Federal

  • September 23, 2022

    MVP: Sullivan & Cromwell's Isaac Wheeler

    Isaac Wheeler of Sullivan & Cromwell LLP's tax practice led a team guiding AT&T to its $106.5 billion spinoff of WarnerMedia and merger with Discovery. He also advised Standard Industries Holdings on the tax aspects of its $7 billion acquisition of W. R. Grace & Co. and helped Goldman Sachs on the tax aspects of its $2.2 billion acquisition of fintech company GreenSky. These were just a few of the deals he worked on to earn a spot as one of Law360's 2022 Tax MVPs.

  • September 23, 2022

    9th Circ. Won't Revisit Bid For $1.9M Tax Loss In Patent Fight

    The Ninth Circuit turned down a request by a neurosurgeon to reconsider its rejection of his $1.9 million tax loss from the reduced value of shares in his company attributable to alleged patent infringement on an imaging technique.

  • September 22, 2022

    Food Franchises Sue Gig Economy App Over 2020 Tax Credits

    Online gig economy platform ShiftPixy has been sued in California federal court by 16 fast-casual food franchise owners and operators that claim the all-in-one workforce manager owes them $2.3 million of employee retention credits for the 2020 tax year.

  • September 22, 2022

    11th Circ. Backs Ringleader's 15-Year Sentence In Tax Scheme

    The Eleventh Circuit on Thursday upheld the 15-year prison sentence of the ringleader in a $1 million tax scheme, saying that even though she received only a portion of the loot, she was responsible for the full amount.

  • September 22, 2022

    Trump Fraud Referrals Present Political Minefield For DOJ, IRS

    The New York attorney general's criminal referrals to the U.S. Department of Justice and the IRS stemming from her probe of former President Donald Trump will force prosecutors to walk a political tightrope, given Trump's accusations of bias and Republicans' animus toward the IRS.

  • September 22, 2022

    Senate GOP Wants Details On IRS Funding Boost Allocation

    Senate Finance Committee Republicans on Thursday requested information from the Internal Revenue Service about how the agency will use the $80 billion funding boost passed by Congress under the Inflation Reduction Act.

  • September 22, 2022

    Cisco Allows Vote On Public Country-By-Country Reporting

    Cisco shareholders will vote on public country-by-country reporting of tax payments, profits and workers, as the corporation becomes the first in the U.S. not to legally challenge such a proposal, according to a statement from investors obtained Thursday by Law360.

  • September 22, 2022

    Tax Software Investor Asks Court To Block $8.4B Vista Deal

    An investor in tax software company Avalara asked a New York federal court Thursday to block the company's $8.4 billion merger with private equity fund Vista Equity Partners Management, accusing Avalara of failing to disclose pertinent financial details.

  • September 22, 2022

    Bill Seeks To Make Parts Of 2017 Tax Overhaul Permanent

    A bill introduced in the U.S. House of Representatives would make permanent some tax cuts for individuals included in the 2017 Republican tax overhaul.

  • September 22, 2022

    MVP: Skadden's Nathan W. Giesselman

    Nathan W. Giesselman, tax partner at Skadden Arps Slate Meagher & Flom LLP, has worked on major deals, including a $30 billion joint venture where he represented Intel, earning him a spot among Law360's 2022 Tax MVPs.

  • September 22, 2022

    Holland & Knight Adds Partner To Public Finance Tax Practice

    Holland & Knight LLP said Wednesday it has strengthened its public finance practice with the addition of a former Hawkins Delafield & Wood LLP partner.

  • September 22, 2022

    Georgia Pastor Sentenced For COVID-19 Relief Fraud

    A Georgia man with several careers, including as a pastor and tax preparer, was sentenced on Tuesday to over two years in prison, after pleading guilty to making false statements to receive COVID-19 relief loans and buying a Mercedes with the money.

  • September 22, 2022

    IRS To Automatically Share Some Interest Info With Turkey

    The Internal Revenue Service on Thursday added Turkey to a list of jurisdictions with which it will automatically share some deposit information regarding nonresident aliens.

  • September 21, 2022

    Meet The Lawyers On Deck In NY V. Trump Biz Fraud Case

    The New York attorney general's blockbuster fraud suit against former President Donald Trump, three of his adult children and the Trump organization will pit some of the family's fiercest defenders against a team of seasoned prosecutors.

  • September 21, 2022

    Tax Court Denies Deductions To Ill. Farm Owners

    Two operators of an Illinois farm group whose members the IRS said owe $14 million in personal income tax deficiencies cannot deduct farm expenses from personal income, the U.S. Tax Court said Wednesday, saying shareholders must keep company accounting separate.

  • September 21, 2022

    Backlogs Persist At IRS Processing Centers, TIGTA Says

    The Internal Revenue Service still has significant inventory backlogs at its three tax processing centers around the country, and hiring shortfalls of needed employees are hindering efforts to reduce them, a watchdog report released Wednesday said.

  • September 21, 2022

    IRS Should Take More Transition Tax Actions, Watchdog Says

    The Treasury Inspector General for Tax Administration on Wednesday outlined additional actions the IRS could take to ensure compliance with the 2017 federal overhaul's transition tax, including by following up on individuals who were encouraged to file amended returns.

  • September 21, 2022

    Ariz. Gov. Asks 9th Circ. To Revive Suit Over COVID Funds

    Arizona Gov. Doug Ducey told the Ninth Circuit that the federal government went too far in restricting how the state could use pandemic relief funds, arguing a lower court misread the American Rescue Plan Act when tossing the governor's suit.

  • September 21, 2022

    Wyden Probes More Insurers Over Tax-Free Insurance Plans

    Senate Finance Committee Chair Ron Wyden on Wednesday pressed Prudential Financial and Zurich Insurance over the growing use of special life insurance policies as tax shelters in an escalation of his inquiry into the practice that began last month.

  • September 21, 2022

    NY AG Tells 2nd Circ. Trump Can't Revive Harassment Claim

    New York Attorney General Letitia James urged the Second Circuit to deny a bid by former President Donald Trump to challenge her investigation into his business dealings, arguing that Trump is trying to improperly revive his already rejected harassment claim.

  • September 21, 2022

    MVP: Quinn Emanuel's Liesl Fichardt

    Liesl Fichardt of Quinn Emanuel Urquhart & Sullivan LLP helped settle a $198 billion tax battle between Barrick Gold and the Tanzanian government, resolving a long-running dispute that created a template for business-government partnerships in the continent and earning her a spot among Law360's 2022 Tax MVPs.

  • September 21, 2022

    Greenberg Traurig Adds Global Tax Pro From KPMG

    Greenberg Traurig LLP landed a top tax attorney from KPMG LLP as a shareholder in its global tax practice, the firm has announced.

  • September 21, 2022

    NY AG James Sues Trump, Alleging $250M Business Fraud

    New York Attorney General Letitia James filed suit Wednesday against former President Donald Trump, his children and company executives, seeking the return of $250 million in allegedly ill-gotten gains from a 10-year scheme to defraud banks using misleading financial statements.

  • September 20, 2022

    Employment Tax Schemer Will Pay His Part Of $6M Restitution

    The U.S. Department of Justice and a naturalized U.S. citizen who admitted to defrauding the IRS of more than $3.5 million in employment taxes, told a Florida federal court Tuesday that the citizen will pay his portion of the $6 million in restitution he and other co-conspirators owe the federal government.

  • September 20, 2022

    US Seeks To Force Property Sale To Pay Man's $1.8M Tax Bill

    The U.S. asked a California federal court Tuesday to foreclose on a property allegedly owned by a man convicted of tax evasion, saying it wants the proceeds to pay down his more than $1.8 million in tax liabilities.

Expert Analysis

  • New DOJ Corporate Crime Approach May Deter Self-Reporting

    Author Photo

    Deputy U.S. Attorney General Lisa Monaco's recent unveiling of a tougher white collar enforcement approach at the U.S. Department of Justice — focusing on corporate recidivism and compliance monitors — could result in companies being less willing to self-report wrongdoing or enter into resolutions with the government, say attorneys at Morgan Lewis.

  • Infrastructure Bill May Limit Cryptocurrency Loss Deductions

    Author Photo

    If enacted, provisions in ​President Joe Biden's ​​infrastructure bill would broaden a rule meant to prevent the harvesting of tax losses​, causing every cryptocurrency investor ​who wants to deduct a loss to consider whether it is worth cashing out to fiat currency and waiting 30 days before reinvesting to take a loss deduction, says Andrew Leahey at Hunter Creek Consulting.

  • The Infrastructure Bill Should Not Target Cryptocurrency

    Author Photo

    Congress should excise a provision in the pending infrastructure bill that would require anyone who accepts $10,000 in cryptocurrency for goods or services to report the transferring party's personal information to the Internal Revenue Service — this would be unnecessary, ill-advised and possibly unconstitutional, says James Burnham at Jones Day.

  • Opportunity Zone Regulations Require More Fine Tuning

    Author Photo

    Problems with the latest revisions to the qualified opportunity zone investment rules reinforce a recurring theme of regulatory hiccups that may prevent investors and communities from actualizing the program's potential benefits, unless we have more guidance, says Mitchell Goldberg at Berger Singerman.

  • Preserving Disgorgement Tax Deductibility In SEC Settlements

    Author Photo

    The U.S. Securities and Exchange Commission recently added language to its enforcement orders that could affect a settling party's ability to deduct certain disgorgement payments, but proper planning can help them satisfy Internal Revenue Service prerequisites, say attorneys at Sidley.

  • How The Global Tax Agreement Could Backfire For Biden

    Author Photo

    If the $3.5 trillion spending package fails, the federal tax code will not conform to the recent 15% global minimum tax agreement spearheaded by the U.S., which would embarrass the Biden administration and could lead to retaliatory tax measures by other nations, says Alex Parker at Capitol Counsel.

  • Tax-Exempt Orgs, Beware This 403(b) Plan Compliance Pitfall

    Author Photo

    A recent Internal Revenue Service publication puts 403(b) retirement plan sponsors on notice about a contribution aggregation compliance failure often identified in audits of government and tax-exempt entities, but risk can be minimized by ensuring plan documents and communications address the issue directly, say Greg Needles and Michael Gorman at Morgan Lewis.

  • Pandora Papers Reveal Need For Greater Tax Enforcement

    Author Photo

    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Telehealth Providers Must Beware Of Fraud As Industry Grows

    Author Photo

    A recent fraud charge against a telehealth executive highlights the rise we're seeing in telefraud scams during the industry's pandemic growth, and there are some steps that all health providers should take to stay clear of potentially illegal arrangements, says LaTawnda Moore at Dinsmore.

  • Parsing New Int'l Tax Reporting Rules For Pass-Throughs

    Author Photo

    Attorneys at Grant Thornton unpack the Internal Revenue Service’s new pass-through entity reporting requirements for international tax matters and the accompanying guidance for penalty relief, and suggest how companies should prepare for what may be the most significant change to the partnership compliance function in decades.

  • A Look At Global Tax Enforcement Developments: Part 2

    Excerpt from Practical Guidance
    Author Photo

    Sean Craig at LexisNexis examines recent investigations by the Joint Chiefs of Global Tax Enforcement and their impact on U.S. taxpayers, as well as the growing significance of transfer pricing disputes and policies for future enforcement.

  • A Look At Global Tax Enforcement Developments: Part 1

    Excerpt from Practical Guidance
    Author Photo

    Sean Craig at LexisNexis looks at how international initiatives, such as the Joint Chiefs of Global Tax Enforcement, are addressing cryptocurrency-related tax evasion, and how the COVID-19 pandemic and increasing demands for governmental welfare programs are driving global tax policy.

  • What The Judiciary's Font Recommendations Can Teach Us

    Author Photo

    The D.C. Circuit's recent soft prohibition on Garamond and the ensuing debates about courts' font preferences should serve as a helpful reminder of a larger point — every departure from convention in legal writing carries some level of risk, says Spencer Short at Stradley Ronon.

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