Federal

  • March 17, 2025

    10th Circ. Grapples With Liberty Global's $248M Tax Credit Bid

    A Tenth Circuit panel questioned Monday whether Liberty Global is entitled to $248 million in foreign tax credits for the sale of a Japanese affiliate, or if legislation limits the telecommunications giant from classifying the gains as overseas income.

  • March 17, 2025

    Kleinberg Kaplan Adds Simpson Thacher Atty As Tax Partner

    Kleinberg Kaplan announced Monday that it has added a Simpson Thacher & Bartlett LLP attorney to help provide clients with expertise on tax aspects of private investment fund formation and operation, as well as mergers and acquisitions, joint ventures and financings.

  • March 17, 2025

    Coloradan Owes FBAR Penalty After Failing To Appear

    An elderly Colorado man who failed to respond to the government's claim that he owed $482,000 for failing to report his foreign bank accounts is on the hook for the bill, a federal court ruled.

  • March 17, 2025

    High Value Dubious In $23M Easement Dispute, 11th Circ. Told

    A partnership that claimed a $23 million tax deduction for a conservation easement donation failed to consider the lack of market demand for a potential quarry it used to justify the land's high value, the U.S. government told the Eleventh Circuit.

  • March 17, 2025

    Applicable Federal Rates To Drop Again In April

    Applicable federal rates for income tax purposes are set to decrease in April for the second month in a row, the Internal Revenue Service said Monday.

  • March 17, 2025

    Six Taxpayer Advocacy Panel Committees To Meet In April

    Six Taxpayer Advocacy Panel committees will meet in April to discuss possible improvements to customer services, the Internal Revenue Service said Monday.

  • March 14, 2025

    $20 Billion IRS Funding Freeze To Continue

    The Internal Revenue Service would continue to be blocked from accessing more than $20 billion in Inflation Reduction Act funding under legislation the Senate passed Friday that paves the way for the government to keep running.

  • March 14, 2025

    Par Funding Conspirator Gets 11 Years For Fraud, Atty Assault

    A Pennsylvania federal judge has sentenced Par Funding principal James "Jimmy" LaForte to 11 years and four months in prison for helping his family run a $404 million racketeering conspiracy and violently assaulting Par Funding receivership's court-appointed counsel in a position prosecutors described as the loan company's "loyal attack dog."

  • March 14, 2025

    Judge Trims Investor's Bid To Rescind Funds From Pot Co.

    A Florida federal judge has found that an investor can't rescind a deal or claim fraud through common law in a suit alleging that the officers and agents of a cannabis company hid a $13 million tax liability when he invested.

  • March 14, 2025

    IRS Correct To Reject Couple's Settlement, Tax Court Says

    The Internal Revenue Service didn't do anything wrong when it rejected a California couple's offer to settle more than $235,000 in tax liabilities for less than half that amount, the U.S. Tax Court said Friday, noting the couple had more than $1 million in their home.

  • March 14, 2025

    3 Firms Rep Franklin BSP Realty Trust's $425M NewPoint Buy

    Hogan Lovells, Reed Smith and Paul Weiss guided Franklin BSP Realty Trust's $425 million acquisition of commercial real estate finance company NewPoint Holdings JV LLC, boosting the REIT's multifamily loan offerings.

  • March 14, 2025

    IRS Delays Tax Deadlines In W.Va. After Feb. Storms

    Taxpayers in six West Virginia counties will have until Nov. 3 to file individual and business tax returns and make payments after portions of the state were hit by severe storms in February, the Internal Revenue Service said Friday.

  • March 14, 2025

    Judge Splits $79M Judgment In Danish Tax Fraud Case

    A New York federal judge divided a nearly $79 million judgment against four investors and their pension plans after a jury in February found them liable for participating in a tax fraud scheme against the Danish government.  

  • March 14, 2025

    Senate Finance Panel Clears Treasury Deputy Secretary Pick

    Republicans on the Senate Finance Committee voted Friday to approve Michael Faulkender's nomination to be deputy secretary of the U.S. Department of the Treasury, clearing President Donald Trump's pick for a likely Senate confirmation vote in the coming weeks.

  • March 14, 2025

    Taxation With Representation: Davis Polk, Paul Weiss

    In this week's Taxation With Representation, Mallinckrodt PLC and Endo Inc. combine, Rocket Cos. buys Redfin, and Endo divests its international pharmaceuticals business to Knight Therapeutics Inc.

  • March 14, 2025

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included final regulations for a pair of new tax credits that reward various types of electricity generation from technologies that don't emit greenhouse gases.

  • March 14, 2025

    Feds Say North Carolina Cardiologist Owes $7.9M In Taxes

    A North Carolina cardiologist owes the federal government $7.9 million in taxes, fees and interest, according to a new civil complaint brought against him by the tax division of the U.S. Department of Justice seeking to hold him liable for the purportedly unpaid sum.

  • March 13, 2025

    Texan Calls $1.7M In FBAR Penalties Unconstitutional

    Constitutional law bars the United States from imposing $1.7 million in penalties for failure to report foreign bank accounts, a Texan said in urging a federal court to dismiss such an assessment against her.

  • March 13, 2025

    Eaton Shouldn't Be Allowed To Shortcut Appeal, 6th Circ. Told

    The Sixth Circuit shouldn't grant Eaton Corp.'s request to curtail arguments in its appeal of a court order enforcing an Internal Revenue Service summons for its European employee records, the federal government argued Thursday, saying it wants the chance to explain why foreign law doesn't apply.

  • March 13, 2025

    IRS Layoffs Could Slash Revenue By $2.4 Trillion, Report Says

    If the Internal Revenue Service's workforce is cut by half, as President Donald Trump is reportedly considering, it could cost over $2.4 trillion in lost revenue over the next decade and increase the tax gap by about 25%, according to a report released Thursday by Yale's Budget Lab.

  • March 13, 2025

    Former IRS Counsel Joins Hinshaw In Chicago

    Hinshaw & Culbertson LLP announced that a longtime government attorney who most recently served as deputy managing counsel of the Internal Revenue Service Office of Chief Counsel in Chicago, has joined the firm's government practice as a partner.

  • March 13, 2025

    Akin's Energy Transition Group Grows With V&E Tax Atty

    Akin Gump Strauss Hauer & Feld LLP has hired a Vinson & Elkins LLP tax counsel who has spent the past decade counseling clients on the federal income tax aspects of energy transition transactions, the firm announced Thursday.

  • March 13, 2025

    Vanguard's $40M Deal In Tax Suit Gets Delay In Final Approval

    A Pennsylvania federal judge delayed a proposed $40 million settlement between Vanguard and investors who claimed the firm unfairly stuck them with big tax bills, saying both sides must respond to objections about the effects of a recent SEC settlement on the deal.

  • March 13, 2025

    5th Circ. Asks If Enforcement Delay Affects CTA Challenge

    The Fifth Circuit has asked for supplemental briefing in a challenge against the Corporate Transparency Act, asking whether the case is affected by the U.S. Treasury Department's recent decision to suspend enforcement of reporting rules for domestic companies.

  • March 13, 2025

    Judge Orders Reinstatement Of Many Fired Federal Workers

    A California federal judge on Thursday ordered the immediate reinstatement of certain probationary employees fired from six federal agencies, saying the Office of Personnel Management did not have the authority to direct those terminations, making the firings "unlawful."

Expert Analysis

  • Inconsistent Injury-In-Fact Rules Hinder Federal Practice

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    A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.

  • In-House Counsel Pointers For Preserving Atty-Client Privilege

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    Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.

  • Emerging Energy Trends Reflect Shifting Political Landscape

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    As the Trump administration settles in, some emerging energy industry trends, like expanded support for fossil fuel production, are right off of its wish list — while others, like the popularity of Inflation Reduction Act energy tax credits, and bipartisan support for carbon capture, reflect more complex political realities, say attorneys at Greenberg Traurig.

  • Tax-Free Ways To Help Employees After The LA Wildfires

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    Following the recent wildfires in Los Angeles, there are various tax-free ways to give employees the resources and flexibility they need, including simpler methods like disaster relief payments under Internal Revenue Code Section 139 and leave-sharing programs, and others that require more planning, says Ligeia Donis at Baker McKenzie.

  • Judge Should Not Have Been Reprimanded For Alito Essay

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    Senior U.S. District Judge Michael Ponsor's New York Times essay critiquing Supreme Court Justice Samuel Alito for potential ethical violations absolutely cannot be construed as conduct prejudicial to the administration of the business of the courts, says Ashley London at the Thomas R. Kline School of Law of Duquesne University.

  • Lights, Camera, Ethics? TV Lawyers Tend To Set Bad Example

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    Though fictional movies and television shows portraying lawyers are fun to watch, Hollywood’s inaccurate depictions of legal ethics can desensitize attorneys to ethics violations and lead real-life clients to believe that good lawyers take a scorched-earth approach, says Nancy Rapoport at the University of Nevada, Las Vegas.

  • Accountant-Owned Law Firms Could Blur Ethical Lines

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    KPMG’s recent application to open a legal practice in Arizona represents the first overture by an accounting firm to take advantage of the state’s relaxed law firm ownership rules, but enforcing and supervising the practice of law by nonattorneys could prove particularly challenging, says Seth Laver at Goldberg Segalla.

  • AI Will Soon Transform The E-Discovery Industrial Complex

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    Todd Itami at Covington discusses how generative artificial intelligence will reshape the current e-discovery paradigm, replacing the blunt instrument of data handling with a laser scalpel of fully integrated enterprise solutions — after first making e-discovery processes technically and legally harder.

  • When Innovation Overwhelms The Rule Of Law

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    In an era where technology is rapidly evolving and artificial intelligence is seemingly everywhere, it’s worth asking if the law — both substantive precedent and procedural rules — can keep up with the light speed of innovation, says Reuben Guttman at Guttman Buschner.

  • What Compensation Committees Must Keep In Mind In 2025

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    New disclosure obligations, an evolving discussion on the analysis of executive perks and updated proxy adviser policies — on top of a new presidential administration — are all important things compensation committees must pay close attention to in 2025, say attorneys at Simpson Thacher.

  • Anticipating Direction Of Cosmetics Regulation Under Trump

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    It is unclear how cosmetics regulation reform from the last few years will fare under President Donald Trump, but the new administration's emphasis on deregulation and Robert F. Kennedy Jr.'s views on product safety provide some insight, say attorneys at Crowell & Moring.

  • IRS Basis-Shifting Rule Poses Notable Reporting Obligations

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    While the IRS’ recently finalized rule requiring partnerships to report certain related-party basis adjustment transactions is narrower than originally proposed, taxpayers and their advisers will still need to comb through myriad transactions to comply, say attorneys at Debevoise.

  • Imagine The Possibilities Of Openly Autistic Lawyering

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    Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.

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