Federal

  • June 10, 2024

    Ex-LA Chinatown Bank CFO Gets 3 Years For Embezzlement

    The former chief financial officer of a bank based in Los Angeles' Chinatown has been sentenced to three years in prison after pleading guilty to bank fraud for embezzling more than $700,000 from his employer.

  • June 10, 2024

    Exec Wants IRS To Destroy Or Yield Docs In Summons Fight

    The IRS should be forced to destroy or return bank records it obtained from a cryptocurrency executive charged in a 2020 bitcoin fraud investigation because the agency failed to notify him and his company of the summonses for the records, they told a Texas federal court Monday.

  • June 10, 2024

    Tax Court Rejects 'Shoebox' Method To Support Biz Expenses

    The U.S. Tax Court rejected Monday the tax deductions that three California residents had claimed on their businesses' returns, saying their "shoebox" method of bundling receipts as evidence failed to substantiate their business expenses.

  • June 10, 2024

    Big Tech Urges US Reprisal Over Canada's Impending DST

    The Office of the U.S. Trade Representative should open formal dispute proceedings with the Canadian government in response to a 3% digital services tax that is expected to soon pass in the Canadian Senate, business groups with members in the U.S. tech industry said Monday.

  • June 10, 2024

    IRS Needs Plan To Reduce Office Space, TIGTA Says

    While the Internal Revenue Service has successfully decreased its unneeded office space by 8% since 2018, it needs a long-term space reduction plan with annual targets to efficiently continue to reduce its footprint, the Treasury Inspector General for Tax Administration said in a report released Monday.

  • June 10, 2024

    Judge Unseals Some Testimony Of Trump Tax Info Leaker

    A federal magistrate judge on Monday ordered the unsealing of some testimony from a former IRS contractor about how he illegally gained access to former President Donald Trump's tax returns in a billionaire's case suing the agency over the breach.

  • June 10, 2024

    10th Circ. Affirms Couple Can't Ax $833K Income Tax Payment

    A couple's wide-ranging arguments that the Internal Revenue Service should not have been allowed to assess that they owe over $833,000 in unpaid income taxes and penalties failed to sway the Tenth Circuit on Monday, as the court affirmed a ruling against them.

  • June 10, 2024

    Treasury Dept. Beats IRS Agent's Religious Bias Suit

    The U.S. Department of the Treasury defeated an Internal Revenue Service agent's suit claiming he was disciplined for a three-day celebration of Easter mandated by his Christian faith, with a Florida federal judge finding the reprimand was based on performance rather than religion.

  • June 07, 2024

    LIHTC Developer Asks 11th Circ. To Undo Investor Takeover

    A developer told the Eleventh Circuit on Friday it is a victim of a scheme by investors using a lower court ruling to complete a takeover of two Tampa, Florida, senior housing complexes developed with federal low-income housing tax credits.

  • June 07, 2024

    Trust Can Deduct Property Income As Gift, IRS Says

    A trust can deduct gross income set aside as a charitable contribution stemming from the distribution of real property from the corporation that is the trust's sole shareholder, the IRS said in a private letter ruling released Friday.

  • June 07, 2024

    IRS Delays Deadlines In W.Va., Ky. Counties Hit By Tornadoes

    Certain West Virginia and Kentucky taxpayers impacted by tornadoes and other major weather events that hit the area April 2 now have until Nov. 1 to file various individual and business tax returns and make payments, the Internal Revenue Service said Friday.

  • June 07, 2024

    No Loss On Terminated Rate Agreements, Chief Counsel Says

    A company that executed forward-rate agreements cannot claim a loss in connection with the termination of the agreements because its adjusted basis in the agreements was zero, according to a memo released Friday by the IRS Office of Chief Counsel.

  • June 07, 2024

    IRS Updates EV Battery Reporting Guide For Tax Credits

    The Internal Revenue Service provided updated guidance Friday for automakers planning to provide a report on meeting the battery sourcing requirements that can qualify their new electric vehicle models for the consumer tax credit of up to $7,500.

  • June 07, 2024

    6th Circ. Finds Ethical Lapses Justify Bar On Firm's Outreach

    The Sixth Circuit said Thursday a Michigan federal judge shouldn't have faulted a law firm for attacking a proposed tax foreclosure class-action settlement in solicitation letters, but nevertheless upheld the judge's order barring contact with certain class members because of the firm's actual ethical lapses.

  • June 07, 2024

    Subsidiary Won't Lose Status Before Dissolving, IRS Says

    A court-ordered liquidation of an insurance company won't cause it to lose its status as a corporation before it completes its final dissolution, the Internal Revenue Service said in a private letter ruling released Friday.

  • June 07, 2024

    Dentons Adds Pair Of Husch Blackwell Tax Attys

    Two South Carolina tax attorneys have joined Dentons' corporate, tax and private client practice as partners after moving from Husch Blackwell LLP, the firm announced on Thursday.

  • June 07, 2024

    IRS Scrutinizing Hospitals' Tax Exemptions, Official Says

    The Internal Revenue Service's Tax-Exempt & Government Entities Division has started auditing tax-exempt hospitals to ensure they're complying with exemption requirements, an agency official said Friday.

  • June 07, 2024

    Halliburton Wrongly Denied $11.3M Deduction, Court Told

    The Internal Revenue Service is arbitrarily and wrongfully refusing to refund Halliburton over $11.3 million in tax deductions taken for a payment to a foreign government to secure the safety of the company's employees, Halliburton told a federal court.

  • June 07, 2024

    Fed. Circ. Panel Doubts Bid To Nix Actavis' $12M Deduction

    A Federal Circuit panel seemed skeptical of the government's bid to overturn a decision allowing drugmaker Actavis to deduct $12 million it spent fending off lawsuits as it secured approval to sell generics, raising the question during oral arguments Friday whether the company was being uniquely targeted.

  • June 07, 2024

    Taxation With Representation: Vinson, Latham, Ropes & Gray

    In this Week's Taxation with Representation, Waste Management buys Stericycle, Becton Dickinson pays $4.2 billion for Edwards Lifesciences' critical care products unit, Aquiline Capital Partners raises over $3.4 billion in fund capital, and Bain Capital buys PowerSchool Holdings.

  • June 07, 2024

    IRS Lists Shuttered Coal Areas For Energy Bonus Credits

    The Internal Revenue Service on Friday issued updated lists of areas, including closed coal mines and factories, where developers can qualify for additional tax credits for building their clean energy projects.

  • June 07, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, which included proposed foreign trust transaction reporting requirements.

  • June 06, 2024

    Medtronic Urges 8th Circ. To Back Its Transfer Pricing Method

    Medical device maker Medtronic reiterated Thursday its bid for the Eighth Circuit to revive its method for pricing intangible property that was licensed to a Puerto Rican affiliate, arguing the government's concessions show why the company's approach is more reliable.

  • June 06, 2024

    9th Circ. Denies Trust Refund Of Money Forfeited To IRS

    A trust lost its ownership claims to property when an Idaho federal court determined the property had been transferred to the trust fraudulently, the Ninth Circuit said Thursday, affirming a decision to deny a $225,000 tax refund.

  • June 06, 2024

    Estate Entitled To Deduct Payouts To Stepkids, 11th Circ. Told

    The U.S. Tax Court wrongly denied deductions to a former attorney's $81 million estate for million-dollar payouts it made to his stepchildren after they sued, the estate told the Eleventh Circuit, saying the payments satisfied legitimate claims against the estate and were therefore deductible.

Expert Analysis

  • Energy Community Tax Credit Boost Will Benefit Wind Sector

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    Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • How IRA Unlocks Green Energy Investments For Tribes

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    An Inflation Reduction Act provision going into effect May 10 represents a critical juncture for Native American tribes, offering promising economic opportunity in green energy investment, but requiring a proactive and informed approach when taking advantage of newly available tax incentives, say attorneys at Lewis Brisbois.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • What To Know About IRS' New Jet Use Audit Campaign

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    The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

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