Federal

  • January 09, 2023

    Justices Won't Review Nix Of $180M Easement Deduction

    The U.S. Supreme Court declined Monday to review the Eleventh Circuit's denial of a $180 million easement deduction claimed by a Mississippi land company, sidestepping an argument that the circuit court wrongly allowed the Internal Revenue Service to block the company's challenge.

  • January 09, 2023

    IRS Seeks Input On Housing Credit Carryover Allocation Docs

    The Internal Revenue Service asked for feedback Monday on a schedule for state agencies to report carryover allocations of low-income housing credits and a related form.

  • January 09, 2023

    Justices Won't Review 6th Circ.'s OK Of Easement Regs

    The U.S. Supreme Court won't review whether the Treasury Department's tax regulations for conservation easements complied with public comment requirements, the court said Monday, letting stand a Sixth Circuit decision finding the regulations were valid.

  • January 06, 2023

    Trump Must Face NY AG's $250M Tax Fraud Suit

    A New York state judge denied Friday a bid by former President Donald Trump, his children and company executives to throw out New York Attorney General Letitia James' $250 million tax fraud suit, saying their dismissal arguments were "wholly unconvincing" and "borderline frivolous even the first time defendants made them."

  • January 06, 2023

    Court Urged To OK Seizing Overseas Funds For $18M Penalty

    The U.S. should be allowed to seize the overseas funds of a Floridian who moved his assets offshore in the wake of an $18 million penalty for failing to report foreign bank accounts, the U.S. told a Florida federal court Friday.

  • January 06, 2023

    Up Next At High Court: Atty-Client Privilege, Strike Suits

    The U.S. Supreme Court will examine the scope of attorney-client privilege and whether companies can sue unions for property damage caused by strikes in its first arguments of 2023. Here, Law360 breaks down the docket this week.

  • January 06, 2023

    Court Ends Vitol's $8.8M Tax Refund Bid For Butane Blends

    A Texas federal court dismissed Vitol's bid for an $8.8 million tax refund, citing a Fifth Circuit decision that found it wasn't entitled to alternative fuel mixture tax credits for its butane blends because butane doesn't count as a liquefied petroleum gas. 

  • January 06, 2023

    IRS Issues $14.8B In Refunds After Jobless Income Fixes

    The Internal Revenue Service issued $14.8 billion in refunds after correcting 14 million 2020 tax returns it reviewed to fix overpayments based on unemployment compensation, the agency said Friday.

  • January 06, 2023

    Chrisleys Shouldn't Get Bond Pending Appeal, Feds Say

    Federal prosecutors in Georgia asked a judge Thursday to reject bond requests from reality TV stars Todd and Julie Chrisley while they await appeal, saying their appeal is likely to fail and that they can't show they aren't threats to the community.

  • January 06, 2023

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly revenue bulletin, which included segment rates for calculating pension plan funding in December.

  • January 06, 2023

    3rd Circ. Won't Rethink IRS' Win On Collection Time Limit

    The Third Circuit declined to reconsider its decision that the IRS could go after a taxpayer's $833,000 overdue bill, letting stand its ruling that the taxpayer's petition to the U.S. Supreme Court was an appeal that extended the government's time to collect.

  • January 05, 2023

    House Speaker Battle Could Slow Constituents' Tax Help

    The failure of House Republicans to agree on a new speaker for the 118th Congress is limiting the Taxpayer Advocate Service's ability to share information with lawmakers seeking help for constituents in resolving tax issues with the Internal Revenue Service.

  • January 05, 2023

    Tax Court Rejects Foundation's Challenge To Nonprofit Status

    A formerly nonprofit corporation whose corporate powers were suspended by the state of California cannot challenge a separate, federal suspension of its nonprofit status in the U.S. Tax Court, according to a Tax Court opinion Thursday.

  • January 05, 2023

    Fla. Woman Must Pay Back ACA Credits, Tax Court Says

    A Florida woman must pay back roughly $7,200 in premium tax credits she received to pay for health care under the Affordable Care Act because her earnings exceeded the income limit, the U.S. Tax Court said Thursday.

  • January 05, 2023

    Payroll Co. Owner Pleads Not Guilty To Embezzling $1.5M

    The former owner of a Missouri payroll company pled not guilty in federal court Thursday to embezzling $1.5 million from her clients and failing to pay employee withholdings to the IRS on their behalf, rebutting a 38-count grand jury indictment unsealed earlier in the day.

  • January 05, 2023

    Report Contrasts IRS Audits Of Millionaires, Lowest Earners

    The percentage of tax returns of those earning at least $1 million that were audited by IRS agents was lower than the cumulative percentage of the lowest-income returns subject to any type IRS audit in 2022, according to a report by a research center.

  • January 05, 2023

    9th Circ. Won't Rehear Case On Religious Merch Income Tax

    The Ninth Circuit on Thursday declined to revisit en banc a judgment that a man owes tax deficiencies and penalties on income from selling religious items from 2005 through 2010.

  • January 05, 2023

    US Asks To End $225M Tax Scheme Case Against Dead Atty

    The U.S. government asked a California federal court to dismiss the criminal indictment against a Texas attorney accused of helping a private equity executive evade taxes on $225 million in capital gains after Texas authorities released preliminary reports of his death.

  • January 05, 2023

    Biden Tells Justices Debt Relief Challengers Have No Standing

    The Biden administration has urged the U.S. Supreme Court to toss two orders halting the implementation of the president's student debt relief plan, arguing that neither the states nor individuals challenging the policy have proven they will be harmed by it and therefore lack standing to bring suit.

  • January 05, 2023

    9th Circ. Won't Rethink IRS Summons On Indian Pol's Niece

    The Ninth Circuit said it won't reconsider its decision to enforce an Internal Revenue Service summons on the banking records of a prominent Indian politician's niece.

  • January 05, 2023

    US, Estate Agree To $228K Tax Judgment

    A man's estate and the U.S. government agreed that the estate owes almost $228,500 in tax liabilities, they told a California federal court in a request for stipulated judgment.

  • January 04, 2023

    Law Firm Presses Justices To Endorse Broad Privilege Test

    An unnamed law firm seeking to avoid disclosure of confidential tax expatriation documents to a grand jury investigating a client has called on the U.S. Supreme Court to kick its case back to the district court for application of a broad test of attorney-client privilege.

  • January 04, 2023

    IRS Urged To Recall Low-Income Taxpayers From Collection

    The Internal Revenue Service should recall certain low-income taxpayer accounts given to private debt collection agencies before 2021 because of current program exclusions, the Treasury Inspector General for Tax Administration said in a report released Wednesday.

  • January 04, 2023

    IRS Asks DC Circ. To Uphold $1.1M In ACA Penalties

    The IRS asked the D.C. Circuit to uphold a decision to charge a phone retailer $1.1 million in penalties for failing to offer employees health insurance, saying Wednesday that the retailer's challenge of the fines overtly violates a law barring lawsuits that hinder tax collection.

  • January 04, 2023

    Man Owes Penalties On Unreported Wages, Tax Court Says

    A Colorado man failed to report $116,000 in wages to the Internal Revenue Service and consequently owes penalties, the U.S. Tax Court said Wednesday.

Expert Analysis

  • EU, US Carbon Import Tax Proposals: What Cos. Must Know

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    With the European Union working on a carbon border adjustment mechanism, and congressional Democrats formulating their own carbon import tax plans, U.S. businesses — especially those in emissions-intensive, trade-exposed industry sectors — could face adverse trade effects, supply chain problems and increased transactional costs, say attorneys at Hogan Lovells.

  • Navigating CARES Act Social Security Tax Deferral Payments

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    Attorneys at Morgan Lewis examine Internal Revenue Service guidance on payment of employer-share social security tax deferrals due Jan. 3 under the Coronavirus Aid Relief and Economic Security Act, and offer tips for avoiding costly underpayment and late deposit penalties.

  • Tech Improvements That Can Help Gov't Tackle FOIA Backlog

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    Government agencies can implement effective technological solutions that will help them address the growing backlog of Freedom of Information Act requests, and avoid costly noncompliance litigation, by taking steps to identify agency-specific needs, develop cohesive strategies and obtain leadership buy-in, say Ken Koch and Erica Spector at KPMG.

  • IRS Memo Helps Clarify Research Credit Filing Requirements

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    A recently published Internal Revenue Service chief counsel memorandum offers long-awaited guidance about information requirements for taxpayers seeking research credit refunds and provides helpful notice of the agency’s litigating position where credits are denied, say Deborah Roth and Brian Coddington at Source Advisors.

  • Questions To Ask If Doing Business In A Corruption Hot Spot

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    Businesses facing new scrutiny after the U.S. Department of Justice's recently announced task force for combating human trafficking in Central America, the release of the Pandora Papers and continuing fallout from 2019's Panama Papers, should address compliance risks by having employees ask three questions about every transaction, say attorneys at White & Case.

  • New DOJ Corporate Crime Approach May Deter Self-Reporting

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    Deputy U.S. Attorney General Lisa Monaco's recent unveiling of a tougher white collar enforcement approach at the U.S. Department of Justice — focusing on corporate recidivism and compliance monitors — could result in companies being less willing to self-report wrongdoing or enter into resolutions with the government, say attorneys at Morgan Lewis.

  • Infrastructure Bill May Limit Cryptocurrency Loss Deductions

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    If enacted, provisions in ​President Joe Biden's ​​infrastructure bill would broaden a rule meant to prevent the harvesting of tax losses​, causing every cryptocurrency investor ​who wants to deduct a loss to consider whether it is worth cashing out to fiat currency and waiting 30 days before reinvesting to take a loss deduction, says Andrew Leahey at Hunter Creek Consulting.

  • The Infrastructure Bill Should Not Target Cryptocurrency

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    Congress should excise a provision in the pending infrastructure bill that would require anyone who accepts $10,000 in cryptocurrency for goods or services to report the transferring party's personal information to the Internal Revenue Service — this would be unnecessary, ill-advised and possibly unconstitutional, says James Burnham at Jones Day.

  • Opportunity Zone Regulations Require More Fine Tuning

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    Problems with the latest revisions to the qualified opportunity zone investment rules reinforce a recurring theme of regulatory hiccups that may prevent investors and communities from actualizing the program's potential benefits, unless we have more guidance, says Mitchell Goldberg at Berger Singerman.

  • Preserving Disgorgement Tax Deductibility In SEC Settlements

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    The U.S. Securities and Exchange Commission recently added language to its enforcement orders that could affect a settling party's ability to deduct certain disgorgement payments, but proper planning can help them satisfy Internal Revenue Service prerequisites, say attorneys at Sidley.

  • How The Global Tax Agreement Could Backfire For Biden

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    If the $3.5 trillion spending package fails, the federal tax code will not conform to the recent 15% global minimum tax agreement spearheaded by the U.S., which would embarrass the Biden administration and could lead to retaliatory tax measures by other nations, says Alex Parker at Capitol Counsel.

  • 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.

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