Federal
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May 31, 2024
5 Tax Bills To Watch This Summer
House and Senate lawmakers return to Washington, D.C., on Monday, where several tax-related bills await them in both chambers, including a stalled package that would restore business tax breaks and expand the child tax credit. Here, Law360 takes a look at five bills that could move through Congress this summer.
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May 31, 2024
Calif. Man Owes 6 Years Of FBAR Penalties, IRS Tells Court
A Californian has failed to pay foreign bank account reporting penalties he was assessed that were tied to a business he owed in Mexico for six years, the Internal Revenue Service told a federal court.
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May 31, 2024
Fuel Producers Should Apply ASAP For Tax Credit, IRS Says
Fuel producers hoping to start claiming the clean fuel production credit as soon as January should register with the Internal Revenue Service by July 15, the agency said Friday, warning that registration applications made after that date are less likely to go through in time.
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May 31, 2024
IRS Delays Deadlines For Mass. Taxpayers Hit By 2023 Storms
Certain Massachusetts taxpayers impacted by severe storms and flooding that hit the state Sept. 11 now have until July 31 to file various individual and business tax returns and make payments, the Internal Revenue Service said Friday.
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May 31, 2024
Taxation With Representation: Cravath, Cleary, Fried Frank
In this week's Taxation With Representation, T-Mobile buys United States Cellular Corp.'s wireless operations, Energy Transfer plans to buy WTG Midstream, ConocoPhillips acquires Marathon Oil, and Goldman Sachs Alternatives raises over $20 billion for its direct lending strategy.
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May 30, 2024
Chicago Kiosk Salesman Gets 1 Year For Filing False Returns
An electronic-sweepstakes kiosk salesman from Chicago was sentenced to a year in prison for filing false tax returns that included more than $500,000 in inflated business expenses, according to Illinois federal court documents.
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May 30, 2024
IRS Adds 16 Tax Court Sessions To Calendar
The Internal Revenue Service announced 16 U.S. Tax Court sessions in September and October and named calendar administrators for the sessions in a notice released Thursday.
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May 30, 2024
Tax Court Nixes $30M In Conservation Easement Deductions
The U.S. Tax Court upheld on Thursday the IRS' rejection of more than $30 million in charitable contribution deductions for Alabama conservation easements for partnerships acting as test cases for a larger group that took $187 million in deductions.
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May 30, 2024
Tax Court Tosses Whistleblower Award Contest
The U.S. Tax Court ruled Thursday that it cannot review a woman's roughly $1,700 whistleblower award from the Internal Revenue Service because it does not meet a threshold for mandatory awards.
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May 30, 2024
IRS Names New Chief Taxpayer Experience Officer
The Internal Revenue Service has chosen an adviser in its Transformation and Strategy Office to serve as the agency's new chief taxpayer experience officer, according to a statement Thursday.
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May 30, 2024
Later Pillar 1 Due Date Set For June As Tax Talks Wrap Up
Diplomats agreed this week to finalize a treaty for reallocating some of large companies' tax payments and setting standards to simplify some transfer pricing in lower-income countries by June 30 after having missed a March deadline, according to a statement published Thursday by the OECD.
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May 30, 2024
Ex-KPMG Manager Joins Davis+Gilbert As Tax Partner
A former managing director at KPMG has joined New York law firm Davis+Gilbert LLP as a tax partner in its corporate and transactions practice, Davis+Gilbert announced.
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May 30, 2024
Black Business Owners Sue Over Impact Of Transparency Act
The Corporate Transparency Act creates unique burdens on businesses owned by people of color, immigrants and other marginalized groups, the Black Economic Council of Massachusetts and several company owners said in the latest legal challenge to the anti-money laundering law.
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May 30, 2024
Russian Gas Ex-CFO Says $44M FBAR Penalty Is Excessive
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks told a Florida federal court that the $44 million in foreign account reporting penalties the government is seeking is illegally high.
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May 30, 2024
IRS To Make E-File Program Permanent, Plans Expansions
The Internal Revenue Service will make permanent the free online tax filing system it launched as a limited pilot program this year and plans to expand its scope, Commissioner Daniel Werfel said Thursday.
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May 29, 2024
10th Circ. Tosses Insurance Co. Appeal In Tax Court Dispute
The Tenth Circuit tossed an insurance company's challenge to a U.S. Tax Court ruling rejecting the company's effort to invalidate tax deficiency notices on Wednesday, saying it lacked authority to hear the case because the Tax Court's decision wasn't a final one that would end litigation.
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May 29, 2024
Miami Tax Preparers Should Be Barred For Fraud, DOJ Says
Two Miami-based tax professionals and their businesses should be barred from preparing federal tax returns for others because they repeatedly claimed fraudulent credits without their customers' knowledge, the U.S. Department of Justice told a Florida federal court.
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May 29, 2024
Baker McKenzie Grows Tax Practice With Ex-KPMG Adviser
Baker McKenzie announced the hiring of an experienced Chicago-based tax adviser as a principal who most recently spent sixteen and a half years at Big Four accounting firm KPMG.
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May 29, 2024
Presidential Candidate Convicted For $15.5M Tax Fraud
A tax-preparation business owner and 2024 presidential candidate was convicted on 33 counts of tax fraud after being accused of inflating deductions in a scheme federal prosecutors said caused more than $15.5 million in tax losses, according to Texas federal court documents.
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May 29, 2024
Treasury Details Which Tech Would Get Clean Energy Credits
Treasury released proposed rules Wednesday outlining which technologies would qualify for new zero-emission energy tax credits, saying wind, solar and geothermal are among those that would make the cut.
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May 28, 2024
Preserving Enhanced LITC Funding Could Aid Tax System
Lawmakers haven't yet enacted funding levels for low-income taxpayer clinics for 2025, but they could grease the wheels of tax administration by preserving enhanced funding for the clinics, which helps more taxpayers comply with the law, reducing the burden on the IRS.
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May 28, 2024
Mich. Doctor Denied Release From Contempt In FBAR Fight
A Michigan doctor will stay jailed for civil contempt after a federal judge found Tuesday that he failed to back up claims that he cannot pay his more than $1 million in foreign bank account reporting penalties due to a bank's bankruptcy and his criminal history.
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May 28, 2024
Biz Groups Back BofA In Merger Interest Tax Fight At 4th Circ.
Business groups told the Fourth Circuit on Tuesday that they supported Bank of America in its fight against a North Carolina federal court ruling that found the bank wasn't entitled to net the interest on the tax liabilities of Merrill Lynch after the two companies merged.
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May 28, 2024
Wisconsin Atty Gets 5½ Years For $2.3M Fraud, Tax Evasion
An attorney licensed in Wisconsin has been sentenced to 5½ years in federal prison and ordered to pay around $2.3 million in restitution for her involvement in multiple fraud schemes, the U.S. Department of Justice announced Tuesday.
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May 28, 2024
Home Care Co. Says It's Owed $1.1M In Pandemic Tax Credits
The IRS has unfairly delayed paying a home healthcare service in Pennsylvania more than $1.1 million in pandemic-era employee retention tax credits while the agency claims to be checking that the business doesn't owe taxes, the company told a federal court.
Expert Analysis
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules
Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Tech CEO Tax Ruling A Warning For Forward Contracts
In McKelvey v. Commissioner, the U.S. Tax Court decided that deceased Monster.com founder Andrew McKelvey terminated his underlying obligations when he extended variable prepaid forward contracts, demonstrating why startup founders, early employees and investors should think carefully before amending derivative agreements, say Daren Shaver and Trent Tanzi at Hanson Bridgett.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.