Federal

  • June 24, 2024

    4th Circ. Affirms Nix Of $1.2M R&D Credit For Biotech Co.

    A biotechnology company that claimed tax credits for increasing its scientific research was correctly denied about $1.2 million of its request, the Fourth Circuit ruled Monday in upholding a U.S. Tax Court decision that found the company was wrongly counting research expenses twice.

  • June 24, 2024

    IRS Assessment Of $10M Earner Audits Faulty, TIGTA Says

    The Internal Revenue Service says it is rolling back its audits of returns claiming at least $10 million in income because it found them unproductive, but the Treasury Inspector General for Tax Administration said Monday that that is not true in every case.

  • June 24, 2024

    OECD Tax Plan Issues Still Being Hashed Out, US Official Says

    Both the global minimum corporate tax and taxing rights overhaul plans designed by the Organization for Economic Cooperation and Development have outstanding issues that stakeholders are attempting to resolve, a U.S. Treasury Department official said at a conference Monday.

  • June 24, 2024

    Justices To Review If Ch. 7 Trustee Can Recover Tax Payments

    The U.S. Supreme Court said Monday it would review a Tenth Circuit decision that found that the Chapter 7 bankruptcy trustee of a defunct Utah company could recover $145,000 in tax payments from the IRS.

  • June 21, 2024

    Supreme Court Leaves Lifeline For Billionaire Income Tax

    The U.S. Supreme Court narrowed but did not entirely block the path to billionaire income tax legislation when the majority's opinion declined to weigh constitutional questions about taxing unrealized gains in its decision to uphold a mandatory repatriation levy.

  • June 21, 2024

    Fed. Circ. Backs Subsidy Duties For Canadian Wind Towers

    A Canadian wind tower manufacturer can't get a break on countervailing duties despite being upfront about errors in its sales data, with the Federal Circuit ruling Friday that the errors raise the possibility of additional mistakes.

  • June 21, 2024

    IRS Urges 6th Circ. To Back Gold Broker's $3M Tax Bill

    The Sixth Circuit should uphold about $3 million in tax liabilities against a self-employed gold and silver broker who failed to file returns for a decade, the IRS argued Friday, calling "frivolous" the man's argument that he isn't subject to federal income taxes.

  • June 21, 2024

    Couple Can't Hide Behind Preparer's Errors, Tax Court Says

    A Georgia couple failed to show the U.S. Tax Court that their faulty filing was the result of trusting a competent tax adviser, leading the court to rule Friday that they were correctly assessed an accuracy-related penalty by the Internal Revenue Service.

  • June 21, 2024

    US Formally Suspends Part Of Tax Treaty With Russia

    The U.S. government has provided formal notice to Russia suspending, via mutual agreement, parts of the countries' double-taxation treaty.

  • June 21, 2024

    Ayahuasca Church Is Not Tax-Exempt, DC Circ. Affirms

    An Iowa church that used a psychedelic drug in its rites was correctly denied tax-exempt status, the D.C. Circuit affirmed Friday, saying the church's main purpose is using a federally illegal drug for which it lacked approval for religious use.

  • June 21, 2024

    Ex-Chicago Alderman Burke Can't Delay Sentencing

    Former Chicago Alderman Ed Burke can't postpone his Monday sentencing on charges of racketeering, extortion and bribery to await a U.S. Supreme Court ruling on the scope of federal bribery law, an Illinois federal judge ruled Friday, saying that decision will have "little or no impact" on Burke's fate.

  • June 21, 2024

    Ex-Mass. Pol Hit With New Charges In COVID Fraud Case

    A former Massachusetts state senator already accused of pandemic-related fraud has been charged alongside his sister with attempting to cover up a scheme to make him eligible for unemployment benefits, the U.S. attorney's office announced Friday.

  • June 21, 2024

    IRS Has Spent $5.7B Of 2022 Funding Boost, TIGTA Finds

    The Internal Revenue Service has spent $5.7 billion of the funding boost it received under the 2022 climate law as of March 31, including $2 billion to supplement its annual funding, the Treasury Inspector General for Tax Administration reported Friday.

  • June 21, 2024

    11th Circ. Says Couple Can't Renew Fight Over S Corp. Income

    A couple owe about $355,000 in back taxes after failing to prove that the U.S. Tax Court adopted an erroneous calculation by the IRS following a trial in which the couple were found liable for unreported income from their S corporation, the Eleventh Circuit ruled.

  • June 21, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included updated lists of areas, including closed coal mines and factories, where developers can qualify for additional tax credits for building their clean energy projects.

  • June 21, 2024

    IRS Issues Draft Of Revised Research Credit Form

    The Internal Revenue Service released a revised draft of the form used for claiming the research credit Friday, saying the changes would reduce taxpayers' burden.

  • June 21, 2024

    Taxation With Representation: Travers Smith, Potamitis Vekris

    In this week's Taxation With Representation, RSK Group Ltd. gets a £500 million ($632 million) investment, Boston Scientific Corp. acquires Silk Road Medical Inc., Masdar takes a part of Terna Energy SA, and Tate & Lyle PLC buys CP Kelco from JM Huber Corp.

  • June 20, 2024

    Worker Retention Credit Freeze To Continue, IRS Chief Says

    The Internal Revenue Service will keep in place its moratorium on processing new employee retention credit claims because of rampant fraud, the agency's commissioner told reporters Thursday, and will seek help from lawmakers before deciding on the program's future.

  • June 20, 2024

    IRS Issues Guidance For Early Withdrawal Penalty Exceptions

    The Internal Revenue Service published guidance Thursday on exceptions to the 10% additional tax for those making permissible early retirement account withdrawals for emergency personal expenses and for victims of domestic abuse.

  • June 20, 2024

    Tax Court Says Man Can't Avoid Early Withdrawal Penalty

    The Internal Revenue Service correctly determined that a Delaware man's early withdrawal of $137,000 from his retirement accounts in order to buy his brother's share of their dead mother's property did not qualify for the first-time homebuyer's exemption, the U.S. Tax Court said Thursday.

  • June 20, 2024

    Tomato Cos. Can't Take Immediate Deductions, 9th Circ. Told

    Two companies that supply 40% of the U.S.' tomato paste and diced tomatoes should not be allowed to deduct costs of restoring their production facilities before the actual restoration occurs, the IRS told the Ninth Circuit on Thursday in urging it to uphold a U.S. Tax Court ruling.

  • June 20, 2024

    Casinos Must Fight Hotel Tax In State Court, 5th Circ. Says

    Owners of two Louisiana casinos with attached hotels must challenge Baton Rouge in state court, rather than federal court, over taxes the city says they owe on free hotel stays they gave patrons, the Fifth Circuit ruled, saying the state is entitled to deference.

  • June 20, 2024

    Housing, Child Care Top Dem. Senators' 2025 Tax Deal Goals

    Senate Democrats plan to prioritize tax policies that will make child care and housing more affordable in the midst of the debate over the extension of the 2017 tax law's expiring provisions in 2025, Senate Finance Committee Chairman Ron Wyden told reporters Thursday.

  • June 20, 2024

    Dickinson Wright Brings On McDermott, Bell Nunnally Attys

    Dickinson Wright PLLC added a pair of new members who include a commercial finance and real estate attorney from Bell Nunnally & Martin LLP based in Austin, Texas, and a tax and incentives attorney from McDermott Will & Emery LLP in Fort Lauderdale, Florida.

  • June 20, 2024

    Tax Court Errs In Deeming Loans As Equity, 11th Circ. Told

    A Florida business owner deserves tax deductions on loans his companies made to residential development projects that became worthless during the Great Recession, he told the Eleventh Circuit in a bid to reverse a Tax Court decision that classified the loans as equity.

Expert Analysis

  • Don't Use The Same Template For Every Client Alert

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    As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.

  • Think Like A Lawyer: Follow The Iron Rule Of Trial Logic

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    Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks

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    Attorneys at Skadden examine how a bipartisan bill currently being considered by the U.S. Senate to save the Tax Cuts and Jobs Act's tax breaks for research and development costs, and other expiring business-friendly provisions, would affect taxpayers.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • IRS Sings New Tune: Whistleblower Form Update Is Welcome

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    In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Energy Community Tax Credit Boost Will Benefit Wind Sector

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    Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

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