Federal

  • 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.

  • November 10, 2022

    Justices Urged To Deny Trump Bid To Halt Tax Return Release

    The U.S. Supreme Court should reject former President Donald Trump's bid to bar a House committee from obtaining his tax returns until his challenge to a D.C. Circuit decision permitting their release wraps up, the committee and federal government told the justices Thursday.

  • November 10, 2022

    IRS Corrects Housing Credit Income Test Rules

    The Internal Revenue Service on Thursday corrected rules for the low-income housing credit average income test. 

  • November 10, 2022

    Bonus Depreciation Saved 23 Companies $50B, Report Says

    Nearly two dozen of America's largest companies saved nearly $50 billion in taxes thanks to the 2017 Tax Cuts and Jobs Act's "bonus depreciation" provision, according to a report released Thursday.

  • November 10, 2022

    IRS Seeks Feedback On Low-Income Housing Credit Forms

    The Internal Revenue Service asked for comments Thursday on forms for getting a low-income housing credit allocation and calculating the credit.

  • November 10, 2022

    Minnesota Woman To Pay $209K FBAR Penalty

    A woman agreed to pay $209,000 in penalties and interest for willfully failing to report her foreign bank accounts to the Internal Revenue Service, according to an agreement approved by a Minnesota federal judge.

  • November 10, 2022

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service on Thursday released its weekly bulletin, which included a disciplinary announcement.

  • November 10, 2022

    Biden To Nominate Obama-Era Acting Commissioner To Lead IRS

    President Joe Biden announced Thursday that he intends to nominate Daniel Werfel, a Boston Consulting Group partner who served as acting IRS commissioner under former President Barack Obama, to return to the agency to serve as its commissioner.

  • November 10, 2022

    Pizza Shop Ex-Owner Reaches Plea Deal On Payroll Tax Charge

    The former owner of a Georgia pizza restaurant reached a plea deal with the U.S. government after federal prosecutors charged her with failing to pay $400,000 in employment taxes to the Internal Revenue Service.

  • November 10, 2022

    Woman's 2010 Tax Challenge Wrongly Tossed, 3rd Circ. Told

    The U.S. Tax Court wrongly dismissed a woman's challenge to her tax bill for 2010, she told the Third Circuit, arguing the court had the authority to review her underlying liability because she first challenged the amount with the Internal Revenue Service.

  • November 09, 2022

    Trump Fails To Halt Monitorship As Request Goes To Panel

    A New York appeals court judge on Wednesday denied Donald Trump's emergency bid to halt plans to impose a Trump Organization monitor during the state attorney general's $250 million fraud lawsuit, opting to bring his request to stay the monitorship before "a full bench" this month. 

  • November 09, 2022

    Trust Owed $1M Tax Refund On Loss Carryback, Court Told

    Two co-trustees of a family trust told a Florida federal court the IRS hasn't acted on a nearly $1 million tax refund request they claim they are owed after a revision in tax rules allowed them to carry back operating losses from 2017 and 2018.

  • November 09, 2022

    11th Circ. Affirms 9-Year Sentence For Harassing Tax Officials

    The Eleventh Circuit upheld Wednesday the nearly nine-year prison sentence of a Georgia man convicted of filing harassing liens against former IRS Commissioner John Koskinen and former Treasury Secretary Jacob Lew, saying his "profound" failure to accept responsibility warranted the sentence.

  • November 09, 2022

    Telecom Groups Push For Broadband Grant Tax Exemption

    Several major telecom groups have pressed Congress to approve a recently introduced bill that would prevent the taxation of broadband grants under last year's infrastructure law and American Rescue Plan.

  • November 09, 2022

    FBAR Penalty Case Arguments Show Justices Of Multiple Minds

    Questions from the U.S. Supreme Court justices in a recent oral argument signaled differing approaches that could result in multiple opinions in a Texas man's challenge to the government's attempts to penalize him $10,000 for each foreign bank account he failed to disclose nonwillfully.

  • November 09, 2022

    9th Circ. Nixes Fed. Jurisdiction In Amazon Sellers' Tax Fight

    Federal courts lack jurisdiction to hear an e-commerce trade group's attempt to block California from pursuing back sales taxes from sellers with inventory stored in-state through participation in an Amazon program, a Ninth Circuit panel affirmed Wednesday.

  • November 09, 2022

    Settlement Concludes $4M FBAR Penalty Dispute In DC

    A D.C. federal court dismissed a case seeking nearly $4 million in penalties against an estate whose decedent failed to report foreign bank accounts after the parties agreed to a stipulation to drop the case. 

  • November 09, 2022

    11th Circ. Upholds Tax Debt Scammer's 5-Year Sentence

    The Eleventh Circuit upheld the five-year prison sentence of a Florida mother who posed as an IRS liaison to people trying to pay their tax debts, saying Wednesday that a lower court correctly assessed the severity of her crimes when giving her the maximum sentence.

  • November 09, 2022

    IRS Seeks 700 New Taxpayer Assistance Center Employees

    The Internal Revenue Service is looking to fill 700 positions in Taxpayer Assistance Centers, the agency said Wednesday.

  • November 09, 2022

    IRS Data Officer To Become An Acting Deputy Commissioner

    The Internal Revenue Service's chief data and analytics officer will serve as the agency's acting deputy commissioner for services and enforcement, according to an announcement by the incoming acting commissioner provided to Law360 on Wednesday.

  • November 09, 2022

    IRS Seeks Comments On REMIC Information Form

    The Internal Revenue Service asked for comments Wednesday on a form that makes it possible for the agency to publish information that allows brokers to contact real estate mortgage investment conduits, or REMICs.

  • November 09, 2022

    Tax Court Strikes IRS' Conservation Easement Penalty Notice

    The IRS violated administrative law in issuing a notice requiring the disclosure of potentially abusive conservation easement transactions under threat of penalty, the U.S. Tax Court ruled Wednesday, striking down the guidance and rejecting penalties the agency sought to impose on four North Carolina partnerships.

  • November 09, 2022

    EU, South Korea Urge Loosening Of EV Credit Assembly Rules

    The U.S. should loosen requirements that electric vehicles have a final assembly in North America in order to qualify for clean vehicle tax credits under the Inflation Reduction Act, South Korea and the European Union said in comments.

  • November 09, 2022

    Feds Seek 3 Years In Prison For Exec In Tax Prep Fraud

    A former executive at a national tax return preparation business shuttered for committing tens of millions of dollars in fraud for nearly a decade should serve three years in prison, the government argued, saying his behavior was deliberate and sophisticated.

Expert Analysis

  • Employer Considerations For Leave Donation Programs

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    As the battle for talent continues and workers return to the office, companies may consider allowing employees to donate accrued leave time to a shared bank, but employers should first review these programs' complex design issues to comply with state laws and avoid tax consequences, says Rebecca Hudson at Holland & Hart.

  • Crypto Cos. Should Prep For More IRS John Doe Summonses

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    In anticipation of new reporting requirements that will go into effect in 2024, cryptocurrency exchanges and custodians should inform themselves on the John Doe summons, a unique mechanism that allows the IRS to obtain expansive information about cryptocurrency transactions, say Shivani Poddar and Andrew Heighington at Herrick Feinstein.

  • Employer Travel Benefits Options For Abortion Care Post-Roe

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    Given the likelihood that Roe v. Wade will be overturned, and with the proliferation of state legislation restricting abortion access, employers may want to consider the legal implications of several options to expand travel reimbursement benefits for employees who seek abortion services, say Danita Merlau and Ben Conley at Seyfarth.

  • Global Tax Chiefs Should Look To US Whistleblower Programs

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    As the Joint Chiefs of Global Tax Enforcement develops its international whistleblower program to address tax evasion and money laundering schemes in new areas like cryptocurrency, it should take lessons from highly successful U.S. programs on which features to include and pitfalls to avoid, say Neil Getnick and Nico Gurian at Getnick & Getnick.

  • Crypto Investors May Face Increasing State FCA Tax Liability

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    Cryptocurrency investors who fail to report the state tax consequences of transactions are poised to encounter increased civil or criminal legal exposure as a growing number of states bring tax fraud under the purview of their whistleblower statutes, say attorneys at Brownstein Hyatt.

  • Justices' Boechler Ruling May Spell Tax Exceptionalism's End

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    By basing its decision on cases outside the tax arena, the U.S. Supreme Court treated Boechler v. Commissioner as an administrative law case rather than a tax case and stripped away the traditional lines of tax exceptionalism, says James Creech at Baker Tilly.

  • MORE Act's Possible Impact On State-Licensed Cannabis Cos.

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    The Marijuana Opportunity Reinvestment and Expungement Act, recently passed in the U.S. House of Representatives, would dramatically alter the federal legal landscape for state-licensed cannabis businesses in both positive and negative ways — from opening new marketing avenues to compounding tax burdens, say attorneys at the Law Offices of Omar Figueroa​​​​​​​.

  • 3 Contract Considerations For Renewable Fuels Trade

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    As renewable fuels continue to develop and contracts for their sale and purchase become more common in the energy industry, companies should think about negotiating several key issues when entering into offtake agreements for feedstock purchase transactions, says Nneka Obiokoye at Holland & Knight.

  • What Microcaptive Reporting Ruling May Mean For The IRS

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    In CIC v. Internal Revenue Service, a Tennessee federal court’s decision to set aside an IRS requirement to disclose microcaptive insurance arrangements may be a step toward evidentiary standards to show that the potential for abuse in a lawful transaction is sufficient to support heightened disclosure requirements, says Samuel Lauricia at Weston Hurd.

  • Avoiding Surprise Taxation Of Employment Settlements

    Excerpt from Practical Guidance
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    Sandra Cohen at Cohen & Buckmann discusses how to avoid unwelcome tax-related payments in connection with settling an employment claim, as the extra cost can significantly decrease the perceived value of an offer and push the parties further apart.

  • US Should Leverage Tax Rules To Deter Business With Russia

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    The U.S. should further restrict the flow of resources available for the Putin regime's war in Ukraine by denying U.S. businesses that operate in Russia or Belarus foreign tax credits and global intangible low-taxed income preferences, and by terminating its tax treaty with Russia, says Reuven Avi-Yonah at University of Michigan Law School.

  • Justices Must Apply Law Evenly In Shadow Docket Rulings

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    In recent shadow docket decisions, the U.S. Supreme Court has inconsistently applied the requirement that parties demonstrate irreparable harm to obtain injunctive relief, which is problematic for two separate but related reasons, says David Hopkins at Benesch.

  • Federal Cannabis Bill Needs A Regulatory Plan To Succeed

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    The Marijuana Opportunity Reinvestment and Expungement Act, which was passed by the U.S. House of Representatives on Friday, is laudable but fundamentally flawed because it lacks a robust regulatory plan that would allow for bipartisan support, says Andrew Kline at Perkins Coie.

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