Federal

  • November 15, 2022

    Applicable Federal Rates To Rise In December

    Applicable federal rates for income tax purposes will rise in December, the Internal Revenue Service said Tuesday.

  • November 15, 2022

    Tax Group Throws Support Behind Mo. In ARPA Appeal

    Missouri has standing to challenge the "incoherent" tax cut clawback rule in the federal coronavirus funding law because the state is already suffering harm, a business group told the U.S. Supreme Court, urging it to review an appeals court decision.

  • November 15, 2022

    Suit Accuses Intuit Of Sharing Watch Histories With Facebook

    An Illinois TurboTax user hit the tax prep software company's parent company, Intuit Inc., with a proposed class action accusing it of violating federal privacy law by telling Facebook which videos hundreds of thousands of subscribers have watched on Intuit's websites.

  • November 15, 2022

    IRS Seeks Input On Rules For Residence Seller Assurances

    The Internal Revenue Service asked for comments Tuesday on rules for the assurances that principal residence sellers must provide so certain reporting requirements don't apply to the transactions.

  • November 14, 2022

    Ex-SDNY Judge, Bracewell Atty Appointed Trump Org Monitor

    Former Southern District of New York judge and current Bracewell LLP partner Barbara S. Jones will be the independent monitor overseeing the Trump Organization, according to an order issued Monday in New York state court.

  • November 14, 2022

    8th Circ. Blocks Biden's Student Debt Relief Program

    The Eighth Circuit has halted President Joe Biden's student loan debt relief program while it considers the merits of a six-state effort to block the plan, finding that the plan's "irreversible impact" weighs in favor of hitting pause on the matter for now.

  • November 14, 2022

    Trump Controller Branded 'Hostile Witness,' Admits Crimes

    The Trump Organization's controller was branded a hostile witness for evasive testimony on Monday even as he admitted committing tax fraud on behalf of two executives and said Donald Trump himself was aware of at least some aspects of the alleged fraud.

  • November 14, 2022

    Pick To Lead IRS Shows Biden's Eye On Budget Management

    President Joe Biden's announcement that he will nominate former acting IRS Commissioner Daniel Werfel to lead the agency shows the administration is keen to nominate someone with budgetary management experience to implement the IRS' $80 billion funding boost.

  • November 14, 2022

    Lawmakers Seek Probes After Claims Of Trump IRS Targeting

    The IRS and its federal watchdog should investigate whether former presidential candidate Hillary Clinton and Washington Post owner Jeff Bezos were picked for intensive audits during Donald Trump's presidency, Democratic House tax writers said Monday.

  • November 14, 2022

    Trump Tells Justices House Lacks Time To Review Tax Docs

    The U.S. Supreme Court should stop the IRS from handing former President Donald Trump's tax returns to House Democrats, he told the justices Monday, arguing Congress doesn't have time to act on the documents before its current session ends.

  • November 14, 2022

    Fee For Health Plan Issuers And Sponsors Rises, IRS Says

    The figure used to calculate fees imposed on certain health insurance policy issuers and on the sponsors of self-insured health plans will increase to $3 for plans that start between October 2022 and October 2023, the IRS said Monday.

  • November 14, 2022

    GAO Urges Congress To Mull State Remote Sales Tax Parameters

    The U.S. Government Accountability Office recommended Monday that Congress consider creating a framework for state taxation of remote sales that will make for a better tax system.

  • November 14, 2022

    Nationwide Block Of Conservation Easement Notice Rejected

    An Ohio federal court declined Monday to put a nationwide block on an IRS notice requiring the disclosure of syndicated conservation easements, finding that while it violates notice-and-comment requirements and should be set aside, other courts should have the chance to consider its validity.

  • November 14, 2022

    Mercedes Seeks Clarity On Mineral Sourcing For EV Credits

    The U.S. arm of Mercedes-Benz said federal regulators should include countries that have joined a deal to shore up supplies of so-called critical minerals as eligible trade partners under new rules being developed for electric vehicle tax credits.

  • November 14, 2022

    House Bill Seeks To Delay EV Credit Requirements

    A bill introduced in the U.S. House of Representatives would delay domestic assembly and battery manufacturing and mineral sourcing requirements for cars to qualify for the electric vehicle tax credit.

  • November 14, 2022

    11th Circ. Asked To Reverse Decision In Ala. Rail Tax Case

    The Eleventh Circuit should reverse a decision that barred Alabama from imposing a fuel tax on six railroad companies because the state exempted water carriers, the city of Tuscaloosa and the county of Tuscaloosa said in a brief. 

  • November 14, 2022

    IRS Seeks Comments On Estate Tax Extension Form

    The Internal Revenue Service asked for comments Monday on a form for seeking return filing and payment extensions for estate and generation-skipping taxes.

  • November 14, 2022

    Convicted 'Chrisley' Stars Make Last-Ditch Bid For New Trial

    The former stars of the reality television show "Chrisley Knows Best" who were convicted of bank fraud and tax evasion asked a Georgia federal court a second time for a new trial, saying new evidence shows prosecutors and an Internal Revenue Service officer misled the jury.

  • November 14, 2022

    Full 9th Circ. To Review IRS Loss In $35.5M Partnership Row

    The full Ninth Circuit will revisit a panel decision that reversed the U.S. Tax Court in allowing a partnership to claim a $35.5 million tax-shelter-related deduction because the IRS disallowed the claim too late.

  • November 14, 2022

    Cleary Elevates 9 Attorneys To Partner

    Cleary Gottlieb Steen & Hamilton LLP said Monday that it has elevated 23 of its attorneys, including nine to partner.

  • November 13, 2022

    Retirement, R&D Tax Breaks Top Congress' Year-End Wishlist

    When Congress returns to Washington the week of Nov. 14, lawmakers will have a short window to pass a year-end legislative package that could extend expired research and development tax breaks and send bipartisan retirement legislation to President Joe Biden's desk.

  • November 10, 2022

    Trump Org Payments Risked GC's Law License, Witness Says

    Trump Organization controller Jeffrey McConney testified to a Manhattan jury Thursday that an accountant warned the company that the way it paid bonuses to executives could result in the chief legal officer losing his law license, prompting the lawyer to immediately change how he was paid.

  • November 10, 2022

    CEO's Payment To Worker Wasn't A Gift, Tax Court Says

    A woman who worked for a Canadian gaming company and received almost $80,000 from the CEO cannot claim the money was a gift and must declare it as income, the U.S. Tax Court said Thursday.

  • November 10, 2022

    Ex-Eatery Franchisee Can't Take $1.8M In Losses, Tax Court Says

    A CPA who owned failing Fuddruckers franchises cannot deduct $1.8 million in carry-over net operating losses because she did not show enough evidence she was entitled to the deductions, the Tax Court said Thursday.

  • November 10, 2022

    IRS Issues New Renewable Electricity Credit Amounts

    The Internal Revenue Service said Thursday that it issued new renewable electricity production credit amounts for 2022 because of changes to the method for calculating those amounts.

Expert Analysis

  • How Justices May Interpret Statutory Time Bar In Tax Context

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    In Boechler PC v. Commissioner, the U.S. Supreme Court will rule on whether a tax court filing deadline acts as a jurisdictional limitation, and whether to broaden a jurisprudential trend that requires Congress to clearly state its intent if statutory time periods are to limit jurisdiction, say Saul Mezei and Terrell Ussing at Gibson Dunn.

  • Money Laundering Regs Too Unwieldy To Police Art Market

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    As the arts and antiquities trade awaits the U.S. Department of the Treasury's new money laundering regulations — which apply the Bank Secrecy Act to the arts for the first time — whether they are reasonable, optimal or practical remains in question, says Alexandra Darraby at The Art Law Firm.

  • Why US Businesses May Stop Accepting Cryptocurrency

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    New reporting requirements from the IRS and Financial Crimes Enforcement Network could be game changers that dramatically curtail U.S. businesses that accept cryptocurrency, says cybersecurity consultant John Reed Stark.

  • The Highs And Lows Of Tax Controversy In 2021

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    Lawrence Hill at Steptoe & Johnson reviews the ups and downs of tax controversy practice in 2021, including the continued effects of the pandemic, troubling decisions on attorney-client privilege and an IRS comeback on transfer pricing.

  • A Look At Tax Treatment Of Noncompetes In M&A: Part 2

    Excerpt from Practical Guidance
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    Covenants that restrict a seller of business assets from competing against the purchasing party can be prone to challenges because the allocation of value to intangible assets is a subjective exercise with significant tax implications that may affect the merits of the deal, says Peter Miller at LexisNexis.

  • A Look At Tax Treatment Of Noncompetes In M&A: Part 1

    Excerpt from Practical Guidance
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    In negotiating to consummate a deal, parties must pay attention to the tax consequences of covenants that restrict a seller of business assets from competing against the purchasing party, says Peter Miller at LexisNexis.

  • How Budget Bill Could Affect Employer Health, Benefit Plans

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    Following the House's recent passage of President Joe Biden’s $1.75 trillion spending bill — the Build Back Better Act — employers should carefully consider several of the proposal’s health care and benefits provisions, which could pose immediate compliance challenges if the act is signed into law this year, say Anne Hall and Tim Kennedy at Hall Benefits Law.

  • 3 Forces That Will Define Sales Tax Compliance In 2022

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    As we head into 2022, it's likely that many of the legal and cultural shifts we saw this year — such as increased adoption of economic nexus and marketplace facilitator laws, growth in state budgets and continuation of remote work — will define sales tax compliance in the new year, says Liz Armbruester at Avalara.

  • When And How To Depose Fact Witnesses Remotely In 2022

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    Tim Tryniecki and Thomas Mudd at MG+M offer a series of practice tips for successfully conducting remote depositions of often-inexperienced fact witnesses, as the virtual court proceedings sparked by COVID-19 look set to become a part of the legal landscape next year.

  • 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.

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