Federal

  • November 22, 2022

    4th Circ. Backs Man's $16K Tax Bill For Unreported Income

    The U.S. Tax Court correctly decided that a South Carolina man owes the government nearly $16,000 to cover an income tax deficiency and penalties issued for inaccuracy and a frivolous legal position, the Fourth Circuit said Tuesday.

  • November 22, 2022

    Judge Ends Confinement For Founder Of Tax Cheat Group

    The founder of an organization that helped thousands of people cheat on their taxes — and counted convicted actor Wesley Snipes among its members — was released early from home confinement Tuesday by a federal judge who said he was no longer a threat to society.

  • November 22, 2022

    Tax Court Suspends Practitioner After State Suspension

    The U.S. Tax Court suspended a tax practitioner from practice before the court after he was suspended by a state bar.

  • November 22, 2022

    Fox Rothschild Adds Tax And Wealth Partner In Seattle

    Fox Rothschild LLP added a partner from Foster Garvey PC to its taxation and wealth planning department who will be based out of the firm's Seattle office.

  • November 22, 2022

    Justices Won't Block Release Of Trump Tax Returns To House

    The U.S. Supreme Court on Tuesday said it won't block a Democratic-led House committee from seeing former President Donald Trump's tax returns, paving the way for the panel to see the filings before Republicans take over committee leadership in January.

  • November 22, 2022

    IRS Seeks Input On Departing Alien Tax Statement

    The Internal Revenue Service on Tuesday asked for comments on a form used to confirm that aliens departing the country have satisfied all American income tax requirements.

  • November 22, 2022

    Couple Appeal Bid To Clarify Taxation Of Crypto Staking

    A couple who created a unique form of cryptocurrency and lost their bid to clarify whether generating tokens through so-called staking creates taxable income plan to appeal to the Sixth Circuit, according to a notice they filed in a Tennessee federal court.

  • November 22, 2022

    Trump Bid To Toss AG Suit Rehashes Failed Args, Judge Says

    A New York state judge on Tuesday slammed Donald Trump's motion to dismiss the attorney general's $250 million fraud lawsuit as "deja vu all over again," asking defense attorneys for the ex-president and his companies why he should consider the same arguments he's already rejected.

  • November 21, 2022

    Manhattan DA Rests In Trump Organization Tax Fraud Case

    The Manhattan District Attorney's Office rested its tax fraud case against the Trump Organization Monday in New York state court after calling just five witnesses over eight days, building its case on testimony by two finance officers and a parade of tax documents.

  • November 21, 2022

    Judge Rightly Revised MoneyGram Report, Del. Tells Justices

    A U.S. Supreme Court-appointed special master was correct in changing his mind to reach a conclusion partially favoring Delaware in a dispute over abandoned MoneyGram checks, the state said in a brief that asked the justices to heed the revised opinion.

  • November 21, 2022

    Chrisleys Sentenced To Prison In $36M Bank Fraud Case

    Todd and Julie Chrisley of the reality television show "Chrisley Knows Best" were sentenced Monday evening by a federal judge in Atlanta to 12 and seven years in prison, respectively, and ordered to pay $17.2 million in restitution in relation to a $36 million bank fraud scheme and tax evasion.

  • November 21, 2022

    Calif. Federal Court Closes Summons In French Tax Probe

    A California federal court closed a summons Monday that U.S. officials had filed against an accountant to compel disclosure of financial documents about a French company under investigation in connection with tax fraud.

  • November 21, 2022

    DC Court Asked To Hold Opinion Due To Transition Tax Appeal

    An expatriate attorney asked a D.C. federal court to refrain from issuing an opinion on its dismissal of a suit accusing the Internal Revenue Service of improperly disclosing his tax information until a related appeal by him is decided.

  • November 21, 2022

    Man Owes Tax On Retaliation Settlement, Tax Court Says

    A former higher education employee has to pay tax on a nearly $231,000 settlement he received for claims that his employer retaliated against him after claiming the institution misused funds, the U.S. Tax Court said Monday.

  • November 21, 2022

    Tax Court Says Couple's Income Must Include Retirement Pay

    A Connecticut couple must include most of the railroad retirement benefits the husband received in 2015 in their income for that year, the U.S. Tax Court said Monday.

  • November 21, 2022

    Tax Court Fines Texas Couple For Frivolous Arguments

    A Tax Court judge pinned a Texas couple with a $5,000 fine for making frivolous arguments while challenging their $33,000 tax bill, saying they persisted in bringing "all-too-familiar tax protestor contentions," according to an opinion released Monday.

  • November 21, 2022

    IRS Issues New Required Retirement Plan Amendments List

    The Internal Revenue Service on Monday released the 2022 edition of an annual list of required amendments for qualifying individually designed retirement plans.

  • November 21, 2022

    $3B Easement Scheme Case Closed Pending Settlement

    A Georgia federal judge on Monday closed a long-running case alleging an investment group and an Alabama appraiser promoted a $3 billion conservation easement tax scheme, saying government review of their settlement offers could take too long to simply hit pause.

  • November 21, 2022

    Former CEO Cops To Tax Fraud, Agrees To $15.8M Restitution

    A former health care management firm CEO agreed to pay $15.8 million in restitution after pleading guilty in Pennsylvania federal court to skirting millions in personal and corporate income taxes by claiming improper business write-offs and funneling money through his various business entities.

  • November 21, 2022

    Supreme Court Won't Hear Whirlpool Tax Challenge

    The U.S. Supreme Court won't hear Whirlpool's challenge to a Sixth Circuit ruling that the company owes taxes on about $45 million of foreign income, according to an order list from the top court published Monday.

  • November 18, 2022

    Biden Asks Justices To Reinstate Student Debt Relief Program

    The Biden administration asked the U.S. Supreme Court on Friday to let it move forward with a plan to forgive student loan debt after the Eighth Circuit halted the program, saying the delay "leaves millions of economically vulnerable borrowers in limbo."

  • November 18, 2022

    6th Circ. Blocks ARPA Clawback Enforcement Against Tenn.

    The federal government can't enforce a provision barring Tennessee from using federal coronavirus relief funds to offset revenue reductions such as tax cuts, but Kentucky lacked standing to challenge the provision, the Sixth Circuit said Friday.

  • November 18, 2022

    Foreigners Barred From Tax Treaty Aid On Some Distributions

    Foreign taxpayers cannot claim treaty benefits on the distribution of stock in a domestic international sales corporation on the grounds that the distribution is not attributable to a U.S. permanent establishment, according to an IRS legal memo published Friday.

  • November 18, 2022

    States Seek IRS Liaison For Sharing Of Charities' Tax Info

    An IRS liaison is necessary to help state regulators access nonprofits' federal tax information following the release of final rules that broaden the agency's authority to share that data with states, an official from the New York attorney general's office said Friday.

  • November 18, 2022

    6th Circ. Tosses Ohio's Challenge To ARPA Tax Cut Limit

    The Sixth Circuit on Friday threw out Ohio's challenge to an American Rescue Plan Act provision that requires states to return pandemic aid used to offset tax cuts, finding that no federal recoupment of state funds was imminent.

Expert Analysis

  • 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.

  • Tips On Qualified Small Business Stock Exclusions

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    While awaiting more Internal Revenue Service guidance on the maze of requirements a taxpayer must satisfy for the qualified small business stock exclusion, there are steps proactive taxpayers can take to ensure their ability to establish their qualifications if they are audited, says Stephen Josey at Kostelanetz & Fink.

  • Inside The OECD Transfer Pricing Documentation Guidance

    Excerpt from Practical Guidance
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    The Organization for Economic Cooperation and Development's recently modified documentation guidelines can assist tax administrations in developing requirements for transfer pricing risk assessments and evaluations, and help multinational entity taxpayers demonstrate satisfaction of the arm's-length principle, says Neil Aragones at Lexis Tax.

  • Superfund Tax Is Back: Implications For Chemical Industry

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    In light of the Internal Revenue Service's recently issued guidance on the reinstated Superfund tax, manufacturers, producers and importers should review their existing agreements that involve taxable chemicals and substances to determine who will be commercially responsible for the tax, say attorneys at Eversheds Sutherland.

  • Tech Co.'s Suit May Create Hurdles For Research Tax Credits

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    The recently filed U.S. Tax Court case Perficient v. Commissioner — challenging standards under research credit regulations that determine whether research is funded by any grant or contract — could make it difficult to substantiate research tax credits, say Dennis St. Martin and Kevin Benton at Grant Thornton.

  • Expected Retirement Law Changes May Spark ERISA Suits

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    As Congress is poised to pass bipartisan retirement legislation that could bring collective investment trusts and 403(b) plans together and may form a new wave of litigation under the Employee Retirement Security Act, it is helpful to review the important roles that they have played in prior waves of ERISA excessive fee cases, say attorneys at King & Spalding.

  • A Close Look At The Decentralized Effort To Tax Digital Assets

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    Clarity on taxation is one of the biggest hurdles to mass adoption of cryptocurrency, and although digital asset innovation has consistently outpaced worldwide government regulation, recent efforts in the U.S. and elsewhere hint at an emerging standard, says Joshua Smeltzer at Gray Reed.

  • Lessons From The SEC's Largest-Ever Audit Firm Penalty

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    The U.S. Securities and Exchange Commission's recent $100 million settlement over professional test cheating with Ernst & Young — the largest ever in an audit firm case — points to important ramifications for any entity responding to an SEC inquiry, say attorneys at Cleary.

  • Navigating The IRS Pre-Audit Retirement Plan Pilot Program

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    The Internal Revenue Service launched a Pre-Examination Compliance Pilot program for retirement plans last month that gives sponsors and administrators 90 days to self-correct errors and avoid audits, and while several details are unclear, there are important steps to take at this time, say attorneys at Ice Miller.

  • Key Takeaways From IRS Reversal On FDII Stance

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    The Internal Revenue Service's recent memo regarding allocation of deferred compensation expenses for purposes of foreign-derived intangible income is a departure from the agency's previous position and may have implications beyond the context of deferred compensation, say attorneys at Miller & Chevalier.

  • How To Address Research Expenditures Amid Uncertainty

    Taxpayers need to prepare for the significant technical and compliance challenges of following Internal Revenue Code Section 174's new rules for experimentation expenditure capitalization and amortization, notwithstanding the rules' unresolved legislative future, say tax advisers at Grant Thornton.

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