Federal

  • November 17, 2022

    Chrisleys Want Court Closed For Kids' Sentencing Testimony

    Reality TV stars Todd and Julie Chrisley have asked a Georgia federal judge to close the courtroom while their youngest son and a grandchild testify as character witnesses in their sentencing for bank fraud and tax evasion convictions.

  • November 17, 2022

    Guatemala Says Israeli Co. Can't Escape $1.8M Award

    The Republic of Guatemala has reaffirmed its bid for a default ruling in a New York federal court case seeking to enforce a $1.8 million arbitration award against a no-show Israeli energy company, asserting it has properly served IC Power Asia Development Ltd. with the suit.

  • November 17, 2022

    Watchdog Sues IRS For Info On Trump Targeting Foes

    A government watchdog asked a D.C. federal court Thursday to force the IRS to release emails from political appointees at the agency referencing former FBI leaders following reports that former President Donald Trump pushed to have those leaders investigated.

  • November 17, 2022

    Benefits Of Patagonia Donation Model Could Draw Followers

    Outdoor apparel company Patagonia recently announced that ownership of the company had been transferred to a trust and nonprofit, a model that could appeal to others thinking of surrendering their companies because of the retained business control and ability to be involved in politics.

  • November 17, 2022

    IRS Facial ID Contractor Understated Wait Times, Reps. Say

    An identity verification company that has contracted with the Internal Revenue Service and other agencies to provide facial recognition services understated wait times that taxpayers would face trying to use those services, leaders of two House panels said Thursday.

  • November 17, 2022

    Texas Couple, US Settle $4M FBAR Case

    The U.S. government reached a settlement with a Texas couple in a $4 million case in which they're accused of failing to file reports of their foreign bank accounts, according to a federal court filing.

  • November 17, 2022

    Contrite Ex-CFO Says Trump Org. Guilty, But Not Trumps

    The Trump Organization's longtime finance chief Allen Weisselberg got choked up on the stand Thursday as he told a Manhattan jury that he had broken the Trump family's trust, testifying that his tax crimes implicated the company but not the former president or his children.

  • November 17, 2022

    More Tax Experts Indicted In $1B Shell Co. Scheme

    The owners and tax manager of a Texas accounting firm were indicted in federal court on accusations of conspiring to defraud the government by helping clients hide more than $1 billion in income, the latest to be charged in an alleged shell company scheme devised by a Dallas attorney.

  • November 17, 2022

    TIGTA Urges IRS To Focus On Better Communication

    The Internal Revenue Service's management should work with the heads of business operating divisions to figure out where more improvements to communication methods are needed, the Treasury Inspector General for Tax Administration said in a report released Thursday.

  • November 16, 2022

    Renewing Tax Cuts Tops Agenda For Slim GOP House Majority

    Republicans secured enough seats Wednesday to wrest control of the House of Representatives from Democrats, paving the way for GOP lawmakers to begin early efforts to renew individual and business tax provisions enacted in the Tax Cuts and Jobs Act that expire in 2025.

  • November 16, 2022

    Attys Sold Tax Avoidance Scheme In 7 States, Indictment Says

    Federal prosecutors indicted two St. Louis attorneys and a North Carolina insurance agent Wednesday, accusing them of running a tax scheme across at least seven states for 11 years that defrauded the government of tens of millions of tax dollars.

  • November 16, 2022

    Firm Asks Justices To Protect Dual-Purpose Client Comms

    The U.S. Supreme Court should adopt a broad interpretation of attorney-client privilege that shields mixed-use legal advice if it has a significant legal purpose, an unnamed tax law firm fighting to protect client communications from grand jury subpoenas said Wednesday.

  • November 16, 2022

    Proof Shows Atty Helped CEO Evade Taxes On $225M, US Says

    A tax attorney helped a private equity executive evade taxes on $225 million in capital gains, the U.S. government told a California federal court, saying it will present evidence at trial from undercover agents and other sources proving he knowingly promoted an offshore evasion scheme.

  • November 16, 2022

    Real Estate Funds Seek Block Of IRS Easement Notice

    Three real estate investment funds sued the U.S. government in Ohio federal court, seeking to block the IRS from forcing their compliance with a notice requiring the disclosure of syndicated conservation easement transactions that the court set aside in a different case.

  • November 16, 2022

    Senate GOP Bill Seeks Oversight Of IRS Funding Boost

    Congress would be given a direct say in how the Inflation Reduction Act's nearly $80 billion funding boost for the Internal Revenue Service will be spent under legislation introduced Wednesday by a pair of veteran Senate Finance Committee Republicans.

  • November 16, 2022

    IRS Told To Make Taxpayers Central To Modernization Pitch

    The Internal Revenue Service should use personal examples and other taxpayer-centered framing to communicate challenges it faces to drive home the importance of modernizing, the IRS Advisory Council said Wednesday in its annual report.

  • November 16, 2022

    Pension Plan Segment Rates Rise In Nov.

    Segment rates for calculating pension plan funding rose in November, the Internal Revenue Service said Wednesday.

  • November 16, 2022

    IRS Issues Procedures For Disclosing Big Biz Tax Errors

    Certain large corporate taxpayers can file a new form with the Internal Revenue Service to disclose errors or omissions on their original returns in order to avoid accuracy-related and understatement penalties, the IRS said Wednesday.

  • November 16, 2022

    IRS Corrects Cooperative Income Deduction Rules

    The Internal Revenue Service issued corrections Wednesday to final rules for qualified income deductions for agricultural and horticultural cooperatives.

  • November 16, 2022

    IRS Seeking Comments On Penalty Reporting Form

    The Internal Revenue Service asked for feedback Wednesday on a form that government entities use to report fines and other payments they receive.

  • November 15, 2022

    I Feel Good (I Own James Brown's Songs), Financier Says

    The music industry financier behind the famous "Bowie Bonds" investment vehicle filed suit Tuesday in a New York federal court against the estate of James Brown, claiming the late soul singer sold off his catalog of hit records for $26 million to pay off tax debts decades before Brown's estate sold the songs for $90 million to someone else.

  • November 15, 2022

    House Dem Seeks Criminal Probe Of Trump IRS Targeting Claim

    The U.S. Department of Justice should investigate allegations that former President Donald Trump pushed for the Internal Revenue Service to audit some of his critics while he was in office, a House Democratic lawmaker said Tuesday.

  • November 15, 2022

    Ex-CFO Weisselberg Says Trump Org. Gained From His Fraud

    Longtime Trump Organization finance chief and confessed tax cheat Allen Weisselberg took the stand Tuesday in the Manhattan district attorney's criminal fraud case against former President Donald Trump's company, testifying both he and the company benefited from his fraud.

  • November 15, 2022

    IRS Looking To Employ Economic Substance Test, Official Says

    The Internal Revenue Service is exploring how to raise the so-called economic substance doctrine in transfer pricing disputes after an internal protocol change this year lowered the requirements for approval, an agency official said Tuesday.

  • November 15, 2022

    Law Firm Gives Up Docs To Satisfy Gov't In IRS Summons Suit

    A law firm challenging an IRS summons for client records in an offshore tax dodging probe likely provided all documents sought by the agency, the U.S. told a Texas federal court, saying it "does not intend to seek further orders of enforcement at this time."

Expert Analysis

  • Unpacking The Inflation Reduction Act's Energy Tax Credits

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    Provisions in the recently enacted Inflation Reduction Act that affect how taxpayers can monetize clean energy tax credits will change how clean energy projects are financed, but taxpayers that may not be allowed multiple credits need to determine which type of credit will be the most advantageous, say attorneys at BakerHostetler.

  • How COVID Has Changed Project Development And Finance

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    Two and a half years into the pandemic, some COVID-19-specific provisions are now common in the project development and finance markets, while others are still undergoing negotiation, say Nate Galer and Katy McNeil at Mayer Brown.

  • Unpacking The Shift In DOJ Corporate Enforcement Policy

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    Attorneys at Paul Hastings provide takeaways for companies seeking to mitigate increased enforcement risks from the U.S. Department of Justice's recent corporate prosecution policy changes, including greater focus on individuals, requirements for cooperation credits, evaluations of prior misconduct, expectations for compliance programs and factors for determining whether to impose a monitor.

  • What AML Bill Could Mean For Firms, Funds And FinCEN

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    If passed, an amendment within Congress’ annual defense bill would expand the list of institutions subject to anti-money laundering regulations, from law firms to investment funds, creating potential rulemaking and enforcement challenges for the Financial Crimes Enforcement Network, say attorneys at Arnold & Porter.

  • How Inflation Reduction Act Will Lift Offshore Wind Projects

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    The Inflation Reduction Act should promote the development of offshore wind energy in multiple ways — including by improving the planning and permitting process for transmission infrastructure, expanding potential lease areas and making beneficial changes to the tax credits available for renewable energy developers, say attorneys at Day Pitney.

  • CORRECTED: New Tax Credits For Renewables Should Offer Investors Relief

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    The Inflation Reduction Act's changes to tax credits for renewable energy projects should finally liberate tax equity investors from the restraints of the complex and onerous federal anti-abuse regime, says Kay Hobart at Parker Poe. Correction: Because of an editing error, a previous version of this article incorrectly characterized tax enforcement regimes in North Carolina and other states. This error has been corrected.

  • Inflation Reduction Act A Boon To Hydrogen, Carbon Capture

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    The Inflation Reduction Act's tax credits and direct payments, extension of existing renewable electricity subsidies, and other benefits will accelerate hydrogen and carbon capture projects across the U.S. — and will likely draw capital into the country that would otherwise have gone to projects elsewhere, say attorneys at Shearman.

  • What The Inflation Reduction Act Has To Do With Crypto

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    The recently enacted Inflation Reduction Act’s $80 billion supplemental funding allotment for the IRS could have unexpectedly significant implications for the cryptocurrency market, which may find itself the target of ramped-up tax audits and enforcement, says cybersecurity consultant John Reed Stark.

  • Unpacking The New Stock Buyback Tax And Its Exceptions

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    Xenia Garofalo and Kyle Colonna at Eversheds Sutherland discuss provisions of the recently enacted tax on corporate stock repurchases, how its exceptions may be applied and what companies should consider when evaluating the cost of new or existing programs.

  • Health Issues To Watch In Inflation Act, Other Policy Initiatives

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    The newly signed Inflation Reduction Act includes a number of significant drug pricing reforms, and the future holds a wider array of health issues that may be addressed in pending legislation when Congress returns in September, says Miranda Franco at Holland & Knight.

  • How New Markets Tax Credit Can Help Pandemic Recovery

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    The New Markets Tax Credit program, designed to spur private investment in low-income, nonmetropolitan and distressed communities, is one potential remedy that can help alleviate the pandemic's negative impact on especially vulnerable areas, says Julia Fendler at Butler Snow.

  • Senate Cannabis Bill May Give Some Cos. A Competitive Edge

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    Though the recently introduced Cannabis Administration and Opportunity Act is unlikely to pass, it provides a bellwether for federal legalization, with a robust regulatory framework that would offer large food and beverage companies a structural advantage and poise multistate cannabis operators for further growth, say attorneys at Perkins Coie.

  • Lessons For Federal Lawmakers As Calif. Alters Cannabis Tax

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    California recently eliminated a cultivation tax that had for years burdened the state’s licensed cannabis market, providing important lessons for federal lawmakers on cumbersome regulations and unduly high taxes as they debate legalization, says Raza Lawrence at Zuber Lawler.

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