Federal

  • November 30, 2020

    Telecom Seeks $109.3M Tax Refund On Foreign Income

    The federal government owes $109.3 million in overpaid taxes and penalties to a Colorado telecommunications corporation after the government's erroneous, retroactive application of a provision in the 2017 federal tax overhaul, the company told a federal court.

  • November 30, 2020

    Microcaptive Reporting Row May Spark More Guidance Spats

    The U.S. Supreme Court will hear arguments Tuesday on a preenforcement challenge to an IRS notice requiring the disclosure of potentially abusive microcaptive insurance arrangements, in a case that could pave the way for future lawsuits against other informal guidance.

  • November 30, 2020

    IRS Examined Fewer Nonprofits In FY 2020 Due To Pandemic

    The Internal Revenue Service finished fewer examinations of tax-exempt groups in the 2020 fiscal year compared with the year before, in part due to the novel coronavirus pandemic, the agency's director of exempt organizations said Monday.

  • November 30, 2020

    9th Circ. Upholds Taxes, Penalties On Nevada Man

    A Nevada man is liable for $785,000 in tax assessments and penalties and cannot represent a trust holding real estate, the Ninth Circuit said in a memorandum released Monday.

  • November 30, 2020

    Deal On TCJA Tweaks, Extenders Could Spur Year-End Tax Bill

    Democrats have opened the door to long-standing Republican proposals for tweaks to the 2017 tax overhaul as part of a final drive to try to attach extensions of expiring tax incentives to a potential session-ending spending package.

  • November 30, 2020

    House Dems Renew Push for $12.1B In FY 2021 IRS Funding

    Congress should approve $12.1 billion in IRS funding for fiscal 2021 as part of ongoing negotiations over the agency's budget, according to a letter released Monday from more than two dozen senior House Democrats to congressional leadership.

  • November 30, 2020

    Tax Group Of The Year: Baker McKenzie

    Baker McKenzie led Facebook Inc.'s legal defense in its $9 billion dispute with the Internal Revenue Service this year in one of the most closely watched international tax cases in the country, helping it land a spot among Law360's Tax Practice Groups of the Year.

  • November 30, 2020

    Surgeon, Wife Due $680K Refund On Losses, 9th Circ. Told

    An orthodontic surgeon and his wife told the Ninth Circuit that they were improperly denied about $680,000 in tax refunds on pass-through and rental real estate losses, and that the court should reverse a district court judgment upholding the denial.

  • November 30, 2020

    Disabled Individuals Drop Lawsuit Over Unpaid Virus Checks

    A group of disabled people who were unable to file income tax returns has agreed to dismiss its suit against the IRS over delayed payments of pandemic stimulus funds, according to an order filed Monday in a Pennsylvania federal court.

  • November 30, 2020

    Calif. Couple Can't Claim Years-Old Tax Refund, 9th Circ. Told

    A California couple shouldn't be able to reverse a U.S. Tax Court ruling rejecting their tax refund claim because the claim was made after the statute of limitations had expired, the federal government told the Ninth Circuit.

  • November 30, 2020

    IRS Seeking Comments On Employment Tax Forms

    The Internal Revenue Service is collecting comments on burdens posed by various business and individual tax forms, the agency said Monday.

  • November 25, 2020

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2020 Practice Groups of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • November 25, 2020

    The Firms That Dominated In 2020

    The eight law firms topping Law360's Firms of the Year managed to win 54 Practice Group of the Year awards among them, for guiding landmark deals, scoring victories in high-profile disputes and helping companies navigate uncharted legal seas made rough by the coronavirus pandemic.

  • November 25, 2020

    Ex-SCANA CEO Cops To Fraud In Nuke Plant Plans Debacle

    The former CEO of South Carolina utility company SCANA Corp. pled guilty to federal and state charges of fraud stemming from his role in an alleged plot in which the company misled investors about plans for a $9 billion nuclear power plant expansion.

  • November 25, 2020

    Danish Gov't Fires Back At Bid To Toss $2.1B Tax Fraud Suit

    Denmark's government urged a Manhattan federal judge not to toss its enhanced $2.1 billion tax refund fraud suit, arguing the claims are timely and that counterclaims should be rejected on the same grounds the court denied an initial dismissal bid.

  • November 25, 2020

    Fed. Lawmakers Ask GAO To Study Wayfair Compliance Costs

    A group of federal lawmakers asked the U.S. Government Accountability Office to study the compliance costs that small businesses are facing amid the myriad of sales tax laws states have employed for interstate sellers, a New Jersey congressman announced Wednesday.

  • November 25, 2020

    Biden Faces Short Timetable On OECD Digital Tax Talks

    As Joe Biden's team races to staff his administration, ensuring that the U.S. Treasury Department has key decision-makers in place to negotiate an agreement with other OECD countries on international taxes could be a significant challenge.

  • November 25, 2020

    Manhattan DA Takes Manafort Case To NY's Highest Court

    Manhattan District Attorney Cyrus Vance is moving forward with appealing the dismissal of state fraud charges against former Trump campaign chairman Paul Manafort to New York's highest court, after two lower courts agreed the indictment should be dismissed on double jeopardy grounds.

  • November 25, 2020

    Car Dealers Facing Major Tax Liability Amid Virus, Group Says

    Automobile dealers will face unexpected tax liabilities due to the novel coronavirus pandemic unless they are permitted to reduce unanticipated income, a group representing the dealers said in a letter to the Internal Revenue Service.

  • November 25, 2020

    SALT Cap Compromise On The Table In Next Congress

    While a full repeal of the 2017 tax overhaul's cap on the deduction for state and local taxes remains uncertain under a Biden administration, pressure from congressional Democrats is likely to result in a form of compromise.

  • November 25, 2020

    IRS Asked To Keep Accepting E-Filed Accounting Method Forms

    The Internal Revenue Service should make permanent procedures that allow individuals and businesses requesting an accounting method change to send a duplicate paper copy of a form electronically or through fax, the American Institute of Certified Public Accountants said.

  • November 25, 2020

    Ohio AG Settles Sales Tax Dispute With 2nd Wine Seller

    An Ohio federal judge approved on Wednesday the state attorney general's settlement with one of seven online wine retailers accused of depriving the state of tax revenue, the second such settlement in November.

  • November 25, 2020

    Transactions Disregarded For Tax Purposes

    Various transactions conducted in a parent's company's reorganization of its subsidiaries are circular and disregarded for federal tax purposes, the Internal Revenue Service said in a private letter ruling.

  • November 25, 2020

    Planned 1099 Filing Portal To Serve As Foundation For Others

    The Internal Revenue Service recently completed initial work on modernizing the process of filing Form 1099 information returns, and agency sources say the coming filing portal will serve as a foundation for online filing of other forms in the future.

  • November 25, 2020

    Couple Cannot Elect Mark-To-Market Accounting Method, IRS Rules

    A couple cannot have an extension of time to make a mark-to-market accounting method election because they failed to act reasonably and in good faith, the Internal Revenue Service said in a private letter ruling released Wednesday.

Featured Stories

  • Microcaptive Reporting Row May Spark More Guidance Spats

    Amy Lee Rosen

    The U.S. Supreme Court will hear arguments Tuesday on a preenforcement challenge to an IRS notice requiring the disclosure of potentially abusive microcaptive insurance arrangements, in a case that could pave the way for future lawsuits against other informal guidance.

  • Deal On TCJA Tweaks, Extenders Could Spur Year-End Tax Bill

    Alan K. Ota

    Democrats have opened the door to long-standing Republican proposals for tweaks to the 2017 tax overhaul as part of a final drive to try to attach extensions of expiring tax incentives to a potential session-ending spending package.

  • Biden Faces Short Timetable On OECD Digital Tax Talks

    Alex M. Parker

    As Joe Biden's team races to staff his administration, ensuring that the U.S. Treasury Department has key decision-makers in place to negotiate an agreement with other OECD countries on international taxes could be a significant challenge.

Expert Analysis

  • What To Expect From Federal Agency Leadership Changes

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    Attorneys at Morgan Lewis discuss how quickly companies may see policy changes from new leadership at the U.S. Department of Treasury, U.S. Department of Justice, U.S. Department of Labor, U.S. Equal Employment Opportunity Commission and National Labor Relations Board after the Biden administration takes office.

  • NY Right To Investigate Trump Consulting Fees For Tax Fraud

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    New York authorities correctly put aside political considerations and took the appropriate first step in any tax fraud investigation by seeking bank and corporate records to investigate potential connections between Trump Organization write-offs and income mirrored by Ivanka Trump's consulting company, says Daren Firestone at Levy Firestone.

  • Carbon Capture Policy Should Be Aligned For Global Adoption

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    With support from both Republicans and Democrats, carbon capture, utilization and storage technology as a tool for decarbonization may be poised for domestic growth — but the U.S. and the European Union must coordinate their policies to promote a global approach, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

  • How Federal, State Plans Could Bring Carbon Capture To US

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    Proposals from President-elect Joe Biden, a pair of bills currently pending in Congress and a low-carbon fuels program in California provide insights into how carbon capture, utilization and storage technology could be integrated into the fight against climate change in the U.S., say Hunter Johnston and Jeff Weiss at Steptoe.

  • EU Climate Goals Are Hard To Reach Without Carbon Capture

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    The European Union's failure to fully embrace blue fuels, produced using carbon capture, utilization and storage technologies, may hinder the region's pursuit of its aggressive decarbonization goals, say Hunter Johnston and Jeff Weiss at Steptoe & Johnson.

  • Carbon Capture Tech Offers A Fast Path Toward Climate Goals

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    To meet ambitious climate goals, the U.S., EU and other developed nations must immediately start reducing carbon emissions from fossil fuels, which policymakers can encourage by supporting carbon capture, utilization and storage technologies, say Hunter Johnston and Jeff Weiss at Steptoe.

  • Legal Defense Fund Donations Should Get Gift Tax Treatment

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    Contributions to legal defense funds, which may be used to finance litigation related to the governmental transition, should be treated as gifts instead of income for tax purposes to avoid protracted, politically weaponized litigation, and remain consistent with a government-ethics approach, says Robert Rizzi at Steptoe & Johnson.

  • Advancing The Democratic Tax Agenda In 2021

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    Even with a divided government starting next year, Democrats will have a major effect on tax policy, pursuing legislative compromises and regulatory changes in service of President-elect Joe Biden's tax plan, and potentially reversing many Trump administration initiatives, say Russell Sullivan and Radha Mohan at Brownstein Hyatt.

  • M&A Poised For Growth In The Biden Era

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    The M&A market is well positioned for recovery and growth under a Biden administration and divided Congress, which will likely gain control over the coronavirus pandemic, pass a stimulus package, and provide greater transparency in antitrust enforcement, say attorneys at Debevoise.

  • Final BEAT Regs Still Contain Pitfalls For Taxpayers

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    Recently finalized U.S. Department of the Treasury regulations retain a taxpayer-friendly election allowing corporations to waive deductions to avoid the base erosion and anti-abuse tax, but neglect to include recourse for companies that waive more deductions than necessary, say attorneys at Ropes & Gray.

  • Biden Independent Contractor Plan Sends Confusing Message

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    President-elect Joe Biden’s inconsistent campaign plan for independent contractors supports enforcement of existing laws against intentional worker misclassification while also proposing a challenging-to-meet federal classification standard modeled after California’s A.B. 5, says Richard Reibstein at Locke Lord.

  • The Different Ways High Court Could Assess ACA Viability

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    The U.S. Supreme Court's eventual decision in California v. Texas could strike down the entire Affordable Care Act, though there are a number of scenarios that may leave the law — or at least its popular provisions — largely intact, say attorneys at Morgan Lewis.

  • 10th Circ. IRS Summons Ruling Shows Cannabis Biz Dilemma

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    The recent Tenth Circuit decision in Speidell v. U.S., allowing the IRS to summon records from Colorado marijuana regulators in an audit proceeding, illustrates the tension state-legal marijuana business owners face when information requested in a civil proceeding is about conduct potentially criminal under federal law, says Jennifer Benda at Hall Estill.