Federal

  • September 06, 2024

    Vialto Partners Member Joins Baker McKenzie As Partner

    Baker McKenzie has hired a tax partner in Washington, D.C., from Vialto Partners, a business consulting firm, the firm announced Thursday.

  • September 06, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included updated interest rates for overpayments and underpayments of tax for the fourth quarter of 2024.

  • September 05, 2024

    Unconstitutionality Of Transparency Act Clear, 11th Circ. Told

    A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.

  • September 05, 2024

    Liberty Global Urges 10th Circ. To Grant $248M Tax Credit

    The U.S. Tax Court improperly applied an Internal Revenue Code provision to some of the $2.8 billion gain from Liberty Global's sale of a Japanese entity, the telecommunications company said in urging the Tenth Circuit to overturn the resulting rejection of a $248 million tax credit.

  • September 05, 2024

    Holland & Knight Appoints Former Perkins Coie Tax Partner

    Holland & Knight LLP appointed a partner to its Portland, Oregon, office who previously served as a partner in energy tax law for Perkins Coie LLP, the firm announced.

  • September 05, 2024

    $70M Bill Came Too Late, Tax Court Says In Tossing IRS Claim

    Partners in a subscription business don't owe around $70 million in taxes as the IRS claimed because the agency notified them too late and couldn't extend the deadline by proving the partners had filed fraudulent returns, the U.S. Tax Court said in rulings Thursday.

  • September 05, 2024

    Sen. Finance Panel To Hold Hearing On Tax Policy, Avoidance

    The Senate Finance Committee will hold a hearing Sept. 12 covering the 2025 tax policy debate and tax avoidance strategies, it announced Thursday.

  • September 05, 2024

    CPAs Seek Guidance On Business Interest Expense Deduction

    The American Institute of Certified Public Accountants requested Thursday that the Internal Revenue Service and U.S. Treasury Department issue guidance clarifying that new limits on business interest expenses included in the 2017 federal tax overhaul apply after an election to capitalize interest expenses.

  • September 05, 2024

    Two Sentenced To Prison In $111M Tax Fraud Scheme

    Two members of a crime ring who admitted to participating in a $111 million tax fraud scheme involving stealing the identities of accountants and taxpayers were sentenced to prison, according to Texas federal court documents.

  • September 05, 2024

    IRS Seeks Input On Treasury Retirement Match Contributions

    The Internal Revenue Service said Thursday it is looking for comments regarding two portions of the Secure 2.0 Act of 2022 related to matching contributions paid by the U.S. Treasury Department to certain retirement savings vehicles for eligible people who make qualified contributions.

  • September 05, 2024

    Hunter Biden Pleads Guilty To Tax Charges In Surprise Move

    Hunter Biden entered a surprise guilty plea to nine criminal tax charges in California federal court on Thursday, bringing a dramatic conclusion to the case following a dizzying series of events on what was set to be the first day of his trial.

  • September 04, 2024

    Judge Chides IRS, Preparers Over $167M Refund For ID Fees

    A D.C. federal judge has declined to approve the IRS' roughly $167 million refund proposal for a putative class of tax-return preparers for charging them excessive fees for special identification numbers, saying the agency failed to address problems the preparers raised with its calculations.

  • September 04, 2024

    IRS' Economic Substance Authority Has Limits, Tax Court Told

    The U.S. Tax Court and other federal courts have the authority to conduct an initial analysis of a transaction in cases where the Internal Revenue Service is challenging the economic substance of the transaction, a manufacturers advocacy group said Wednesday in an amicus brief.

  • September 04, 2024

    Harris Floats Capital Gains Tax Hike To 28% For High Earners

    The tax on long-term capital gains would increase to 28% from 20% for taxpayers who earn $1 million or more under a proposal unveiled Wednesday by Vice President and Democratic presidential nominee Kamala Harris ahead of a campaign rally in New Hampshire.

  • September 04, 2024

    Woman Owes Taxes On Share Of Sold Biz, Tax Court Says

    A woman whose ex-husband told a bankruptcy court that he was the sole owner of a business they had started together was actually a 50% shareholder when it was sold and is liable for capital gains, the U.S. Tax Court ruled Wednesday.

  • September 04, 2024

    Tax Court OKs $465K Gambling Losses Deduction Amount

    An Indiana woman adequately proved she had more than $465,000 in substantiated gambling losses over six years, the U.S. Tax Court said Wednesday, though she failed to substantiate her claimed business losses.

  • September 04, 2024

    Warren Urges IRS To Look At Possible REIT Tax Break Abuse

    The Internal Revenue Service should increase its scrutiny of real estate investment trusts to determine whether companies are benefiting from REIT tax benefits while flouting rules, including those that limit the level of a REIT's ownership in a company, Sen. Elizabeth Warren told the agency's commissioner.

  • September 04, 2024

    Maryland Joining IRS Direct File Next Year

    Maryland will join the IRS' free electronic tax filing program known as Direct File in 2025, the U.S. Department of the Treasury and the Internal Revenue Service announced Wednesday.

  • September 04, 2024

    Ex-Mass. Pol 'A Little Sloppy' But Not Criminal, Jurors Told

    Former Massachusetts state Sen. Dean A. Tran denied charges Wednesday that he stole pandemic unemployment assistance and cheated on his taxes, with his attorney telling a jury that Tran simply made a series of paperwork "mistakes."

  • September 04, 2024

    Chippewa Lawyer Asks 8th Circ. To Reconsider Tax Exemption

    An attorney who contends that Congress never expressly allowed the federal government to tax Native Americans asked the Eighth Circuit to reconsider denying him a tax exemption on his self-employment income, saying the ruling conflicts with recent U.S. Supreme Court decisions.

  • September 04, 2024

    IRS Reopens Comment Period For Tax Payment Regs

    The Internal Revenue Service announced Wednesday that it had reopened the comment period for proposed regulations that would allow taxpayers to make payments using credit and debit cards directly with the agency instead of through a third party.

  • September 04, 2024

    IRS Announces 4 Tax Court Sessions Added To Calendar

    The Internal Revenue Service announced four U.S. Tax Court sessions in December and named calendar administrators for the sessions in a notice released Wednesday.

  • September 03, 2024

    11th Circ. Trims $12.6M FBAR Fine In 8th Amendment Split

    Some of the $12.6 million in penalties the IRS on imposed a man for willfully failing to report foreign bank accounts were in violation of the Eighth Amendment's bar on excessive fines, the Eleventh Circuit ruled, creating an apparent circuit split.

  • September 03, 2024

    5th Circ. Rejects 4 Arguments Against $6K Tax Bill

    The U.S. Tax Court correctly determined a man owed over $5,000 in tax deficiencies as well as more than $1,000 in penalties plus interest, the Fifth Circuit ruled Tuesday, finding none of the taxpayer's four arguments persuasive.

  • September 03, 2024

    IRS Should Be Bound By $2M Bankruptcy Deal, Justices Told

    An Alabama real estate developer who sought bankruptcy protection and agreed to settle his tax debts for $2 million asked the U.S. Supreme Court to review a decision allowing the IRS to demand additional taxes from him, saying the agency shouldn't be allowed to back out of the deal.

Expert Analysis

  • The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Why DOJ's Whistleblower Program May Have Limited Impact

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    The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • Trump's Best Hush Money Appeal Options Still Likely To Fail

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    The two strongest potential arguments former President Donald Trump could raise in appealing his New York hush money conviction seem promising at first, but precedent strongly suggests they will still ultimately fail — though, of course, Trump's unique position could lead to surprising results, says former New York Supreme Court Justice Ethan Greenberg, now at Anderson Kill.

  • Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster

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    Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    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.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    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.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

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    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.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

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    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.

  • A Guide To Long-Term, Part-Time Employee Determinations

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    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.

  • After Chevron: Delegation Of Authority And Tax Regulators

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    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.

  • Lawyers Can Take Action To Honor The Voting Rights Act

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    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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