Federal
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October 01, 2024
High Court Urged To Let Stand IRS Win In Bankruptcy Case
The U.S. Supreme Court should let stand a decision that late-filed returns prevented a taxpayer from discharging his federal tax debt in bankruptcy, the government argued, saying the taxpayer has inaccurately claimed that issues at the heart of his case have created a significant circuit split.
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October 01, 2024
Treasury Plans Final Direct Pay Partnership Regs By Year-End
The U.S. Treasury Department is eyeing the end of the year to finalize regulations for development projects to elect out of their partnership tax status to qualify for a direct cash payment of their clean energy tax credits, an official said Tuesday.
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October 01, 2024
Estate Exaggerating Value Of Exec's Tax Tipoff, DC Circ. Told
A Dutch bank executive's estate is "vastly" overstating the significance of his tips to the IRS in seeking a whistleblower award for his reporting of tax schemes, the U.S. government told the D.C. Circuit, urging it to uphold the U.S. Tax Court's denial of the award.
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October 01, 2024
IRS Delays Tax Deadlines In Ill. After July Storms
Taxpayers in seven Illinois counties will have until Feb. 3 to file individual and business tax returns and make payments after portions of the state were hit by severe storms and tornadoes in July, the Internal Revenue Service said Tuesday.
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September 30, 2024
11th Circ. Skeptical Of Peanut Truck Co.'s Excise Tax Refund
The Eleventh Circuit seemed skeptical of a lower court's decision to award a $37,000 excise tax refund to a manufacturer on its sale of wagons for carrying and drying peanuts, suggesting during oral arguments that the semitrailers may fail to qualify for a tax exemption for off-road vehicles.
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September 30, 2024
Biz Owner Gets 18 Months For Tax Fraud On $2.8M In Income
The owner of a metal fabrication company who admitted to neglecting to report nearly $3 million in business income to the Internal Revenue Service was sentenced to 18 months in prison, according to Connecticut federal prosecutors.
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September 30, 2024
IRS Seeks Input On Draft Partnership Basis-Shifting Form
The Internal Revenue Service asked for comments Monday on a draft form and instructions for partners to disclose all the property they receive from partnerships, part of upcoming regulations meant to target abusive tax avoidance that uses sophisticated partnership basis-shifting transactions.
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September 30, 2024
Ex-Jersey Shore Mayor Admits To Benefits Theft, Tax Crimes
The former mayor of Wildwood, New Jersey, has admitted to unlawfully obtaining state health benefits, failing to disclose his outside employment and neglecting to report income from that job on state tax returns, New Jersey Attorney General Matthew J. Platkin and the Office of Public Integrity and Accountability announced Monday.
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September 30, 2024
Feds Seek Prison In Tax Case Linked To 'China Initiative'
Prosecutors have asked a Texas federal judge for an 18- to 24-month prison sentence for a Chinese-born engineer who pled guilty to tax crimes after being charged with export violations and fraud in a case the defense claims began as an espionage investigation under the U.S. Department of Justice's now-disbanded "China Initiative."
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September 30, 2024
IRS Appeals Office Tests Group Mailbox For Large Cos.
The Internal Revenue Service's Independent Office of Appeals announced Monday that it will test out a program intended to help enhance secure messaging for large businesses with multiple representatives by allowing them to request a group mailbox to communicate with their assigned Appeals employee.
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September 30, 2024
Supplement Co. Owes $1.3M Of Ex-Owner's Tax, US Says
A health supplements company and its owners owe the federal government about $1.3 million in taxes stemming from the liabilities of the company's previous owner, the U.S. said in a complaint Monday in a Connecticut federal court.
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September 30, 2024
43K Issues In IRS Application Overdue For Fixes, TIGTA Says
A review of two Internal Revenue Service system applications discovered that one had more than 43,000 vulnerabilities that were overdue for being patched, the Treasury Inspector General for Tax Administration said in report released Monday.
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September 30, 2024
IRS Grants Relief To Farmers Impacted By Drought
The Internal Revenue Service granted tax relief Monday to qualified farmers and ranchers in 41 states and other regions that were forced to sell their livestock due to drought conditions, extending the time they have to replace their animals and still defer taxes on capital gains from selling.
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September 29, 2024
Hunter Biden's Tax Privacy Case Can Proceed, Judge Says
Hunter Biden can move forward with his lawsuit against the federal government alleging the unauthorized disclosure of his tax return information by special agents and their attorneys who talked publicly about an investigation that culminated in Biden's copping to criminal tax charges, a D.C. federal judge ruled.
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September 27, 2024
Corporate Raider Accused Of Shirking $180M SEC Judgment
Corporate takeover specialist Paul A. Bilzerian, accused of ducking a more than $180 million judgment owed to the U.S. Securities and Exchange Commission for decades, was indicted alongside his longtime accountant and his cannabis company on Thursday, California federal prosecutors said Friday.
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September 27, 2024
Ex-Citizens' Renunciation Fee Suit Shipped To Claims Court
A D.C. federal judge ruled that a lawsuit brought by former U.S. citizens seeking a refund on their $2,350 citizenship renunciation fee belongs in the Court of Federal Claims.
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September 27, 2024
Constitution Permits Blocked Anti-Laundering Law, Panel Told
The U.S. government urged the Eleventh Circuit on Friday to reinstate the Corporate Transparency Act passed in 2021, arguing that the anti-money laundering law is within Congress' powers to regulate economic activity and necessary to have businesses report beneficial ownership to combat crimes like tax evasion and terrorist financing.
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September 27, 2024
Feds Say Crypto 'Godfather' Bribed Cops, Dodged Taxes
California federal prosecutors have accused a cryptocurrency startup founder nicknamed "The Godfather" of extortion, robbery and failing to pay taxes on fraudulent income that he allegedly used for personal luxuries including a Bel Air mansion rental and cosmetic surgery to make his legs longer.
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September 27, 2024
The Tax Angle: Pass-Through Tax Relief, Corporate Rate Cut
From a look at GOP efforts to extend the tax deduction for pass-through businesses to former President Donald Trump's proposal to cut the corporate tax rate to 15%, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
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September 27, 2024
IRS Plans Transition Rules In Basis-Shifting Regs, Atty Says
The IRS plans to include transition rules in forthcoming proposed regulations that aim to clamp down on abusive tax avoidance practices through complex partnership transactions known as basis shifting, an agency attorney said Friday.
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September 27, 2024
Alvarez & Marsal Tax Appoints Former Weil Official
Alvarez & Marsal's tax affiliate announced it has appointed a former Weil Gotshal & Manges LLP executive as a senior official for the firm's compensation and benefits practice.
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September 27, 2024
Ex-Mass. State Sen. Says Conviction By All-White Jury Unfair
A former Massachusetts state senator has said his conviction on pandemic unemployment aid and tax fraud charges should be thrown out in part because the jury was all white.
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September 27, 2024
IRS Hopes To Clarify 'Friendly Doctor' Arrangements
The Internal Revenue Service hopes to release general guidance on arrangements in which a physician's business can be run by a separate entity, known as friendly doctor arrangements, an agency official said Friday.
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September 27, 2024
Corp. AMT Rules Could Wrap In Smaller Partnerships
Recently proposed rules on the U.S. corporate alternative minimum tax create new concerns for partnerships of various sizes that could be forced to comply with complex reporting requirements unless the government introduces carveouts, tax observers said.
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September 27, 2024
IRS Told To Improve Notices Of Disaster-Related Delays
An estimated 390,000 taxpayers in federal emergency and disaster areas may have paid the balances owed on their taxes before a postponed due date because of Internal Revenue Service notices that did not clearly inform taxpayers of the postponement, the Treasury Inspector General for Tax Administration said Friday.
Expert Analysis
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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The Art Of Asking: Leveraging Your Contacts For Referrals
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.
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Unpacking The Bill To Extend TCJA's Biz-Friendly Tax Breaks
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.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
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.
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IRS Sings New Tune: Whistleblower Form Update Is Welcome
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.
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This Earth Day, Consider How Your Firm Can Go Greener
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.
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Energy Community Tax Credit Boost Will Benefit Wind Sector
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.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
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.
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Practicing Law With Parkinson's Disease
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.
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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.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
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.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
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.
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Requiring Leave To File Amicus Briefs Is A Bad Idea
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.