Federal

  • September 25, 2024

    Accountant Used Fake Tax Docs For Mortgage, Feds Say

    A managing director at consulting firm Alvarez & Marsal was charged in D.C. federal court with failing to file his personal tax returns for over a decade and falsifying tax documents as part of a mortgage application.

  • September 25, 2024

    Harris Proposes Tax Credits For Domestic Manufacturing

    Vice President Kamala Harris, the Democratic nominee for president, announced a proposal Wednesday that would offer tax credits to boost investment and job creation in manufacturing, energy and agriculture.

  • September 25, 2024

    2 Senate Dems Ask IRS For Faster Worker Credit Payments

    The Internal Revenue Service should speed up payments of employee retention credit claims and prioritize paying low-risk credits to taxpayers that are struggling financially, two Democratic senators told the agency's commissioner.

  • September 25, 2024

    IRS Must Improve Seizure Procedure Compliance, TIGTA Says

    While a review of over 70 cases in which Internal Revenue Service field officers conducted seizures found the employees largely adhered to standard procedures, three cases where they did not highlight areas where the agency could improve its compliance, the Treasury Inspector General for Tax Administration said Wednesday.

  • September 25, 2024

    Julie Chrisley Gets No Slack In Resentencing From Ga. Judge

    Julie Chrisley, the former real estate mogul and reality TV star who was convicted of running a yearslong bank fraud scheme with her husband, Todd, was resentenced Wednesday by a Georgia federal judge to the same seven-year prison term she first received nearly two years ago.

  • September 25, 2024

    Expect More R&D Guidance Before Regs, IRS Atty Says

    The Internal Revenue Service plans to release more guidance governing the tax treatment of research and development expenses before it formally issues proposed regulations that implement the 2017 federal tax law's changes to the incentive, an agency attorney said Wednesday.

  • September 25, 2024

    House Bill Proposes Tax Incentive For Efficient Vehicles

    Buyers of new vehicles with higher-than-average energy performance would be entitled to a tax credit of up to $5,000 under a bill introduced in the U.S. House of Representatives.

  • September 25, 2024

    Direct File Needs Security, Testing Improvements, TIGTA Says

    While the deployment of the Internal Revenue Service's pilot of its free online Direct File program was largely successful, the agency must address some security lapses and testing deficiencies, the Treasury Inspector General for Tax Administration said Wednesday.

  • September 25, 2024

    Basis-Shifting Regs May Add Accounting Fixes, IRS Atty Says

    The Internal Revenue Service may include in upcoming proposed regulations a solution for partnership basis-shifting for taxpayers that want to adjust accounting methods so prior transactions can be compliant with economic substance laws, an agency attorney said Wednesday.

  • September 25, 2024

    Wyden Calls On 2025 Tax Bill To Include Partnership Reform

    Lawmakers should consider next year how to revise partnership tax laws to better collect on large businesses' income without harming smaller entities as Congress debates over how to address expiring tax provisions, Senate Finance Committee Chairman Ron Wyden said Wednesday.

  • September 25, 2024

    House Bill Proposes Housing Incentive For Disabled Veterans

    A bill introduced in the U.S. House of Representatives would exclude veteran disability benefits from the income calculation for the low-income housing tax credit.

  • September 25, 2024

    Chicago School Contractor Loses Energy Efficiency Tax Break

    The owner of a Chicago-based electrical contracting company isn't entitled to an over $459,000 tax refund for upgrading Chicago Public Schools buildings with energy-efficient lighting because his company didn't design the systems, only installed them, an Illinois federal judge ruled.

  • September 25, 2024

    Puerto Rico Seeking Input On Implementing Global Min. Tax

    Puerto Rico's Department of the Treasury is looking for public comments regarding possible implementation of the Organization for Economic Cooperation and Development's 15% global corporate minimum tax on large multinational entities.

  • September 24, 2024

    1st Circ. Affirms Tossing Of IRS Crypto Doc Seizure Case

    A New Hampshire federal court correctly dismissed a bitcoin investor's claim that the IRS violated his privacy and property rights when it seized his records from the cryptocurrency exchange Coinbase, the First Circuit ruled Tuesday, agreeing that he lacked a reasonable expectation that his account information would be kept private.

  • September 24, 2024

    Estate's Value Shouldn't Be Increased, Tax Court Says

    The estate of a Maryland doctor who died in a car accident does not have to increase its taxable value by more than $19 million to account for the proceeds of two life insurance policies held by a family trust, the U.S. Tax Court ruled Tuesday.

  • September 24, 2024

    Halliburton Tardy In Contesting $35M Deduction, US Says

    A Halliburton Co. lawsuit claiming a deduction for a $35 million payoff to a foreign country must be dismissed because the company waited too long to start its action, the U.S. told a Texas federal court.

  • September 24, 2024

    IRS Received $226K In Prohibited Levy Payments In 2023

    The Internal Revenue Service collected more than $226,000 in levy payments in the 2023 fiscal year in collection due process cases that involved prohibited levies, but affected taxpayers were made whole, according to a watchdog report released Tuesday.

  • September 24, 2024

    IRS Largely Complies With Levy Requirements, TIGTA Says

    A review of more than 48,000 levies issued by IRS field collection officers from July 2022 through June 2023 found that they were mostly compliant with both legal and administrative requirements, but the Treasury Inspector General for Tax Administration identified over 1,900 instances of noncompliance, it said Tuesday.

  • September 24, 2024

    Digital Asset Rules Coming By Year's End, Treasury Atty Says

    The U.S. Treasury Department and the Internal Revenue Service intend to release rules "later this year" on additional reporting requirements for brokers of digital assets such as cryptocurrency and nonfungible tokens, a senior Treasury attorney said Tuesday.

  • September 24, 2024

    Wyden, House Dem Float Small-Biz Wage, Investment Credits

    Senate Finance Committee Chairman Ron Wyden and a House Democratic tax writer proposed legislation that would provide small-business wage and investment tax credits, according to a Tuesday statement.

  • September 24, 2024

    Abbott Seeks $24M Refund Over Transfer Pricing Adjustments

    Healthcare products giant Abbott Laboratories is owed $24.3 million for overpaid taxes after the IRS incorrectly adjusted its intragroup income and payments this year, the company told the U.S. Tax Court in a petition.

  • September 24, 2024

    Defunct Cannabis Co. Says It's Owed $1.4M In Worker Credits

    A Seattle cannabis company that was administratively dissolved this year is entitled to roughly $1.4 million in tax credits for continuing to pay employees when its business dropped off during the COVID-19 pandemic, the company's receivership estate told a Washington federal court.

  • September 24, 2024

    IRS Wary Of Adding Complexity In Min. Tax Regs, Official Says

    The IRS opted to use existing tax rules in proposed guidance to address risks that the U.S. corporate alternative minimum tax could count offshore income twice, an agency official said Tuesday, noting a more precise method would increase complexity.

  • September 24, 2024

    Treasury To Allow 3 AMT Transition Methods, Official Says

    Final rules on the new corporate alternative minimum tax are expected to adopt the proposed regulations' three ways for companies to transition to the regime, and the U.S. Treasury Department is open to other ways as well, a department official said Tuesday.

  • September 24, 2024

    Insurer Wants Quick Appeal At 8th Circ. In DOL Tax Fight

    A health insurer will seek the Eighth Circuit's review after a federal judge refused to toss a suit from the U.S. Department of Labor claiming the company unlawfully took at least $66.8 million in Minnesota state tax liability from plans it administered to pay in-network providers.

Expert Analysis

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

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    Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.

  • How Cannabis Rescheduling May Alter Paraphernalia Imports

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    The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.

  • NCAA Settlement May End The NIL Model As We Know It

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    The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.

  • Fishing Makes Me A Better Lawyer

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    Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge​​​​​​​ at Robinson Bradshaw.

  • 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.

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