Federal

  • November 15, 2022

    Mo. Man Relieved Of Joint Tax Liability Due To Inability To Work

    A Missouri man who cannot work does not have to pay the Internal Revenue Service taxes he owed jointly with his ex-wife because the payments would create financial hardship and he made a good faith effort to follow the law, the Tax Court said Tuesday.

  • November 15, 2022

    Wyden Wants Child Tax Credit, R&D Tax Breaks In Funding Bill

    Senate Finance Committee Chair Ron Wyden wants Congress' year-end funding package to include provisions that would extend child tax credit changes and expired tax breaks for research and development costs, he told reporters Tuesday.

  • November 15, 2022

    Applicable Federal Rates To Rise In December

    Applicable federal rates for income tax purposes will rise in December, the Internal Revenue Service said Tuesday.

  • November 15, 2022

    Tax Group Throws Support Behind Mo. In ARPA Appeal

    Missouri has standing to challenge the "incoherent" tax cut clawback rule in the federal coronavirus funding law because the state is already suffering harm, a business group told the U.S. Supreme Court, urging it to review an appeals court decision.

  • November 15, 2022

    Suit Accuses Intuit Of Sharing Watch Histories With Facebook

    An Illinois TurboTax user hit the tax prep software company's parent company, Intuit Inc., with a proposed class action accusing it of violating federal privacy law by telling Facebook which videos hundreds of thousands of subscribers have watched on Intuit's websites.

  • November 15, 2022

    IRS Seeks Input On Rules For Residence Seller Assurances

    The Internal Revenue Service asked for comments Tuesday on rules for the assurances that principal residence sellers must provide so certain reporting requirements don't apply to the transactions.

  • November 14, 2022

    Ex-SDNY Judge, Bracewell Atty Appointed Trump Org Monitor

    Former Southern District of New York judge and current Bracewell LLP partner Barbara S. Jones will be the independent monitor overseeing the Trump Organization, according to an order issued Monday in New York state court.

  • November 14, 2022

    8th Circ. Blocks Biden's Student Debt Relief Program

    The Eighth Circuit has halted President Joe Biden's student loan debt relief program while it considers the merits of a six-state effort to block the plan, finding that the plan's "irreversible impact" weighs in favor of hitting pause on the matter for now.

  • November 14, 2022

    Trump Controller Branded 'Hostile Witness,' Admits Crimes

    The Trump Organization's controller was branded a hostile witness for evasive testimony on Monday even as he admitted committing tax fraud on behalf of two executives and said Donald Trump himself was aware of at least some aspects of the alleged fraud.

  • November 14, 2022

    Pick To Lead IRS Shows Biden's Eye On Budget Management

    President Joe Biden's announcement that he will nominate former acting IRS Commissioner Daniel Werfel to lead the agency shows the administration is keen to nominate someone with budgetary management experience to implement the IRS' $80 billion funding boost.

  • November 14, 2022

    Lawmakers Seek Probes After Claims Of Trump IRS Targeting

    The IRS and its federal watchdog should investigate whether former presidential candidate Hillary Clinton and Washington Post owner Jeff Bezos were picked for intensive audits during Donald Trump's presidency, Democratic House tax writers said Monday.

  • November 14, 2022

    Trump Tells Justices House Lacks Time To Review Tax Docs

    The U.S. Supreme Court should stop the IRS from handing former President Donald Trump's tax returns to House Democrats, he told the justices Monday, arguing Congress doesn't have time to act on the documents before its current session ends.

  • November 14, 2022

    Fee For Health Plan Issuers And Sponsors Rises, IRS Says

    The figure used to calculate fees imposed on certain health insurance policy issuers and on the sponsors of self-insured health plans will increase to $3 for plans that start between October 2022 and October 2023, the IRS said Monday.

  • November 14, 2022

    GAO Urges Congress To Mull State Remote Sales Tax Parameters

    The U.S. Government Accountability Office recommended Monday that Congress consider creating a framework for state taxation of remote sales that will make for a better tax system.

  • November 14, 2022

    Nationwide Block Of Conservation Easement Notice Rejected

    An Ohio federal court declined Monday to put a nationwide block on an IRS notice requiring the disclosure of syndicated conservation easements, finding that while it violates notice-and-comment requirements and should be set aside, other courts should have the chance to consider its validity.

  • November 14, 2022

    Mercedes Seeks Clarity On Mineral Sourcing For EV Credits

    The U.S. arm of Mercedes-Benz said federal regulators should include countries that have joined a deal to shore up supplies of so-called critical minerals as eligible trade partners under new rules being developed for electric vehicle tax credits.

  • November 14, 2022

    House Bill Seeks To Delay EV Credit Requirements

    A bill introduced in the U.S. House of Representatives would delay domestic assembly and battery manufacturing and mineral sourcing requirements for cars to qualify for the electric vehicle tax credit.

  • November 14, 2022

    11th Circ. Asked To Reverse Decision In Ala. Rail Tax Case

    The Eleventh Circuit should reverse a decision that barred Alabama from imposing a fuel tax on six railroad companies because the state exempted water carriers, the city of Tuscaloosa and the county of Tuscaloosa said in a brief. 

  • November 14, 2022

    IRS Seeks Comments On Estate Tax Extension Form

    The Internal Revenue Service asked for comments Monday on a form for seeking return filing and payment extensions for estate and generation-skipping taxes.

  • November 14, 2022

    Convicted 'Chrisley' Stars Make Last-Ditch Bid For New Trial

    The former stars of the reality television show "Chrisley Knows Best" who were convicted of bank fraud and tax evasion asked a Georgia federal court a second time for a new trial, saying new evidence shows prosecutors and an Internal Revenue Service officer misled the jury.

  • November 14, 2022

    Full 9th Circ. To Review IRS Loss In $35.5M Partnership Row

    The full Ninth Circuit will revisit a panel decision that reversed the U.S. Tax Court in allowing a partnership to claim a $35.5 million tax-shelter-related deduction because the IRS disallowed the claim too late.

  • November 14, 2022

    Cleary Elevates 9 Attorneys To Partner

    Cleary Gottlieb Steen & Hamilton LLP said Monday that it has elevated 23 of its attorneys, including nine to partner.

  • November 13, 2022

    Retirement, R&D Tax Breaks Top Congress' Year-End Wishlist

    When Congress returns to Washington the week of Nov. 14, lawmakers will have a short window to pass a year-end legislative package that could extend expired research and development tax breaks and send bipartisan retirement legislation to President Joe Biden's desk.

  • November 10, 2022

    Trump Org Payments Risked GC's Law License, Witness Says

    Trump Organization controller Jeffrey McConney testified to a Manhattan jury Thursday that an accountant warned the company that the way it paid bonuses to executives could result in the chief legal officer losing his law license, prompting the lawyer to immediately change how he was paid.

  • November 10, 2022

    CEO's Payment To Worker Wasn't A Gift, Tax Court Says

    A woman who worked for a Canadian gaming company and received almost $80,000 from the CEO cannot claim the money was a gift and must declare it as income, the U.S. Tax Court said Thursday.

Expert Analysis

  • Tips On Qualified Small Business Stock Exclusions

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    While awaiting more Internal Revenue Service guidance on the maze of requirements a taxpayer must satisfy for the qualified small business stock exclusion, there are steps proactive taxpayers can take to ensure their ability to establish their qualifications if they are audited, says Stephen Josey at Kostelanetz & Fink.

  • Inside The OECD Transfer Pricing Documentation Guidance

    Excerpt from Practical Guidance
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    The Organization for Economic Cooperation and Development's recently modified documentation guidelines can assist tax administrations in developing requirements for transfer pricing risk assessments and evaluations, and help multinational entity taxpayers demonstrate satisfaction of the arm's-length principle, says Neil Aragones at Lexis Tax.

  • Superfund Tax Is Back: Implications For Chemical Industry

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    In light of the Internal Revenue Service's recently issued guidance on the reinstated Superfund tax, manufacturers, producers and importers should review their existing agreements that involve taxable chemicals and substances to determine who will be commercially responsible for the tax, say attorneys at Eversheds Sutherland.

  • Tech Co.'s Suit May Create Hurdles For Research Tax Credits

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    The recently filed U.S. Tax Court case Perficient v. Commissioner — challenging standards under research credit regulations that determine whether research is funded by any grant or contract — could make it difficult to substantiate research tax credits, say Dennis St. Martin and Kevin Benton at Grant Thornton.

  • Expected Retirement Law Changes May Spark ERISA Suits

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    As Congress is poised to pass bipartisan retirement legislation that could bring collective investment trusts and 403(b) plans together and may form a new wave of litigation under the Employee Retirement Security Act, it is helpful to review the important roles that they have played in prior waves of ERISA excessive fee cases, say attorneys at King & Spalding.

  • A Close Look At The Decentralized Effort To Tax Digital Assets

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    Clarity on taxation is one of the biggest hurdles to mass adoption of cryptocurrency, and although digital asset innovation has consistently outpaced worldwide government regulation, recent efforts in the U.S. and elsewhere hint at an emerging standard, says Joshua Smeltzer at Gray Reed.

  • Lessons From The SEC's Largest-Ever Audit Firm Penalty

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    The U.S. Securities and Exchange Commission's recent $100 million settlement over professional test cheating with Ernst & Young — the largest ever in an audit firm case — points to important ramifications for any entity responding to an SEC inquiry, say attorneys at Cleary.

  • Navigating The IRS Pre-Audit Retirement Plan Pilot Program

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    The Internal Revenue Service launched a Pre-Examination Compliance Pilot program for retirement plans last month that gives sponsors and administrators 90 days to self-correct errors and avoid audits, and while several details are unclear, there are important steps to take at this time, say attorneys at Ice Miller.

  • Key Takeaways From IRS Reversal On FDII Stance

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    The Internal Revenue Service's recent memo regarding allocation of deferred compensation expenses for purposes of foreign-derived intangible income is a departure from the agency's previous position and may have implications beyond the context of deferred compensation, say attorneys at Miller & Chevalier.

  • How To Address Research Expenditures Amid Uncertainty

    Taxpayers need to prepare for the significant technical and compliance challenges of following Internal Revenue Code Section 174's new rules for experimentation expenditure capitalization and amortization, notwithstanding the rules' unresolved legislative future, say tax advisers at Grant Thornton.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • Tax, Social Services And The Need For An IRS Overhaul

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    Revamping the Internal Revenue Service should start with visibly improving taxpayer experiences to help pave the way for other fundamental changes needed to address the recent drop in audit numbers, personnel losses, burdens of its increasing expansion into social services and other problems, says Rice University fellow Joyce Beebe.

  • Key Legal And Regulatory Trends In Oil And Gas Transactions

    Excerpt from Practical Guidance
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    Attorneys involved in oil and gas transactions must be aware of important legal and regulatory trends that have emerged recently, including issues surrounding hydraulic fracturing, climate change, pipeline tariffs and a resurgence of regulation under the Biden administration, say Justin Hoffman and Thomas Blackwell at Baker Botts.

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