Federal

  • May 02, 2023

    Treasury Proposes Rules For Repatriating Intangible Property

    The U.S. Treasury Department proposed regulations Tuesday for certain situations when U.S. corporations bring home intangible property that they'd previously transferred to a foreign company.

  • May 01, 2023

    Chevron At The High Court: Scalpel Or Sledgehammer?

    The U.S. Supreme Court on Monday once again showed its appetite for unsettling long-established legal theories by accepting a case challenging a nearly 40-year-old doctrine that requires judges to defer to federal agencies' expertise. The only question now is how far the justices will go in rethinking the framework.

  • May 01, 2023

    Iowa Fuel Co. Got $19M In Fraudulent Tax Credits, DOJ Says

    Four Iowa men formed a sham limited liability company that ended up fraudulently receiving more than $19 million worth of alternative fuel mixture tax credits claimed in 2011, the U.S. Department of Justice told an Iowa federal court Monday.

  • May 01, 2023

    IRS To Screen APA Requests, Offer Preliminary Reviews

    The Internal Revenue Service will screen requests for advance pricing agreements under an optional preliminary review process outlined in employee guidance the agency published Monday.

  • May 01, 2023

    Consultant Underreported Income From Foreign Cos., US Says

    A Wisconsin man faces up to three years in prison after he pled guilty to failing to report more than $350,000 in payments from foreign companies from 2015 to 2017, the U.S. Department of Justice said.

  • May 01, 2023

    8th Circ. Affirms Ex-Atty's 8-Year Sentence For Bank Fraud

    The Eighth Circuit affirmed a former attorney's eight-year prison sentence for bank fraud and theft of government money, saying in an opinion issued Monday that in arriving at the sentence, a lower court properly considered factors such as her falsely claiming nearly $4 million in tax refunds. 

  • May 01, 2023

    SEC Inks $1.3M Deal With Ex-Official In Stanford Ponzi Scam

    The U.S. Securities and Exchange Commission has asked a Texas federal judge to enter a final judgment of more than $1.3 million against the imprisoned former head of the Financial Services Regulatory Commission in Antigua and Barbuda who admitted to obstructing an SEC investigation into the multibillion-dollar scheme run by convicted Ponzi scammer Robert Allen Stanford.

  • May 01, 2023

    Tax Court Says It Can't Review $0 Deficiency Case

    The U.S. Tax Court can't hear a man's case seeking review of a document that caused roughly $900 of his 2016 federal income tax refund to be diverted, since the case stems from a $0 deficiency, the court said Monday.

  • May 01, 2023

    Clean Energy Tax Perk Will Keep Enviro Attys Busy

    Experts say recent U.S. Department of the Treasury eligibility guidance on tax benefits for building clean energy projects in areas historically dominated by fossil fuels contains gaps, and that environmental lawyers will be crucial to clients vetting potential project sites in polluted areas.  

  • May 01, 2023

    Tax Court Nixes Challenge To Estate's $4.9M Tax Bill

    The estate of a man who filed tax returns with the U.S. Virgin Islands and later received a $4.9 million bill from the IRS cannot refuse payment by claiming the agency violated a statute of limitations, the U.S. Tax court ruled Monday.

  • May 01, 2023

    Supreme Court Won't Hear Atty's Transition Tax Challenge

    An American expatriate who runs an Israeli law firm will not get a chance to challenge regulations implementing the transition tax for overseas profits after the U.S. Supreme Court on Monday declined to hear the case.

  • May 01, 2023

    IRS Criminal Investigation Arm Taps Leaders For 5 Offices

    The Internal Revenue Service's criminal investigation division has chosen five people to serve as special agents in charge leading field offices in Boston, St. Louis, Detroit, Seattle and Newark, New Jersey, the division said in a statement Monday.

  • May 01, 2023

    Winston & Strawn Adds Tax Partner From Lowenstein

    Winston & Strawn LLP announced Monday that a former partner will rejoin the firm in its New York-based transactions department and tax practice after a stint at Lowenstein Sandler LLP.

  • May 01, 2023

    10th Circ. Urged To Undo IRS Tax Scheme Summonses

    The Tenth Circuit should reverse a lower court decision that rejected a company's challenge to IRS summonses issued to investigate whether it engaged in abusive tax schemes, the company and its director told the appeals court.

  • May 01, 2023

    Feds Seek Less Time For Ex-Fiancee In $12M Refund Scheme

    A woman who helped her former fiancé steal thousands of taxpayer identities to carry off a $12 million refund scheme should get a relatively light prison sentence in exchange for testifying against him at trial, the U.S. government told a Georgia federal court.

  • May 01, 2023

    IRS Seeks Feedback On Actuarial Enrollment Forms

    The Internal Revenue Service asked for feedback Monday on the forms used to apply for enrollment as an actuary and to renew that enrollment.

  • May 01, 2023

    Taxpayer Advocacy Committee Adds To May Meetings

    The Taxpayer Advocacy Panel's Assistance Center Improvements Project Committee is scheduled to meet concurrently with two previously announced committee meetings in May, the Internal Revenue Service said Monday.

  • May 01, 2023

    Justices Tackle Chevron Deference In Fishing Case

    The U.S. Supreme Court on Monday agreed to hear a challenge to rules requiring the fishing industry to pay for federal inspectors onboard, in a case that gives the court another chance to change the way courts defer to agency expertise. 

  • April 28, 2023

    Int'l Transfer Pricing Guidelines Often Misapplied, Pros Say

    Some authorities have misapplied international guidelines developed to separate legal and economic ownership when allocating profits made from exploiting intangible assets, transfer pricing specialists said Friday.

  • April 28, 2023

    IRS May Amend Stock Buyback Tax 'Per Se' Rule, Official Says

    The Internal Revenue Service plans to modify the pending stock buyback tax rules' so-called per se rule, a criticized provision designed to prevent foreign companies from using U.S. affiliates to avoid paying the levy, an agency official said Friday.

  • April 28, 2023

    Pot Shop Takes IRS Summons Fight To Supreme Court Again

    The U.S. Supreme Court should weigh in on a Colorado cannabis dispensary's challenge to IRS summonses seeking its business records, the dispensary said in its second petition with the high court over the summonses and the tax treatment of the cannabis industry.

  • April 28, 2023

    IRS Seeks Feedback On Form For Chip Credit

    The Internal Revenue Service said Friday that it wanted feedback on the form for claiming the advanced manufacturing production credit.

  • April 28, 2023

    Intuit Agrees To Settle Privacy Suit With TurboTax User

    Intuit agreed to settle with a TurboTax user who proposed a class action against the company in November accusing it of illegally sharing users' video watch histories with Facebook, according to a settlement notice filed in Illinois federal court.

  • April 28, 2023

    IRS Corrects Superfund Chemical Weighing Rules

    The Internal Revenue Service made corrections to proposed rules Friday that asked for alternative methods to weigh chemicals for purposes of the Superfund excise tax.

  • April 28, 2023

    NY Tax Break Suit Not For Federal Court, 2nd Circ. Affirms

    A U.S. district court properly ruled that a New York nonprofit's claims that it was unlawfully denied a property tax exemption cannot be argued in federal court, the Second Circuit affirmed Friday.

Expert Analysis

  • Tax-Exempt Orgs, Beware This 403(b) Plan Compliance Pitfall

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    A recent Internal Revenue Service publication puts 403(b) retirement plan sponsors on notice about a contribution aggregation compliance failure often identified in audits of government and tax-exempt entities, but risk can be minimized by ensuring plan documents and communications address the issue directly, say Greg Needles and Michael Gorman at Morgan Lewis.

  • Pandora Papers Reveal Need For Greater Tax Enforcement

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    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Telehealth Providers Must Beware Of Fraud As Industry Grows

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    A recent fraud charge against a telehealth executive highlights the rise we're seeing in telefraud scams during the industry's pandemic growth, and there are some steps that all health providers should take to stay clear of potentially illegal arrangements, says LaTawnda Moore at Dinsmore.

  • Parsing New Int'l Tax Reporting Rules For Pass-Throughs

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    Attorneys at Grant Thornton unpack the Internal Revenue Service’s new pass-through entity reporting requirements for international tax matters and the accompanying guidance for penalty relief, and suggest how companies should prepare for what may be the most significant change to the partnership compliance function in decades.

  • A Look At Global Tax Enforcement Developments: Part 2

    Excerpt from Practical Guidance
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    Sean Craig at LexisNexis examines recent investigations by the Joint Chiefs of Global Tax Enforcement and their impact on U.S. taxpayers, as well as the growing significance of transfer pricing disputes and policies for future enforcement.

  • A Look At Global Tax Enforcement Developments: Part 1

    Excerpt from Practical Guidance
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    Sean Craig at LexisNexis looks at how international initiatives, such as the Joint Chiefs of Global Tax Enforcement, are addressing cryptocurrency-related tax evasion, and how the COVID-19 pandemic and increasing demands for governmental welfare programs are driving global tax policy.

  • What The Judiciary's Font Recommendations Can Teach Us

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    The D.C. Circuit's recent soft prohibition on Garamond and the ensuing debates about courts' font preferences should serve as a helpful reminder of a larger point — every departure from convention in legal writing carries some level of risk, says Spencer Short at Stradley Ronon.

  • 2 Income Tax Loopholes Congress Should Close

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    To raise revenue for proposed infrastructure improvements and make the tax law fairer, the Biden administration and Congress should close an income tax loophole that allows an asset owner to bypass capital gains tax upon death and another that essentially allows taxpayers to make tax‑free gifts to grantor trusts, says Richard Kinyon at Shartsis Friese.

  • High Points Of IRS' New Employee Retention Credit Guidance

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    Dana Fried at CohnReznick examines recent IRS guidance on the employee retention credit, which includes a helpful new rule enabling more employers to qualify for the credit by allowing them to exclude some pandemic relief from gross receipts, but its exclusion of related individuals' wages from qualified wages for certain corporate owners is disappointing.

  • Prepare For More Audits Of Tax Info And Withholding Filings

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    Financial institutions and other corporate taxpayers should focus compliance efforts on tax information reporting and withholding, given recent indications from the Biden administration that the IRS will increase enforcement, and the administration's need to fund its infrastructure plan and other costly initiatives, say attorneys at Mayer Brown.

  • 9th Circ. Adds Pressure To Reject Substance Over Form

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    The Ninth Circuit’s recent decision rejecting taxes on a family's Roth IRA payments that were made through a foreign sales corporation represents a refreshing trend among federal appeals courts to reject substance-over-form principles and instead look to congressional intent, say Lawrence Hill and Caitlin Tharp at Steptoe & Johnson.

  • How Tax Code Changes Affect State AG Settlement Talks

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    Meghan Stoppel and Gianna Puccinelli at Cozen O'Connor discuss how newly implemented tax code regulations that allow companies to deduct some payments made to resolve a government investigation or prosecution will change settlement negotiations with state attorneys general.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

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