Federal

  • October 06, 2022

    Exemption Form For Small Charities Needs Rigor, TIGTA Told

    A simplified tax-exemption application for small charities doesn't require enough material to make it an adequate way to approve only eligible organizations, 11 stakeholders told the Treasury Inspector General for Tax Administration in a report released Thursday.

  • October 06, 2022

    IRS May Look To Better Tailor Audits Of Big Biz, Official Says

    The Internal Revenue Service will likely alter some definitions of what a large corporation is under its large corporate compliance program to more accurately audit businesses of different sizes, an agency commissioner said Thursday.

  • October 06, 2022

    NJ Man Cops To Hiding Real Estate Income From IRS

    A New Jersey man pled guilty to obstructing the Internal Revenue Service with a scheme in which he pretended to be a construction worker to skirt taxes on his real estate business income, according to federal prosecutors.

  • October 06, 2022

    Law Deters State-Fed. Policing Of Tax-Exempt Orgs, TIGTA Says

    State charity regulators are reluctant to formally collaborate with the IRS to catch potentially illegal tax-exempt organizations because a 2006 law makes the process too burdensome, according to an audit released Thursday by the Treasury Inspector General for Tax Administration.

  • October 06, 2022

    IRS Seeks Input On Carbon Oxide Sequestration Credit

    The Internal Revenue Service asked for comments Thursday on a form for seeking tax credits for sequestration of carbon oxide.

  • October 05, 2022

    Senate Bill Would Subject Attorneys To Bank Secrecy Rules

    Attorneys involved in providing financial services to third parties would become subject to some Bank Secrecy Act rules under a defense spending bill amendment introduced by bipartisan co-sponsors in the U.S. Senate.

  • October 05, 2022

    Judge Scolds Tax Firm For 'Abusive' Ask To Evaluate Ex-Worker

    An Idaho-based tax and accounting company crossed a line when it asked a former employee suing for sexual harassment to undergo an evaluation typically reserved for sex offenders, a federal judge ruled, warning that inquiries into her private life must end.

  • October 05, 2022

    NJ Man Sentenced For Defrauding Shipping Insurance Co.

    A former associate director for a London-based maritime shipping insurance claims servicer was sentenced to 27 months in prison after pleading guilty to embezzling from the company and dodging payroll taxes.

  • October 05, 2022

    IRS Wants Input On Inflation Reduction Act's Tax Provisions

    The Internal Revenue Service is seeking comments on provisions of the Inflation Reduction Act that deal with clean-energy and other tax credits, according to notices released Wednesday.

  • October 05, 2022

    Art Seller Doesn't Owe $790K In Tax, Penalties, Tax Court Told

    The Internal Revenue Service wrongly assessed roughly $663,000 in taxes, plus nearly $127,000 in penalties, against an art seller, she told the U.S. Tax Court, arguing the agency mischaracterized her income and incorrectly denied various deductions.

  • October 05, 2022

    IRS Grants Extensions To Hurricane Ian Victims In Carolinas

    Taxpayers impacted by Hurricane Ian in North Carolina and South Carolina now have until Feb. 15 to submit some returns and payments, the Internal Revenue Service said Wednesday.

  • October 05, 2022

    Calif. Man Gets 10 Years For Pro Athlete Tax Fraud, PPP Scam

    A California tax preparer was sentenced to 10 years in prison on Wednesday for his role in a scheme to obtain inflated returns on behalf of professional athlete clients and another plot to defraud the Paycheck Protection Program.

  • October 05, 2022

    Justices Urged To Scrutinize 6th Circ.'s OK Of Easement Regs

    The U.S. Supreme Court should review a Sixth Circuit decision finding that Treasury's tax regulations for conservation easements complied with administrative law, a partnership argued, highlighting a circuit split on the issue and its implications for the broader administrative regime.

  • October 05, 2022

    80% Of US CEOs See Min. Tax As Concern, KPMG Poll Says

    The proposed global minimum tax is a growth concern for the companies of 80% of U.S. CEOs surveyed by advisory firm KPMG LLP, the firm said in a report.

  • October 05, 2022

    IRS Computer Systems Fail Security Tests In TIGTA Audit

    An IRS computer system that supports major tax applications, including the electronic filing system, failed to meet minimum security requirements, according to an audit released Wednesday by the Treasury Inspector General For Tax Administration.

  • October 05, 2022

    Staffing Co. Execs Owe $7M In Unpaid Taxes, Gov't Says

    The former CEO of a forfeited staffing company and its ex-director owe $7.3 million in employment taxes going back to 2011, the government told a Texas federal court, asking it to start foreclosing on the duo's property.

  • October 05, 2022

    Holland & Knight DC Tax Pro Lands At Foley & Lardner

    Foley & Lardner LLP has added a partner to its taxation practice group and health care and life sciences group, the firm recently announced.

  • October 04, 2022

    Trump Urges 2nd Circ. To Allow Challenge To NY AG Biz Probe

    Former President Donald Trump's challenge to New York Attorney General Letitia James' scrutiny of his business dealings should be permitted to proceed, Trump told the Second Circuit on Tuesday, arguing her bad faith probe warrants a federal court's intervention. 

  • October 04, 2022

    IRS Names Members To Legal Division Performance Board

    The Internal Revenue Service said Tuesday that it appointed nine members and one alternate to its Legal Division Performance Review Board.

  • October 04, 2022

    IRS Seeks Input On Employee Benefit Plan Returns

    The Internal Revenue Service on Tuesday said it was seeking comments on employee benefit plan returns.

  • October 04, 2022

    IRS Proposes Raising Enrolled Actuary User Fee To $680

    The Internal Revenue Service said Tuesday that user fees for enrolled actuaries would increase to $680 under proposed rules.

  • October 04, 2022

    US Asks 1st Circ. To OK New Arguments Over Crypto Records

    The government asked the First Circuit to reconsider its revival of a New Hampshire man's lawsuit seeking to expunge cryptocurrency records he alleged the Internal Revenue Service obtained illegally via summons, saying it wants to raise new arguments.

  • October 04, 2022

    IRS Vulnerability Scanning Doesn't Catch All Risks, TIGTA Says

    The Internal Revenue Service scaled back its scanning of database security risks in 2018, becoming noncompliant with guidance, the Treasury Inspector General for Tax Administration said in a report released Tuesday.

  • October 04, 2022

    Couple Can't Challenge Crypto Taxes After Getting Refund

    A couple can't proceed with a suit to recoup taxes they paid on cryptocurrency because the IRS already refunded them, a Tennessee federal court ruled, declining to take up their greater legal challenge over the tax treatment of the asset.

  • October 04, 2022

    IRS Revises, Clarifies Appeals Office Contact Letters

    The Internal Revenue Service's Independent Office of Appeals has revised initial contact letters to clarify how taxpayers can interact with the office and to include contact information, the IRS announced Tuesday.

Featured Stories

  • FATCA Imbalance Raises Questions About Crypto Data Swaps

    Natalie Olivo

    The U.S. government has long lacked the ability to reciprocate the level of information it receives from other countries under the Foreign Account Tax Compliance Act — a dynamic that may complicate domestic and global proposals for cross-border cryptocurrency data exchanges.

  • The Tax Angle: Corporate Book Taxes And Retirement Savings

    Stephen K. Cooper

    From the possibility of changes to the 15% alternative minimum tax on corporations to progress on retirement security legislation, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • Wyden Probe Shines Light On Private Placement Insurance

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    The top Senate tax writer's investigation into private placement life insurance is bringing scrutiny to a once-obscure estate planning tool for wealthy families that some tax and finance practitioners see as a potentially abusive method for tax evasion.

Expert Analysis

  • Digital Taxation Is Necessary, But Tough To Manage

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    The U.S. government has started to tackle complex new tax laws as the digital economy continues to grow, but this demands guidelines that will facilitate the growth while protecting investors and the government's finances, say attorneys at Cadwalader.

  • 5 Considerations When Seeking Federal EV Funding

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    A recent White House fact sheet shows how federal efforts to support the full scope of the electric vehicle industry have moved the needle, but some details about how to use those funds are still being ironed out, and there are a few issues to watch, say attorneys at Morgan Lewis.

  • Unpacking The Inflation Reduction Act's Energy Tax Credits

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    Provisions in the recently enacted Inflation Reduction Act that affect how taxpayers can monetize clean energy tax credits will change how clean energy projects are financed, but taxpayers that may not be allowed multiple credits need to determine which type of credit will be the most advantageous, say attorneys at BakerHostetler.

  • How COVID Has Changed Project Development And Finance

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    Two and a half years into the pandemic, some COVID-19-specific provisions are now common in the project development and finance markets, while others are still undergoing negotiation, say Nate Galer and Katy McNeil at Mayer Brown.

  • Unpacking The Shift In DOJ Corporate Enforcement Policy

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    Attorneys at Paul Hastings provide takeaways for companies seeking to mitigate increased enforcement risks from the U.S. Department of Justice's recent corporate prosecution policy changes, including greater focus on individuals, requirements for cooperation credits, evaluations of prior misconduct, expectations for compliance programs and factors for determining whether to impose a monitor.

  • What AML Bill Could Mean For Firms, Funds And FinCEN

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    If passed, an amendment within Congress’ annual defense bill would expand the list of institutions subject to anti-money laundering regulations, from law firms to investment funds, creating potential rulemaking and enforcement challenges for the Financial Crimes Enforcement Network, say attorneys at Arnold & Porter.

  • How Inflation Reduction Act Will Lift Offshore Wind Projects

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    The Inflation Reduction Act should promote the development of offshore wind energy in multiple ways — including by improving the planning and permitting process for transmission infrastructure, expanding potential lease areas and making beneficial changes to the tax credits available for renewable energy developers, say attorneys at Day Pitney.

  • CORRECTED: New Tax Credits For Renewables Should Offer Investors Relief

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    The Inflation Reduction Act's changes to tax credits for renewable energy projects should finally liberate tax equity investors from the restraints of the complex and onerous federal anti-abuse regime, says Kay Hobart at Parker Poe. Correction: Because of an editing error, a previous version of this article incorrectly characterized tax enforcement regimes in North Carolina and other states. This error has been corrected.

  • Inflation Reduction Act A Boon To Hydrogen, Carbon Capture

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    The Inflation Reduction Act's tax credits and direct payments, extension of existing renewable electricity subsidies, and other benefits will accelerate hydrogen and carbon capture projects across the U.S. — and will likely draw capital into the country that would otherwise have gone to projects elsewhere, say attorneys at Shearman.

  • What The Inflation Reduction Act Has To Do With Crypto

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    The recently enacted Inflation Reduction Act’s $80 billion supplemental funding allotment for the IRS could have unexpectedly significant implications for the cryptocurrency market, which may find itself the target of ramped-up tax audits and enforcement, says cybersecurity consultant John Reed Stark.

  • Unpacking The New Stock Buyback Tax And Its Exceptions

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    Xenia Garofalo and Kyle Colonna at Eversheds Sutherland discuss provisions of the recently enacted tax on corporate stock repurchases, how its exceptions may be applied and what companies should consider when evaluating the cost of new or existing programs.

  • Health Issues To Watch In Inflation Act, Other Policy Initiatives

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    The newly signed Inflation Reduction Act includes a number of significant drug pricing reforms, and the future holds a wider array of health issues that may be addressed in pending legislation when Congress returns in September, says Miranda Franco at Holland & Knight.

  • How New Markets Tax Credit Can Help Pandemic Recovery

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    The New Markets Tax Credit program, designed to spur private investment in low-income, nonmetropolitan and distressed communities, is one potential remedy that can help alleviate the pandemic's negative impact on especially vulnerable areas, says Julia Fendler at Butler Snow.