Federal

  • July 05, 2024

    Top Federal Tax Cases To Watch In The 2nd Half Of 2024

    In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.

  • July 03, 2024

    Ex-Defense Contractor Evaded Taxes On $350 Million, US Says

    A former defense contractor and his wife face a 30-count indictment alleging they were involved in a decadeslong scheme to defraud the U.S. government and avoid taxes on more than $350 million in income, the Department of Justice announced Wednesday.

  • July 03, 2024

    Maryland Fends Off Chamber's Challenge To Digital Ad Tax

    A disputed provision of Maryland's tax on digital advertising doesn't violate the First Amendment, a federal judge in the state found Wednesday, throwing out a challenge to the tax brought by the U.S. Chamber of Commerce and other business groups.

  • July 03, 2024

    Insurers Ask 10th Circ. To Rethink Toss Of $2M Tax Appeal

    Captive insurance companies and their related entities that are challenging more than $2 million in IRS notices of tax deficiencies asked the Tenth Circuit to reconsider its refusal to review a U.S. Tax Court decision finding the notices were not invalid as the entities had claimed.

  • July 03, 2024

    Warren, Other Pols Push Yellen For Corp. Minimum Tax Rules

    Sen. Elizabeth Warren and three other lawmakers urged Treasury Secretary Janet Yellen for the department to quickly release regulations to implement the corporate alternative minimum tax in a letter released Wednesday.

  • July 03, 2024

    'Real Housewives' Figure Pleads Guilty To $2.5M Tax Offense

    A former cast member of a "Real Housewives" TV series and owner of several restaurants and nightclubs in multiple states admitted in a North Carolina federal court to failing to pay over $2.5 million in employment taxes, the U.S. Department of Justice said.

  • July 03, 2024

    IRS Warns Of Scam Tied To Clean Energy Tax Credit Sales

    Individuals should be wary of a scam in which tax return preparers improperly steer them to claim purchased clean energy tax credits to offset income tax from wages, retirement account withdrawals and other sources, the Internal Revenue Service warned Wednesday.

  • July 03, 2024

    Fox Rothschild Hires Pryor Cashman Nonprofit Leads

    Fox Rothschild LLP announced Wednesday the hiring of two Pryor Cashman LLP partners for its corporate department in New York.

  • July 03, 2024

    IRS Reveals Final Regs For Medicare Drug Negotiation Tax

    The Internal Revenue Service finalized regulations Wednesday that govern the quarterly reporting of a new excise tax that pharmaceutical companies, suppliers and importers must pay when they do not negotiate with Medicare over drug prices.

  • July 03, 2024

    Federal Tax Policy To Watch In The 2nd Half Of 2024

    Congressional lawmakers are grappling with the looming 2025 expiration of the 2017 GOP tax overhaul, a situation made more difficult by the coming elections in November that could define what, if any, tax legislation is eventually signed into law this year. Here, Law360 examines federal tax policy to watch in the second half of 2024.

  • July 02, 2024

    Chevron's Fall Places State Tax Rules Under Microscope

    State tax regulations could face increased judicial scrutiny in light of the U.S. Supreme Court's decision to jettison the decades-old Chevron deference doctrine, which instructed courts to defer to federal agencies' interpretations of ambiguous laws.

  • July 02, 2024

    IRS Details Accounting Change For Worthless Debt

    Regulated financial companies or members of regulated financial groups can automatically get the consent of the Internal Revenue Service to change their accounting methods to the allowance charge-off method for debt instruments presumed worthless, the agency said in a revenue procedure Tuesday.

  • July 02, 2024

    NJ Couple Ordered To Pay $2.5M In FBAR Penalties

    A New Jersey couple were ordered to pay $2.5 million in penalties and interest for failing to report their foreign bank accounts in Switzerland, according to court documents.

  • July 02, 2024

    8th Circ. Won't Revive IRS Fraud Docs FOIA Row

    The Eighth Circuit affirmed a ruling that prevents public disclosure of the IRS' methods for verifying callers' identities, rejecting on Tuesday a retired Harvard professor's argument that the documents detailing the methods failed to qualify for an exemption under the Freedom of Information Act.

  • July 02, 2024

    Man Warned Against 'Tax Protester Rhetoric' In Failed Case

    The U.S. Tax Court cautioned a New Jersey man Tuesday against using "tax protester rhetoric" in future disputes while rejecting his challenge to the IRS' determination that he failed to claim income and improperly claimed deductions, dismissing his arguments as frivolous.

  • July 02, 2024

    Eaton Needs To Cough Up Docs In IRS Probe, US Says

    The U.S. government urged an Ohio federal judge to order power management multinational Eaton to produce records on certain European employees in response to an IRS investigation, arguing the company's contention the court lacks jurisdiction is "pure sophistry."

  • July 02, 2024

    Justices Revive Tax Tipster's Case, Citing Chevron Ruling

    The U.S. Supreme Court vacated and remanded on Tuesday a decision denying a whistleblower award to a tipster who reported an improper $60 million tax deduction to the IRS, saying the D.C. Circuit should reconsider its decision following the high court's ruling that overturned the Chevron doctrine.

  • July 02, 2024

    Top Federal Tax Cases Of 2024: Midyear Report

    In the first half of the year, the U.S. Supreme Court torpedoed the Chevron doctrine of judicial deference to federal agencies and affirmed the denial of a tax refund to a business owner's estate related to a life insurance payout, while the U.S. Tax Court reversed itself regarding a rule for conservation easements. Here, Law360 reviews federal court decisions from the past six months that tax attorneys should know.

  • July 01, 2024

    High Court's 1-2 Punch Sets Up Long-Standing Regs For KO

    By ending its term with a stinging combination against federal agencies, the U.S. Supreme Court's conservative bloc left behind a bruised bureaucracy and a regulatory system that's now vulnerable to a barrage of incoming attacks.

  • July 01, 2024

    IRS Faces Rulemaking Pressure Following Chevron's Demise

    The Internal Revenue Service will likely face more pressure to develop tax regulations that are more firmly grounded in the law and tailored to ensure certainty for individuals, businesses and other organizations after the U.S. Supreme Court's landmark decision to overturn the decades-old Chevron doctrine.

  • July 01, 2024

    Feds Push To Keep IRS Agents Out Of Hunter Biden Tax Case

    Two Internal Revenue Service whistleblowers who Hunter Biden said wrongfully disclosed his confidential tax information should not be allowed to intervene in his suit against the U.S. government, the government told a D.C. federal court Monday.

  • July 01, 2024

    Pa. Man Gets 12 Years For $2M COVID-19 Funds Fraud

    A Pennsylvania man was sentenced to approximately 12 years in prison following his convictions for bank fraud, aggravated identity theft and unlawful monetary transactions related to theft of federal COVID-19 pandemic relief funds, according to the U.S. Attorney's Office for the Middle District of Pennsylvania.

  • July 01, 2024

    Womble Bond Adds Int'l Tax Partner In Houston Office

    Womble Bond Dickinson has added a partner to its corporate and securities group in Houston who will focus on tax law and cross-border transactions, the firm announced.

  • 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.

Expert Analysis

  • 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.

  • 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.

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