Federal

  • June 29, 2022

    IRS Should Use Data To Boost Tax Credit Outreach, GAO Says

    The Internal Revenue Service should use data and interagency work to improve its outreach to taxpayers eligible for certain tax credits, the U.S. Government Accountability Office said Wednesday.

  • June 29, 2022

    Affordable Housing Attys See High Demand For Services

    A dearth of affordable rental housing as well as new capital streams and government incentives are among the factors contributing to strong demand for attorneys who specialize in income-restricted housing deals, practitioners told Law360.

  • June 28, 2022

    Microsoft Shareholders Ask For Vote On Releasing Tax Data

    A Danish pension fund asked Microsoft to let shareholders vote on publicly reporting its workers, payroll, revenue, profits and taxes in every country where the company operates, a U.K. corporate advisory firm told Law360 on Tuesday.

  • June 28, 2022

    Insurers, Atty In Tax Shelter Coverage Suit Get Time To Settle

    A Texas federal court stayed an insurance coverage dispute Tuesday to allow time for the finalizing of a settlement among an attorney sued over his involvement in tax planning strategies scrutinized by the IRS and two companies that insured him.

  • June 28, 2022

    Tax Court Rejects Construction Manager's Expense Deductions

    A construction project manager can't claim business expense deductions for transportation, travel, meal and entertainment expenses that weren't covered by his employer because he didn't sufficiently substantiate them, the U.S. Tax Court said Tuesday.

  • June 28, 2022

    Qualified Business Deduction Will Cost $188B, JCT Says

    About 22 million taxpayers will claim the tax deduction for qualified business income at a cost of approximately $188 billion in deductions, according to a report released Tuesday by the Joint Committee on Taxation.

  • June 28, 2022

    US Seeks To Enforce Summonses In Captive Insurance Probe

    A Florida business owner refused to provide the Internal Revenue Service with all the documents it needs to investigate captive insurance transactions his companies made, the U.S. said in a federal court filing calling for their release.

  • June 28, 2022

    Tax Court Backs IRS Lien For NY Man's 2014 Liability

    The Internal Revenue Service was correct to sustain a lien against a New Yorker for his 2014 tax liability, the U.S. Tax Court said Tuesday.

  • June 28, 2022

    IRS Defers Applying Some Qualified Derivative Payment Rules

    The Internal Revenue Service plans to keep some requirements for reporting what are called qualified derivative payments from taking effect until 2025, according to an agency notice published Tuesday.

  • June 28, 2022

    Denmark Asks Court To Keep $2.1B US Pension Tax Fraud Suit

    Several U.S. pension plans shouldn't be allowed to escape a suit from Denmark's tax agency claiming they committed a $2.1 billion fraud, the agency told a New York federal court, arguing the case doesn't impermissibly implicate foreign tax laws.

  • June 28, 2022

    Rising Star: Latham's Matthew Dewitz

    Latham & Watkins LLP partner Matthew Dewitz advised T-Mobile's blockbuster $59 billion merger with Sprint, Endeavor Group Holdings' acquisition of Ultimate Fighting Championship and Ortho Clinical Diagnostics in its acquisition by COVID-19 test-maker Quidel, earning him a spot among the tax attorneys under age 40 honored by Law360 as Rising Stars.

  • June 28, 2022

    Ernst & Young Fined $100M For Cheating On CPA Exams

    The U.S. Securities and Exchange Commission hit Ernst & Young LLP with a $100 million fine on Tuesday after the accounting giant admitted that its audit professionals cheated on certified public accountant license exams, and that it also withheld evidence of the cheating from the agency.

  • June 28, 2022

    IRS Gives Guidance On Seeking Superfund Tax List Changes

    The Internal Revenue Service released guidance Tuesday for requesting that a substance be added to or removed from a list of taxable substances under the reinstated Superfund chemical excise taxes.

  • June 28, 2022

    IRS Seeks Input On Rules For Disclosures In Court

    The Internal Revenue Service requested input Tuesday on a regulation project that details how current or former agency staff should handle requests to provide testimony or records in court.

  • June 28, 2022

    IRS Advisory Council To Discuss Report Topics In July

    The Internal Revenue Service Advisory council, which advises the agency's commissioner and suggests improvements to IRS operations and taxpayer service, will meet in July, the agency said Tuesday.

  • June 27, 2022

    Stanford International Chairman Seeks Ax Of SEC Ponzi Suit

    The chairman of the Stanford International Bank has asked a federal judge in Dallas to toss the U.S. Securities and Exchange Commission's long-running litigation accusing him of using companies under his control to run a $7.2 billion Ponzi scheme.

  • June 27, 2022

    IRS Urged To Clarify Who Owes Methane Tax

    The Internal Revenue Service should clarify exactly who is responsible for a tax on methane under the Superfund chemical excise taxes, a methanol trade association said in comments released Monday.

  • June 27, 2022

    Tax Court Says IRS Rightly Delayed Collecting Man's Tax Bill

    The Internal Revenue Service did no wrong when it indefinitely paused collection of an Illinois man's tax debt for 2016 rather than settling it for $10,000, the U.S. Tax Court said Monday.

  • June 27, 2022

    Justices Urged To Review Firm Summonses In $2M IRS Dispute

    The Sixth Circuit incorrectly permitted the IRS to proceed with summonses for bank records on two law firms and the wife of a man owing $2 million in taxes, they said in a petition with the U.S. Supreme Court.

  • June 27, 2022

    Rising Star: Fried Frank's Shane C. Hoffmann

    Shane C. Hoffmann of Fried Frank Harris Shriver & Jacobson LLP has navigated the complex tax law implications of business deals for major clients in several transactions, earning him a spot among the tax law practitioners under age 40 honored as Law360 Rising Stars.

  • June 27, 2022

    Court Urged To Grant Limited Relief From IRS Easement Rules

    An Ohio federal court should bar the Internal Revenue Service from enforcing guidance requiring the disclosure of syndicated conservation easements against a real estate investment firm but not set the guidance aside nationally, the U.S. government told the court.

  • June 26, 2022

    House Committee Advances IRS Funding Bill To Full Chamber

    The House Appropriations Committee approved a $13.6 billion budget for the Internal Revenue Service for fiscal 2023, clearing the path for the measure to be considered by the full House of Representatives.

  • June 21, 2022

    NY AG Says Trump Satisfied Order That Prompted Contempt

    New York Attorney General Letitia James is "prepared to agree" that former President Donald Trump has satisfied a court order, which had led to his being found in contempt, in her probe into his business practices, an attorney from her office told the state court Tuesday.

  • June 24, 2022

    'Varsity Blues' Feds Seek 4 Years For Ex-Georgetown Coach

    Prosecutors in the "Varsity Blues" college admissions case asked a federal judge on Friday to send the former head tennis coach at Georgetown University to prison for four years for accepting more than $3.5 million in bribes as part of the wide-ranging scheme.

  • June 24, 2022

    Fla. Family Says Nelson Mullins Atty's Moves Cost Up To $62M

    The wealthy Florida family accusing a Nelson Mullins attorney of improperly setting up trusts to benefit one son over their other children put their damages expert on the stand Friday, telling jurors that the attorney's actions cost them $27 million to $62 million.

Featured Stories

  • Auto Enrollment Emerges As Key Difference In Retirement Bills

    Stephen K. Cooper

    Comprehensive retirement legislation is making its way through both chambers of Congress, but before it can become law negotiators must work to resolve some significant differences in the bills, such as how to automatically enroll workers into employer-sponsored savings plans.

  • Proposed Gas Tax Break Could Foil Infrastructure Upgrades

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    President Joe Biden's call for Congress to suspend the federal gas tax may marginally blunt the pain that American consumers are feeling at the pump, but experts say it could also undermine recent efforts to boost funding for critical transportation infrastructure.

  • FDII Controversies Likely To Bubble Up This Year

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    A deduction available for foreign-derived intangible income leaves several questions up to taxpayers' judgment when it comes to calculating the benefit, which will likely lead to disputes this year in the IRS appeals process or in court, tax lawyers said.

Expert Analysis

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • Tax, Social Services And The Need For An IRS Overhaul

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    Revamping the Internal Revenue Service should start with visibly improving taxpayer experiences to help pave the way for other fundamental changes needed to address the recent drop in audit numbers, personnel losses, burdens of its increasing expansion into social services and other problems, says Rice University fellow Joyce Beebe.

  • Key Legal And Regulatory Trends In Oil And Gas Transactions

    Excerpt from Practical Guidance
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    Attorneys involved in oil and gas transactions must be aware of important legal and regulatory trends that have emerged recently, including issues surrounding hydraulic fracturing, climate change, pipeline tariffs and a resurgence of regulation under the Biden administration, say Justin Hoffman and Thomas Blackwell at Baker Botts.

  • Employer Considerations For Leave Donation Programs

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    As the battle for talent continues and workers return to the office, companies may consider allowing employees to donate accrued leave time to a shared bank, but employers should first review these programs' complex design issues to comply with state laws and avoid tax consequences, says Rebecca Hudson at Holland & Hart.

  • Crypto Cos. Should Prep For More IRS John Doe Summonses

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    In anticipation of new reporting requirements that will go into effect in 2024, cryptocurrency exchanges and custodians should inform themselves on the John Doe summons, a unique mechanism that allows the IRS to obtain expansive information about cryptocurrency transactions, say Shivani Poddar and Andrew Heighington at Herrick Feinstein.

  • Employer Travel Benefits Options For Abortion Care Post-Roe

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    Given the likelihood that Roe v. Wade will be overturned, and with the proliferation of state legislation restricting abortion access, employers may want to consider the legal implications of several options to expand travel reimbursement benefits for employees who seek abortion services, say Danita Merlau and Ben Conley at Seyfarth.

  • Global Tax Chiefs Should Look To US Whistleblower Programs

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    As the Joint Chiefs of Global Tax Enforcement develops its international whistleblower program to address tax evasion and money laundering schemes in new areas like cryptocurrency, it should take lessons from highly successful U.S. programs on which features to include and pitfalls to avoid, say Neil Getnick and Nico Gurian at Getnick & Getnick.

  • Crypto Investors May Face Increasing State FCA Tax Liability

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    Cryptocurrency investors who fail to report the state tax consequences of transactions are poised to encounter increased civil or criminal legal exposure as a growing number of states bring tax fraud under the purview of their whistleblower statutes, say attorneys at Brownstein Hyatt.

  • Justices' Boechler Ruling May Spell Tax Exceptionalism's End

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    By basing its decision on cases outside the tax arena, the U.S. Supreme Court treated Boechler v. Commissioner as an administrative law case rather than a tax case and stripped away the traditional lines of tax exceptionalism, says James Creech at Baker Tilly.

  • MORE Act's Possible Impact On State-Licensed Cannabis Cos.

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    The Marijuana Opportunity Reinvestment and Expungement Act, recently passed in the U.S. House of Representatives, would dramatically alter the federal legal landscape for state-licensed cannabis businesses in both positive and negative ways — from opening new marketing avenues to compounding tax burdens, say attorneys at the Law Offices of Omar Figueroa​​​​​​​.

  • 3 Contract Considerations For Renewable Fuels Trade

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    As renewable fuels continue to develop and contracts for their sale and purchase become more common in the energy industry, companies should think about negotiating several key issues when entering into offtake agreements for feedstock purchase transactions, says Nneka Obiokoye at Holland & Knight.

  • What Microcaptive Reporting Ruling May Mean For The IRS

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    In CIC v. Internal Revenue Service, a Tennessee federal court’s decision to set aside an IRS requirement to disclose microcaptive insurance arrangements may be a step toward evidentiary standards to show that the potential for abuse in a lawful transaction is sufficient to support heightened disclosure requirements, says Samuel Lauricia at Weston Hurd.

  • Avoiding Surprise Taxation Of Employment Settlements

    Excerpt from Practical Guidance
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    Sandra Cohen at Cohen & Buckmann discusses how to avoid unwelcome tax-related payments in connection with settling an employment claim, as the extra cost can significantly decrease the perceived value of an offer and push the parties further apart.