Federal

  • September 16, 2024

    IRS Floats Definition Of 'Covered Month' For Premium Credit

    The IRS on Monday proposed expanding the definition of a "covered month" for purposes of the health insurance premium tax credit to include the first month of the grace period for which an individual does not pay the premium in full but still receives coverage.

  • September 16, 2024

    IRS Cancels Hearing On 'Basket Contract' Transactions Rule

    The Internal Revenue Service canceled a hearing on proposed rules that would flag what are known as basket option contracts as potentially abusive listed transactions, according to a notice released Monday.

  • September 13, 2024

    The 2024 Regional Powerhouses

    The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.

  • September 13, 2024

    IRS Monitoring Of Cloud IT Security Lacking, TIGTA Says

    An audit of the IRS' cloud computing systems found that the agency was lacking in several areas, including not keeping up with systems to maintain the security of cloud computing services, according to a report released Friday by the Treasury Inspector General for Tax Administration.   

  • September 13, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included proposed regulations on clean electricity low-income community bonus credits and procedures for obtaining the IRS' automatic consent to change accounting methods to comply with changes to the treatment of research and development costs.

  • September 13, 2024

    Mortgage Co. CEO Gets 11 Years In Prison For Ponzi Scams

    A mortgage company owner was sentenced Thursday to 11 years and three months in prison for defrauding investors, a community bank and the government's pandemic relief program to cover gambling debts and personal expenses like luxury cars, Philadelphia's top federal prosecutor announced.

  • September 13, 2024

    Treasury Proposes Rules Defining Tax-Exempt Tribal Benefits

    Treasury and the Internal Revenue Service released proposed rules Friday that would define what qualifies as tribal welfare benefits exempt from taxable income.

  • September 13, 2024

    IRS Extends La. Tax Deadlines For Francine Storm Victims

    Victims of Hurricane Francine throughout Louisiana will have more time to file some tax returns and make estimated payments, the Internal Revenue Service announced Friday.

  • September 12, 2024

    AGs Ask 2nd Circ. To Revive Their SALT Cap Workaround Suit

    Attorneys general from New York, New Jersey and Connecticut asked the Second Circuit to revive their challenge to an IRS rule prohibiting workarounds to the federal cap on state and local tax deductions, saying the rule was arbitrary and contrary to congressional intent.

  • September 12, 2024

    Convicted Fraudster Seeks To Challenge $21M Restitution

    A Florida man convicted of defrauding hospitals in a payroll fraud scheme urged the Eleventh Circuit Thursday to allow him to challenge a $21 million restitution award while still in prison, saying he wasn't allowed to challenge inaccurate information during sentencing.

  • September 12, 2024

    Wilson Sonsini Hires Tax Pro From Slaughter and May

    Wilson Sonsini Goodrich & Rosati PC has recruited a tax specialist from Slaughter and May to its office in London to boost its strengths representing U.K. and European technology and life sciences companies that are expanding in the U.S. and globally.

  • September 12, 2024

    Ex-Mass. State Sen. Tran Convicted Of Pandemic Aid Fraud

    Former Massachusetts State Sen. Dean Tran was convicted Wednesday of fraudulently collecting pandemic unemployment benefits after he was voted out of office and of cheating on his taxes.

  • September 12, 2024

    House OKs Tightening Restrictions On Tax Credit For EVs

    The U.S. House of Representatives voted in favor of a bill Thursday that would place further restrictions on qualifications for a tax credit for new electric vehicles amid concerns that current limits don't do enough to keep the benefits from flowing to foreign adversaries, including China.

  • September 12, 2024

    IRS Lacked Way To Track CAMT Comments, TIGTA Finds

    The IRS Office of Chief Counsel did not always track comments it received in response to guidance issued on the corporate alternative minimum tax and did not have detailed procedures in place for the pre-rulemaking guidance process, the Treasury Inspector General for Tax Administration reported Thursday.

  • September 12, 2024

    Treasury Floats Long-Awaited Rules For Corp. Minimum Tax

    Treasury and the IRS released eagerly awaited rules Thursday on the new 15% corporate alternative minimum tax on corporations with reported profits of $1 billion or more, taking a step toward implementing a key provision of President Joe Biden's signature 2022 tax and climate law.

  • September 11, 2024

    Philly Loan Biz Brothers Admit To $100M Investment Scam

    The two brothers helming Philadelphia's Par Funding cash advance company admitted to reaping $100 million through an investment fraud scheme that could land them each over a decade in prison, Philadelphia's top federal prosecutor announced.

  • September 11, 2024

    Tax Court Affirms Sushi Restaurant Owner's Labor Deductions

    The U.S. Tax Court ruled Wednesday that the owner of an Alabama sushi restaurant was entitled to deduct nearly $292,000 in contract labor expenses for 2015 and 2016.

  • September 11, 2024

    House Tax Panel OKs Repeal Of $600 Reporting Threshold

    The House Ways and Means Committee advanced several bills Wednesday, including one that would repeal a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more.

  • September 11, 2024

    Mass. Jury Weighs Raft Of Fraud Charges Against Ex-Pol

    A Boston federal jury resumed deliberations Wednesday in a criminal case alleging a former Massachusetts state senator lied on his taxes and an application for pandemic unemployment aid, after the ex-politico testified in his own defense.

  • September 11, 2024

    Bipartisan House Bill Would Make Short Rail Credit Permanent

    A bipartisan bill introduced in the U.S. House of Representatives would permanently extend a tax credit for regional and short-line railroads that expired at the end of 2017, according to an announcement Wednesday.

  • September 11, 2024

    Worker Credit Moratorium Effectively Killed Claims, Court Told

    An Internal Revenue Service moratorium on processing tax credits for retaining employees during the coronavirus pandemic has effectively disallowed the granting of credits to deserving businesses, a Texas Montessori school told a federal court as it pursued a refund of nearly $200,000 in credits.

  • September 11, 2024

    McCarter & English Recruits EY Tax Pro In New Jersey

    McCarter & English LLP has bulked up its tax and employee benefits team in New Jersey with a longtime Ernst & Young expert at a time when the Garden State's business community is bracing for regulations on a series of corporate tax reforms. 

  • September 11, 2024

    Missouri Man Gets 3 Years In Prison For Fraud, Tax Crimes

    A Missouri man was sentenced to three years in prison for attempting to raid bank accounts and fetching roughly $3 million in corporate tax refunds for a bogus company, Connecticut's top federal prosecutor announced.

  • September 11, 2024

    Latham Hires Senior Tax Pro From Travers Smith In London

    Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.

  • September 10, 2024

    Wealthiest 0.01% Had 34% Average Tax Rate, JCT Says

    The income group constituting the top 0.01% wealthiest individuals had an average federal tax rate of 34% in 2019, the Joint Committee on Taxation said in a report on high-income and high-wealth taxpayers.

Expert Analysis

  • Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • Reading Between The Lines Of Justices' Moore Ruling

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    The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

  • After Chevron: Uniform Tax Law Interpretation Not Guaranteed

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    The loss of Chevron deference will significantly alter the relationship between the IRS, courts and Congress when it comes to tax law, potentially precipitating more transparent rulemaking, but also provoking greater uncertainty due to variability in judicial interpretation, say Michelle Levin and Carneil Wilson at Dentons.

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • How High Court Approached Time Limit On Reg Challenges

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    The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

  • A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue

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    The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.

  • Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Tracking Implementation Of IRA Programs As Election Nears

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    As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.

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