Federal

  • September 27, 2022

    11th Circ. Revives Fla. Atty's Bid To Block IRS On Testimony

    A Florida attorney can seek a protective order to bar the IRS from using potentially incriminating testimony in a penalty investigation into allegations that he ran a $35 million tax scheme, the Eleventh Circuit ruled, reversing a lower court's decision.

  • September 27, 2022

    TIGTA Finds IRS Missed $3.7B In Child Tax Credit Payments

    Nearly $3.7 billion in advance child tax credit payments were not disbursed to eligible taxpayers from July to November 2021, according to an audit report released Tuesday by the Treasury Inspector General for Tax Administration. 

  • September 27, 2022

    IRS Finalizes $140 Fee For Enrolled Agents

    The Internal Revenue Service released final rules Tuesday that will increase the fee required to become an enrolled agent or renew that status to $140 from $67.

  • September 27, 2022

    GOP Lawmakers Seek To Extend Late-Filing Penalty Relief

    The Friday deadline for some taxpayers to file late 2019 and 2020 returns and be excused from late-filing penalties by the IRS should be extended, possibly through mid-to-late November, a group of congressional Republicans said in a letter released Tuesday.

  • September 26, 2022

    Corp. Group Doesn't Owe $94M 2013 Tax Bill, Tax Court Says

    A corporate group doesn't owe $94 million in tax for 2013 because it wasn't obliged to include certain debt-related items in calculating its liabilities, but questions remain on whether it owes anything for 2012, the U.S. Tax Court said Monday.

  • September 26, 2022

    Gov't May Struggle To Justify FBAR Calculations At High Court

    The U.S. government has inconsistently administered the penalty calculation for nonwillful FBAR violations in a way that has yielded absurd results, tax professionals said, which may make it difficult to prove its position during U.S. Supreme Court arguments this fall.

  • September 26, 2022

    IRS Extends Deadline For Pandemic Retirement Plan Changes

    Certain retirement plans have until the end of 2025 to be modified to comport with pandemic-related changes regarding the use of such plans, including the ability to take distributions without incurring additional tax, the Internal Revenue Service said Monday.

  • September 26, 2022

    IRS' Insider Threat Mechanism List Incomplete, TIGTA Says

    A list of information systems that the Internal Revenue Service's mechanism for detecting insider threats should monitor lacked 67% of those in an Enterprise Security Audit Trails systems list, the Treasury Inspector General for Tax Administration said Monday.

  • September 26, 2022

    IRS Seeks Comments On Reverse Like-Kind Exchanges

    The Internal Revenue Service asked for comments Monday on rules for certain reverse like-kind exchanges.

  • September 26, 2022

    IRS Turns Over Last Batch Of Records In Couple's Suit

    The Internal Revenue Service turned over what it expects to be the last batch of documents, including tax returns and foreign bank account reporting forms, to a California couple in a long-running public records case, according to a federal court filing.

  • September 26, 2022

    IRS Needs Better Comms Security With Taxpayers, TIGTA Says

    The federal government should bolster the security of an Internal Revenue Service platform that allows the agency to communicate through messaging and text chats with taxpayers, an agency watchdog said in a report released Monday.

  • September 26, 2022

    IRS Issues Per Diem Travel Expense Rates Guidance

    The per-diem rate used to compute business expense travel tax deductions is $297 for travel to high-cost areas and $204 for travel to low-cost areas, the Internal Revenue Service said Monday.

  • September 26, 2022

    Co. Can't Get 3rd-Party IRS Authorization Docs, Court Rules

    A company can't get records from the Internal Revenue Service relating to filings that permit certain third parties to file returns on a business' behalf, a D.C. federal court said, finding the agency was exempt from furnishing the records.

  • September 26, 2022

    Cannabis Co. Seeks Default Win Against Bank Firm In Tax Suit

    A cannabis company accusing a banking firm of failing to pay millions in state taxes on its behalf asked a California federal judge for sanctions and a default judgment, saying the CEO lied during a deposition and submitted falsified documents.

  • September 26, 2022

    Temporary Rules Issued For Alcohol Import Tax Relief

    A division of the U.S. Treasury Department slated to take over the administration of tax benefits for alcohol importers published temporary regulations implementing relief measures signed into law in 2020.

  • September 23, 2022

    6th Circ. Told FCC's Universal Service Fund Unconstitutional

    Free market advocates challenging the constitutionality of the Federal Communications Commission's fund for providing universal communication services have told the Sixth Circuit that the fees collected for the fund are among the "most regressive taxes in America." 

  • September 23, 2022

    IRS Drops 6th Circ. Challenge To Voided Microcaptive Notice

    The IRS won't challenge a Tennessee federal court's decision setting aside an agency notice requiring the disclosure of microcaptive insurance arrangements, according to an order from the Sixth Circuit on Friday dismissing appeals from the agency and an advisory firm.

  • September 23, 2022

    Skills To Quickly Bulk Up IRS Key For Next Commissioner

    With the IRS poised to receive a nearly $80 billion funding boost and facing an aging workforce and outdated technology, significant management experience will be an essential qualification for President Joe Biden's nominee for IRS commissioner, former agency officials said.

  • September 23, 2022

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly bulletin on Friday, which included a proposed rule that would establish how the IRS will operate its Independent Office of Appeals to resolve federal tax controversies.

  • September 23, 2022

    OMB Finishes Review Of Regs For Beneficial Ownership Registry

    A division of the Office of Management and Budget concluded its review of final rules to establish a database of so-called beneficial ownership information, according to the division's website.

  • September 23, 2022

    IRS Can Seek Crypto Platform Users' Bank Docs

    The IRS can proceed with a summons on a New York bank seeking the account records of clients who've received services from cryptocurrency platform sFOX as the agency probes whether they've complied with their tax obligations, a federal judge ruled.

  • September 23, 2022

    Exceptions Limited For Advance Payments Rules, IRS Says

    Federal regulations, with limited exception, do not allow taxpayers to make advance payments to the IRS on annual inclusions stemming from transfers of intangible property to foreign corporations, according to an agency ruling released Friday.

  • September 23, 2022

    Bar Association's Ex-Pres., Wife, Owe $1.6M In Tax, US Says

    The U.S. government asked a Georgia federal court to order the former president of the Forsyth County Bar Association and his wife to pay $1.6 million in tax liabilities plus penalties, saying evidence of their debt was indisputable.

  • September 23, 2022

    AT&T, Verizon Tax Tiff With Mo. City Sent Back To State Court

    A federal judge sent a license tax dispute between Missouri's capital city and 21 telephone companies back to state court, rejecting arguments from AT&T, T-Mobile and Verizon entities that federal courts had jurisdiction over the litigation.

  • September 23, 2022

    Taxation With Representation: Sidley, Ropes & Gray, Slaughter

    In this week's Taxation With Representation, Walgreens is buying a remaining stake in Shields Health Solutions, Schneider has agreed to acquire Aveva, Eataly has secured a majority investment from Investindustrial, and Talos Energy Inc. is acquiring EnVen Energy Corp.

Expert Analysis

  • Money Laundering Regs Too Unwieldy To Police Art Market

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    As the arts and antiquities trade awaits the U.S. Department of the Treasury's new money laundering regulations — which apply the Bank Secrecy Act to the arts for the first time — whether they are reasonable, optimal or practical remains in question, says Alexandra Darraby at The Art Law Firm.

  • Why US Businesses May Stop Accepting Cryptocurrency

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    New reporting requirements from the IRS and Financial Crimes Enforcement Network could be game changers that dramatically curtail U.S. businesses that accept cryptocurrency, says cybersecurity consultant John Reed Stark.

  • The Highs And Lows Of Tax Controversy In 2021

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    Lawrence Hill at Steptoe & Johnson reviews the ups and downs of tax controversy practice in 2021, including the continued effects of the pandemic, troubling decisions on attorney-client privilege and an IRS comeback on transfer pricing.

  • A Look At Tax Treatment Of Noncompetes In M&A: Part 2

    Excerpt from Practical Guidance
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    Covenants that restrict a seller of business assets from competing against the purchasing party can be prone to challenges because the allocation of value to intangible assets is a subjective exercise with significant tax implications that may affect the merits of the deal, says Peter Miller at LexisNexis.

  • A Look At Tax Treatment Of Noncompetes In M&A: Part 1

    Excerpt from Practical Guidance
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    In negotiating to consummate a deal, parties must pay attention to the tax consequences of covenants that restrict a seller of business assets from competing against the purchasing party, says Peter Miller at LexisNexis.

  • How Budget Bill Could Affect Employer Health, Benefit Plans

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    Following the House's recent passage of President Joe Biden’s $1.75 trillion spending bill — the Build Back Better Act — employers should carefully consider several of the proposal’s health care and benefits provisions, which could pose immediate compliance challenges if the act is signed into law this year, say Anne Hall and Tim Kennedy at Hall Benefits Law.

  • 3 Forces That Will Define Sales Tax Compliance In 2022

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    As we head into 2022, it's likely that many of the legal and cultural shifts we saw this year — such as increased adoption of economic nexus and marketplace facilitator laws, growth in state budgets and continuation of remote work — will define sales tax compliance in the new year, says Liz Armbruester at Avalara.

  • When And How To Depose Fact Witnesses Remotely In 2022

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    Tim Tryniecki and Thomas Mudd at MG+M offer a series of practice tips for successfully conducting remote depositions of often-inexperienced fact witnesses, as the virtual court proceedings sparked by COVID-19 look set to become a part of the legal landscape next year.

  • EU, US Carbon Import Tax Proposals: What Cos. Must Know

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    With the European Union working on a carbon border adjustment mechanism, and congressional Democrats formulating their own carbon import tax plans, U.S. businesses — especially those in emissions-intensive, trade-exposed industry sectors — could face adverse trade effects, supply chain problems and increased transactional costs, say attorneys at Hogan Lovells.

  • Navigating CARES Act Social Security Tax Deferral Payments

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    Attorneys at Morgan Lewis examine Internal Revenue Service guidance on payment of employer-share social security tax deferrals due Jan. 3 under the Coronavirus Aid Relief and Economic Security Act, and offer tips for avoiding costly underpayment and late deposit penalties.

  • Tech Improvements That Can Help Gov't Tackle FOIA Backlog

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    Government agencies can implement effective technological solutions that will help them address the growing backlog of Freedom of Information Act requests, and avoid costly noncompliance litigation, by taking steps to identify agency-specific needs, develop cohesive strategies and obtain leadership buy-in, say Ken Koch and Erica Spector at KPMG.

  • IRS Memo Helps Clarify Research Credit Filing Requirements

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    A recently published Internal Revenue Service chief counsel memorandum offers long-awaited guidance about information requirements for taxpayers seeking research credit refunds and provides helpful notice of the agency’s litigating position where credits are denied, say Deborah Roth and Brian Coddington at Source Advisors.

  • Questions To Ask If Doing Business In A Corruption Hot Spot

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    Businesses facing new scrutiny after the U.S. Department of Justice's recently announced task force for combating human trafficking in Central America, the release of the Pandora Papers and continuing fallout from 2019's Panama Papers, should address compliance risks by having employees ask three questions about every transaction, say attorneys at White & Case.

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