Federal

  • May 21, 2024

    Nixing Green Energy Tax Perks Would Be Tough For Trump

    Former President Donald Trump has vowed to scrap Democrats' signature 2022 climate law should he get reelected in November, but following through on that campaign promise could prove difficult amid bipartisan support for many of the law's clean energy tax incentives and a potentially divided Congress.

  • May 21, 2024

    Wyden Expands Pharma Tax Investigation With Pfizer Inquiry

    Senate Finance Committee Chairman Ron Wyden asked Pfizer to provide details on its tax practices to explain how the drug company has consistently paid tax rates that are significantly lower than the corporate tax rate in a letter released by the committee Tuesday.

  • May 21, 2024

    Option Agreement In $6.9M Sale Not A Sham, Tax Court Says

    A Delaware gravel company and related companies that sold a freeway pit for $6.9 million under an option agreement, and then used it to enter into a like-kind exchange for another property, deferring the tax, was not a tax-avoidance sham, the U.S. Tax Court ruled Tuesday.

  • May 21, 2024

    CohnReznick Adds PwC Partner To International Tax Practice

    CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.

  • May 21, 2024

    Decision On Direct File Future Is Close, Werfel Says

    The Internal Revenue Service is nearing a decision on the future of its free electronic tax return filing pilot program, Commissioner Daniel Werfel told reporters Tuesday.

  • May 21, 2024

    Oil Estate Off The Hook For $9M Gift Tax, Tax Court Rules

    The estate of a woman who owned an oil company with her husband then terminated marital trusts after he died does not owe more than $9 million in gift taxes on the related transactions as the IRS had claimed, the U.S. Tax Court ruled.

  • May 21, 2024

    22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far

    The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Circuit, urging it to uphold a ruling that struck down the law.

  • May 21, 2024

    Senate Dems Float Tax-Advantaged Child Savings Accounts

    Senate Democrats want to create tax-advantaged savings accounts to help children save from the time they are born, they said during a Finance Committee hearing Tuesday, but their Republican counterparts are unlikely to support proposals to create the accounts, claiming it would be too costly.

  • May 21, 2024

    Ways And Means Seeking Input On Possible TCJA Expiration

    The House Ways and Means Committee is asking members of the public to share how increased taxes brought on by the possible expiration of the 2017 federal tax overhaul would impact them, the committee's Republican members said Tuesday.

  • May 21, 2024

    Valero Brings $37M Refund Claim Over Fuel Credit, Crude Tax

    Energy company Valero is seeking $37 million in tax refunds for biomass fuel mixtures it said should've qualified for the alternative fuel tax credit and for claimed overpayments of crude tax, according to a complaint in Texas federal court.

  • May 21, 2024

    IRS Audit Selection Process May Introduce Bias, GAO Says

    The Internal Revenue Service's process for auditing returns claiming refundable tax credits uses a measurement that may introduce unintentional bias against Black and low-income people into its automated selection system, according to a Government Accountability Office report made public Tuesday.

  • May 21, 2024

    Strategic Hiring Was The New Normal For BigLaw In 2023

    The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.

  • May 21, 2024

    The Law360 400: Tracking The Largest US Law Firms

    The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.

  • May 20, 2024

    Ex-IRS Agent, Five Others Sentenced In COVID Fraud Scheme

    A former Internal Revenue Service agent, his brother and four other defendants have pled guilty to participating in a scheme that netted more than $3 million in fraudulent COVID-19 pandemic relief loans.

  • May 20, 2024

    Transparency Act Violates Constitution, Groups Tell 11th Circ.

    The Corporate Transparency Act's reporting requirements violate the Fifth Amendment's protection against self-incrimination and other constitutional provisions, libertarian think tank Cato Institute and others said Monday in urging the Eleventh Circuit to uphold an Alabama district court's ruling against the law.

  • May 20, 2024

    Opportunity Zones Helped Restore Pa. City, House Panel Told

    The Tax Cuts and Jobs Act's provisions, especially the law's opportunity zones aimed at boosting economic investment in distressed communities, have been integral in the economic restoration of Erie, Pennsylvania, panelists told the House Ways and Means Committee's tax policy subcommittee Monday.

  • May 20, 2024

    Lawmakers Ask IRS For Broader, Permanent Free E-File Plan

    More than 135 Democratic and Independent members of Congress urged Internal Revenue Commissioner Daniel Werfel and Treasury Secretary Janet Yellen in a letter to expand the IRS' pilot program for free electronic tax return filing and make it permanent.

  • May 20, 2024

    2 House GOP Chairs Seek Study Of Premium Tax Credit Plan

    The Republican chairmen of the House Ways and Means and Budget committees want the Congressional Budget Office and Joint Committee on Taxation to study the impact of making the expanded Affordable Care Act premium tax credits permanent.

  • May 20, 2024

    IRS Guidance Plan Should Cover Corp. AMT, AICPA Says

    The Internal Revenue Service should provide guidance on the definitions and applications of the 15% corporate alternative minimum tax, among other topics, the American Institute of Certified Public Accountants said in comments published by the agency Monday.

  • May 20, 2024

    Domino's Franchisee Gets Year In Prison In $2.5M Tax Case

    The owner of dozens of Domino's Pizza restaurants was sentenced to a year in prison Monday and ordered to pay $2.5 million to the Internal Revenue Service after having admitted he filed false tax returns, the U.S. Department of Justice said.

  • May 20, 2024

    Baker McKenzie Ends FOIA Suit Over IRS Partnership Audits

    A Baker McKenzie attorney has dropped a public records lawsuit against the Internal Revenue Service that sought to compel the agency to turn over documents pertaining to its scrutiny of large partnerships.

  • May 20, 2024

    Feds Fight Proposed Delay In Hunter Biden's Tax Trial

    Hunter Biden shouldn't be allowed to delay his criminal tax trial in California just because his lead attorney says the dates run up against Biden's upcoming trial in Delaware on firearms charges, the special counsel's office told a federal court.

  • May 20, 2024

    House Dem Bill Would Let Education Savings Cover Transport

    Students would be able to use tax-advantaged educational savings accounts to cover transportation and parking costs under a bill introduced by a pair of Democrats in the House of Representatives.

  • May 20, 2024

    US, Argentina To Carry Out 1st FATCA Info Exchange

    The Internal Revenue Service approved cybersecurity measures by Argentina in a step that clears the way for the first automatic information exchange under the Foreign Account Tax Compliance Act between the two countries in September, Argentina's revenue service said Monday.

  • May 17, 2024

    Med Device Co. Allowed $160M In Deductions, Tax Court Told

    A tax code provision in place before the 2017 federal tax overhaul changed it allows a medical device manufacturer to claim more than $160 million in deductions for dividends despite the government's attempt to apply the law retroactively, company counsel told the U.S. Tax Court on Friday.

Expert Analysis

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks

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    Attorneys at Skadden examine how a bipartisan bill currently being considered by the U.S. Senate to save the Tax Cuts and Jobs Act's tax breaks for research and development costs, and other expiring business-friendly provisions, would affect taxpayers.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • IRS Sings New Tune: Whistleblower Form Update Is Welcome

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    In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • 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.

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