Federal

  • April 30, 2024

    'Bitcoin Jesus' Dodged Nearly $50M In Taxes, Feds Say

    The U.S. has charged an early bitcoin investor dubbed "Bitcoin Jesus" over allegations that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much of the cryptocurrency he owned, according to an announcement from the U.S. Department of Justice on Tuesday.

  • April 30, 2024

    TCJA Expiration Would Lead To Tax Hikes, GOP Reps. Say

    House Ways and Means Committee Republicans pressed Treasury Secretary Janet Yellen on Tuesday on whether President Joe Biden would support the extension of the 2017 tax law's expiring provisions, saying allowing them to end would cause tax hikes for low- and middle-income taxpayers.

  • April 30, 2024

    Crypto Exec Denies $2B Laundering Charges, Is Out On Bail

    The CEO of crypto mixer Samourai Wallet has pled not guilty to charges he helped facilitate over $2 billion in illegal transactions and was released on $1 million bail after surrendering to federal authorities voluntarily.

  • April 30, 2024

    Yellen Says US Pushing To Protect R&D Credit Under Pillar 2

    U.S. Treasury Department negotiators are continuing to advocate for more favorable treatment of the country's research and development tax credit under the Pillar Two global minimum tax rules, Treasury Secretary Janet Yellen told the House Ways and Means Committee on Tuesday.

  • April 30, 2024

    IRS Issues Automatic Changes To Tax Code Procedures

    The Internal Revenue Service issued Tuesday its annual list of automatic changes to Internal Revenue Code procedures, including provisions for gross income, trade or business expenses and capital expenditures, among others.

  • April 30, 2024

    IRS Rejects Arizona's Effort To Exempt State Tax Rebates

    The state of Arizona can't sue the federal government to litigate the personal claims of its taxpayers, the Internal Revenue Service told a federal court in an effort to dismiss a bid by the state to exempt state tax rebates from federal income taxes.

  • April 30, 2024

    Attys, Broker Can't Escape $4M Tax Fraud Convictions

    A North Carolina federal judge has denied acquittal requests from two tax attorneys and an insurance agent who were convicted for their roles in a $4 million tax avoidance scheme, saying he agreed with federal prosecutors who argued there was sufficient evidence for the underlying charges.

  • April 30, 2024

    Feds Endorse Easing Marijuana Status In Big Policy Shift

    Federal drug enforcers will recommend loosening restrictions on cannabis for the first time since the drug was made federally illegal decades ago, the U.S. Department of Justice announced Tuesday.

  • April 30, 2024

    IRS Updates Guidance For Clean Jet Fuel Tax Credits

    The Internal Revenue Service released guidance Tuesday that updated an environmental model that manufacturers of a low-carbon alternative to conventional jet fuel, such as ethanol, can use to qualify for a new tax credit and provided a safe harbor for producers to meet the incentive's requirements.

  • April 30, 2024

    The Tax Angle: TCJA Teams, Dear Colleague Letters

    From a look at House GOP efforts to prepare for next year's expiration of their 2017 tax overhaul to ongoing attempts by lawmakers to draw attention and support for their own tax legislation, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • April 30, 2024

    Ex-Mass. Pol Can't Sink Fraud Case With 'Imaginative' Attacks

    A Boston federal judge on Tuesday rejected what he called an "imaginative and novel" effort by a former Massachusetts politician to dismiss charges of lying to get COVID-19 relief funds and underreporting income on his taxes.

  • April 30, 2024

    Taxpayer Advocacy Panel Schedules May Meeting

    The Internal Revenue Service's Taxpayer Advocacy Panel has scheduled its next meeting for May 23, the agency said Tuesday.

  • April 30, 2024

    IRS Tax Prep Assistance Grants Open May 1

    The Internal Revenue Service will begin accepting applications for certain tax preparation assistance grants May 1, the agency said Tuesday.

  • April 29, 2024

    Hunter Biden Threatens To Sue Fox News For 'Revenge Porn'

    An attorney representing Hunter Biden threatened Fox News with a lawsuit over allegations it violated New York's "revenge porn" law by publishing nude pictures of him taken off his notorious laptop, according a letter obtained Monday by Law360.

  • April 29, 2024

    Drop In Giving Fuels Push To Restore Above-Line Deduction

    Advocates for nonprofits want Congress to revive an above-the-line charitable contribution deduction this year in order to reverse a continuing drop in donations, but prospects for enactment appear limited until an end-of-year tax package.

  • April 29, 2024

    Ex-COO Of Mo. Charity Gets 3 Years For Bribing Officials

    The former chief operating officer of a Missouri-based healthcare charity was sentenced to three years in prison Monday after admitting she and her husband, the charity's ex-chief financial officer, conspired to bribe elected officials in Arkansas, according to Missouri federal court documents.

  • April 29, 2024

    Court Can Make Widow Pull $2.5M From Swiss Bank, US Says

    A Colorado federal court can force a widow to send $2.5 million from a Swiss bank to the U.S. to repay her late husband's penalties and interest for failing to report his foreign accounts, the U.S. told the court.

  • April 29, 2024

    AICPA Seeks Clarity On IRS' 401(k) Proposal

    The American Institute of Certified Public Accountants asked the Internal Revenue Service to clarify regulations impacting the treatment of employees under Section 401(k) of the Internal Revenue Code, according to a letter made public Monday.

  • April 29, 2024

    IRS Rightly Denied Md. Woman's Meeting Request, Court Says

    A Maryland woman's request for a face-to-face meeting with the Internal Revenue Service was properly rejected after she failed to meet the proper prerequisites, the U.S. Tax Court ruled Monday.

  • April 29, 2024

    11th Circ. Should Nix Tax Court Judges' Shield, Widow Says

    The widow of a supermarket butcher told the Eleventh Circuit that the U.S. Tax Court not only wrongly upheld tax liabilities against her stemming from her husband's tax filings but also erroneously affirmed unconstitutional job protections for its judges. 

  • April 29, 2024

    IRS Botching Noncompliant Biofuel Credit Claims, TIGTA Says

    The Internal Revenue Service must take additional steps to address noncompliant claims for biodiesel-related tax credits that resulted in the agency wrongly issuing more than $30 million in credits, the Treasury Inspector General for Tax Administration said in a report released Monday.

  • April 29, 2024

    IRS To Open $6B 2nd Round Of Advanced Energy Tax Credits

    The IRS will start taking applications May 28 from project owners seeking to get part of a $6 billion second round of tax credits for developments that will support the clean energy industry, such as solar glass manufacturing and metal recycling facilities, the agency said Monday.

  • April 29, 2024

    Justices Pass On Claim That IRS Targeted Atty For Web Post

    The U.S. Supreme Court on Monday denied an attorney's request for review of a ruling that allowed the Internal Revenue Service to obtain his bank account information, declining to hear his argument that the agency targeted him based on a tax analysis he posted online.

  • April 29, 2024

    IRS Issues Reference Price For Production Credit

    The reference price for the nonconventional source production credit in calendar year 2023 — which applies to tax year 2024 — is $76.10, the Internal Revenue Service said Monday.

  • April 29, 2024

    US Expatriations Plummet In 1st Quarter, IRS Says

    The number of people who expatriated from the U.S. fell nearly 70% during the first quarter of 2024 compared with the previous quarter, the Internal Revenue Service said in a notice published Monday.

Expert Analysis

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • How IRA Unlocks Green Energy Investments For Tribes

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    An Inflation Reduction Act provision going into effect May 10 represents a critical juncture for Native American tribes, offering promising economic opportunity in green energy investment, but requiring a proactive and informed approach when taking advantage of newly available tax incentives, say attorneys at Lewis Brisbois.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • What To Know About IRS' New Jet Use Audit Campaign

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    The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • What To Know About Employee Retention Credit Disclosures

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    Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

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