Federal

  • November 02, 2022

    Justices Urged To Reverse 6th Circ.'s OK Of Easement Regs

    The U.S. Supreme Court should reverse a Sixth Circuit decision finding Treasury complied with public feedback rules in issuing conservation easement regulations, a preservation group said Wednesday, arguing the decision could encourage agencies to ignore requirements "designed to ensure prudent rulemaking."

  • November 02, 2022

    Fla. Attorney Asks For Minimum Sentence In $700K Scam

    A Florida attorney who pled guilty to filing a false tax return is asking a federal judge to give him the minimum sentence after he took $700,000 in commission for offering clients stakes in land conservation, so they could claim increased income deductions, saying he's done everything he can to "make it right."

  • November 02, 2022

    Tribe Urges 8th Circ. Rehearing On Contract Work Tax

    The Flandreau Santee Sioux Tribe has asked the Eighth Circuit to rehear its decision that the Indian Gaming Regulatory Act and so-called "Indian trader" statutes don't preempt South Dakota from taxing work done by a non-tribal company at the reservation's Royal River Casino and Hotel.

  • November 02, 2022

    Justices Press Gov't To Justify How It Calculates FBAR Fines

    The federal government's attempt to penalize a Texas man for unintentionally failing to report his foreign bank account information may prove problematic as the statute authorizing the penalty lacks specific language to levy the fine per undisclosed account, U.S. Supreme Court justices said Wednesday.

  • November 01, 2022

    Ex-Apple Worker Admits He Ripped Tech Giant Off For $17M

    A former Apple employee responsible for making purchases for the company pled guilty to conspiracy to commit fraud as part of a kickback scheme that led to losses of more than $17 million for the Silicon Valley giant, the U.S. Department of Justice announced Tuesday.

  • November 01, 2022

    Taxpayers Urge Justices To Block Biden Student Debt Relief

    The U.S. Supreme Court should block the federal government from proceeding with President Joe Biden's student debt forgiveness program, two Indiana borrowers told the justices Tuesday, arguing the policy will trigger state taxes and is predicated on the "flimsiest of statutory pretexts."

  • November 01, 2022

    11th Circ. Upholds Tax Convictions Despite 'Shyster' Remark

    The Eleventh Circuit upheld on Tuesday a Florida tax return preparer's multiple criminal convictions for filing false returns, saying a prosecutor's remarks about a "shyster" lawyer character from an episode of "South Park" during the trial wasn't enough to bias the jury.

  • November 01, 2022

    New IRS Office To Oversee Reform Work, Official Says

    The Internal Revenue Service has established a new office to centralize its work to transform the agency following its recent funding boost of nearly $80 billion, the agency's soon-to-be acting head said Tuesday.

  • November 01, 2022

    Seward & Kissel Lands Ex-Federal Government Duo In NYC

    Seward & Kissel LLP announced Tuesday that it had hired a pair of former government attorneys from King & Spalding LLP as partners in its government enforcement and internal investigations group.

  • November 01, 2022

    Biz Groups, 17 States Tell 5th Circ. To Reject ARPA Tax Mandate

    Two business groups and 17 states urged the Fifth Circuit to uphold a finding that the federal law barring states from using pandemic aid to offset tax cuts is unconstitutional.

  • November 01, 2022

    Trump Org Trial Halted After 1st Witness Contracts COVID

    A Manhattan judge put the Trump Organization's criminal tax fraud trial on hold Tuesday after the lead witness, senior financial officer Jeffrey McConney, tested positive for COVID-19 in the midst of his testimony.

  • November 01, 2022

    US, Colo. Family To Resolve $2.2M FBAR Case

    The U.S. Department of Justice approved an agreement to settle cases against a Colorado family facing $2.2 million in penalties and interest over government allegations that they failed to report their foreign bank accounts, a federal court filing shows.

  • November 01, 2022

    Tax Debtor Asks 5th Circ. To Rethink Passport Revocation

    A Texas man whose passport was revoked because he amassed $400,000 in tax debt asked the Fifth Circuit on Tuesday to rethink its decision upholding the revocation, saying the court wrongly disregarded the U.S. Supreme Court's protection of the right to travel internationally.

  • November 01, 2022

    Military Members Indicted Over $2M Pandemic Loan Fraud

    The alleged ringleader of a nationwide Paycheck Protection Program fraud scheme has been indicted along with three military members for allegedly submitting nearly $2 million in false loan applications in exchange for kickbacks, federal prosecutors said Tuesday.

  • November 01, 2022

    Roberts Temporarily Blocks Release Of Trump Taxes To House

    Chief Justice John Roberts on Tuesday temporarily blocked a Democratic-led House committee from obtaining former President Donald Trump's tax returns while he appeals a circuit court decision permitting the release of his filings.

  • October 31, 2022

    Biden Mulling Tax On Oil Companies' Profits

    President Joe Biden said Monday he is considering a tax on the excess profits of oil companies, which recently posted another round of record-breaking profits for the third quarter.

  • October 31, 2022

    Book Minimum Tax Will Burden Manufacturers, Panelist Says

    The new 15% alternative minimum tax on corporations imposed under the Inflation Reduction Act will significantly burden manufacturers, a panelist said during a virtual Tax Policy Center discussion Monday.

  • October 31, 2022

    Foreign Withholding Taxes Emerge As Key Issue In Final Regs

    U.S. companies have repeatedly raised concerns about final regulations that could limit the way many foreign taxes qualify for credits back home — particularly withholding taxes, which have prompted enough outcry from businesses that the U.S. Treasury Department is taking another look.

  • October 31, 2022

    Trump Urges Justices To Block Tax Returns' Release To House

    Former President Donald Trump urged the U.S. Supreme Court on Monday to block a Democratic-led House committee from obtaining his tax returns while he challenges a D.C. Circuit decision permitting their release, arguing that the dispute threatens separation-of-powers principles.

  • October 31, 2022

    GOP Reps Ask Yellen To Keep All Pillar One Docs

    Two House Republicans asked Treasury Secretary Janet Yellen to preserve all documents and communications about the first pillar of an agreement to overhaul the global tax system brokered by the Organization for Economic Cooperation and Development, according to a letter published Monday.

  • October 31, 2022

    Bill Would Ax Real Estate Tax Breaks For Wealthy Investors

    A bill introduced in the U.S. House of Representatives would prohibit investors from claiming deductions on single-family homes if the fair market value of their assets exceeds $100 million.

  • October 31, 2022

    11th Circ. Upholds Secretary's Liability For Co.'s Tax Penalties

    The Eleventh Circuit on Monday upheld a Florida jury's decision that a corporate secretary was responsible for the failure of her father's air conditioning company to pay employment taxes, saying jurors reasonably concluded that she had authority within the company.

  • October 31, 2022

    11th Circ. Won't Revisit Passport Denial Tied To Tax Debt

    The Eleventh Circuit won't rehear an appeal of a federal court decision denying a Florida man his passport over tax liens against him.

  • October 31, 2022

    House Bill Seeks Automatic Rollover Of Retirement Accounts

    A bill introduced in the U.S. House of Representatives would allow for the automatic rollover of savings from 401(k) accounts from one employer to another after a job change is made.

  • October 31, 2022

    Tax Court Disbars 1 Practitioner, Suspends 2

    U.S. Tax Court disciplined three tax practitioners, disbarring one and suspending the other two from practice before the court.

Expert Analysis

  • Prepare For More Audits Of Tax Info And Withholding Filings

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    Financial institutions and other corporate taxpayers should focus compliance efforts on tax information reporting and withholding, given recent indications from the Biden administration that the IRS will increase enforcement, and the administration's need to fund its infrastructure plan and other costly initiatives, say attorneys at Mayer Brown.

  • 9th Circ. Adds Pressure To Reject Substance Over Form

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    The Ninth Circuit’s recent decision rejecting taxes on a family's Roth IRA payments that were made through a foreign sales corporation represents a refreshing trend among federal appeals courts to reject substance-over-form principles and instead look to congressional intent, say Lawrence Hill and Caitlin Tharp at Steptoe & Johnson.

  • How Tax Code Changes Affect State AG Settlement Talks

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    Meghan Stoppel and Gianna Puccinelli at Cozen O'Connor discuss how newly implemented tax code regulations that allow companies to deduct some payments made to resolve a government investigation or prosecution will change settlement negotiations with state attorneys general.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • Problems To Avoid When Forming Your 2nd Real Estate Fund

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    There are a number of considerations when moving from your first real estate fund to subsequent funds during post-pandemic growth, particularly if the aggregate regulatory assets under management of the funds exceed $110 million or if additional country jurisdictions will be involved, say Matt Ertman and Max Brunner at Allen Matkins.

  • IRS Ruling Opens Runway For Stalled Carbon Capture Deals

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    A recent Internal Revenue Service ruling that clarifies how multiparty ownership affects eligibility for the carbon sequestration tax credit should accelerate the pace of project financing transactions that were held up by lingering uncertainty, and should increase the pool of projects into which tax equity will consider investing, say attorneys at Orrick.

  • What Biden's Tax Proposals May Mean For Int'l Private Clients

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    Jennifer Wioncek and Paul D’Alessandro at Bilzin Sumberg discuss the U.S. Department of the Treasury's recently released explanation of the Biden administration's tax proposals and how the changes would affect income and wealth transfer planning for international private clients.

  • Justices Open The Door Wider For Donor Info Law Challenges

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    The U.S. Supreme Court’s recent decision in Americans for Prosperity Foundation v. Bonta, striking down California's requirement that charities disclose the identity of major donors, will make similar state and federal statutes more vulnerable to constitutional challenge, says Lloyd Mayer at Notre Dame Law School.

  • IRS Extension Is Partial Relief For Renewable Energy Projects

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    The Internal Revenue Service’s recent extension of the start-of-construction safe harbor for renewable-energy projects is welcome relief for solar companies unable to benefit from previous extensions, but it is still unclear whether a project that exceeds the deemed continuity period qualifies for a tax credit if it cannot prove continuous work, says David Burton at Norton Rose.

  • Justices Should Find California Donor Law Unconstitutional

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    The U.S. Supreme Court's decision in Americans for Prosperity Foundation v. Bonta should strike down a California law requiring charities to disclose their donors because the state’s interest in this information is not sufficiently compelling to overcome constitutional rights to free speech and peaceful assembly, says James Skyles at Skyles Law Group and M2M Legal.

  • US Must Boost Solar Industry To Protect Human Rights, Jobs

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    Recent revelations that many solar panels are made using polysilicon from the Xinjiang province of China, allegedly the site of mass forced labor and other abuses, make it all the more urgent that Congress and the Biden administration enact policies that promote American solar manufacturing in place of dumped and artificially cheap Chinese products, says Tim Brightbill at Wiley Rein.

  • What Crypto Holders Can Learn From Early-2000s Tax Scandal

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    The Internal Revenue Service’s recent push to gather information about cryptocurrency accounts is similar to its Swiss bank account investigations of the early 2000s, which should prompt taxpayers to consider voluntarily disclosing transactions before they are individually targeted for enforcement, say Timothy Wagner and Thomas Barnard at Baker Donelson.

  • Bipartisan Support Shows Bright Future For Carbon Capture

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    Recent policy proposals — from the Biden administration as well as members of Congress from both parties — promoting carbon capture, utilization and sequestration suggest that this technology has a key role to play in reducing carbon dioxide emissions, says Kevin Poloncarz at Covington.

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