Federal

  • December 08, 2022

    Mortality Table Regs Won't Be Finalized Next Year, IRS Says

    Proposed rules on the mortality tables used to calculate required contributions to certain pension plans won't be finalized next year, the Internal Revenue Service said Thursday, indicating that previously provided mortality tables should be used next year.

  • December 08, 2022

    House Bill Would Block Taxes On Broadband Grants

    A Capitol Hill push to exempt recently enacted broadband grants from federal taxes has gained traction with the filing of a bipartisan U.S. House bill.

  • December 08, 2022

    Cisco Shareholders Vote Against Tax Transparency Plan

    Cisco's shareholders voted against a proposal to publicly report information on workers, payroll, revenue, profits and taxes paid in each country where the company operates by a preliminary margin of 73% during its annual meeting Thursday, the company announced.

  • December 08, 2022

    Fed. Circ. Urged To Deny $550M In Credits For Biz's Fuel Mix

    A Philadelphia energy company should not be allowed to claim $550 million in tax credits reserved for alternative fuels for simply mixing butane into its gasoline, the government told the Federal Circuit on Thursday, urging it to uphold a U.S. Court of Federal Claims decision.

  • December 08, 2022

    IRS Finalizes Centralized Partnership Audit Regime Exclusions

    The Internal Revenue Service finalized regulations Thursday that outline circumstances under which its centralized partnership audit rules wouldn't apply, largely leaving intact a proposal that exempted from the audit regime cases involving criminal investigations, jeopardy assessments and other enforcement matters.

  • December 08, 2022

    IRS Seeks Input On Income Verification Program Application

    The Internal Revenue Service on Thursday asked for feedback on a form needed to take part in an income verification program when processing loan applications.

  • December 08, 2022

    IRS Sets 2023 Wage Base For Covered Compensation

    The taxable wage base used to calculate covered compensation for employee retirement plans is $160,200 for the 2023 tax year, the Internal Revenue Service said in a revenue ruling released Thursday.

  • December 08, 2022

    Justices Should Skip Challenge To Easement Regs, US Says

    The U.S. Supreme Court should decline to review a Sixth Circuit ruling that Treasury tax regulations on conservation easements complied with administrative law, the government argued, saying the Internal Revenue Service was right to reject a partnership's $9.5 million deduction for conservation land.

  • December 07, 2022

    'Unfortunately' NYC Can't Nix Trump Golf Deal Post-Verdict

    A spokesperson for New York City Mayor Eric Adams said Wednesday the city had once more sought to extract itself from a golf course contract with the Trump Organization, but that even the recent tax fraud conviction had "unfortunately" not given it an easy out.

  • December 07, 2022

    Dems Say R&D Renewal Hinges On Child Tax Credit Extension

    The only way expired tax breaks for research and development costs will be renewed under year-end funding legislation is if they are paired with an extension for child tax credit changes, House and Senate Democrats said Wednesday.

  • December 07, 2022

    US, Croatia Sign First Tax Treaty

    The U.S. and Croatia signed what will be the first tax treaty between the countries on Wednesday, according to the U.S. Department of the Treasury.

  • December 07, 2022

    Wyden Seeks Info On Kushner's Foreign Policy Influence

    Lawmakers announced Wednesday that they requested records from the U.S. departments of Defense and State as part of their inquiry into whether former White House adviser Jared Kushner improperly influenced national tax, trade and security policies for personal gain.

  • December 07, 2022

    Extended Credit Would Cut Child Poverty By 41%, Report Says

    An extension of the enhanced child tax credit would cut child poverty by over 41%, the Tax Policy Center said in a report that also found that an alternative direct-cash-for-families plan would decrease child poverty by nearly 12%.

  • December 07, 2022

    Tax Court Says $180K In Payments From Biz Are Dividends

    A Pennsylvania company's nearly $180,000 in payments to cover one of its owner's personal expenses count as dividends paid to him and thus part of his income, the U.S. Tax Court said Wednesday.

  • December 07, 2022

    Lawmakers Downplay Book Tax's Effect On Accounting Board

    The new 15% corporate book tax that takes effect next year has sparked concerns that businesses seeking to avoid the tax could pressure accounting rulemakers for more flexibility, but federal lawmakers are downplaying potential problems and appear unlikely to take action to prevent them.

  • December 07, 2022

    SEC Seeks Input On Tax Effects Of Stock Buyback Plan

    The U.S. Securities and Exchange Commission on Wednesday called for additional public input on a proposal that would require additional disclosures around corporate stock buybacks, reopening the proposal for comments in light of a new tax on buybacks that goes into effect next year. 

  • December 07, 2022

    US Seeks To Toss Kyocera Suit Over $9M Foreign Tax Refund

    Electronic-parts maker Kyocera's bid to claim a nearly $9 million refund tied to foreign taxes should be dismissed, the U.S. government told a South Carolina federal court, arguing that the company has not fully paid the taxes on its original tax return.

  • December 07, 2022

    Ex-Pizza Shop Owner To Pay $428K In Payroll Tax Plea Deal

    The former owner of a Mellow Mushroom pizza restaurant in Savannah, Georgia, pled guilty to failing to remit $428,000 in payroll taxes and agreed to pay that amount in restitution to the Internal Revenue Service.

  • December 07, 2022

    IRS Seeks Input On Interest Charge Form

    The Internal Revenue Service asked for feedback Wednesday on a form for reporting an interest charge on deferred tax liabilities related to domestic international sales corporations.

  • December 07, 2022

    IRS Taking Applications For Electronic Advisory Committee

    The Internal Revenue Service is accepting applications for volunteer positions on its Electronic Tax Administration Advisory Committee, a group that makes recommendations to the agency on its implementation of digital tax programs and policies, according to a notice released Wednesday.

  • December 06, 2022

    IRS Urged To Pause Project Meant To Block Autodialers

    A pilot program to stop the use of commercial autodialers to access the Internal Revenue Service's practitioner priority phone line has had an effect opposite of what was intended and made waits longer, tax professionals said Tuesday, pushing the agency to halt the program.

  • December 06, 2022

    Truck Sales Co. Says It's Not Liable For $2.2M Tire Excise Tax

    A Houston truck sales company asked a Texas federal court to dismiss $2.2 million in excise taxes on tires from China, saying another entity is the importer and therefore liable.

  • December 06, 2022

    NY AG Agrees To Exclude Ivanka From Trump Org. Monitor

    New York Attorney General Letitia James has agreed to exclude Ivanka Trump from a court-ordered monitor of the Trump Organization amid an ongoing $250 million fraud lawsuit.

  • December 06, 2022

    EU Wants Results From US Efforts On Tax Law By Jan.

    The European Union wants to see results by year's end from U.S. efforts to address provisions in the Inflation Reduction Act that European officials have said are discriminatory, a European Commission official said Tuesday.

  • December 06, 2022

    Tax Court Says Debtor Can't Get Passport Back

    A man whose passport was revoked because of his $62,000 tax bill cannot get it back by claiming the Internal Revenue Service ran out of time to collect his debt, the U.S. Tax Court decided Tuesday, saying collection hearings extended the clock.

Expert Analysis

  • How 2021 Appropriations Law Changes Employer Benefits

    Author Photo

    The Consolidated Appropriations Act signed into law in December makes a surprising number of changes to rules for employer-sponsored health and welfare benefits that will likely have a significant impact, especially the provisions concerning flexible spending accounts, say Eric Schillinger and Anne Hall at Hall Benefits Law.

  • How Rebooted Paycheck Protection Program Works: Part 2

    Excerpt from Practical Guidance
    Author Photo

    Attorneys at Cozen O'Connor analyze key provisions of the U.S. Small Business Administration's two new interim final rules regulating first-draw and second-draw loans under the reinstituted Paycheck Protection Program.

  • How Rebooted Paycheck Protection Program Works: Part 1

    Excerpt from Practical Guidance
    Author Photo

    Attorneys at Cozen O'Connor provide an overview of the recently reinstituted Paycheck Protection Program's provisions for new borrowers to receive loans and existing borrowers to receive additional funding, and the U.S. Small Business Administration's startup of the program.

  • How To Reliably Value Income-Producing Real Estate

    Author Photo

    Amid the pandemic-fueled surge in tax appeals and loan workouts, using the income approach to calculate the present worth of a property's future income provides the most reliable indication of value and does not rely on subjective adjustments, say Mark Dunec at FTI Consulting and Anthony DellaPelle at McKirdy Riskin.

  • What New AML Law Means For Correspondent Banking

    Author Photo

    In light of the National Defense Authorization Act’s recent overhaul of the Bank Secrecy Act and related anti-money laundering laws, foreign banks maintaining correspondent bank accounts in the U.S. should be aware of law enforcement's expanded authority to access bank records for their transactions, say attorneys at Arnold & Porter.

  • Addressing The Security Risks Of University Foreign Funding

    Author Photo

    Higher education institutions that accept foreign funding should address serious concomitant security risks by identifying specific sources and establishing compliance procedures that promote transparency, protect data and research, and account for U.S. national security interests, say attorneys at Manatt.

  • Tips For Forming A Real Estate Fund

    Author Photo

    Multi-asset real estate funds may provide investors with opportunities to deploy capital during the pandemic-induced market downturn, but several structural questions should be considered before raising a fund, say Matt Ertman and Max Brunner at Allen Matkins.

  • 2 Cases Highlight Superpriority Lien Risks For Lenders

    Author Photo

    Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.

  • 4 Steps For Public Cos. Subject To New Executive Pay Rules

    Author Photo

    To comply with recently finalized Internal Revenue Service regulations implementing the Tax Cuts and Jobs Act's $1 million cap on compensation deductions, employee benefit and tax executives at public companies should understand who their covered employees are and identify compensation agreements subject to the rules, say Samuel Krause and Teresa Abney at Crowell & Moring.

  • IRS Continuity Safe Harbor Will Aid Renewable Projects

    Author Photo

    Recent Internal Revenue Service guidance expanding the continuity safe harbor to protect tax credit eligibility for qualified offshore and federal land renewable energy projects will provide certainty for developers who often face significant construction and permitting delays, say attorneys at Mayer Brown.

  • A Benefits Attorney's Role In Corporate Transactions: Part 2

    Excerpt from Practical Guidance
    Author Photo

    In the context of a corporate transaction, employee benefits and compensation attorneys may need to consider the treatment of benefit plans, integration issues, the purchase agreement and agreements that extend beyond the closing, says Michelle Capezza at Epstein Becker.

  • A Benefits Attorney's Role In Corporate Transactions: Part 1

    Excerpt from Practical Guidance
    Author Photo

    Employee benefits and executive compensation attorneys must consider a spate of issues in the context of a corporate transaction, including the due diligence process and identification of plan-related liabilities, says Michelle Capezza at Epstein Becker.

  • How Biden Administration Can Crack Down On Ransomware

    Author Photo

    By using the novel prosecutorial tactic known as access theory, President-elect Joe Biden can initiate a 2021 offensive to stop ransomware, says John Stark at John Reed Stark Consulting.

Can't find the article you're looking for? Click here to search the Tax Authority Federal archive.