consider when designing retirement plans.
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After Chevron: Delegation Of Authority And Tax Regulators
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.
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Lawyers Can Take Action To Honor The Voting Rights Act
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.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
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.
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Rock Climbing Makes Me A Better Lawyer
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.
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Contract Disputes Recap: Preserving Payment Rights
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.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
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.
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After Jarkesy, IRS Must Course-Correct On Captive Insurance
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.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
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.