Federal

  • February 07, 2024

    US Eyes Requiring Reports On All-Cash Real Estate Transfers

    Professionals involved in real estate transfers in the U.S. would be required to report on the beneficial owners of trusts and other legal entities that receive residential property in any all-cash transactions under draft regulations released Wednesday that aim to tackle tax evasion and corruption.

  • February 07, 2024

    Ga. Man's Marital Settlement Not Deductible, Tax Court Says

    Payments made by a Georgia man to his ex-wife as part of a marital settlement do not qualify as alimony payments, preventing them from being deductible from his federal income taxes, the U.S. Tax Court ruled Wednesday.

  • February 07, 2024

    Tax Deadlines In W.Va. Postponed Following Severe Weather

    The Internal Revenue Service said Wednesday that it has postponed certain deadlines for West Virginia taxpayers affected by severe weather late last year.

  • February 07, 2024

    NC Man Failed To Pose 'Meaningful Challenge,' Tax Court Says

    A North Carolina man did not make a "meaningful challenge" to a tax liability assessed to him, the U.S. Tax Court said Wednesday, making him liable for more than $8,000.

  • February 07, 2024

    Orrick Adds Ex-Greenberg Traurig Energy Pro In Chicago

    A former Greenberg Traurig LLP shareholder has reunited with her mentor after jumping to Orrick Herrington & Sutcliffe LLP's energy and infrastructure team in Chicago.

  • February 07, 2024

    House Panel's Top Dem Floats Bill To Require Automatic IRAs

    The House Ways and Means Committee's top Democrat introduced legislation Wednesday that would expand workers' retirement coverage by requiring employers with 10 or more employees to establish a federal automatic individual retirement account program.

  • February 07, 2024

    IRS Temporarily Extends Clean Vehicles' Reporting Deadline

    The Internal Revenue Service has temporarily extended the time requirement for reporting certain information after the sale of a new clean vehicle, the agency announced Wednesday.

  • February 06, 2024

    Forfeited IRA Distribution Counts As Income, Tax Court Says

    A Kentucky pharmacist serving 30 years in federal prison for illegally dispensing pain pills must include $427,500 from a forfeited retirement account as income, the U.S. Tax Court ruled Tuesday, saying the distribution benefited him even though it was involuntary.

  • February 06, 2024

    Mosby Guilty On One Count Of Lying For Fla. Mortgage

    A federal jury in Maryland on Tuesday found former Baltimore State's Attorney Marilyn Mosby guilty of lying on mortgage applications for one of her two Florida vacation homes, but not guilty on the application for the other home.

  • February 06, 2024

    Man Can Top $25 Monthly To Pay Off Debt, Tax Court Rules

    It is not unreasonable to assume an Arkansas man has the potential to pay more than $25 per month to settle more than $100,000 in unpaid income taxes, the U.S. Tax Court ruled Tuesday.

  • February 06, 2024

    IRS Sets Additional Depreciation Deduction For Some Vehicles

    Certain vehicles placed in service in 2024 will be eligible for an additional depreciation deduction up to $20,400 for the first tax year, the Internal Revenue Service said Tuesday.

  • February 06, 2024

    Estate Of Hilton Founder's Son Challenges $1.2B Tax Bill

    The Internal Revenue Service incorrectly rejected charitable contribution deductions for bequests by the son of the Hilton hotel chain founder, the son's estate told the U.S. Tax Court as it challenged the IRS' determination of a $1.16 billion estate tax deficiency.

  • February 06, 2024

    IRS Needs Clear Goals For Special Fund, GAO Finds

    The Internal Revenue Service should establish goals for its special compliance fund to optimize the fund's performance, the Government Accountability Office said in a report published Tuesday.

  • February 06, 2024

    IRS Funding Boost Could Raise $497B, Agency Says

    The Inflation Reduction Act's investment in the Internal Revenue Service could raise $497 billion over a decade, marking a significant increase over the agency's previous estimates of how much revenue the law's funding boost would generate, the agency said Tuesday.

  • February 06, 2024

    Thomas' Yacht Trips May Be Tax Scam, Senate Probe Finds

    Billionaire Republican donor Harlan Crow may have taken illegal tax deductions for a yacht he used to entertain family and friends, including Justice Clarence Thomas of the U.S. Supreme Court, the leader of the Senate Finance Committee said Tuesday, citing new evidence.

  • February 06, 2024

    Man Gets 41 Months, Will Pay $1.3M For Foreign Tax Evasion

    A Texas man who pled guilty in 2023 to evading more than $1 million in taxes on foreign income will serve 41 months in prison and pay fines and restitution of $1.3 million, a Texas federal court ruled.

  • February 06, 2024

    Bills Would Widen Limits On Donations Of Appreciated Assets

    A pair of bills introduced in Congress on Tuesday would extend tax break restrictions on donations of appreciated assets to certain organizations.

  • February 06, 2024

    IRS Opens Applications For Taxpayer Advocacy Panel

    The Internal Revenue Service is accepting applications for its Taxpayer Advocacy Panel, the agency said Tuesday.

  • February 05, 2024

    Jackson Hewitt To Settle No-Poach Suit Over Its Franchises

    Jackson Hewitt Inc. told a New Jersey federal court that it has reached a settlement in principle with its former workers who brought a proposed class action alleging that the company's franchisees entered into an anti-competitive no-poach agreement despite the firm's previous pledge to not have or enforce such arrangements.

  • February 05, 2024

    2nd Circ. Judges Skeptical Over IRS Penalties In $380M Case

    Second Circuit judges were skeptical of the IRS' claim during oral arguments Monday that it wasn't required to verify that a supervisor had signed off on penalties for six companies in a $380 million tax scheme case, saying a plain reading of the law seemed to demand it.

  • February 05, 2024

    Colo. Woman Accused Of Tax Crimes Must Keep GPS Monitor

    A woman indicted on charges of evading $2 million in taxes must continue wearing her ankle monitor as a condition of release, a Colorado federal court ruled, after the U.S. government noted that she has a permit to work in Dubai.

  • February 05, 2024

    Tax Court Sustains 12 IRS Determinations Against Couple

    An Arkansas couple are liable for more than $800,000 in unpaid taxes and penalties after they failed to make a convincing case against Internal Revenue Service determinations, the U.S. Tax Court said Monday.

  • February 05, 2024

    Tax Court Unswayed By Man's Estoppel Claims In $13M Suit

    A California man is liable for more than $13 million after failing to prove that the Internal Revenue Service does not meet the requirements to recast a certain transaction, the U.S. Tax Court ruled Monday.

  • February 05, 2024

    Ex-Baker Botts Tax Atty Returns To Morgan Lewis In San Fran

    Morgan Lewis on Monday announced the return of a state and local tax expert as a partner who will be based out of the firm's San Francisco office.

  • February 05, 2024

    IRS Delays Maine Tax Deadlines After Floods

    The Internal Revenue Service said Monday that it has delayed a variety of tax deadlines for Maine taxpayers following storms and flooding in the state.

Expert Analysis

  • IRS Starts Clock On Energy Projects' Labor Rule Exemption

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    A U.S. Department of the Treasury notice published this week started the 60-day clock for clean energy projects seeking to be grandfathered from having to meet new labor requirements to qualify for enhanced tax credits, and uncertainty about how the provisions will apply should be incentive for some investors to begin construction soon, say attorneys at Eversheds Sutherland.

  • Foreign Tax Credit Proposal Is Some Help, But More Is Needed

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    New foreign tax credit regulations proposed by the U.S. Treasury Department provided some measure of relief on cost recovery and royalty withholding, two of the most troublesome aspects of the 2021 final foreign tax credit regulations, but the final regulations are still harmful to many taxpayers, making litigation inevitable, say attorneys at Fenwick.

  • Anticipating The New Congress' Private Sector Investigations

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    With Republicans claiming a new majority in the House of Representatives in the upcoming Congress, corporates and individuals should expect a sea change in Congress' investigative priorities and areas of focus — and private sector entities can take prudential steps in the near term to best prepare for and mitigate risk, say attorneys at Latham.

  • Tax Equity Requires Reinstating The Home Office Deduction

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    Congress should restore the home office deduction for W-2 workers in the interest of tax equity because permanently remote workers now bear the cost of creating quiet, dedicated work spaces, a pandemic-related shift unforeseen when the deduction was eliminated by 2017's Tax Cuts and Jobs Act, say James Mahon and Samantha Lesser at Becker.

  • Keys To IRA Tax Breaks For US Green Energy, EV Production

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    The Inflation Reduction Act includes three powerful tax incentives for domestic production of renewable energy projects and electric vehicles — but there are key questions that investors and manufacturers must ask when evaluating whether they can take advantage of these incentives, say attorneys at Troutman Pepper.

  • Crypto Case Failed To Clarify Taxation Of Staking Rewards

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    A Tennessee federal court's recent dismissal of Jarrett v. U.S. — after the IRS issued a refund for taxes paid on cryptocurrency and mooted a greater question about the tax treatment of staking rewards — leaves the crypto industry in need of guidance on the IRS’ position, say attorneys at Cadwalader.

  • How The IRS May Define 'Clean Hydrogen'

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    The Internal Revenue Service is still taking comments on how to define "clean hydrogen" for purposes of Inflation Reduction Act tax credits, but developers can look to the IRA's legislative history — as well as the European Union's struggle to define "green hydrogen" — as guideposts, says Ben Reiter at Nixon Peabody.

  • What To Expect From The Post-Midterms Lame-Duck Session

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    Depending on the results of the midterm elections, the upcoming lame-duck session may be the last chance for Congress to enact meaningful legislation for the next several years, so organizations must push through legislative priorities now, lest they are forced to restart their efforts in a much different environment next year, says James Brandell at Dykema.

  • IRS' Tax Gap Statistics Don't Paint A Full Compliance Picture

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    The Internal Revenue Service's recent report indicating a widening tax gap sheds important light on tax compliance, underlines key pressure points and provides insights into how tax administration could be improved; but tax gap estimates also have their limits, says Joyce Beebe at Rice University.

  • Labor Rules Will Unlock IRA Tax Credits' Full Value

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    Companies that make sure to follow the Inflation Reduction Act's unique labor rules will be in the best position to unlock the law's tremendous tax incentives aimed at promoting renewable energy, lowering greenhouse gas emissions and encouraging carbon sequestration, say Nicole Elliott and Timothy Taylor at Holland & Knight.

  • Making The Most Of New Tax Credits For EV Charging Stations

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    The Inflation Reduction Act recently extended, expanded and renewed the tax credits available for electric vehicle charging station projects — but developers must navigate new challenges, including geographic and prevailing wage requirements, to take full advantage of the updated credits, says James English at Clark Hill.

  • Key Income Tax Issues Triggered By Remote Employees

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    A host of fact-specific tax determinations arise in connection with remote work arrangements, from defining working-condition fringe benefit exclusions to nexus-dependent state withholding obligations, complicating compliance for corporate tax counsel and human resources professionals, say Thomas Cryan and Spencer Walters at Ivins Phillips.

  • An Evaluation Of New Solar Energy Opportunities For REITs

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    The Inflation Reduction Act's changes to investment tax credit rules will make it possible for real estate investment trusts to own solar facilities and also benefit economically from tax credits, but certain limitations remain, say attorneys at Mayer Brown.

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