Federal

  • February 20, 2024

    Tax Court's Chief Judge Reelected To 2nd Term

    The U.S. Tax Court's chief judge was reelected to a second two-year term as the head of the court, the Tax Court announced.

  • February 20, 2024

    Third-Party Payers Liable For Employment Tax Shortcomings

    Certain third-party payers that improperly claim employment tax credits for a client are liable for any potential underpayments, the Internal Revenue Service said in a chief counsel memorandum.

  • February 20, 2024

    IRS Issues Fix For Tax Treatment of Gas Upgrading Equipment

    The Internal Revenue Service issued a correction clarifying the tax treatment of certain gas upgrading equipment under proposed rules related to the energy credit.

  • February 20, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly bulletin, which featured a list of those having their 501(c)(3) status revoked.

  • February 16, 2024

    Ga. Man Hit With Charges Over Unemployment, Tax Fraud

    Georgia federal prosecutors unsealed an indictment on Thursday against an Atlanta man charged with using stolen personal information to secure tens of thousands of dollars in unemployment benefits and tax returns.

  • February 16, 2024

    Manufacturers Back 3M In 8th Circ. Transfer Pricing Case

    The National Association of Manufacturers joined the chorus of business groups supporting 3M, asking the Eighth Circuit to throw out transfer pricing regulations that allow the Internal Revenue Service to reallocate income to U.S. group members even when foreign laws prohibit outbound payments.

  • February 16, 2024

    Medtronic Urges 8th Circ. To Undo Transfer Pricing Ruling

    Medical device company Medtronic asked the Eighth Circuit on Friday to overturn a decision rejecting its pricing method for licensing intellectual property to its Puerto Rican affiliate, saying in the long-running case that Medtronic hadn't used the intercompany arrangement to underreport its income.

  • February 16, 2024

    Conspirators In $3M IRS Refund Check Theft Get Prison Terms

    Two men will serve lengthy prison terms for their role in conspiring to steal and cash a Houston couple's tax refund check worth nearly $3 million, according to sentencing orders filed in Texas federal court.

  • February 16, 2024

    Trump Owes $355M For Fraud That 'Shocks The Conscience'

    A New York state judge on Friday found Donald Trump, his adult sons, his companies and longtime executives liable for a decadelong valuation fraud conspiracy, ordering the defendants to disgorge $364 million in ill-gotten gains to the state, plus interest, with the former president on the hook for the lion's share.

  • February 16, 2024

    Taxation With Representation: Paul Weiss, Kirkland

    In this week's Taxation With Representation, Diamondback buys Endeavor, KKR & Co. acquires a stake in Cotiviti, and Gilead Sciences Inc. purchases CymaBay Therapeutics Inc.

  • February 15, 2024

    Chamber, Others Back 3M In Transfer Pricing Appeal

    The Eighth Circuit should set aside transfer pricing regulations from the U.S. Treasury Department that reallocated $23 million of income from 3M's Brazilian affiliate to the parent company, three trade associations told the court in amicus briefs.

  • February 15, 2024

    US Extends Deal On Existing Digital Taxes With 5 Countries

    Austria, France, Italy, Spain and the U.K. will continue applying their digital services taxes in light of the extended timeline to implement the Pillar One international profit reallocation agreement, the countries said Thursday in a joint statement with the U.S.

  • February 15, 2024

    Tax On Tribune's Cubs Sale Troubling, 7th Circ. Judge Says

    A Seventh Circuit judge said Thursday he was troubled by an IRS push to tax Tribune Media Co. on some gains from its sale of the Chicago Cubs that stemmed from a $425 million debt transaction, saying the agency seemed to ignore the relevant legal test.

  • February 15, 2024

    Ga. Jury Convicts PPP Fraudsters In $11M Case

    A Georgia federal jury found a man and woman guilty on Thursday of involvement in a sprawling Paycheck Protection Program loan fraud scheme that defrauded the government of more than $11 million.

  • February 15, 2024

    CPAs Call For Limiting Currency Recomputation Rules

    The IRS should exclude smaller taxpayers from requirements in proposed regulations for companies to recompute foreign currency gains or losses and income or losses into their parent entities' currencies annually, the American Institute of Certified Public Accountants said in a letter.

  • February 15, 2024

    Applicable Federal Interest Rates To Rise In March

    Applicable federal rates for income tax purposes will rise in March, the Internal Revenue Service said Thursday.

  • February 15, 2024

    Pension Plan Segment Rates Increase In February

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

  • February 15, 2024

    Feds Say Tax Prepper Filed Over $1M In False 2020 Returns

    The U.S. Department of Justice's Tax Division took an Ohio tax preparer and his two businesses to federal court alleging he has employed "at least four definable schemes to generate or inflate his customers' refunds" and cost the government $1 million in revenue for the 2020 tax year alone.

  • February 15, 2024

    IRS Improving Security For Info Technology, TIGTA Says

    The Internal Revenue Service is making ample progress remedying security concerns in information technology program areas, the Treasury Inspector General for Tax Administration said in a report published Thursday.

  • February 14, 2024

    FinCEN Head Vows No 'Gotcha' Enforcement Of New Rules

    The director of the U.S. Treasury Department's Financial Crimes Enforcement Network said during a Wednesday congressional hearing that the agency is not pursuing "gotcha" enforcement when it comes to companies complying with new rules for reporting their beneficial ownership information.

  • February 14, 2024

    First Purely Tax Crypto Indictment Signals More On Tap

    Federal prosecutors' first public indictment of an individual who underreported the capital gains from a nearly $4 million legal sale of bitcoin indicates that authorities have opened the floodgates for more criminal cases that deal purely with undisclosed gains on legitimate cryptocurrency transactions.

  • February 14, 2024

    Gov't Atty Says IRS Has Authority For Failure-To-File Penalty

    Internal Revenue Code Section 6021(a) gives the IRS broad authority to assess penalties for failing to file a form mandated by Section 6038(b) on which a company reports its foreign corporations, even though that authority isn't spelled out, a government attorney told the D.C. Circuit on Wednesday.

  • February 14, 2024

    House Declines To Further Consider SALT Cap Relief Bill

    House Democrats and Republicans voted Wednesday against further consideration of a proposal to raise the cap on state and local tax deductions for 2023 for married couples with adjusted gross incomes below $500,000, marking the end of the road for the bill.

  • February 14, 2024

    Tax Court Denies Tipster After Taxpayers Admit Delinquency

    The Internal Revenue Service was right to deny a tipster a whistleblower award for reporting delinquent taxpayers because the taxpayers turned themselves in before the agency could follow up on the tip, the U.S. Tax Court ruled Wednesday.

  • February 14, 2024

    Man 'Knew The Shit Was Wrong,' Jury Told As Fraud Trial Ends

    Federal prosecutors hoping to score convictions in a vast pandemic loan fraud operation told jurors on Wednesday that not only had an Atlanta man on trial worked with the scheme's ringleader to file loan applications with forged tax records, but admitted to the FBI that he "knew the shit was wrong" all along.

Featured Stories

  • First Purely Tax Crypto Indictment Signals More On Tap

    Kat Lucero

    Federal prosecutors' first public indictment of an individual who underreported the capital gains from a nearly $4 million legal sale of bitcoin indicates that authorities have opened the floodgates for more criminal cases that deal purely with undisclosed gains on legitimate cryptocurrency transactions.

  • Lawmakers Brace For Lobbying Blitz On Expiring Tax Breaks

    Stephen K. Cooper

    Some lawmakers foresee an increase in lobbying activity this year as Congress considers renewing parts of the GOP's 2017 tax law that are approaching expiration, while efforts to address the influence of dark money in politics remain on hold.

  • Senate GOP Push For Tax Bill Changes Could Slow Progress

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    Senate Republicans' desire to add their own priorities to the tax bill recently passed by the House, along with a jam-packed Senate agenda, could delay the proposal in its journey to President Joe Biden's desk.

Expert Analysis

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules

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    Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • 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.