Federal

  • 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.

  • December 06, 2022

    IRS Floats Easement Reporting Regs Following Court Losses

    The IRS issued proposed rules Tuesday that would require the disclosure of syndicated conservation easements under threat of penalty after courts found previous guidance didn't comply with administrative procedures law, with the agency saying it will also propose rules on other transactions it's deemed suspect.

  • December 06, 2022

    DC Circ. Shuts Down Atty's Transition Tax Challenge

    An American expat who runs an Israeli law firm cannot challenge regulations implementing the 2017 Tax Cuts and Jobs Act's transition tax for overseas profits, the D.C. Circuit said Tuesday, affirming a lower court's ruling that dismissed the case.

  • December 06, 2022

    Trump Org. Convicted Of Criminal Tax Fraud In NY Trial

    A Manhattan jury convicted two Trump Organization companies Tuesday of a $1.76 million tax fraud conspiracy involving their longtime chief financial officer, Allen Weisselberg.

  • December 06, 2022

    IRS Corrects Labor Rules For Green Energy Tax Credits

    The Internal Revenue Service on Tuesday corrected initial guidance on the labor requirements that must be met to unlock bonus tax benefits for clean energy projects under the Democrats' landmark climate law.

  • December 06, 2022

    Why The EY Split Could Be Pivotal For The Legal Industry

    Accounting giant EY is planning to split its auditing and consulting functions into two separate businesses early next year, a move that experts say could lead the other Big Four accounting firms to follow suit and might result in increased competition in the legal industry.

  • December 06, 2022

    IP Firm, Attys Owe $346K In Payroll Taxes, US Says

    The U.S. government asked a D.C. federal court Tuesday to force a law firm specializing in intellectual property to pay $346,000 in payroll taxes and penalties, saying the firm and its managing partners have not paid the bill in full since 2016.

Expert Analysis

  • How Biden Administration Can Crack Down On Ransomware

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    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.

  • US Economy Needs Cannabis Banking Bill More Than Ever

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    The cannabis industry is helping generate much-needed tax revenue and has kept people employed during the pandemic — it's time to provide these essential businesses with mainstream banking services, says Aaron Smith at the National Cannabis Industry Association.

  • 7 Considerations For Gift And Estate Valuation Amid COVID-19

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    As pandemic-related uncertainty continues to challenge business appraisals this year, practitioners should know that methods exist to help produce reliable gift and estate valuations, says Angela Sadang at Marks Paneth.

  • Blockchain Holds Potential For Commercial Real Estate

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    Blockchain-based tokenization of commercial real estate has the capacity to bring about a paradigm shift in how real estate finance is conducted, as lower intermediary costs and minimum investment requirements unlock trillions of dollars in illiquid global real estate assets, says Josh Morton at Pillsbury.

  • Prep For Increased Pay Equity Enforcement In Gov't Contracts

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    Federal contractors can prepare for an uptick in Office of Federal Contract Compliance Programs compensation enforcement under President-elect Joe Biden by conducting regular pay equity audits that identify and resolve gender- and race-based compensation disparities, says Jack Blum at Polsinelli.

  • Top 10 Employer Resolutions For 2021

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    As the new year begins, employers will need to plan for several paradigm shifts, including the potential for tougher independent contractor classification standards, state-level medical and recreational marijuana legalization, and federal and state changes to paid and unpaid leave, say Allegra Lawrence-Hardy and Linda Spencer at Lawrence & Bundy.

  • Mitigating IRS Cryptocurrency Enforcement Risk In 2021

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    The IRS seems poised to shift focus in 2021 from education to enforcement of virtual currency tax laws, and noncompliant taxpayers should consider whether they are eligible to file amended returns or voluntary disclosures to mitigate the risk of civil penalties, criminal investigation or prosecution, say Don Fort and Lawrence Sannicandro at Kostelanetz & Fink.

  • 2020's Key Tax Controversy Developments

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    Andrew Roberson and Kevin Spencer at McDermott highlight 2020's key tax controversy developments, offering their perspective on important tax decisions, the Internal Revenue Service’s cooperative audit program, informal tax return amendment procedures, Large Business & International Division campaigns, and handling virtual appeals conferences during the pandemic.

  • What The Biden Administration Can Expect From State AGs

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    With the nationwide split between Republican and Democratic state attorneys general unchanged post-election, the Biden administration can anticipate challenges to major health care, energy and environmental policy initiatives, continued activity from state solicitors general, and increased consumer protection enforcement, say William Hurd and Christopher Carlson at Troutman Pepper.

  • Justices Likely To Shield Treasury From Preemptive Action

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    Recent U.S. Supreme Court oral arguments in CIC Services v. Internal Revenue Service suggest the court will resolve a circuit split by ruling the Anti-Injunction Act shields the U.S. Department of the Treasury from preemptive challenges — bad news for those hoping to challenge unfavorable regulations, says Monte Silver at Silver & Co.

  • Outlook For Digital Assets May Improve In 2021

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    Attorneys at Ropes & Gray evaluate several factors that may advance the burgeoning blockchain industry, such as the proliferation of decentralized tokens, the creation and acceptance of digital asset trading platforms, and greater clarity on tax and regulatory structure.

  • Opportunity Zone Investment Options Should Be Expanded

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    Future opportunity zone legislation should limit the capital gains requirement and broaden tax incentives to allow participation from currently excluded investors with deep connections to community revitalization, says Venroy July at Miles & Stockbridge.

  • Post-Election Financial Services Regulatory Outlook

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    Attorneys at Arnold & Porter explore regulatory expectations for the financial services sector in the wake of the presidential election, including federal agency leadership, banking regulation and agency actions, renewed focus on consumer protection, predictions for fintech, and prospects for a new financial transaction tax.

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