Federal

  • January 09, 2023

    Republicans Pick Rep. Jason Smith To Lead House Tax Panel

    House Republicans on Monday named Missouri Rep. Jason Smith as the next chairman of the House Ways and Means Committee, elevating a longtime representative to lead the powerful tax-writing panel in the 118th Congress.

  • January 09, 2023

    Couple Can't Claim Real Estate Theft Losses, US Says

    A South Carolina federal court should reject a couple's bid to recoup taxes based on their claims for theft loss deductions, the U.S. government argued, saying there wasn't a theft of their real estate investments as they have alleged.

  • January 09, 2023

    Tax Court Blocks Texas Software Co.'s Biz Deductions

    A Texas couple who owned an open-source software development company cannot claim certain business deductions for it because the expenses should have been claimed personally as employee expenses, the U.S. Tax Court decided Monday.

  • January 09, 2023

    Biz Accused Of Tax Schemes Can't Block IRS Summonses

    A Utah federal judge denied on Monday eight petitions to quash IRS summonses aimed at investigating a company accused of engaging in abusive tax schemes, rejecting the company's claim that the agency had scared off its customers in violation of its First Amendment rights.

  • January 09, 2023

    State Dept. Plans To Lower Citizenship Renunciation Fee

    The U.S. State Department is planning to reduce the citizenship renunciation fee from its current $2,350 to $450, according to a filing by the government in a D.C. federal court, where the fee has been challenged by U.S. citizens living abroad.

  • January 09, 2023

    Tax Court Denies Couple University Expenses Credit

    A California couple owe a $2,500 tax deficiency for 2018 because they aren't entitled to a tax credit for tuition or related expenses based on the court record, the U.S. Tax Court said Monday.

  • January 09, 2023

    Tax Court Allows Couple To Deduct Ranch Losses

    A California couple who bought a ranch that proved unprofitable can take deductions for related losses because they undertook the ownership of the ranch for profit, not withstanding its losses, the U.S. Tax Court said Monday.

  • January 09, 2023

    Va. Atty Gets 4 Years For Defrauding The IRS

    A Virginia attorney and former member of the state bar's disciplinary committee has been sentenced to more than four years in prison and fined $200,000 after pleading guilty to felony tax fraud.

  • January 09, 2023

    Justices Won't Review Nix Of $180M Easement Deduction

    The U.S. Supreme Court declined Monday to review the Eleventh Circuit's denial of a $180 million easement deduction claimed by a Mississippi land company, sidestepping an argument that the circuit court wrongly allowed the Internal Revenue Service to block the company's challenge.

  • January 09, 2023

    IRS Seeks Input On Housing Credit Carryover Allocation Docs

    The Internal Revenue Service asked for feedback Monday on a schedule for state agencies to report carryover allocations of low-income housing credits and a related form.

  • January 09, 2023

    Justices Won't Review 6th Circ.'s OK Of Easement Regs

    The U.S. Supreme Court won't review whether the Treasury Department's tax regulations for conservation easements complied with public comment requirements, the court said Monday, letting stand a Sixth Circuit decision finding the regulations were valid.

  • January 06, 2023

    Trump Must Face NY AG's $250M Tax Fraud Suit

    A New York state judge denied Friday a bid by former President Donald Trump, his children and company executives to throw out New York Attorney General Letitia James' $250 million tax fraud suit, saying their dismissal arguments were "wholly unconvincing" and "borderline frivolous even the first time defendants made them."

  • January 06, 2023

    Court Urged To OK Seizing Overseas Funds For $18M Penalty

    The U.S. should be allowed to seize the overseas funds of a Floridian who moved his assets offshore in the wake of an $18 million penalty for failing to report foreign bank accounts, the U.S. told a Florida federal court Friday.

  • January 06, 2023

    Up Next At High Court: Atty-Client Privilege, Strike Suits

    The U.S. Supreme Court will examine the scope of attorney-client privilege and whether companies can sue unions for property damage caused by strikes in its first arguments of 2023. Here, Law360 breaks down the docket this week.

  • January 06, 2023

    Court Ends Vitol's $8.8M Tax Refund Bid For Butane Blends

    A Texas federal court dismissed Vitol's bid for an $8.8 million tax refund, citing a Fifth Circuit decision that found it wasn't entitled to alternative fuel mixture tax credits for its butane blends because butane doesn't count as a liquefied petroleum gas. 

  • January 06, 2023

    IRS Issues $14.8B In Refunds After Jobless Income Fixes

    The Internal Revenue Service issued $14.8 billion in refunds after correcting 14 million 2020 tax returns it reviewed to fix overpayments based on unemployment compensation, the agency said Friday.

  • January 06, 2023

    Chrisleys Shouldn't Get Bond Pending Appeal, Feds Say

    Federal prosecutors in Georgia asked a judge Thursday to reject bond requests from reality TV stars Todd and Julie Chrisley while they await appeal, saying their appeal is likely to fail and that they can't show they aren't threats to the community.

  • January 06, 2023

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly revenue bulletin, which included segment rates for calculating pension plan funding in December.

  • January 06, 2023

    3rd Circ. Won't Rethink IRS' Win On Collection Time Limit

    The Third Circuit declined to reconsider its decision that the IRS could go after a taxpayer's $833,000 overdue bill, letting stand its ruling that the taxpayer's petition to the U.S. Supreme Court was an appeal that extended the government's time to collect.

  • January 05, 2023

    House Speaker Battle Could Slow Constituents' Tax Help

    The failure of House Republicans to agree on a new speaker for the 118th Congress is limiting the Taxpayer Advocate Service's ability to share information with lawmakers seeking help for constituents in resolving tax issues with the Internal Revenue Service.

  • January 05, 2023

    Tax Court Rejects Foundation's Challenge To Nonprofit Status

    A formerly nonprofit corporation whose corporate powers were suspended by the state of California cannot challenge a separate, federal suspension of its nonprofit status in the U.S. Tax Court, according to a Tax Court opinion Thursday.

  • January 05, 2023

    Fla. Woman Must Pay Back ACA Credits, Tax Court Says

    A Florida woman must pay back roughly $7,200 in premium tax credits she received to pay for health care under the Affordable Care Act because her earnings exceeded the income limit, the U.S. Tax Court said Thursday.

  • January 05, 2023

    Payroll Co. Owner Pleads Not Guilty To Embezzling $1.5M

    The former owner of a Missouri payroll company pled not guilty in federal court Thursday to embezzling $1.5 million from her clients and failing to pay employee withholdings to the IRS on their behalf, rebutting a 38-count grand jury indictment unsealed earlier in the day.

  • January 05, 2023

    Report Contrasts IRS Audits Of Millionaires, Lowest Earners

    The percentage of tax returns of those earning at least $1 million that were audited by IRS agents was lower than the cumulative percentage of the lowest-income returns subject to any type IRS audit in 2022, according to a report by a research center.

  • January 05, 2023

    9th Circ. Won't Rehear Case On Religious Merch Income Tax

    The Ninth Circuit on Thursday declined to revisit en banc a judgment that a man owes tax deficiencies and penalties on income from selling religious items from 2005 through 2010.

Expert Analysis

  • Corporate Reporting Considerations As Tax Meets ESG

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    With the U.S. Securities and Exchange Commission filing season upon us amid increasing pressure for greater transparency around effective tax rates and tax strategies, multinational companies must decide how they will approach voluntary tax reporting and prepare their responses if they want to control the narrative, say Michael Lebovitz and Jenny Austin at Mayer Brown.

  • How To Navigate Equity Rollovers In A Tight M&A Market

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    As heavy competition for acquisition targets allows buyers to be more flexible in fulfilling their desire for management to roll equity and invest with them, businesses should be mindful that equity rollover transactions, which take many forms, also require thorough review as part of the overall transaction assessment, says Joshua Klein at Neal Gerber.

  • 11th Circ. Ruling Moves Circuits Closer To Tax Procedure Split

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    The Eleventh Circuit's recent decision in the conservation easement case Hewitt v. Commissioner of Internal Revenue, holding a long-standing tax regulation procedurally flawed under the Administrative Procedure Act, is unusual and may presage a circuit split over the APA's applicability in tax cases, say Maria Jones and Samuel Lapin at Miller & Chevalier.

  • 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.

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