Federal
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March 07, 2023
IRS Corrects Employee Health Coverage Statement Rules
The Internal Revenue Service said Tuesday that it was correcting final rules dealing with reporting minimum essential coverage for health insurance tax laws that included an extension for applicable large employers to provide statements about health insurance offers to full-time employees.
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March 07, 2023
Treasury Asks 11th Circ. To Revisit Lifting Tax Cut Limit
The full Eleventh Circuit should review a decision to allow 13 states to eschew a limit on tax cuts attached to federal coronavirus funds because the decision misapplied a U.S. Supreme Court ruling, the U.S. Department of the Treasury argued in a request for a rehearing.
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March 07, 2023
Bank Fraudster, Gov't Agree US Due $1M, Court Told
A man who previously pled guilty in a bank fraud dispute agreed with the U.S. government that he owes more than $1 million related to foreign bank account reporting violations, they told a Florida federal court.
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March 07, 2023
6th Circ. To Decide Mich.'s Tax Reach Into Tribal Communities
A case idling in the Sixth Circuit over Michigan's ability to levy certain taxes on tribal members could have "dire" consequences for the Keweenaw Bay Indian Community, bringing into focus a nationwide trend tax scholars say keeps Native Americans from achieving economic independence.
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March 06, 2023
Ex-Bank Senior VP Cops To Skimming $870K, Tax Evasion
A Michigan man has pled guilty to Justice Department charges of embezzlement and tax evasion leveled in connection with claims that he misappropriated $870,000 from his employer, the United Bank of Michigan, over a seven-year period.
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March 06, 2023
IRS Can Push Actions Against Wire Fraudster, Tax Court Says
The IRS can proceed with actions against a Maryland man to collect restitution assessed against him in connection with his wire fraud conviction, the U.S. Tax Court said Monday, finding an agency officer didn't abuse her discretion in approving the levy and lien.
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March 06, 2023
Banks Seek Special Buyback Tax Rules For Preferred Stock
The new tax on corporate stock repurchases should allow a one-year carryforward and carryback period for preferred stocks to account for the timing differences in issuing and redeeming the securities, a major U.S. banking lobby said in comments to the Internal Revenue Service released Monday.
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March 06, 2023
Wagner Brings On Benefits And Tax Atty From Epstein Becker
The Wagner Law Group added a former Epstein Becker Green attorney with five decades of experience in employee benefits and tax matters to its Chicago office as a partner, the firm announced.
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March 06, 2023
IRS Mulling Transition for 'Look-Through' Rule, Official Says
The IRS is weighing a potential transition period for final rules that would, in a manner of speaking, look through corporate owners of real estate investment entities to determine whether their foreign shareholders qualify for certain tax exemptions, an agency official said Monday.
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March 06, 2023
Loan Balance Of $30K Counts As Income, Tax Court Says
The nearly $30,000 balance of a loan to a Californian by his retirement plan administrator is part of his gross income for 2018 because it constituted a distribution, the U.S. Tax Court said in a decision released Monday.
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March 06, 2023
Treasury Mulls Foreign Credit Regs For Global Minimum Tax
The U.S. Treasury Department is working on regulations for how foreign tax credits should be treated by companies facing the coming global minimum tax designed by the Organization for Economic Cooperation and Development, a department official said Monday.
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March 06, 2023
US Accepts Settlement Of $3B Easement Scheme Suit
The U.S. government accepted settlement offers from an investment group and its Alabama land appraiser that would resolve a suit accusing the two of promoting a $3 billion conservation easement tax scheme, according to a report filed Monday in Georgia federal court.
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March 06, 2023
IRS Must Air Docs On Breakup Fee Memos, AbbVie Tells Court
The IRS has violated public records law by withholding documents concerning agency memoranda that addressed the tax implications of breakup fees in terminated acquisitions, pharmaceutical company AbbVie said in a lawsuit filed in D.C. federal court.
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March 06, 2023
Inflation Reduction Act Sparks Linklaters Energy Hiring Blitz
Already well positioned in the energy transition and renewables space, Linklaters announced Monday it is bulking up its U.S.-based energy and infrastructure group in preparation for what it expects will be years of growth and innovation in the renewable energy market, catalyzed by the Inflation Reduction Act.
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March 06, 2023
IRS Names Calendar Admins For 27 Tax Court Sessions
The Internal Revenue Service named calendar administrators for 27 U.S. Tax Court sessions from April into June, according to a notice released Monday.
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March 06, 2023
Lawmakers Criticize Choices For E-File Evaluators, Cite Bias
A California law professor and left-leaning think tank are biased in favor of starting a national e-filing system, making their appointments to evaluate the feasibility of such a program illegal under the Inflation Reduction Act, two members of the House of Representatives said Monday.
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March 06, 2023
House Bill Would End SALT Break Cap For Sub-$400K Income
The state and local tax deduction cap for filers reporting income under $400,000 would be eliminated and those making over $1 million would be unable to take a deduction under a bill introduced in the House of Representatives.
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March 03, 2023
DOJ Takes Stance On Messaging Apps, Details Comp Reforms
A senior Department of Justice official on Friday described further revisions to the agency's corporate criminal enforcement policies, including on companies' use of third-party messaging applications and criteria for targeted companies' mandated compensation structure reforms.
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March 03, 2023
Amended Horse Racing Law Is Constitutional, 6th Circ. Rules
The Sixth Circuit on Friday upheld the constitutionality of a federal horse racing law that hands certain regulatory power to a private entity, finding a recent amendment to the statute returned significant enough oversight to the Federal Trade Commission to alleviate concerns over unchecked power afforded to a private corporation.
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March 03, 2023
The Tax Angle: House Dems Mull Unfinished Business
From a look at House Democrats' continuing efforts to repeal the cap on state and local tax deductions to their renewed plans to highlight economic gains for working Americans from the Inflation Reduction Act, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
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March 03, 2023
IRS Funding Boost Has Aided Return Processing, Official Says
The Internal Revenue Service is ahead of processing tax returns compared to last year in part thanks to the Inflation Reduction Act's nearly $80 billion funding boost for the agency, an official from the agency's Taxpayer Advocate Service said Friday.
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March 03, 2023
Senate Bill Again Seeks Public By-Country Tax Reporting
A bill reintroduced in the Senate would require corporations to publicly disclose tax payments, employees and profits in each country where they operate, while the Financial Accounting Standards Board said such requirements won't be found in coming guidance.
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March 03, 2023
Affordable Housing Among Bipartisan Tax Goals, Aide Says
Although a split Congress will make it difficult to pass tax legislation this year, Democrats and Republicans might be able to collaborate on tax policies aimed at increasing the affordable housing supply, aides to the House and Senate tax writing panels said Friday.
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March 03, 2023
US Seeks Man's 401(k) Funds From Fidelity Over $1M Tax Debt
An Ohio federal court should force Fidelity Workplace Services LLC to empty a man's retirement account and give the proceeds to the government to pay down his $1.1 million tax bill, the U.S. said in a complaint filed against the company Friday.
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March 03, 2023
As Digital Economy Grows, Cos. Turn To ITFA To Thwart Taxes
After decades of relative quiet, controversy around the Internet Tax Freedom Act is heating up, with the 25-year-old law, which bans states from taxing internet access or imposing discriminatory taxes on electronic commerce, increasingly featured in high-profile litigation.
Expert Analysis
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3 Contract Considerations For Renewable Fuels Trade
As renewable fuels continue to develop and contracts for their sale and purchase become more common in the energy industry, companies should think about negotiating several key issues when entering into offtake agreements for feedstock purchase transactions, says Nneka Obiokoye at Holland & Knight.
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What Microcaptive Reporting Ruling May Mean For The IRS
In CIC v. Internal Revenue Service, a Tennessee federal court’s decision to set aside an IRS requirement to disclose microcaptive insurance arrangements may be a step toward evidentiary standards to show that the potential for abuse in a lawful transaction is sufficient to support heightened disclosure requirements, says Samuel Lauricia at Weston Hurd.
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Avoiding Surprise Taxation Of Employment Settlements
Excerpt from Practical Guidance
Sandra Cohen at Cohen & Buckmann discusses how to avoid unwelcome tax-related payments in connection with settling an employment claim, as the extra cost can significantly decrease the perceived value of an offer and push the parties further apart.
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US Should Leverage Tax Rules To Deter Business With Russia
The U.S. should further restrict the flow of resources available for the Putin regime's war in Ukraine by denying U.S. businesses that operate in Russia or Belarus foreign tax credits and global intangible low-taxed income preferences, and by terminating its tax treaty with Russia, says Reuven Avi-Yonah at University of Michigan Law School.
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Justices Must Apply Law Evenly In Shadow Docket Rulings
In recent shadow docket decisions, the U.S. Supreme Court has inconsistently applied the requirement that parties demonstrate irreparable harm to obtain injunctive relief, which is problematic for two separate but related reasons, says David Hopkins at Benesch.
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Federal Cannabis Bill Needs A Regulatory Plan To Succeed
The Marijuana Opportunity Reinvestment and Expungement Act, which was passed by the U.S. House of Representatives on Friday, is laudable but fundamentally flawed because it lacks a robust regulatory plan that would allow for bipartisan support, says Andrew Kline at Perkins Coie.
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To Capture All Digital Transactions, Tax Rules Must Keep Up
Legislative efforts to capture revenue from digital-transaction income can do better than the American Rescue Plan Act, which recently went into effect but employs definitions that have already been surpassed by technology, says Matthew Agramonte at Shutts & Bowen.
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Lessons From Recent PPP Loan And COVID Fraud Cases
Following President Joe Biden's recent pledge to expand enforcement efforts against pandemic and Paycheck Protection Program loan fraud, a look at the U.S. Department of Justice's recent criminal and civil enforcement actions sheds light on its evolving priorities, say Sara Lord and Aaron Danzig at Arnall Golden.
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Ampersand Clarifies Power Project Placed-In-Service Analysis
The Federal Circuit's recent ruling in Ampersand Chowchilla Biomass v. U.S. affirms a lower court's decision regarding when power generation projects were placed in service for federal income tax purposes, but also highlights that the placed-in-service analysis is not one size fits all, say David Burton and Viktoria Vozarova at Norton Rose.
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Simplifying Tax Issues For Nonresident Athletes In Canada
Tax compliance can be particularly challenging for nonresident professional athletes playing in Canada, but as NHL contract negotiations approach a close, it's worth looking at some ways the tax burden can be mitigated, say Marie-France Dompierre and Marc Pietro Allard at Davies Ward.
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Steps For Universities As DOJ Shifts Foreign Influence Policy
Notwithstanding Wednesday's U.S. Department of Justice announcement terminating the initiative targeting Chinese influence and raising the bar for criminal prosecutions, universities should ensure their compliance controls meet new disclosure standards and that they can efficiently respond to inquiries about employees' foreign connections, say attorneys at Covington.
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How Gold Coin Tax Ruling May Apply To IRA Crypto Holdings
The U.S. Tax Court’s recent decision in McNulty v. Commissioner, affirming that a self-directed individual retirement account owner received taxable distributions in taking possession of her IRA’s gold coins, may have troublesome applications for retirement accounts with cryptocurrency holdings, says Luke Bailey at Clark Hill.
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Why I'll Miss Arguing Before Justice Breyer
Carter Phillips at Sidley shares some of his fondest memories of retiring Justice Stephen Breyer both inside and out of the courtroom, and explains why he thinks the justice’s multipronged questions during U.S. Supreme Court oral arguments were everything an advocate could ask for.