Federal

  • April 22, 2024

    Va. Man Too Late, On Hook For $86K, Tax Court Rules

    A Virginia man petitioned the U.S. Tax Court too late to contest his $86,000 liability, the court ruled Monday as it backed the Internal Revenue Service in the dispute.

  • April 22, 2024

    Conn. Couple Appealing $2.9M Tax Bill To 2nd Circ.

    A Connecticut couple ordered to pay $2.9 million in back taxes, interest and penalties are asking the Second Circuit to reconsider the determination. 

  • April 22, 2024

    Ex-US Atty's Stepson Says He Has None Of Docs Gov't Seeks

    The stepson of a former Nevada U.S. attorney convicted of failing to pay taxes told a Nevada federal court that he doesn't have the financial documents the federal government has demanded in its $1.3 million tax suit against his stepfather.

  • April 22, 2024

    Chamberlain Hrdlicka Picks Firm Veteran As San Antonio Head

    Chamberlain Hrdlicka White Williams & Aughtry announced Monday that it had tapped a shareholder with more than a decade at the tax-focused firm to helm its growing San Antonio location in the Lone Star State.

  • April 22, 2024

    Senate Bill Would Clarify IRS Process For Math Corrections

    A bill introduced Monday in the U.S. Senate would clarify the process in which the Internal Revenue Service corrects math errors in tax returns.

  • April 19, 2024

    PE Exec Can Recoup $1M 'Varsity Blues' Forfeiture

    A private equity executive whose conviction in the "Varsity Blues" college admissions case was almost entirely wiped out by the First Circuit is entitled to a refund of $1 million he paid to the scheme's ringleader, a federal judge ruled Friday.

  • April 19, 2024

    Utah Charity Leader Gets Year In Prison For $1.3M Tax Evasion

    The former head of a Utah charity was sentenced to a year and a day in prison for evading taxes on $1.3 million he was paid as part of a covert arrangement with a purported donor, according to documents filed in a Utah federal court.

  • April 19, 2024

    IRS Previews New Digital Assets Reporting Form

    The Internal Revenue Service released a draft of a form brokers will have to use for the first time to disclose their digital asset sales to the agency, including instructions for taxpayers whose transactions are subject to the reporting requirements. 

  • April 19, 2024

    Atty Says False Testimony Justifies Chrisleys' Acquittal

    Attorneys for Todd and Julie Chrisley of the reality television show "Chrisley Knows Best," who are in prison after being convicted on federal charges of bank fraud and tax evasion, urged the Eleventh Circuit to undo their convictions on Friday, arguing prosecutors knowingly presented false, prejudicial testimony at trial.

  • April 19, 2024

    Polsinelli Adds Shareholder To Tax Credit Practice In Dallas

    An attorney who spent more than a decade developing a niche practice specializing in tax credit financing has moved her practice to Polsinelli PC's Dallas office after five years at Munsch Hardt Kopf & Harr PC.

  • April 19, 2024

    Atty In Tax Fraud Case Gets Supervised Release, $25K Fine

    A former Houston lawyer whose conviction in connection with an $18 million tax scheme was overturned told a federal judge Friday that not testifying in his 2019 trial was "one of the worst mistakes" of his life as he was sentenced to a year of supervised release as part of a plea deal.

  • April 19, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, featuring the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements under the Inflation Reduction Act.

  • April 19, 2024

    Miami Tax Prep Biz Should Be Shut Off For Fraud, DOJ Says

    A Miami tax preparation business and its owner should be permanently barred from preparing returns after illegally understating customers' liabilities and causing a $500,000 tax loss to the U.S. government for 2023, the U.S. Department of Justice told a Florida federal court.

  • April 19, 2024

    IRS Corrects Advanced Manufacturing Credit Rules

    The Internal Revenue Service issued a correction notice Friday, fixing a number of errors in final regulations concerning the elective payment election of the advanced manufacturing investment credit under a 2022 law that established the credit.

  • April 19, 2024

    Insurance Co's Shifting Payments Still Fixed Asset, IRS Says

    A stock life insurance company's fixed annuity contract involving structured settlement transactions can still qualify as a funding asset, even though the payment amounts increase with the market, the Internal Revenue Service said in a pair of private letter rulings released Friday.

  • April 19, 2024

    Taxation With Representation: Kirkland, Cleary, O'Melveny

    In this week's Taxation With Representation, Resideo Technologies Inc. announced plans to buy Snap One Holdings Corp., APi Group said it bought an elevator maintenance company, Prysmian said it agreed to purchase Encore Wire, and Sayari said it closed on an investment from TPG.

  • April 19, 2024

    Questions Loom Over China's Pillar 2 Participation

    Practical and political problems surrounding the Organization for Economic Cooperation and Development's 15% global minimum corporate tax raise questions about how China and its biggest companies could undermine that regime.

  • April 18, 2024

    Brothers Can't Deduct $3.8M Theft Loss, Tax Court Says

    Two brothers who claimed that a convicted fraudster stole from a holding company for their struggling savings and loan can't take a theft-loss deduction topping $3.8 million because they failed to prove a connection to the fraud, the U.S. Tax Court ruled Thursday.

  • April 18, 2024

    Donor Fund Rules Unlikely To Be Retroactive, Officials Say

    Proposed regulations from the U.S. Department of the Treasury and Internal Revenue Service on donor-advised funds will likely be changed so that they don't apply retroactively, government officials said Thursday.

  • April 18, 2024

    AbbVie Can't Get Deduction For $1.6B Merger Fee, IRS Says

    The IRS defended its denial of AbbVie's claimed deduction for a $1.6 billion payment to a biotechnology company over their failed merger, telling the U.S. Tax Court that the pharmaceutical giant is misconstruing an underlying statute to challenge the agency's decision.

  • April 18, 2024

    Clinic Head Gets 9 Years For Medicare Kickback, Tax Scheme

    A health clinic manager was sentenced to nine years in prison and ordered to pay $40 million in restitution to the government for participating in a multimillion-dollar healthcare kickback scheme that involved tax fraud, according to documents in a New York federal court.

  • April 18, 2024

    AICPA Offers Support For Disaster Tax Lookback Plan

    A House proposal that would allow for those affected by disasters to extend the period for claiming tax credits or refunds when granted postponements for filing tax returns received support from the American Institute of Certified Public Accountants.

  • April 18, 2024

    IRS Updates Rates For Foreign Insurance Company Equations

    The Internal Revenue Service published updated domestic asset/liability and yields percentages Thursday that foreign life insurance companies as well as foreign property and liability insurance companies need to compute their minimum effectively connected net investment income for tax years starting in 2023.

  • April 18, 2024

    $32B More In Tax Yielded In Fiscal '23 Closed Audits, IRS Says

    The Internal Revenue Service closed nearly 583,000 tax return audits in fiscal year 2023, resulting in $31.9 billion of recommended additional tax after examination, the agency said Thursday in its annual data book.     

  • April 18, 2024

    Atty In Tax Fraud Must Pay Full $2.5M Per Plea Deal, Feds Say

    A former Houston attorney set to be sentenced Friday for his role in an $18 million offshore tax scheme is trying to limit the government's ability to collect $2.5 million in restitution he promised to pay in a plea agreement last year, prosecutors told a Texas federal court Thursday.

Expert Analysis

  • 6 Practice Pointers For Pro Bono Immigration Practice

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    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.

  • Lessons From Country Singer's Personal Service Saga

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    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.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    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.

  • 5 Litigation Funding Trends To Note In 2024

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    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.

  • Tech CEO Tax Ruling A Warning For Forward Contracts

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    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.

  • 4 Legal Ethics Considerations For The New Year

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    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.

  • What The Law Firm Of The Future Will Look Like

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    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.

  • 4 PR Pointers When Your Case Is In The News

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    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.

  • Unpacking The Proposed Production Tax Credit Regulations

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    Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.

  • 10 Considerations For Litigating A New York Tax Case

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    While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

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