Federal

  • August 28, 2024

    Feds Looks To Toss Ex-Citizens' Renunciation Fee Challenge

    The federal government asked a D.C. federal judge to throw out a lawsuit brought by former U.S. citizens who want their $2,350 citizenship renunciation fee refunded, arguing during a Wednesday hearing that the United States is immune from the litigation and the plaintiffs can't relitigate claims that they already lost.

  • August 28, 2024

    3 Items Tax Pros Want To See In Student Loan Matching Regs

    Practitioners and experts are hoping the IRS will flesh out a recently released notice on student loan matching contributions to retirement plans with details including how to fix errors and whether plans may need to be changed depending on how they provide matches. Here, Law360 explores three issues practitioners and observers want the agency to address.

  • August 28, 2024

    Mo. Partnership Challenges Nix Of $79M Easement Deduction

    The Internal Revenue Service offered no explanation for its claims that a Missouri partnership's conservation easement donation was overvalued and didn't serve a conservation purpose, the partnership told the U.S. Tax Court in challenging the rejection of a $79 million tax deduction.

  • August 28, 2024

    5th Circ. Upholds Tax Preparer's Sentence, Delays Restitution

    The Fifth Circuit upheld a Texas federal jury's conviction that resulted in a prison sentence for a tax preparation service owner for assisting in filing false tax returns, but it determined that the nearly $72,000 in restitution that she owes should be delayed until after her sentence ends.

  • August 28, 2024

    IRS Must Reconsider Pair's Ability To Pay Tax Liability

    The U.S. Tax Court sent a case involving a levy against a pair of Californians for six years' worth of tax deficiencies back to the IRS' Office of Appeals, saying Wednesday that more work needs to be done to determine the couple's ability to pay.

  • August 28, 2024

    IRS Corrects Proposed Foreign Currency Accounting Regs

    The Internal Revenue Service issued corrections Wednesday to proposed rules that would adjust the timing for when companies could opt to use what is known as the mark-to-market accounting method for gains or losses that arise from foreign currency transactions.

  • August 28, 2024

    NY Firm Calls Gas Co.'s Contract And Fee Claims Duplicative

    Albany, New York-based Whiteman Osterman & Hanna LLP has moved to trim breach of contract and disgorgement of fees claims brought by a former client over allegedly bungled tax advice, telling a New York federal judge the claims are redundant when the ex-client is also pursuing a legal malpractice cause of action. 

  • August 28, 2024

    Atlanta's Ex-CFO Gets 3 Years For 'Triple-Dipping' In Coffers

    Atlanta's former chief financial officer became the latest city hall official to head to prison on corruption charges Tuesday, after getting hit with a three-year prison sentence for what prosecutors called a "triple-dipping" scheme into city coffers to pay for swanky vacations and illegal firearms.

  • August 28, 2024

    Jury Justified In Dismissing $2.2M FBAR Case, Court Rules

    A financial adviser will not face a new trial after an Arizona federal court ruled there was sufficient evidence for a jury to clear him in January of failing to report foreign bank accounts, sparing him at least $2.2 million in penalties.

  • August 28, 2024

    Sysco, IRS Asked To Address Varian's Foreign Dividend Win

    The U.S. Tax Court asked food services giant Sysco and the IRS to address how a tax dispute between them is affected by a recent ruling in a similar case that found medical device company Varian can claim a deduction for foreign dividends.

  • August 28, 2024

    Farm Co. Defends Switch To Amortization In 8th Circ. Tax Fight

    An Arkansas company that leases land eligible for government farm subsidies was entitled to start amortizing the acres for better tax treatment without notifying the IRS, the company told the Eighth Circuit, asking the court to overturn a decision denying its related deductions for 2013 and 2014.

  • August 28, 2024

    Treasury To Require Reports On All-Cash Real Estate Deals

    Anyone who transfers real estate to a legal entity in an all-cash transaction, including attorneys, will be required starting Dec. 1, 2025, to inform the U.S. Treasury Department about that entity's beneficial owners and their identification numbers under a final rule issued Wednesday. 

  • August 28, 2024

    Greenberg Traurig Builds PE Team With Kirkland Hires

    Greenberg Traurig LLP has brought on two fund formation partners from Kirkland & Ellis LLP to continue its growth into the private equity space, according to an announcement this week by the firm.

  • August 28, 2024

    IRS Art Advisory Panel To Discuss Appraisals In Sept.

    The Internal Revenue Service's Art Advisory Panel will meet next month to discuss fair market appraisals of pieces of art for tax purposes, the agency said Wednesday.

  • August 28, 2024

    Virgin Islands Tax Deadlines Delayed After Tropical Storm

    Taxpayers in the U.S. Virgin Islands will be given until Feb. 3 to file individual and business tax returns and make payments after the area was hit by Tropical Storm Ernesto this month, the Internal Revenue Service said Wednesday.

  • August 28, 2024

    Atty Can't Escape Danish Tax Agency's $2.1B Tax Fraud Suit

    An attorney in a $2.1 billion tax fraud case brought by the Danish tax authority cannot argue that a suit filed against him as an individual should be dismissed because it was filed late, a New York federal court ruled.

  • August 27, 2024

    Gov't Says Doctor Can't Escape Contempt Fine In FBAR Case

    A doctor challenging his $20,000 civil contempt fine for failing to follow a court order to repatriate money from his foreign bank account to cover $1.1 million in tax liabilities shouldn't be allowed to escape the penalty, the U.S. government argued Tuesday.

  • August 27, 2024

    TIGTA Flags Due Process Issues In IRS' Lien Practices

    The Treasury Inspector General for Tax Administration found that the Internal Revenue Service had numerous issues that affected due process for taxpayers whom it filed lien notices against, according to a report published Tuesday.

  • August 27, 2024

    Treasury Asked To Scrap Stock Buyback Tax's Funding Rule

    Business groups urged the U.S. Treasury Department on Tuesday to remove what's known as the funding rule in forthcoming final regulations on the stock buyback tax, saying the provision would go beyond Congress' intentions for the levy, which aims to deter companies from giving outsize rewards to shareholders.

  • August 27, 2024

    TIGTA Calls For Better Guarding Of Shared Tax Info

    The Treasury Inspector General for Tax Administration identified ways Tuesday it said the Internal Revenue Service should work with state agencies to improve the handling of federal tax information it shares with them, including nudging them to file required security reports.

  • August 27, 2024

    Candidates' Plans To End Tip Taxes Spark Fairness Concerns

    The Democratic and Republican presidential nominees have both proposed eliminating taxes on tips for restaurant and hospitality workers, but tax experts say such a policy would unfairly pick winners and losers among workers and its benefits would be unevenly spread.

  • August 27, 2024

    Gov't Urged To Stem Abuse Of Carbon Capture Credits

    The federal government should take measures to stop the abuse of tax credits for carbon capture and storage, more than 100 environmental groups told the U.S. Treasury Department and the Environmental Protection Agency in a letter released Tuesday.

  • August 27, 2024

    Biz Owner Gets 22 Months For Keeping $2.5M In Payroll Tax

    A man who ran construction companies was sentenced to nearly two years in prison and ordered to pay about $2.5 million in restitution to the federal government after admitting he didn't pay employment taxes, the U.S. Attorney's Office for the Northern District of Georgia said Tuesday.

  • August 27, 2024

    Ex-Trooper Asks To Delay Prison In OT Scam Amid Appeal

    A former Massachusetts state trooper asked to stay his five-year prison sentence for stealing overtime pay, lying on his taxes and cheating to get student aid for his son — a request prosecutors said was "yet another attempt to delay justice in this case."

  • August 27, 2024

    Maine Joining IRS' Free E-File Program In 2025

    The Internal Revenue Service's free electronic tax filing program, Direct File, will be available in Maine for the 2025 tax filing season, the IRS and U.S. Treasury Department announced Tuesday.

Expert Analysis

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks

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    Attorneys at Skadden examine how a bipartisan bill currently being considered by the U.S. Senate to save the Tax Cuts and Jobs Act's tax breaks for research and development costs, and other expiring business-friendly provisions, would affect taxpayers.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • IRS Sings New Tune: Whistleblower Form Update Is Welcome

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    In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Energy Community Tax Credit Boost Will Benefit Wind Sector

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    Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

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