Federal
-
January 10, 2025
IRS Finalizes Partnership Basis-Shifting Anti-Abuse Rules
The Internal Revenue Service released final rules Friday that target abusive tax avoidance by large partnerships using basis shifting, requiring partnerships to report certain transactions among related members, including transactions that result from tax-free distributions of partnership property.
-
January 10, 2025
IRS OKs New Test For Classifying Digital, Cloud Transactions
Transactions involving digital content and cloud computing will be classified using a new predominant character test, according to final rules issued Friday by the Internal Revenue Service and the U.S. Department of the Treasury.
-
January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
-
January 10, 2025
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included finalized rules aimed at simplifying how corporations determine taxable income or loss with respect to certain affiliates that conduct business in a foreign currency.
-
January 10, 2025
Treasury Floats Rules For Commercial Green Vehicle Credits
The U.S. Treasury Department and the Internal Revenue Service proposed rules Friday for obtaining tax credits for commercial green vehicles under provisions of the Inflation Reduction Act, suggesting ways for determining the credit amount and identifying which vehicles are eligible.
-
January 10, 2025
Senate Finance Panel To Vet Treasury Nominee Thursday
The Senate Finance Committee will hold a hearing Thursday to consider the nomination of Scott Bessent to serve as the new U.S. Treasury secretary under the incoming administration, Sen. Mike Crapo, R-Idaho, said Friday.
-
January 09, 2025
Suspended Atty Seeks To Avoid Prison Over Payroll Tax Fraud
A suspended Ohio attorney who managed his wife's dental practice and admitted causing a $750,000 tax loss by failing to pay over employment taxes asked a federal court Thursday to spare him a prison sentence, saying he is not the "greedy liar" depicted by federal prosecutors.
-
January 09, 2025
JCT Details TCJA Tax Provisions Scheduled To Expire
A report released Thursday by the Joint Committee on Taxation provided details on the numerous tax provisions implemented under the Tax Cuts and Jobs Act scheduled to expire at the end of 2025.
-
January 09, 2025
Warren Presses IRS Pick On Employee Tax Credit Involvement
Sen. Elizabeth Warren pressed President-elect Donald Trump's nominee for internal revenue commissioner Thursday for more information about his promotion of the employee retention tax credit, a pandemic relief measure associated with rampant fraud.
-
January 09, 2025
EisnerAmper Adds Tax Pro As Partner In Dallas
International business adviser EisnerAmper LLC announced it appointed a certified public accountant from Citrin Cooperman Advisors LLC to serve as a tax partner in the firm's private client services group based in Dallas.
-
January 09, 2025
Delaware Law Firms Kick Off New Year With Atty Promotions
As the new year gets underway, numerous Delaware law firms recently announced attorney promotions, including Bayard PA, Morris James LLP, Potter Anderson & Corroon LLP and Gordon Fournaris & Mammarella PA.
-
January 09, 2025
IRS Gets First Dibs On $1M BP Oil Spill Payout, 11th Circ. Says
The IRS gets first priority to a $1 million settlement BP paid to a staffing company that racked up $23 million in federal tax debt and went bankrupt following the Deepwater Horizon oil spill, the Eleventh Circuit affirmed, denying an insurer's claim to the money.
-
January 08, 2025
Ex-FBI Informant Who Smeared Bidens Gets 6 Years
A former FBI informant who falsely told agents that a Ukrainian energy company had paid off President Joe Biden and his son Hunter was sentenced Wednesday in California federal court to six years in prison.
-
January 08, 2025
Pension Plan Official's Estate Excused From Danish Tax Suit
A New York federal court approved Wednesday an agreement for Denmark's tax authority to settle its claims against the estate of a pension plan official whose plan allegedly defrauded the agency out of $9 million.
-
January 08, 2025
Final Treasury Regs Grow Low-Income Bonus Energy Credits
New hydropower, nuclear, solar, geothermal and other nonpolluting energy facilities developed in areas designated as low-income communities are eligible for bonus investment tax credits under final regulations the U.S. Treasury Department unveiled Wednesday.
-
January 08, 2025
H&R Block To Pay $7M Fine In False Ad Settlement With FTC
Tax preparation giant H&R Block will pay a $7 million fine to help customers harmed by what the Federal Trade Commission called its deceptive advertising practices and make it easier for customers to downgrade to cheaper products under a settlement with the agency announced Wednesday.
-
January 08, 2025
IRS Updates Guidance For Taxes In Employment Disputes
The Internal Revenue Service updated guidance Wednesday related to disputes over whether individuals are considered employees for employment tax purposes as well as clarified situations in which an employer can remit unpaid taxes at reduced rates in cases where the employer treated an employee as a nonemployee.
-
January 08, 2025
Consultant Owes Taxes, Fraud Penalties, Tax Court Says
A healthcare consultant digitally altered documents to claim unwarranted deductions, including one for a three-day hospital stay the medical facility said never happened, according to a U.S. Tax Court ruling Wednesday that sustained $53,000 in taxes and fraud penalties against her.
-
January 08, 2025
Worker Tax Credit Processing Delays Called Serious Problem
Continued delays in processing employee retention tax credit claims is the most serious problem facing the Internal Revenue Service, the national taxpayer advocate said Wednesday in her annual report to Congress, recommending that the agency lift its moratorium on processing new claims.
-
January 08, 2025
US, Swiss To Give Retirement Plans Lower Dividend Tax Rates
The Swiss and U.S. competent authorities agreed to provide lower tax rates on dividends for several types of retirement entities such as trusts that run pensions, qualified annuity plans and individual plans under the two countries' tax treaty, the Swiss government said Wednesday.
-
January 08, 2025
5th Circ. Remands Tax Restitution Nonpayment Sentence
The Fifth Circuit ordered a lower court to reconsider its decision to send a woman who evaded taxes back to prison, saying it should hear her new argument that only a civil punishment was allowed for her failure to pay restitution after she was released.
-
January 08, 2025
Feds Want 2 Years In Prison For Atty In Payroll Tax Fraud
A former Ohio attorney who managed his wife's dental practice should spend at least two years in prison for causing $750,000 in federal tax losses and failing to pay employment taxes, prosecutors urged Wednesday, saying he used the business as a personal piggy bank.
-
January 08, 2025
IRS Delays Thursday Deadlines For Carter Day Of Mourning
Any federal tax payments or returns due Thursday can now be paid or filed Friday due to the national day of mourning for President Jimmy Carter, the Internal Revenue Service said Wednesday.
-
January 07, 2025
H&R Block Accused Of Negligence In Data Breach
An H&R Block user who claims cybercriminals disseminated his personal information on the dark web, after a data breach at the tax preparation firm, accused the company in a proposed class action of failing to properly protect consumer data.
-
January 07, 2025
Cos. Seek Pause Of Retention Credit Processing In Litigation
Two companies that helped clients obtain pandemic-era employee retention tax credits asked Arizona federal district court Tuesday to pause the IRS' use of a system for automatically processing claims, saying harm caused by this process cannot be remedied after litigation.
Expert Analysis
-
Impact Of Corporate Transparency Act Ambiguity On Banks
Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.
-
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
-
Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
-
Congress Should Expand Investment Options For 403(b)s
Lawmakers should pass pending legislation to give 403(b) plan participants access to collective investment trusts, leveling the playing field for public sector retirement investors by giving them an investment option their private sector counterparts have had for decades, says Jason Levy at Great Gray Trust Company.
-
Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
-
Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
-
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
-
Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
-
Rank-And-File DOJ Attorneys Will Keep Calm And Carry On
Career prosecutors at the U.S. Department of Justice often pride themselves on their ability to remain apolitical in order to ensure consistency and keep the department’s mission afloat, and the incoming Trump administration is unlikely to upend this tradition, says Michael Landman at Bird Marella.
-
What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
-
3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
-
Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
-
The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.