Federal

  • May 28, 2024

    9th Circ Won't Touch IRS Bid For Tax Liability On Bookie

    A bookie who pled guilty to helping run an illegal sports gambling ring out of Peru can't escape his ensuing $100,000 tax liability under a Ninth Circuit ruling that declined to expunge his conviction after he argued the taxes are disproportionately punishing.

  • May 24, 2024

    Court Upholds Limit To Award In Ecopetrol, Texas Co. Dispute

    An arbitration tribunal was within its authority to limit the number of years and the amount that a Houston-based oil company had to reimburse Colombia's state-owned entity, Ecopetrol, for the value-added tax liability of a subsidiary while owned by the company, a New York federal judge determined.

  • May 24, 2024

    CohnReznick Adds Tax Planning Partner From Mazars

    CohnReznick LLP added a top accountant and tax partner from Mazars USA LLP to its roster of tax professionals, the firm announced.

  • May 24, 2024

    IRS Corrects Notice On Bonus Energy Tax Credit Safe Harbors

    The Internal Revenue Service and U.S. Department of the Treasury issued a correction Friday to a notice providing additional safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing their steel and aluminum parts.

  • May 24, 2024

    Arizona Man Admits To $4.4M Conspiracy To Defraud IRS

    An Arizona man admitted to conspiring with a New Jersey tax preparer to obtain at least $4.4 million by defrauding the Internal Revenue Service in an elaborate identify theft scheme, the U.S. Department of Justice said.

  • May 24, 2024

    Lists Of State Laws That Satisfy Charitable Org. Regs Invalid

    The Internal Revenue Service rendered obsolete two lists of state laws and circumstances that allowed for charitable organizations to satisfy certain federal requirements, as a number of the relevant laws have since changed, the agency announced Friday.

  • May 24, 2024

    Taxation With Representation: Davis Polk, Wachtell, Latham

    In this week's Taxation With Representation, SouthState Corp. buys Independent Bank Group Inc., CyberArk acquires Venafi, Carlyle clinches its fifth Japanese buyout fund, and AuditBoard Inc. agrees to be bought by Hg Capital.

  • May 24, 2024

    No Loss For Parent Cos. For Spinoff Stock, IRS Says

    A publicly traded parent corporation planning to expand business partly through the separation of two companies will not recognize a gain or loss when it receives the controlled stock of an internal spinoff, the Internal Revenue Service said in a private letter ruling released Friday.

  • May 23, 2024

    Qualified Biz Income Deductions To Total $222B, JCT Says

    About 24 million taxpayers are projected to claim the deduction for qualified business income for a total of an estimated $222 billion in deductions, the Joint Committee on Taxation said in a report released Thursday outlining the effects of various tax measures this year.

  • May 23, 2024

    Church Donor Claimed Excessive Deduction, Tax Court Says

    A woman who claimed a tax deduction for nearly $37,000 in charitable donations to her church actually donated less than $20,000 and owes taxes on the difference, the Tax Court ruled in an opinion released Thursday.

  • May 23, 2024

    Senate Chairs Seek Info On Trump Meeting With Oil Cos.

    The chairs of the Senate's tax and budget committees said Thursday that they were investigating a meeting with former President Donald Trump, oil and energy companies, a trade association where Trump reportedly sought $1 billion in exchange for policy favors.

  • May 23, 2024

    Corp. Tax Rate Should Hold, GOP Former Panel Chair Says

    Lawmakers should preserve the Tax Cuts and Jobs Act's nonexpiring provisions, specifically the 21% corporate tax rate, when debating the extension of the law's expiring provisions in 2025, former House Ways and Means Committee Chairman Kevin Brady said Thursday.

  • May 23, 2024

    US Drops Appeal Of Citigroup's $183M Tax Award At Fed. Circ.

    The federal government agreed to stop fighting a ruling that awarded Citigroup $183 million in tax deductions for liabilities belonging to a failing bank it had acquired during the 1980s savings and loan crisis, according to an order Thursday by the Federal Circuit dismissing the appeal.

  • May 23, 2024

    Ambulance Co. Owner Accused Of $1M Pandemic Loan Fraud

    The owner of a California ambulance company who was charged last year with tax evasion and filing false returns has been further accused of fraudulently securing $1 million from federal pandemic relief loan programs, according to the U.S. Department of Justice.

  • May 23, 2024

    G7 Should Agree On Frozen Russian Assets, Yellen Says

    U.S. Treasury Secretary Janet Yellen said Thursday that the Group of Seven countries should agree now on a concept of how the capital of frozen and immobilized Russian state assets should be used to support Ukraine's war against Russia.

  • May 23, 2024

    Akerman Brings On Kilpatrick Tax Ace In LA

    Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.

  • May 22, 2024

    Justices' CFPB Alliance May Save SEC Courts, Not Chevron

    A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.

  • May 22, 2024

    Hunter Biden's Calif. Tax Trial Pushed From June To Sept.

    A California federal judge on Wednesday moved Hunter Biden's criminal tax trial from June 20 to September over objections from the government and after Biden's attorney said the upcoming date is too close to his client's June 3 gun trial in Delaware, although the judge said no more extensions will be given.

  • May 22, 2024

    Disposal Co. Manager Owes Tax With Ex, Tax Court Says

    A disposal company manager who accused his ex-wife of committing fraud in preparing their tax return owes his share of taxes with her for a disallowed deduction they took for a vehicle his employers provided for his job, the U.S. Tax Court said.

  • May 22, 2024

    Taxpayers Received $90M In Refunds In Direct Filing Pilot

    Taxpayers who used the IRS' Direct File pilot program this year took an average of 20 minutes to file a return and received more than $90 million in refunds, but no decision has been reached on whether to expand the free program or make it permanent, the agency said Wednesday.

  • May 22, 2024

    IRS Didn't Honor Partnership's Audit Election, Tax Court Says

    The U.S. Tax Court invalidated a tax liability determination by the IRS for an Ohio partnership for 2016, saying in a ruling Wednesday that the partnership had made a valid election to undergo a special audit process and the agency had failed to honor it.

  • May 22, 2024

    Bipartisan Bill Would Make US Presidents' Tax Returns Public

    Presidents and vice presidents would be required to disclose their tax returns for the two years preceding their time in office under legislation introduced Wednesday by House Oversight and Accountability Committee Chairman James Comer.

  • May 22, 2024

    Judge Not Entitled To Deduct Expenses, Tax Court Says

    A part-time administrative law judge for the state of California can't deduct $25,000 in unreimbursed employee business expenses because his wages are not considered the sort of fees that would allow it, the U.S. Tax Court ruled Wednesday.

  • May 22, 2024

    IRS Opens $6B Advanced Energy Tax Credit Allocation Portal

    The application portal is open through June 21 for manufacturers seeking a share of a second-round $6 billion tax-credit allocation for their development projects that support the clean energy industry, the Internal Revenue Service announced Wednesday.

  • May 22, 2024

    IRS Again Delays Reporting Rules for Certain BEAT Payments

    The Internal Revenue Service is deferring until 2027 the applicability date of requirements for reporting certain intercompany payments that are exempt from the base erosion and anti-abuse tax, the agency announced Wednesday.

Featured Stories

  • The Tax Angle: TCJA Stalemate, Corp. Rates, Tax Preparers

    Stephen K. Cooper

    From a look at the Senate's inaction on a bipartisan House-passed tax bill to efforts to raise the corporate tax rate and regulate tax return preparers, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • FTC Noncompete Ban Raises Stakes For Nonprofit Hospitals

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    The Federal Trade Commission seems eager to apply its employee noncompete ban to healthcare, with a key target in mind: nonprofit healthcare providers that, in the agency's view, act more like for-profit businesses.

  • Nixing Green Energy Tax Perks Would Be Tough For Trump

    Kat Lucero

    Former President Donald Trump has vowed to scrap Democrats' signature 2022 climate law should he get reelected in November, but following through on that campaign promise could prove difficult amid bipartisan support for many of the law's clean energy tax incentives and a potentially divided Congress.

Expert Analysis

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • Geothermal Energy Has Growing Potential In The US

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    Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential to draw on the skills of existing highly specialized oil and gas workers and renewable specialists, say attorneys at Weil.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Trump Hush Money Case Offers Master Class In Trial Strategy

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    The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad facts, craft a simple story that withstands attack, and cross-examine with that story in mind, says Luke Andrews at Poole Huffman.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • State-Regulated Cannabis Can Thrive Without Section 280E

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    Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.

  • Asset Manager Exemption Shifts May Prove Too Burdensome

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    The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.

  • A Look At New IRS Rules For Domestically Controlled REITs

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    The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.

  • E-Discovery Quarterly: Recent Rulings On Text Message Data

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    Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.

  • Should NIL Collectives Be Allowed Tax-Favored Status?

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    Arguments are being made for and against allowing organizations to provide charitable contribution tax deductions for donations used to compensate student-athletes, a practice with impacts on competition for student-athletes and overall tax fairness, but ultimately it is a question for Congress, say Andres Castillo and Barry Gogel at the University of Maryland School of Law.

  • Understanding The IRC's Excessive Refund Claim Penalty

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    Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.