Federal

  • December 11, 2024

    Judge Orders Home Sale To Pay Down $1.7M Tax Debt

    A California federal judge ordered the private sale of a deceased couple's home to pay down a $700,000 tax bill that has been accruing interest for 20 years and now stands at roughly $1.7 million.

  • December 10, 2024

    FinCEN Says CTA Still Constitutional In Post-Injunction Alert

    The Financial Crimes Enforcement Network has alerted companies that they do not currently need to file so-called beneficial ownership information with the agency after a federal judge's nationwide preliminary injunction blocking the Corporate Transparency Act, though the bureau maintained that the law calling for such information is constitutional.

  • December 10, 2024

    Morgan Lewis Gets DLA Piper Tax Pro With DOJ Experience

    Morgan Lewis & Bockius LLP announced that it has added to its Boston office a tax attorney from DLA Piper who served as an appellate attorney at the U.S. Department of Justice, Tax Division.

  • December 10, 2024

    Biz Owner In $2.8M Worker Tax Scheme Gets 18 Months

    A construction company owner who failed to pay $2.8 million in employment taxes by falsely claiming his workers were subcontractors was sentenced to 18 months in prison Tuesday and ordered to pay full restitution, according to Massachusetts federal court documents.

  • December 10, 2024

    FBAR Default Against Widow Should Be Vacated, Judge Says

    A New York federal magistrate judge recommended vacating a default judgment against a widow, which would give her a second chance to defend her dead husband's estate against U.S. government claims that it owes $275,000 for his failure to report his account at an Indian bank.

  • December 10, 2024

    Tax Court Nixes Overpayment Refunds In Tolling Row

    A Florida man was correctly denied a pair of tax overpayment refunds that totaled roughly $88,000 because the statutes covering his claims are not governed by equitable tolling rules, the U.S. Tax Court said Tuesday.

  • December 10, 2024

    9th Circ. Nixes Tax Deductions For Disbarred Calif. Attorney

    A California attorney who fought with his neighbors in court cannot take business deductions for the cost of challenging his disbarment and a court's declaration that he is a "vexatious litigant," the Ninth Circuit said Tuesday, upholding a ruling from the U.S. Tax Court.

  • December 10, 2024

    Exxon's Tax Win Sets Path For Liberty Global, 10th Circ. Told

    A ruling allowing Exxon Mobil a U.S. tax deduction for interest expenses in its natural gas deal with Qatar confirms that Liberty Global is entitled to a deduction related to its sale of a Belgian affiliate, an attorney for the telecommunications company told the Tenth Circuit.

  • December 10, 2024

    Soft Landing For Pilot As Billionaire's Insider Case Wraps

    A pilot who admitted to dodging taxes on $500,000 in income after he was accused of taking stock tips from Joe Lewis, his billionaire boss, avoided prison on Tuesday at a sentencing that closed a high-profile insider trading prosecution.

  • December 10, 2024

    Treasury Finalizes Simplified Foreign Currency Rules

    The U.S. Treasury Department finalized regulations Tuesday that aim to simplify aspects of how corporations determine taxable income or loss with respect to certain affiliates that conduct business in a foreign currency.

  • December 09, 2024

    10th Circ. Affirms Nix Of Atty's Racing Expense Deductions

    The Tenth Circuit affirmed Monday the U.S. Tax Court's determination that a Denver personal injury lawyer shouldn't be allowed to deduct about $300,000 for his car racing-related costs as advertising, despite his claims that his races helped him drum up business.

  • December 09, 2024

    Tax Court Lowers Car Dealership Owner's $4.7M Deficiency

    The U.S. Tax Court sided with the owner of a now-shuttered used car dealership Monday in allowing him to deduct certain business expenses, which reduced the IRS' combined $4.7 million assessment of underreported income over a four-year period.

  • December 09, 2024

    US Investment Cos. Benefit In Updated Norway Tax Treaty

    Regulated U.S. investment and holding companies should be able to reap Norwegian tax treaty benefits on dividends, royalties and capital gains without restriction under an updated agreement announced Monday by the Internal Revenue Service.

  • December 09, 2024

    Woman Appeals Tax Court's Canadian Debt Ruling To 9th Circ.

    A woman appealed to the Ninth Circuit a U.S. Tax Court decision that prevented her from challenging a federal tax lien issued by the Internal Revenue Service to secure her $200,000 tax debt to Canada on behalf of the Canadian government. 

  • December 09, 2024

    Chicago Pol's Lies Enough To Keep Conviction, Feds Say

    The government urged the U.S. Supreme Court not to disturb a former Chicago alderman's conviction for lying about money he'd borrowed from a since-shuttered bank, arguing his knowing understatements were enough to illegally mislead federal investigators.

  • December 09, 2024

    Man Owed $264K Under US-Canada Tax Treaty, Court Says

    A U.S. man living abroad is allowed under the U.S.-Canada tax treaty to claim a foreign tax credit for nearly $264,000 in payments of the Affordable Care Act's net investment income tax, the Federal Claims Court said.

  • December 09, 2024

    Feds Seek 2-Year Sentence In Landmark Crypto Tax Case

    The first person ever criminally charged for failing to report gains from the sale of cryptocurrency by filing false returns should be sentenced to more than two years in prison after he admitted underreporting $4 million in bitcoin proceeds, prosecutors told a Texas federal court.

  • December 06, 2024

    DC Circ. Affirms Man's $1.2M 'Seriously Delinquent' Tax Debt

    A Florida man owes more than $1.2 million in federal taxes, the D.C. Circuit said Friday, affirming the Internal Revenue Service's certification of his liability under a law that allows those with a "seriously delinquent" tax debt to have their passport revoked.

  • December 06, 2024

    Trust Distribution Doesn't Violate Holding Law, IRS Says

    A distribution from a trust of tenancy-in-common interests that resulted from the trust's involuntary termination will not prevent the interests from being held for certain investment and business purposes, the IRS said in a private letter ruling released Friday.

  • December 06, 2024

    Gov't Appeals Texas Judge's Block On Anti-Laundering Law

    The U.S. government has appealed a Texas federal judge's order that halted the rollout of new reporting requirements aimed at unmasking anonymous shell companies, setting the stage for the Fifth Circuit to weigh in on the nationwide preliminary injunction.

  • December 06, 2024

    Simpson Thacher Adds Tax Pro From Ropes & Gray

    Simpson Thacher & Bartlett LLP announced the firm has added a tax professional from Ropes & Gray LLP as a partner in its Washington, D.C., office.

  • December 06, 2024

    Biz Owner In $2.8M Worker Tax Scheme Asks To Avoid Prison

    A construction company owner who admitted skirting $2.8 million in employment taxes by claiming that his workers were subcontractors, including one who fell to his death on a job, asked a Massachusetts federal court Friday for a sentence of home confinement rather than prison.

  • December 06, 2024

    Taxation With Representation: Skadden, Gibson Dunn

    In this week's Taxation With Representation, BlackRock buys HPS Investment Partners, TreeHouse Foods Inc. buys Harris Tea, Aya Healthcare acquires Cross Country Healthcare, and Bruin Capital launches a soccer representation business.

  • December 06, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included regulations aimed at making it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.

  • December 05, 2024

    IRS Pick's Retention Credit History Raises Sens.' Hackles

    As senators digested President-elect Donald Trump's nomination of a former U.S. House member to be commissioner of the Internal Revenue Service, some Democrats said the nominee's experience promoting problematic employee retention credits immediately raised questions about his fitness to run the agency.

Expert Analysis

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • Trump's Best Hush Money Appeal Options Still Likely To Fail

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    The two strongest potential arguments former President Donald Trump could raise in appealing his New York hush money conviction seem promising at first, but precedent strongly suggests they will still ultimately fail — though, of course, Trump's unique position could lead to surprising results, says former New York Supreme Court Justice Ethan Greenberg, now at Anderson Kill.

  • Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster

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    Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

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    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

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    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • A Guide To Long-Term, Part-Time Employee Determinations

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    With final regulations under the Secure Act requiring 401(k) retirement benefits for long-term, part-time employees expected soon, Amy Sheridan and David Guadagnoli at Sullivan & Worcester look at how the proposed rules would shift the risk-reward calculus on excluding categories of employees, and what plan sponsors would need to consider when designing retirement plans.

  • After Chevron: Delegation Of Authority And Tax Regulators

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    The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.

  • Lawyers Can Take Action To Honor The Voting Rights Act

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    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Contract Disputes Recap: Preserving Payment Rights

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    Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.

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