Federal
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July 15, 2026
Pillar 2 Revenue Intake Falls Short Of Predictions, OECD Says
The worldwide corporate 15% minimum tax agreement known as Pillar Two has so far brought in less revenue than expected, the Organization for Economic Cooperation and Development said Wednesday.
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July 15, 2026
Mich. Tax Biz Barred From Preparing Federal Returns By Court
A federal judge granted the federal government's bid to bar a Michigan-based tax and accounting business from preparing federal tax returns over allegations it prepared fraudulent returns that cost the government a tax revenue loss estimated at over $2 million.
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July 15, 2026
Texas Estate Disputes $11.5M Tax From Stock Transfers, Gifts
The Internal Revenue Service wrongly assessed taxes of $11.5 million and $1.6 million in penalties to a Texas woman's estate from the agency's inflated valuation of stock and imposition of gift tax, the estate told the U.S. Tax Court.
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July 14, 2026
House Backs Bill To End Penny Minting, Round Cash Sales
The phaseout of the penny would become law and retailers would be able to round cash transactions up or down to the nearest 5-cent amount under a bill that the U.S. House passed Tuesday, sending it to the Senate.
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July 14, 2026
Bike Seller Says IRS' Undervaluation Caused $3M Deficiency
A California bicycle seller told the U.S. Tax Court that the IRS' faulty appraisal of its value caused the agency to mischaracterize a transaction with its parent company as a discharge of indebtedness and a $15.5 million income increase, leading to a $3.3 million deficiency assessment.
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July 14, 2026
IRS Ethics Guidance Highlights AI Billing Tensions
Recent IRS ethics guidance urged attorneys to acknowledge the time-saving features of artificial intelligence when billing clients, underlining the legal industry's ongoing reckoning with how, or if, this technology fits into the traditional practice of charging by the hour.
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July 14, 2026
5th Circ. Affirms Fraudster Tax Preparer's 16-Year Sentence
The Fifth Circuit affirmed a tax preparer's nearly 16-year sentence for aiding in the preparation of false and fraudulent tax returns, rejecting his argument that a Texas federal court erred when it denied his motions for a new trial and applied sentencing enhancements.
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July 14, 2026
IRS Updates Corp. Bond Monthly Yield Curve For July
The IRS updated the corporate bond monthly yield curve used in calculations for defined benefit plans for July on Tuesday, as well as corresponding segment rates and the interest rate for 30-year U.S. Treasury Department securities.
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July 14, 2026
Couple's Settlement Proceeds Taxable Income, Tax Court Says
Proceeds from a couple's settlement with credit reporting agencies, including attorney fee payments, should be reported as taxable gross income, the U.S. Tax Court ruled Tuesday, rejecting the argument that the Fair Credit Reporting Act's fee-shifting provisions exempted the payments from taxation.
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July 14, 2026
IRS Donor Disclosure Rule Unconstitutional, Group Says
The IRS' nonprofit donor disclosure rule violates the First Amendment, a conservative youth group told a D.C. federal court, arguing that a now-convicted contractor's theft of donor records and those of high-ranking government officials demonstrates that the agency cannot safeguard sensitive information.
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July 13, 2026
IRS Experts Undervalued Ala. Land Gift, Partnership Says
IRS experts erred at trial in relying on other land sales to calculate a value of under $1 million for Alabama property donated to a conservation group in 2017, far below the $28 million determined by the partnership's appraiser, the partnership told the U.S. Tax Court.
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July 13, 2026
Trump Taps Former Acting IRS Chief Counsel For Tax Court
President Donald Trump nominated a former acting Internal Revenue Service chief counsel for a seat in the U.S. Tax Court on Monday.
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July 13, 2026
Government Backs Tax Evader's Higher Sentence At 4th Circ.
A West Virginia federal judge correctly handed down an enhanced sentence to a real estate appraisal business owner convicted of failing to pay employment taxes, federal prosecutors told the Fourth Circuit, urging the court to affirm the court's sentence.
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July 13, 2026
Estate's $4M Tax Bill Rife With IRS Errors, Executor Says
The Internal Revenue Service made a litany of errors in determining that an individual's estate faces a tax deficiency of approximately $4 million and more than $744,000 in penalties, the estate's Oklahoma-based executor told the U.S. Tax Court.
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July 13, 2026
McKesson Says IRS Overreads Law Backing Pricing Rules
Pharmaceutical giant McKesson asked a Texas federal court to invalidate transfer pricing regulations that underpin the company's $10 million tax refund bid, arguing the U.S. government mistakenly thinks the underlying statute gives the IRS "near-limitless authority" to define key terms.
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July 13, 2026
Biofuel Tax Fraudster Loses Bid For Extra Sentence Reduction
A Utah federal judge declined to reduce further the original sentence of an accomplice in a $500 million biofuel production tax credit fraud scheme, finding that his prior reduction to 12 years had sufficiently reflected his cooperation in the trial of another defendant.
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July 13, 2026
US Biz Group Urges EU To Honor Side-By-Side Treatment
A lobbying group representing U.S. companies called on the European Union to respect the country's side-by-side agreement as the bloc continues to work on a tax simplification overhaul.
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July 13, 2026
Trump-IRS Settlement Result Of Sham Suit, Judge Rules
President Donald Trump's $10 billion suit against his own Internal Revenue Service and the resulting settlement deal lacked a legitimate controversy, given Trump's control over both the agency and the U.S. Department of Justice, a Florida district judge said Monday in an order barring Trump or others from citing the deal.
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July 10, 2026
Mattress Seller, Mo. Customers End Use Tax Overcharge Fight
A Missouri federal court closed a class action by online customers claiming excessive tax charges by a mattress retailer after the parties reached a deal that will see the customers refunded.
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July 10, 2026
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin included a revenue procedure to provide a gift tax reporting safe harbor for certain contributions to the new tax-advantaged brokerage accounts for newborns, known as Trump Accounts.
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July 10, 2026
IRS Defends Tax Court's Deduction In Arrest Injury Settlement
The U.S. Tax Court correctly ruled that part of a man's $35,000 settlement payment from a Massachusetts town is deductible as damages paid for physical injuries, the IRS told the D.C. Circuit on Friday.
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July 10, 2026
US-Canada Stalemate Expected To Hold Amid USMCA Review
The trade stalemate between the U.S. and Canada is likely to continue through a drawn-out review process for the U.S.-Mexico-Canada Agreement, though companies will benefit from an underlying level of stability as the deal remains in effect, trade lawyers said.
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July 10, 2026
Vague IRS Rules Should Nix Foreign Gift Penalties, Court Told
A California civil service worker asked a federal court to waive penalties imposed by the IRS over her failure to report wedding gifts received from family in China, contending the agency was unclear about filing requirements.
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July 10, 2026
Taxation With Representation: Cleary, Paul Weiss, Fried Frank
In this week's Taxation With Representation, Solstice Advanced Materials Inc. acquires specialty chemicals technology company Element Solutions Inc., Vertex Pharmaceuticals Inc. buys Crinetics Pharmaceuticals Inc., and Lockheed Martin acquires naval defense company Ultra Maritime.
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July 09, 2026
Judge Backs Feds' Valuation Method In Windfarm Grant Fight
A U.S. Court of Federal Claims judge ordered several California wind farm owners and the federal government to largely employ a method the government proposed to value their facilities and hash out a decade-old dispute over grants worth hundreds of millions of dollars.
Expert Analysis
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Legal Jeopardy Looms Over Trump's Trade Negotiation Plans
Even as the Trump administration announces one trade deal after another, the legal authority of the executive branch to impose tariffs under consensual arrangements with leading trading partners is just as debatable as the unilateral imposition of U.S. tariffs under the president's executive orders, says Jeffrey Bialos at Eversheds Sutherland.
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Opportunity Zone Overhaul Is Good News For Investors
Recently enacted reforms making the qualified opportunity zone program permanent, restoring the basis step-up for capital gains and adding flexibility to the zone designation process enhance the program’s appeal for long-term investment, says Steven Hadjilogiou at McDermott.
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White House Report Strikes An Optimistic Note On Crypto
Taking seriously President Donald Trump's pledge to adopt a pro-innovation mindset toward digital assets and blockchain technologies, a recent benchmark White House report on crypto provides a comprehensive regulatory framework that takes into account the products' novel characteristics within the high-tech ecosystem, say attorneys at Davis Wright.
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Bipartisan Bill Could Aid ESOP Formation, Valuation Clarity
The proposed Retire through Ownership Act represents a meaningful first step toward clarifying whether transactions qualify under the adequate consideration exemption in the Employee Retirement Income Security Act, potentially eliminating the litigation risk that has chilled employee stock ownership plan formation, say attorneys at Moore & Van Allen.
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Bar Exam Reform Must Expand Beyond A Single Updated Test
Recently released information about the National Conference of Bar Examiners’ new NextGen Uniform Bar Exam highlights why a single test is not ideal for measuring newly licensed lawyers’ competency, demonstrating the need for collaborative development, implementation and reform processes, says Gregory Bordelon at Suffolk University.
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A Simple Way Courts Can Help Attys Avoid AI Hallucinations
As attorneys increasingly rely on generative artificial intelligence for legal research, courts should consider expanding online quality control programs to flag potential hallucinations — permitting counsel to correct mistakes and sparing judges the burden of imposing sanctions, say attorneys at Lankler Siffert & Wohl and Connors.
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Supreme Court's Criminal Law Decisions: The Term In Review
Though the U.S. Supreme Court’s criminal law decisions in its recently concluded term proved underwhelming by many measures, their opinions revealed trends in how the justices approach criminal cases and offered reminders for practitioners, says Kenneth Notter at MoloLamken.
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Budget Act's Deduction Limit Penalizes Losing Gamblers
A provision in the One Big Beautiful Bill Act that reduces the deduction for gambling losses is unfair to professional and recreational players, risks driving online activity to offshore sites, and will set back efforts to legalize and regulate the industry, says Walter Bourdaghs at Kang Haggerty.
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The Legal Education Status Quo Is No Longer Tenable
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and responsive to 21st century legal needs, says Matthew Nehmer at The Colleges of Law.
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6 Questions We Should Ask About The Trump Trade Deals
Whenever the text becomes available, certain questions will help determine whether the Trump administration’s trade deals with U.S. trading partners have been crafted to form durable economic relationships, or ephemeral ties likely to break upon interpretive disagreement or a change in political will, says Ted Posner at Baker Botts.
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E-Discovery Quarterly: Rulings On Relevance Redactions
In recent cases addressing redactions that parties sought to apply based on the relevance of information — as opposed to considerations of privilege — courts have generally limited a party’s ability to withhold nonresponsive or irrelevant material, providing a few lessons for discovery strategy, say attorneys at Sidley.
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Section 1983 Has Promise After End Of Nationwide Injunctions
After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.
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Playing Soccer Makes Me A Better Lawyer
Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.