Federal

  • September 20, 2022

    House Panel Rejects GOP's Global Tax Deal Info Request

    The House Ways and Means Committee voted along party lines Tuesday to reject a Republican resolution that would have requested information on the Organization for Economic Cooperation and Development's global tax deal from the U.S. Department of Treasury.

  • September 20, 2022

    AMT Takes Pragmatic Approach To Big Cos., Dem Staffer Says

    A federal 15% alternative minimum tax involves a "commonsense approach" for determining whether multinational corporations — including those with foreign parents — are subject to the levy and whether they remain under the regime, a Democratic Senate Finance Committee staffer said Tuesday.

  • September 20, 2022

    Mylan Flags Claims Court Ruling In $50M Tax Fight At 3rd Circ.

    A recent Court of Federal Claims decision supports Mylan Inc.'s challenge to a $50 million tax bill by bolstering its argument that it's entitled to deduct the costs of patent litigation suits, Mylan told the Third Circuit.

  • September 20, 2022

    Labor Rules Key To Unlocking 'Bonus' Clean Energy Credits

    Large-scale clean energy construction projects that seek to claim the full value of the production or investment tax credit must now meet labor standards for the first time under Democrats' recently passed landmark climate and tax law.

  • September 20, 2022

    US Reps Urge IRS To Issue Guidance On Superfund Tax

    The IRS should issue guidance allowing businesses to make quarterly payments of the recently reinstated Superfund tax, a group of representatives told the agency in a letter Tuesday that requested clarity on how to comply with the levy.

  • September 20, 2022

    11th Circ. Denies Review Of Penn Mutual Client's Class Claims

    The Eleventh Circuit denied an investor's bid for a panel rehearing over claims that Penn Mutual Life Insurance Co. and its investment firm subsidiary breached their fiduciary duties under Georgia law, affirming its prior ruling that the Securities Litigation Uniform Standards Act bars such claims from being brought as a class action.

  • September 20, 2022

    Conn. Atty Gets 45 Months For Defrauding Investor Of $1.3M

    A former Connecticut attorney has been sentenced to nearly four years in prison after defrauding an investor of $1.3 million, the U.S. Attorney's Office for Connecticut said.

  • September 20, 2022

    MVP: Latham's Jean Pawlow

    Latham & Watkins LLP's Jean Pawlow has represented Netflix as tax counsel in its string of successes in class actions across federal and state courts against claims that it was liable for state-based franchise fees, earning her a spot among Law360 2022 Tax MVPs.

  • September 20, 2022

    Puerto Rico Hurricane Victims Qualify For Filing Delay, IRS Says

    Victims of Hurricane Fiona in Puerto Rico have more time to file and pay certain taxes that were due starting Sept. 17, including estimated income tax payments and payroll tax returns, the Internal Revenue Service said Tuesday.

  • September 20, 2022

    TIGTA Finds Taxpayers' Levy Rights Potentially Violated

    The Internal Revenue Service may have violated nearly 1,400 taxpayers' collection due process rights when it issued levies from October 2020 through September 2021, the Treasury Inspector General for Tax Administration said in a report released Tuesday.

  • September 20, 2022

    NC Tax Preparers Plead Guilty To Aiding In $5M Fraud

    Two North Carolina tax preparers pled guilty to conspiring to defraud the government by helping clients submit false returns to claim $5 million in fraudulent refunds over nine years, the U.S. Department of Justice said.

  • September 20, 2022

    IRS Electronic Tax Forum Adds 8 Members

    The Internal Revenue Service announced Tuesday that it has selected eight members for a group that discusses electronic tax administration and encourages electronic filing.

  • September 19, 2022

    Professor In China-Ties Tax Case Sentenced To Probation

    A Southern Illinois University math professor was sentenced Monday to a year of probation after being convicted of concealing a Chinese bank account from federal officials investigating him as part of a controversial Trump-era program to combat trade secret theft.

  • September 19, 2022

    Exxon Asks 5th Circ. To Rethink $1B Tax Refund Bid

    Exxon Mobil on Monday asked the Fifth Circuit to reconsider its decision to reject the company's bid for a $1 billion tax refund for its oil-and-gas agreements with Qatar and Malaysia, contending the ruling conflicts with the appellate court's precedent.

  • September 19, 2022

    Tax Court Says IRS Got Proper Signoff To Fine Atty, Firm $10M

    The IRS obtained proper clearance for nearly $10 million in tax shelter penalties assessed against an attorney and his firm, the U.S. Tax Court said Monday, citing a ruling giving the agency more time to get penalty paperwork in order.

  • September 19, 2022

    TIGTA Says IRS Failed To Track Progress On Security

    Internal Revenue Service offices have failed to appropriately track their progress on countering potential risks to taxpayer information, physical buildings and employees who work there, the Treasury Inspector General for Tax Administration said in a report released Monday.

  • September 19, 2022

    IRS Employees Need Refresher On Joint Disclosure, TIGTA Says

    The IRS should refresh some employees on joint tax return disclosures after none quizzed by the Treasury Inspector General for Tax Administration on what collection information to disclose after separation or divorce could answer all questions accurately, TIGTA said Monday.

  • September 19, 2022

    IRS Updates Work Opportunity Tax Credit Info Page

    The Internal Revenue Service on Monday added details to its website about the work opportunity tax credit's prescreening and certification requirements.

  • September 19, 2022

    Pension Plan Segment Rates Rise In Sept.

    Segment rates for calculating pension plan funding rose in September, the Internal Revenue Service said Monday.

  • September 19, 2022

    Court Urged To Nix US Bid For Win In $6.7M Fuel Credit Case

    The government's efforts to deny an energy company $6.7 million in alternative fuel mixture tax credits could thwart clean energy objectives, the business told a New York federal court, responding to the government's bid for a win in the case. 

  • September 19, 2022

    MVP: Eversheds Sutherland's Jeff Friedman

    Eversheds Sutherland tax partner Jeffrey Friedman led Comcast and Verizon's challenge to Maryland's novel digital advertising tax, and he helped SiriusXM secure a key victory in Texas in a sourcing dispute, earning him a spot as one of Law360's 2022 Tax MVPs.

  • September 19, 2022

    CPA's Emails In $93M Tax Case Lawfully Obtained, DOJ Says ​​​​​​​

    A certified public accountant's request to quash email evidence in a tax case accusing him of hiding $93 million in income overseas should be rejected, the U.S. government told a Florida federal court, saying the warrant for emails was constitutional.

  • September 16, 2022

    GILTI May Face Complicated Placement In Global Tax Deal

    The U.S. measure for global intangible low-taxed income will likely remain out of sync with an international minimum tax agreement now that legislative windows have closed without key GILTI changes, raising technical questions about how the two regimes will interact.

  • September 16, 2022

    LLC, Foreign Partnerships Wouldn't Be Treated As One

    A proposed transaction wouldn't result in three foreign partnerships and a domestic LLC being considered one partnership for purposes of determining an ownership fraction, the Internal Revenue Service said in a private letter ruling released Friday.

  • September 16, 2022

    IRS To Set Rules On New Puerto Rico Tax Pacts

    The Department of the Treasury intends to issue regulations to provide that amended agreements reached between taxpayers and Puerto Rico aren't treated as noncompulsory payments, according to an Internal Revenue Service notice published Friday.

Expert Analysis

  • 2 Income Tax Loopholes Congress Should Close

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    To raise revenue for proposed infrastructure improvements and make the tax law fairer, the Biden administration and Congress should close an income tax loophole that allows an asset owner to bypass capital gains tax upon death and another that essentially allows taxpayers to make tax‑free gifts to grantor trusts, says Richard Kinyon at Shartsis Friese.

  • High Points Of IRS' New Employee Retention Credit Guidance

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    Dana Fried at CohnReznick examines recent IRS guidance on the employee retention credit, which includes a helpful new rule enabling more employers to qualify for the credit by allowing them to exclude some pandemic relief from gross receipts, but its exclusion of related individuals' wages from qualified wages for certain corporate owners is disappointing.

  • Prepare For More Audits Of Tax Info And Withholding Filings

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    Financial institutions and other corporate taxpayers should focus compliance efforts on tax information reporting and withholding, given recent indications from the Biden administration that the IRS will increase enforcement, and the administration's need to fund its infrastructure plan and other costly initiatives, say attorneys at Mayer Brown.

  • 9th Circ. Adds Pressure To Reject Substance Over Form

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    The Ninth Circuit’s recent decision rejecting taxes on a family's Roth IRA payments that were made through a foreign sales corporation represents a refreshing trend among federal appeals courts to reject substance-over-form principles and instead look to congressional intent, say Lawrence Hill and Caitlin Tharp at Steptoe & Johnson.

  • How Tax Code Changes Affect State AG Settlement Talks

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    Meghan Stoppel and Gianna Puccinelli at Cozen O'Connor discuss how newly implemented tax code regulations that allow companies to deduct some payments made to resolve a government investigation or prosecution will change settlement negotiations with state attorneys general.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • Problems To Avoid When Forming Your 2nd Real Estate Fund

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    There are a number of considerations when moving from your first real estate fund to subsequent funds during post-pandemic growth, particularly if the aggregate regulatory assets under management of the funds exceed $110 million or if additional country jurisdictions will be involved, say Matt Ertman and Max Brunner at Allen Matkins.

  • IRS Ruling Opens Runway For Stalled Carbon Capture Deals

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    A recent Internal Revenue Service ruling that clarifies how multiparty ownership affects eligibility for the carbon sequestration tax credit should accelerate the pace of project financing transactions that were held up by lingering uncertainty, and should increase the pool of projects into which tax equity will consider investing, say attorneys at Orrick.

  • What Biden's Tax Proposals May Mean For Int'l Private Clients

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    Jennifer Wioncek and Paul D’Alessandro at Bilzin Sumberg discuss the U.S. Department of the Treasury's recently released explanation of the Biden administration's tax proposals and how the changes would affect income and wealth transfer planning for international private clients.

  • Justices Open The Door Wider For Donor Info Law Challenges

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    The U.S. Supreme Court’s recent decision in Americans for Prosperity Foundation v. Bonta, striking down California's requirement that charities disclose the identity of major donors, will make similar state and federal statutes more vulnerable to constitutional challenge, says Lloyd Mayer at Notre Dame Law School.

  • IRS Extension Is Partial Relief For Renewable Energy Projects

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    The Internal Revenue Service’s recent extension of the start-of-construction safe harbor for renewable-energy projects is welcome relief for solar companies unable to benefit from previous extensions, but it is still unclear whether a project that exceeds the deemed continuity period qualifies for a tax credit if it cannot prove continuous work, says David Burton at Norton Rose.

  • Justices Should Find California Donor Law Unconstitutional

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    The U.S. Supreme Court's decision in Americans for Prosperity Foundation v. Bonta should strike down a California law requiring charities to disclose their donors because the state’s interest in this information is not sufficiently compelling to overcome constitutional rights to free speech and peaceful assembly, says James Skyles at Skyles Law Group and M2M Legal.

  • US Must Boost Solar Industry To Protect Human Rights, Jobs

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    Recent revelations that many solar panels are made using polysilicon from the Xinjiang province of China, allegedly the site of mass forced labor and other abuses, make it all the more urgent that Congress and the Biden administration enact policies that promote American solar manufacturing in place of dumped and artificially cheap Chinese products, says Tim Brightbill at Wiley Rein.

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