Federal
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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.
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September 27, 2024
Taxation With Representation: Kirkland, Skadden, Cleary
In this week's Taxation With Representation, Blackstone and Vista Equity Partners acquire Smartsheet Inc., Macquarie Asset Management takes a stake in D.E. Shaw Renewables Investment Group, and Apogee Enterprises Inc. buys UW Interco LLC from Heartwood Partners.
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September 27, 2024
US Trade Group Pushes OECD On Compliance Burden
The Organization for Economic Cooperation and Development needs to do more work on the safe harbor provisions of its Pillar Two 15% global corporate minimum tax plan — including potentially making it permanent — among other compliance burden concerns, the National Foreign Trade Council said Friday.
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September 27, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included a U.S. Treasury Department decision to drop a rule that would have set a zero value for the property of an estate that is not declared on the estate's tax return or is discovered after the return is filed.
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September 26, 2024
Tax Court Rejects Gasoline Deductions For Stove Store Owner
The owner of a New York stove and fireplace store had about $1 million in receipts for 2014 and isn't entitled to deduct gasoline and depreciation expenses, the U.S. Tax Court said Thursday, sustaining most of a determination made by the Internal Revenue Service.
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September 26, 2024
Montreal Exchange Is A Qualified Exchange, IRS Says
The Montreal Exchange is a qualified board or exchange for purposes of mark-to-market contracts under Internal Revenue Code Section 1256(g)(7)(C), the Internal Revenue Service said Thursday.
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September 26, 2024
IRS Rolls Out Process to Fix Worker Credit Claims
The Internal Revenue Service has started a supplemental claim filing process to allow third-party payers who handle tax and payroll reporting for clients to fix incorrect unprocessed claims for the employee retention credit, the agency said Thursday.
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September 26, 2024
Collection Agents Need Representation Guidance, TIGTA Says
The Internal Revenue Service needs to provide guidance for private collection agency employees for cases in which taxpayers request a representative, such as an attorney, while on a call, the Treasury Inspector General for Tax Administration said Thursday.
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September 26, 2024
IRS Hiring Up, But Process Often Takes Too Long, TIGTA Says
While the Internal Revenue Service increased its hiring by 41% between fiscal years 2022 and 2023, it took longer than the agency's 80-day target to hire over 35% of the nearly 53,000 new employees due to numerous problems, the Treasury Inspector General for Tax Administration said Thursday.
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September 26, 2024
Tariff Tax Base Too Small To Replace Income Tax, Report Says
Higher tariffs can't replace income tax revenue, as former President Donald Trump has suggested, since U.S. imports total $3 trillion annually while incomes top $20 trillion, but they would lower incomes by raising prices for U.S. consumers, a think tank reported Thursday.
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September 26, 2024
Oil Estate Must Boost Value By $6M, Tax Court Says
The estate of a woman who inherited an oil company must include in its value over $6 million more to account for her relationship with a limited partnership formed by her great-nephew, the U.S. Tax Court ruled Thursday.
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September 26, 2024
Harris' And Trump's Tax Plans Each Add To Deficit, Study Says
The U.S. federal deficit would grow by at least $2 trillion over the next decade from the tax policy plans of both major parties' candidates, former President Donald Trump and Vice President Kamala Harris, researchers said Thursday.
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September 26, 2024
Texas Energy Co. Is Owed $8.1M Research Credit, Court Told
An energy company that said it developed a method for recycling water produced by fracking is owed $8.1 million in tax credits for research related to developing new oil production methods in the U.S. and Canada, the company told a Texas federal district court.
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September 26, 2024
Senate Confirms Two More Tax Court Judges
The U.S. Senate approved two more of President Joe Biden's nominees to serve on the U.S. Tax Court, marking the fourth and fifth judges the chamber has confirmed to the court in the past two months.
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September 25, 2024
Remote Sales Tax Compliance Burdens Small Biz, Senate Told
The 2018 Wayfair decision has burdened small businesses with significant compliance costs to collect and remit taxes in thousands of jurisdictions across the U.S., state tax experts told a U.S. Senate subcommittee Wednesday.
Expert Analysis
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Pros, Cons Of Disclosing Improper Employee Retention Credit
Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Brownfield Questions Surround IRS Tax Credit Bonus
Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.