Federal

  • May 13, 2024

    House GOP Bills Target Foreign Funding To Tax-Exempt Orgs

    The House Ways and Means Committee will vote Wednesday on a package of bills that would increase scrutiny of foreign donations to tax-exempt organizations, including legislation that would require those organizations to publicly report the donations, the Joint Committee on Taxation announced Monday.

  • May 13, 2024

    Biz Coalition Pushes Senate To Renew R&D Tax Break

    The U.S. Senate should act quickly to renew a provision allowing research and development expenses to be immediately deductible, a coalition of businesses told the chamber's leaders in a letter Monday.

  • May 13, 2024

    2nd Circ. Won't Revive UBS Suit Over Disclosed Account Info

    The Second Circuit declined Monday to revive a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service, finding that any alleged harm resulting from an audit would have been caused by the agency itself.

  • May 13, 2024

    Tax Court Denies Calif. Women Innocent Spouse Relief

    A California woman will not receive innocent spouse relief from a tax liability stemming from a joint return filed with her estranged husband, the U.S. Tax Court ruled Monday, saying any reasonable person would have questioned the return's accuracy.

  • May 13, 2024

    Texas Farming Couple Owe $1.9M, Tax Court Says

    An oral surgeon and his wife who raised large deer and bass for hunting and ecotourism in Texas are on the hook for nearly $1.9 million in taxes, as a U.S. Tax Court decision issued Monday found that they weren't entitled to farming deductions.

  • May 13, 2024

    Energy Credit Program For Low-Income Areas To Open May 28

    Applications for a clean-energy investment program that provides bonus tax credits for projects in low-income communities will open May 28, the Internal Revenue Service said Monday.

  • May 13, 2024

    Tax Lien Association Hires Industry Pro As GC

    The National Tax Lien Association has found its new general counsel in an experienced attorney less than four months after the death of its longtime top attorney.

  • May 13, 2024

    Houston Truck Co. Doesn't Owe $2M Excise Tax, 5th Circ. Told

    A Houston truck company that sells tires made by a Chinese manufacturer doesn't owe $2 million in import taxes because it's not legally the tire importer, the company told the Fifth Circuit in asking it to affirm a ruling that could split circuits.

  • May 13, 2024

    Semisubmersible Co. CEO Convicted Of Fraud, Fleeing Law

    The CEO of a semisubmersible manufacturer has been convicted by a Hawaii federal jury of financial fraud, witness tampering and attempting to escape law enforcement in one of his company's ocean vessels.

  • May 11, 2024

    Gov't Urges 8th Circ. To Uphold 3M's $24M Pricing Adjustment

    The U.S. government asked the Eighth Circuit to uphold a U.S. Tax Court decision allowing the IRS to allocate nearly $24 million from 3M's Brazilian affiliate, arguing the company's appeal involves misplaced reliance on a U.S. Supreme Court decision.

  • May 10, 2024

    4th Circ. Judge Suspects 'Abuse' In Land Donor Tax Case

    The Fourth Circuit appeared poised Friday to rule that a couple owes taxes and penalties after claiming an inflated $5.1 million valuation on donated land for deductions, with one judge positing he believed the couple had engaged in "abuse" of a conservation donation.

  • May 10, 2024

    Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim

    A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.

  • May 10, 2024

    Biden To Seek Tax Hikes On Wealthy In 2025, Adviser Says

    One of President Joe Biden's key tax policy goals if he's still in office during negotiations over expiring Tax Cuts and Jobs Act provisions in 2025 is to increase revenue overall by raising taxes on corporations and wealthy taxpayers, National Economic Council Director Lael Brainard said Friday.

  • May 10, 2024

    DC Tax Atty Can't Use Ch. 7 To Ditch Depo In $19M Theft Suit

    A corporate D.C. tax attorney accused of bilking a former client out of $19 million via a captive insurance scam will be deposed, despite a stay in the Maryland federal case against him and his firm after both filed for bankruptcy.

  • May 10, 2024

    SEC Targets Fatburger's Parent Co. In $27M Loan Scheme

    The restaurant company that owns Fatburger and Fazoli's made illegal loans to its director and former chief executive, who spent $27 million in company money on himself while skirting taxes and leaving the company struggling, the Securities and Exchange Commission told a California federal court Friday. 

  • May 10, 2024

    Use Of AI For Tax Comment Letters Poses Ethical Quandaries

    While artificial intelligence can streamline the process of conducting a comprehensive review of complex, IRS-proposed federal tax regulations, tax attorneys must be aware of professional and ethical considerations when using it to help draft comment letters to submit to the agency.

  • May 10, 2024

    IRS Schedules 7 Taxpayer Advisory Panel Meetings For June

    The Internal Revenue Service announced Friday the schedule for seven Taxpayer Advocacy Panel committee meetings in June.

  • May 10, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin, which included proposed regulations regarding the application of the stock repurchase excise tax.

  • May 09, 2024

    'Lobster Broker' Biz Owner Liable For Dividends Deficiency

    A Florida man who owned 50% of the stock of a "lobster broker business" is on the hook for a federal income tax deficiency related to nearly $193,000 in dividends from the business, the U.S. Tax Court said Thursday, but the man isn't liable for an accuracy-related penalty.

  • May 09, 2024

    Biz Owner Admits Hiding $3.4M In Income To Dodge Taxes

    A San Francisco Bay Area man has pled guilty to tax evasion in California federal court, admitting he dodged some of the income tax he owed over a four-year period by concealing more than $3.4 million he earned from his businesses.

  • May 09, 2024

    IRS Lien Against Woman Properly Sustained, Tax Court Says

    The U.S. Tax Court found Thursday that an Internal Revenue Service agent didn't abuse her discretion when sustaining a federal lien against a Texas anesthesiologist who repeatedly failed to address issues flagged by the agent.

  • May 09, 2024

    House Bill Would Increase Penalties For Tax Info Disclosure

    House Ways and Means Committee Chairman Jason Smith introduced legislation co-sponsored by all the panel's Republican members to boost penalties for unauthorized releases of taxpayer data, according to a statement Thursday.

  • May 09, 2024

    IRS Details Process For Suspending Tax Pro File Numbers

    The IRS described a process Thursday for suspending authorization file numbers assigned to tax professionals pending further review because of possible identity theft or other fraud and said in a statement that the risks potentially compromised numbers pose for tax pros and taxpayers are a growing concern.

  • May 09, 2024

    Mich. Doctor Ordered To Stay In Jail Until Assets Repatriated

    A Michigan doctor fighting accusations that he failed to report his foreign bank accounts will stay in jail, as a federal court declined to release him Thursday when he didn't comply with an order to deposit over $1 million to cover the judgment against him.

  • May 09, 2024

    Tax Interest Rates To Stay Same In 3rd Quarter

    The Internal Revenue Service's interest rates for overpayments and underpayments of tax won't change in the third quarter of 2024, the agency said Thursday.

Expert Analysis

  • 6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Tech CEO Tax Ruling A Warning For Forward Contracts

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    In McKelvey v. Commissioner, the U.S. Tax Court decided that deceased Monster.com founder Andrew McKelvey terminated his underlying obligations when he extended variable prepaid forward contracts, demonstrating why startup founders, early employees and investors should think carefully before amending derivative agreements, say Daren Shaver and Trent Tanzi at Hanson Bridgett.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Unpacking The Proposed Production Tax Credit Regulations

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    Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.

  • 10 Considerations For Litigating A New York Tax Case

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    While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

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