Federal

  • December 20, 2022

    House Panel Votes To Make Trump's Tax Returns Public

    The House Ways and Means Committee voted Tuesday to publicly release former President Donald Trump's tax returns, ending a multiyear effort by congressional Democrats to shed light on Trump's business dealings just weeks before Republicans take over committee leadership in January.

  • December 20, 2022

    Tax Court Throws Out Farm Biz's Bad Debt Deduction

    The Internal Revenue Service properly disallowed an agriculture and horse-breeding business's roughly $227,000 bad debt deduction related to a loan it made to another company, the U.S. Tax Court said Tuesday, finding the debt wasn't valid.

  • December 20, 2022

    IRS Releases Figure For Surprise Health Care Bill Calculation

    The Internal Revenue Service released a notice Tuesday providing an increase percentage reflecting a rise in consumer prices for the purposes of calculating certain out-of-network health care coverage for 2023 under legislation that barred surprise medical bills.

  • December 20, 2022

    IRS Would Get $275M Cut Under $1.7T Spending Bill

    The Internal Revenue Service would receive $12.3 billion in funding for fiscal 2023, a $275 million reduction, and get more authority to crack down on potentially abusive conservation easement transactions under Congress' $1.7 trillion omnibus spending package unveiled Tuesday.

  • December 20, 2022

    Materials Co. Asks Treasury To Clarify Semiconductor Credit

    The U.S. Department of the Treasury should clarify that a 25% tax credit for facilities involved in semiconductor manufacturing includes those that produce components required for making semiconductors, a science materials company said in an email released Tuesday.

  • December 20, 2022

    National Grid Seeks Dismissal Of Solar Cos.' Tax Suits

    Electric giant National Grid asked federal courts in Massachusetts and New York on Tuesday to dismiss proposed class actions accusing it of illegally charging solar energy companies for taxes to connect to its grid, saying National Grid can't be held accountable for its subsidiaries.

  • December 20, 2022

    Ill. Revenue Dept. Head Named To National Tax Group's Board

    The Federation of Tax Administrators has elected the director of the Illinois Department of Revenue to the organization's board of trustees, the department announced Tuesday.

  • December 20, 2022

    Greenberg Adds State And Local Tax Pro From Eversheds

    Greenberg Traurig LLP has recruited a former Eversheds Sutherland partner experienced in state and local tax and government relations to work out of its offices in Portland, Oregon, and Sacramento, California, the firm announced.

  • December 20, 2022

    Arnold & Porter To Promote 12 Partners, 9 Counsel In 2023

    Arnold & Porter will promote 12 attorneys to partner and a range of other attorneys to new roles in 2023, the firm announced Monday.

  • December 20, 2022

    3rd Circ. Rehearing Sought In Fight Over $833K Tax Bill

    A taxpayer who the Internal Revenue Service says owes $833,000 in nearly three decades' worth of unpaid taxes asked the Third Circuit to rehear his case, saying the panel wrongly decided his Supreme Court petition extended the government's time to collect.

  • December 20, 2022

    Retirement Bill Included In Sweeping $1.7T Spending Package

    Congress tucked a major retirement policy overhaul into the $1.7 trillion omnibus spending package introduced Tuesday, meaning the legislative package known as Secure 2.0 could get signed into law this week as part of the framework for funding the government.

  • December 19, 2022

    Initial Corp. AMT Guidance Due By Year-End, Treasury Says

    Initial guidance for significant tax provisions created or modified under the Inflation Reduction Act — including the corporate alternative minimum tax — will be released by the end of the year, the U.S. Department of the Treasury announced Monday.

  • December 19, 2022

    US Chamber Says Regs May Block Credits For Brazil's Taxes

    New federal regulations could keep U.S. companies from being credited for income taxes paid to Brazil due to discrepancies in the countries' transfer pricing practices, the U.S. Chamber of Commerce warned.

  • December 19, 2022

    IRS Provides Safe Harbor For Green Jet Fuel Tax Credit

    The IRS provided a safe harbor Monday for claiming a green jet fuel tax credit, allowing the use of calculations based on guidance from a global air transportation organization to determine the greenhouse gas offsets achieved for purposes of qualifying for the credit.

  • December 19, 2022

    Calif. Car Dealer Can't Deduct Hotel Stays, Tax Court Says

    A California car dealership manager who earned nearly $300,000 in 2017 cannot deduct commuting and business expenses, including $40,000 worth of hotel stays, as though he were a business owner, the U.S. Tax Court said Monday.

  • December 19, 2022

    IRS Supervisor Timely Approves Penalties, Tax Court Says

    An Internal Revenue Service supervisor timely approved accuracy penalties against a California couple despite later changes to the penalties, the U.S. Tax Court said Monday.

  • December 19, 2022

    Tax Court Says NY Man Missed Chance To Fight $44K Liability

    A New York man owes more than $44,000 in tax deficiencies for 2015 and 2016 because he missed his chance to challenge them, the U.S. Tax Court said Monday.

  • December 19, 2022

    Tax Court Rejects Couple's $2.1M Conservation Deduction

    A couple who donated 41 acres of conservation land to a Georgia county government cannot deduct $2.1 million in carryover charitable contributions for 2007 because the deed sealing the deal lacked a provision certifying the agreement, the U.S. Tax Court said Monday.

  • December 19, 2022

    Top International Tax Cases Of 2022

    This year, courts weighed in on key transfer pricing topics, including a decision that confirmed the application of contract law to advance pricing agreements and another ruling that took a unique path in finding an arm’s-length division of intercompany profits. Here, Law360 breaks down major international tax decisions issued in 2022.

  • December 19, 2022

    Feds Tell Justices To Reject 'Supersized' Privilege Test

    Communications including both legal and nonlegal advice should not be shielded from grand jury subpoenas by a "supersized" attorney-client privilege unless their primary purpose is legal aid, the federal government told the U.S. Supreme Court.

  • December 19, 2022

    House Bill Floats Payroll Credit For COVID-Affected Eateries

    A bill introduced in the U.S. House of Representatives would establish a tax credit offsetting payroll taxes for restaurants affected by the COVID-19 pandemic.

  • December 19, 2022

    Man's Tax Offset Challenge Correctly Tossed, 9th Circ. Told

    A California federal court correctly dismissed a man's lawsuit challenging the U.S. Department of the Treasury's use of his tax overpayments to offset his past-due child support, the federal government told the Ninth Circuit.

  • December 19, 2022

    9th Circ. Backs Rejection Of Paralegal's Deductions

    The owner of a paralegal and notary business in Nevada cannot claim income deductions for charitable and business activities that she failed to substantiate with documentation, the Ninth Circuit said, upholding a U.S. Tax Court decision.

  • December 19, 2022

    9th Circ. Affirms Tax Court's $10K Frivolous-Lawsuit Fine

    A Montana man who has raised tax-protester arguments before the U.S. Tax Court 20 times since 1983 waived his right to challenge his tax bill because he did not address a $10,000 fine against him for filing a frivolous lawsuit, the Ninth Circuit said.

  • December 16, 2022

    US Official Says Global Min. Tax Guidance Must Address GILTI

    The OECD's upcoming guidance for an international minimum tax agreement must include coordination rules regarding the U.S. measure for global intangible low-taxed income, which doesn't share the global regime's country-by-country framework, a U.S. Treasury Department official said Friday.

Expert Analysis

  • IRS Summons Ruling Isn't A Total Loss For Investors

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    A California federal court’s recent order allowing an IRS information summons on cryptocurrency exchange Kraken paradoxically provides hope for investors concerned about their privacy by limiting the scope of the agency’s inquiry, says Joshua Smeltzer at Gray Reed.

  • Justices' Nod To Preemptive Tax Challenges May Caution IRS

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    The U.S. Supreme Court's recent decision in CIC Services v. Internal Revenue Service, allowing pre-enforcement challenges of tax reporting rules despite the Anti-Injunction Act, is likely to make the U.S. Department of the Treasury more careful about its own compliance obligations under the Administrative Procedure Act, says Robert Carney at Caplin & Drysdale.

  • Let's End The Offshoring Of US Patents

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    Congress should work toward removing the loophole that allows companies to avoid U.S. taxes by moving their patents offshore, and ensure profits are taxed where the sales take place, says Sen. Patrick Leahy, D-Vt.

  • How Biden's First 100 Days Will Affect Gov't Contractors

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    Joseph Berger and Thomas Mason at Thompson Hine examine the significant opportunities for government contractors arising from actions during the first 100 days of the Biden administration, which set the stage for unprecedented investment in national infrastructure, domestic manufacturing, research and development, clean energy, pandemic response and economic recovery.

  • Addressing New COBRA Duties Under Virus Relief Law

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    Following the issuance of fully subsidized COBRA premiums for certain workers under the recently passed American Rescue Plan Act, employers should take steps to determine who is eligible, ensure additional notice requirements are satisfied, and train human resources on communicating with qualified individuals, say Randi May and Dustin Grant at Hoguet Newman.

  • Long Road Ahead For Biden's Individual Tax Hike Proposal

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    Dustin Stamper at Grant Thornton provides insight into President Joe Biden's recently proposed individual tax increases to pay for his American Families Plan, and explains how competing interests among congressional Democrats and Republicans may shape the final provisions and prolong their implementation.

  • What Value-Added Tax Might Look Like In The US

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    Christiaan Van Der Valk and Charles Maniace at Sovos consider the value-added tax, a primary source of revenue for many countries, and what it might mean for the U.S. were it implemented to raise funds for large-scale federal initiatives such as President Joe Biden's infrastructure plan.

  • New Markets Credit Will Aid Recovery In Low-Income Areas

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    The recently extended New Markets Tax Credit is a critical tool for economic development in low-income communities, which have been hit especially hard by the pandemic, so public finance attorneys should consider its benefits when advising clients on projects, says Julia Fendler at Butler Snow.

  • The International Outlook For US Border Carbon Adjustments

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    The Biden administration may see enacting a border carbon adjustment system as a good way to advance climate goals and protect domestic industries and jobs, but any such plan must take into account the need to respect existing international trade agreements, say attorneys at Akin Gump.

  • The Domestic Landscape For US Border Carbon Adjustments

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    With the Biden administration possibly eyeing border carbon adjustments on imported goods as a means to mitigate climate change, attorneys at Akin Gump discuss such policies' potential benefits to domestic businesses, and the political and technical challenges to their enactment in the U.S.

  • Prepare For Global Collaboration In Crypto Tax Enforcement

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    Recent Internal Revenue Service victories involving John Doe summonses served on cryptocurrency exchanges — and statements by the Joint Chiefs of Global Tax Enforcement about global collaboration in cryptocurrency-related tax investigations — should prompt assessment of prior virtual currency transactions and remediation before an enforcement agency shows up at the door, say attorneys at McDermott.

  • 10 Things to Know About US Competent Authority Assistance

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    Taxpayers should consider seeking U.S. competent authority assistance to help eliminate double taxation from a transfer pricing adjustment, especially now that the competent authorities are resolving cases virtually and more quickly, say attorneys at Thompson & Knight.

  • Lessons From Tax Court's Nixing Of Investor's Energy Credits

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    The U.S. Tax Court's recent ruling in Olsen v. Commissioner, the first of 200 cases involving individual taxpayers who invested in a tax shelter involving solar equipment, is a case study in how not to structure an energy tax credit investment, says David Burton at Norton Rose.

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