Federal

  • August 23, 2024

    DC Eyes Joining IRS Direct File For 2026, Revenue Rep Says

    The District of Columbia is considering joining the Internal Revenue Service's free electronic tax filing program, Direct File, in 2026, a representative of the district's tax agency said Friday.

  • August 23, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included proposed regulations that outline when foreign taxes under the Pillar Two international minimum tax agreement could trigger long-standing U.S. rules that aim to prevent companies from what is known as double-dipping the same economic loss.

  • August 23, 2024

    Taxation With Representation: Latham, Wachtell, Paul Weiss

    In this week's Taxation With Representation, Arch Resources merges with Consol Energy in a deal worth $5.2 billion, Advanced Micro Devices agrees to purchase ZT Systems for $4.9 billion, and Japanese tobacco company JT Group inks a deal to buy Vector Group for $2.4 billion.

  • August 22, 2024

    5th Circ. Says No Tolling For COVID, Trims Atty's Conviction

    The Fifth Circuit on Thursday knocked a false statement charge off Houston attorney Richard Plezia's conviction for his involvement in a multimillion-dollar ambulance-chasing kickback scheme but upheld the rest of his conviction, including conspiracy to defraud the U.S. by helping another lawyer evade federal income taxes.

  • August 22, 2024

    Justices Disfavor External Consistency Test, Mass. Atty Says

    The U.S. Supreme Court likely will decline to hear a construction company's argument that South Dakota's refusal to apportion use tax on its equipment was unconstitutional, a Massachusetts tax agency attorney predicted Thursday, saying the justices have no appetite for applying the external consistency test anymore.

  • August 22, 2024

    NC Hot Rod Shop Owner Admits To Not Paying $2M In Taxes

    A North Carolina automotive business owner has pled guilty to failing to pay more than $2 million in employment taxes and not filing employment tax returns, the U.S. Department of Justice announced Thursday.

  • August 22, 2024

    Tax Co. Owner Didn't Fraudulently Fail To File, Tax Court Says

    An owner of financial and tax services companies who earned about $1 million annually and failed to file returns for four years doesn't have to pay a roughly $1.2 million fraud penalty assessed by the Internal Revenue Service, the U.S. Tax Court ruled Thursday.

  • August 22, 2024

    Tax Court OKs IRS Rejection Of Tax Liability Compromise

    An Internal Revenue Service settlement officer didn't abuse her discretion when she decided to reject an offer from a Maryland couple to settle their more than $103,000 in outstanding tax debts by paying just over $1,800, the Tax Court said Thursday.

  • August 22, 2024

    IRS Secretly Targeted Some ESOPs, Court Told

    The Internal Revenue Service secretly promulgated rules that treat certain employee stock ownership plans as potentially abusive, an ESOP and its related parties told a Wisconsin federal court in accusing the agency of exceeding its authority and violating the Administrative Procedure Act.

  • August 22, 2024

    Guardrails Needed To Thwart Abuse Of Tax-Free Tips Law

    Without restrictions to prevent it, including limits on incomes of eligible workers, legislation to exempt tips from taxes — something both the Democratic and Republican presidential candidates and some congressional lawmakers are proposing — could be gamed by reclassifying income as tips.

  • August 22, 2024

    Meet The 'Larger Than Life' Atty Defending Hunter Biden

    The renowned attorney representing Hunter Biden at his upcoming criminal tax trial is a "larger than life" figure whose ability to connect with a jury, legal acumen and media savvy have made him a go-to lawyer for celebrities and high-profile cases, according to those who know him.

  • August 21, 2024

    Hunter Biden Can't Link Trauma, Drug Abuse To Tax Charges

    Hunter Biden can't tell jurors in his criminal tax trial that traumatic events like his brother's death caused his addiction, which led to a diminished mental capacity and his failure to pay taxes, a California federal judge said Wednesday, noting the information was irrelevant and not backed by expert opinion.

  • August 21, 2024

    Ariz. Man Should Pay Full $2.7M FBAR Bill, Gov't Says

    An Arizona man who failed to report his foreign bank accounts in Switzerland owes approximately $2.7 million in recalculated penalties and interest to the Internal Revenue Service, the U.S. told an Arizona federal court.

  • August 21, 2024

    9th Circ. Upholds FBAR Penalty, Imposes Contested Interest

    A woman who operates a New Zealand winery must pay $238,000 in penalties and an extra $105,000 in interest and fees for failing to report her New Zealand financial accounts to the U.S. government, the Ninth Circuit ruled Wednesday.

  • August 21, 2024

    3 Questions Raised By Harris' Support For 28% Corp. Tax Rate

    Vice President Kamala Harris has proposed increasing the corporate tax rate to 28% to boost revenue if she's elected president, but the proposed hike raises questions about changes to the corporate tax base, the future of the OECD's global tax deal and the potential impact on workers.

  • August 21, 2024

    Tax Interest Rates To Stay Same In 4th Quarter

    The Internal Revenue Service's interest rates for overpayments and underpayments of tax won't change in the fourth quarter of 2024, the agency said Wednesday.

  • August 21, 2024

    Senior House Dem Tax Writer, Trump Critic Dead At 87

    A long-standing Democratic member of the House Ways and Means Committee who pressed for the release of former President Donald Trump's tax returns and for the repeal of the cap on state and local tax deductions died Wednesday.

  • August 21, 2024

    Wisconsin Latest State To Join Direct File For 2025

    The Internal Revenue Service's free electronic tax filing program, Direct File, will be available in Wisconsin for the 2025 tax filing season, the IRS and U.S. Treasury Department announced Wednesday.

  • August 21, 2024

    Scrap Metal Dealer Cops To Converter Theft Conspiracy

    A North Carolina scrap metal dealer has pled guilty to theft and tax charges associated with a catalytic converter theft conspiracy spanning several states, the Department of Justice announced Tuesday.

  • August 21, 2024

    Pros Tell IRS To Ease Off Foreign Gift Reporting Penalties

    The Internal Revenue Service should take a more lenient approach when considering penalty abatements for certain individuals who fail to report large foreign gifts under proposed disclosure regulations, practitioners told the agency Wednesday.

  • August 21, 2024

    Tax Biz Owner Says Any Errant Returns Were Honest Mistakes

    The owner of a Miami tax preparation business rejected the government's claim that she deliberately falsified client returns, telling a Florida federal court that she relied in good faith on the information provided to her by her customers.

  • August 21, 2024

    IRS Issues Corrections For Credit Transfer Rules

    The Internal Revenue Service issued corrections Wednesday to final regulations concerning the election under the Inflation Reduction Act of 2022 to transfer certain tax credits.

  • August 20, 2024

    Mich. Man To Face Loan, Wire Fraud Charges Despite Mistrial

    A Michigan business owner already accused of COVID-19 loan fraud cannot have a superseding wire fraud charge tossed even though a mistrial was declared in the loan fraud case, a Michigan federal judge has ruled.

  • August 20, 2024

    IRS Fee Hikes Threaten Tax Justice For Small Businesses

    The Internal Revenue Service is expected to continue raising the cost for private letter rulings that clarify tax matters and provide taxpayer certainty, prompting concerns among tax professionals that economic justice may become unattainable for small businesses unable to bear these escalating costs.

  • August 20, 2024

    Insider Trading Won't Impact Pilot's Tax Sentencing Guidelines

    A Manhattan federal judge found Tuesday that insider trading allegations won't bump up the guidelines sentencing range for a pilot for U.K. billionaire Joe Lewis who pled guilty to tax evasion.

Expert Analysis

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Energy Community Tax Credit Boost Will Benefit Wind Sector

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    Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • 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.

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