Federal

  • February 07, 2023

    IRS Systems Modernization Plans Lacked Disposition Details

    Two-thirds of IRS plans for ongoing modernization of legacy information technology systems that should have specified the planned disposition of the systems had failed to do so as of August, the Government Accountability Office said Tuesday.

  • February 07, 2023

    House Tax Chair Demands To See IRS Spending Plan

    House Ways and Means Committee Chairman Jason Smith pressed acting IRS Commissioner Douglas O'Donnell on Tuesday for a copy of the agency's plan for spending the nearly $80 billion funding increase it's due to receive.

  • February 07, 2023

    Watchdog Urges Release Of IRS' Communications With FTX

    A watchdog group asked a D.C. federal court Tuesday to force the IRS to release emails and other communication between former Commissioner Chuck Rettig and former FTX executives, saying the agency broke public records law by refusing to comply with its request.

  • February 07, 2023

    IRS Seeks Input On Form For Tax Withholding Exemption

    The Internal Revenue Service asked for feedback Tuesday on a form for seeking a tax withholding exemption on a nonresident alien's self-employment income.

  • February 07, 2023

    Kraken Ignoring IRS' Crypto Investigation Summons, US Says

    Cryptocurrency exchange Kraken Inc. hasn't complied with a court-approved IRS summons seeking records on customer identities and transactions and should be forced to furnish the records, the U.S. told a California federal court.

  • February 07, 2023

    Former Mortgage Co. Owner Ordered To Pay $2M In Taxes

    The former owner of a Florida mortgage company must pay nearly $2 million in back taxes after she failed to respond to a government lawsuit seeking to collect the decade-old debt, a federal judge ordered Tuesday.

  • February 06, 2023

    Pomerantz To Lead Avalara Shareholder Suit Over $8.4B Deal

    A Seattle federal judge on Friday appointed Pomerantz LLP lead counsel in a proposed class action accusing tax software company Avalara Inc. executives of misleading shareholders about its financial health in a bid to convince them to approve Vista Equity Partners' $8.4 billion acquisition of the company.

  • February 06, 2023

    House Panel's Republicans Push Renewal Of TCJA Tax Cuts

    Republicans on the House Ways and Means Committee began making their case Monday to rural Americans for renewing the 2017 Trump administration tax cuts during the panel's first full committee hearing, held in Petersburg, West Virginia.

  • February 06, 2023

    IRS Proposes New Service Industry Tip Reporting Program

    The Internal Revenue Service is proposing a new voluntary tip reporting program for employers in all service industries other than gambling in a plan meant to promote compliance and accurate reporting, the agency said Monday.

  • February 06, 2023

    Trump Seeks To Revive Bid To Toss NY $250M Tax Fraud Suit

    Former President Donald Trump, some of his children and Trump Organization executives have appealed a New York state judge's order that threw out their bid to dismiss New York Attorney General Letitia James' $250 million tax fraud suit against them.

  • February 06, 2023

    Attys Fight Yacht Donor's Malpractice Suit Over $4.6M Tax Bill

    A New York federal court should toss a woman's malpractice lawsuit accusing two attorneys of giving shoddy legal advice relating to a yacht donation that led to a $4.6 million tax bill, the attorneys said, arguing the case was brought more than three years too late.

  • February 06, 2023

    Solar Cos. Ask Courts Not To Boot National Grid Tax Suits

    Four solar companies that sued electric giant National Grid saying it illegally charged them for taxes in an effort to dampen competition from renewables asked federal courts in Massachusetts and New York to keep the lawsuits alive, claiming National Grid wrongly argued the courts lacked authority.

  • February 06, 2023

    IRS To Hold Public Hearing On Foreign Tax Credit Rules

    A public hearing will be held next week on proposed exceptions to the final foreign tax credit rules issued in 2021, the Internal Revenue Service announced Monday.

  • February 06, 2023

    Ex-Rep. Ron Kind Joins Arnold & Porter Public Policy Group

    Former U.S. Rep. Ron Kind has joined Arnold & Porter's lobbying practice in Washington as a senior policy adviser after 26 years in Congress, the firm said Monday.

  • February 03, 2023

    The Tax Angle: EV Credits Vex Consumers, Lawmakers

    From a look at challenges facing the auto industry on the use of new tax credits for electric vehicles to consumer confusion over what cars qualify, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

  • February 03, 2023

    Ex-Ark. State Sen. Gets Almost 4 Years For Tax Fraud, Bribery

    Former Arkansas state Sen. Jeremy Hutchinson was sentenced to nearly four years in prison by an Arkansas federal court Friday after admitting he underreported his income and took bribes from an orthodontist in exchange for pushing legislation.

  • February 03, 2023

    6th Circ. Says Ky. Utility Law Unfairly Discriminates

    The Sixth Circuit said Friday that a Kentucky law requiring state utility regulators to discount the state's severance tax on coal when evaluating the reasonableness of energy rates unconstitutionally discriminates against out-of-state coal producers.

  • February 03, 2023

    Bill Would Nix Tax On Awards To Human Trafficking Victims

    A bill introduced in the U.S. Senate would exempt monetary awards to victims of human trafficking from taxable income.

  • February 03, 2023

    Treasury Changes Label Standards For Clean Vehicle Credit

    The clean vehicle tax credit will use a consumer-facing labeling standard to determine whether a new van, sport utility vehicle or pickup truck can qualify for the incentive's retail price limits, the U.S. Department of the Treasury announced Friday.

  • February 03, 2023

    House Bill Would Repeal Firearm Transfer Tax

    The transfer tax on firearms would be repealed under a bill introduced in the U.S. House of Representatives.

  • February 03, 2023

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly bulletin, which includes a notice that segment rates for calculating pension plan funding rose in January.

  • February 03, 2023

    Boston Tax Preparer Admits To Claiming Sham Deductions

    A Boston tax preparer accused of inventing deductions that drove up refunds for his clients by $2 million pled guilty to preparing a false return after being caught by an undercover agent.

  • February 03, 2023

    Taxation With Representation: Ropes, Kirkland, Skadden

    In this week's Taxation With Representation, GI Partners plans to acquire Atlas Technical Consultants, Chiquita agreed to purchase Dole's fresh vegetable division, and Cheche Technology agreed to a merger.

  • February 02, 2023

    Brothers Plead Not Guilty To Energy Contract Kickbacks

    Two Massachusetts brothers accused of paying kickbacks to get millions of dollars' worth of state-subsidized energy efficiency contracts pled not guilty on Thursday to a second batch of federal charges.

  • February 02, 2023

    Judge Tosses IRS Notice Requiring Easement Disclosure

    An Alabama federal judge on Thursday set aside a 2016 Internal Revenue Service notice requiring the disclosure of certain conservation easement transactions, handing a win to a land donation advisory firm that sought relief from the notice.

Expert Analysis

  • How 2021 Appropriations Law Changes Employer Benefits

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    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
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    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
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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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
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    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
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    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

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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.

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