Federal

  • July 28, 2025

    Fired Worker Owes Tax On $1.5M Settlement, Tax Court Says

    A former PNC Investments LLC employee who won a defamation settlement after being fired must pay tax on the $1.5 million award, the U.S. Tax Court said Monday, rejecting the ex-worker's argument that the money didn't count as income.

  • July 28, 2025

    10th Circ. Says Carbon Group Can't Appeal Tax Assessment

    An entity that owns interest in a carbon producer can't appeal a $2 million tax assessment made by a Colorado county on a carbon unit operator that the entity owns interest in because the federal court doesn't have jurisdiction, the Tenth Circuit said Monday.

  • July 28, 2025

    Trailer Maker's Bid To Escape $4M Excise Taxes Dismissed

    A trailer manufacturer can't avoid more than $4 million in excise taxes, interest and penalties, a South Dakota federal court ruled, finding it couldn't rely on an exemption from a technical advice memorandum after Congress altered the definition of off-highway vehicles.

  • July 28, 2025

    US, Japanese Businessman Settle $11.6M FBAR Dispute

    A Japanese businessman and the federal government have settled their $11.6 million tax filing dispute after the man claimed a language barrier was to blame and the U.S. tried to push past a jury's verdict, according to a Hawaii federal court filing.

  • July 25, 2025

    Trump Trade Deals Do Little To Ease Importers' Concerns

    President Donald Trump's recently announced framework trade deals offer new insight into tariff rates for several countries come Aug. 1, but experts say unanswered questions about those agreements and others still at large continue to stifle longer-term planning, leaving importers in uncertain territory.

  • July 25, 2025

    Ex-Credit Suisse Client Gets 2½ Years For Hiding Assets

    A Florida federal judge on Friday sentenced a Colombian-American businesswoman and former Credit Suisse client to two and a half years in prison for conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.

  • July 25, 2025

    Mayo Clinic's $11.5M Tax Refund Affirmed By 8th Circ.

    The Mayo Clinic qualifies as an "educational organization" under federal tax law, making it eligible for a tax exemption for such organizations and meriting a nearly $11.5 million refund, the Eighth Circuit said Friday, affirming a federal district court.

  • July 25, 2025

    Vegas Workers Laud Tax Breaks On Tips, OT At Hearing

    The new federal tax deductions for tips and overtime pay will be extremely beneficial to working-class residents of Las Vegas, the House Ways and Means Committee heard from workers and others at a field hearing Friday, while Democrats criticized the temporary nature of the tax breaks.

  • July 25, 2025

    Rising Star: Gibson Dunn's Michael Q. Cannon

    Michael Q. Cannon of Gibson Dunn & Crutcher LLP has been the lead attorney on several high-profile cases, including playing a key role in advising on the tax aspects of the world's largest merger and acquisition deal in 2023, earning him a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 25, 2025

    IRS Provides Guidance Meant To Speed Up Corporate Audits

    The Internal Revenue Service released guidance Friday that aims to make audits more efficient for corporate taxpayers, including by phasing out a document request process taxpayers had criticized as time-consuming and of little value.

  • July 25, 2025

    Legal Org. Urges DC Circ. To Reject Trump's Tariff Powers

    The D.C. Circuit should affirm a ruling that sided with toy makers and blocked President Donald Trump from using an international economic law to impose emergency tariffs because the law does not give the president the authority he claims, a legal organization argued.

  • July 25, 2025

    Taxation With Representation: Weil, Freshfields, Linklaters

    In this week's Taxation With Representation, CC Capital and One Investment Management acquire Insignia Financial Ltd., catering giant Compass Group PLC acquires Dutch food and hospitality company Vermaat Groep BV, drugmaker Sanofi acquires biotech company Vicebio, and The Ether Machine launches as a public company.

  • July 25, 2025

    CPA Charged With $5M Fraud Involving 2 Law Firms

    A federal grand jury has charged an accountant with defrauding two law firms and other clients by selling them false tax benefits and pocketing more than $5 million from an account into which they made their payments, according to a superseding indictment in California federal court.

  • July 25, 2025

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included an announcement revoking final regulations requiring brokers to report their digital asset sales.

  • July 24, 2025

    Judge Won't Block Exela Ch. 11 Plan For Claims Dilution Suit

    A Texas bankruptcy judge Thursday declined to stop automation technology group Exela from exiting Chapter 11 next week, but said he would condition the over $1 billion debt-for-equity swap plan's effectiveness on a roughly 30% recovery rate for its general unsecured claims.

  • July 24, 2025

    IRS Can Levy Religious Group's Property, Split 9th Circ. Says

    The IRS can impose a lien on an Arizona residential property held by a religious organization to collect unpaid taxes owed by a bankrupt couple who had decision-making authority over the entity's finances and bank account, a divided Ninth Circuit ruled Thursday.

  • July 24, 2025

    EU Prepared To Impose €93B In Tariffs On US Goods

    The European Commission voted Thursday to impose tariffs on €93 billion ($109 billion) worth of U.S. goods if no trade deal is reached by August as the two sides continue negotiations.

  • July 24, 2025

    Construction Co. Owner Arrested In $2.9M Payroll Tax Scheme

    A New York City construction company owner was arrested on charges of failing to pay over $2.9 million in employment taxes and falsely claiming that his wife worked as one of his laborers, according to the U.S. Department of Justice.

  • July 24, 2025

    Rising Star: McDermott's Michael Bruno

    Michael Bruno of McDermott Will & Emery LLP was tapped as lead tax counsel by two legendary athletes — Lionel Messi and Stephen Curry — for the rollouts of their respective beverage brands, earning him recognition as one of the tax attorneys under age 40 honored by Law360 as Rising Stars.

  • July 24, 2025

    GOP Reps. Urge IRS To Roll Back Economic Substance Ruling

    The Internal Revenue Service should withdraw a revenue ruling that invokes the economic substance doctrine to disregard certain intercompany transactions, 20 Republicans on the House Ways and Means Committee said Thursday, arguing it leaves taxpayers uncertain about how to apply partnership tax laws to commercial transactions.

  • July 24, 2025

    Bets On Atty's Lien Biz Lost Millions, Investor Tells Jury

    A seasoned investor told a Manhattan federal jury Thursday that he heavily backed a tax-lien fund controlled by a lawyer now accused of fraud, ultimately losing $2.9 million in supposedly low-risk bets where such losses were "not supposed to be possible."

  • July 24, 2025

    8th Circ. Says Biz Owner Can't Claim $100K Tax Refund

    A business owner is not entitled to a $100,000 tax refund or compensation for lost business opportunities he said the government owed him for making him wait for it, the Eighth Circuit said, affirming an Iowa federal court's decision.

  • July 24, 2025

    IRS Taxpayer Advocacy Panel Schedules 7 August Meetings

    Six Taxpayer Advocacy Panel subcommittees will meet in August to discuss the Internal Revenue Service's customer service, followed by a joint committee session at the end of the month, the agency announced Thursday.

  • July 23, 2025

    Fla. Man Gets 5 Years In Jail For Hiding Swiss Bank Accounts

    A Florida federal judge on Wednesday sentenced a Miami man to five years in prison on a conspiracy-related count in connection with evading taxes on approximately $20 million he held in Swiss bank accounts and setting up trusts in an attempt to hide assets.

  • July 23, 2025

    9th Circ. Revives Barrett Business Services' Secrets Case

    The Ninth Circuit has reinstated Barrett Business Services Inc.'s claims of trade secret theft against two former employees, their wives and a competing company they started.

Expert Analysis

  • Expect Surging Oil And Gas Industry Under New Trump Admin

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    Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.

  • The Bar Needs More Clarity On The Discovery Objection Rule

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    Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.

  • Cos. Should Inventory Issues To Prep For New Congress

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    As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.

  • Conservation Easement Cases Weave Web Of Uncertainty

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    Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.

  • So You Want To Move Your Law Practice To Canada, Eh?

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    Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.

  • Legislation Most Likely To Pass In Lame Duck Session

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    As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.

  • What Trump's 2nd Presidency Could Mean For Crypto Sector

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    Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.

  • Promoting Diversity In The Selection Of ADR Neutrals

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    Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.

  • Striking A Balance Between AI Use And Attorney Well-Being

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    As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.

  • Takeaways From The IRS' Crypto Doc Summons Win

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    A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.

  • How Judiciary Can Minimize AI Risks In Secondary Sources

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    Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.

  • How Attorneys Can Break Free From Career Enmeshment

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    Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.

  • Ex-Chicago Politician's Case May Further Curb Fraud Theories

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    The U.S. Supreme Court recently agreed to hear Thompson v. U.S. to determine whether a statement that is misleading but not false still violates federal law, potentially heralding the court’s largest check yet on prosecutors’ expansive fraud theories, with significant implications for sentencing, say attorneys at the Law Offices of Alan Ellis.

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