Federal

  • 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.

  • September 10, 2024

    Werfel Asked To Clarify How To Treat R&D Costs In M&A

    Accounting firm RSM US LLP, in a letter released Tuesday, asked Internal Revenue Commissioner Daniel Werfel to clarify how to treat research and development costs when a taxpayer disposes of an entire business in a mergers and acquisitions transaction.

  • September 10, 2024

    House Panel To Consider Axing $600 Payment Reporting Law

    The House Ways and Means Committee is set to consider legislation Wednesday that would repeal a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, among other bills.

  • September 10, 2024

    FCC Chair Vows High Court Fight Over Universal Service

    Federal Communications Commission Chair Jessica Rosenworcel told educators the agency will ask the U.S. Supreme Court to overturn a recent Fifth Circuit decision against the Universal Service Fund, the federal program that subsidizes telecom service to low-income and hard-to-reach areas.

  • September 10, 2024

    Trailer Co. Seeks Refund Of $4M In Highway Excise Taxes

    The Internal Revenue Service erroneously assessed federal highway excise taxes on a South Dakota trailer manufacturer even though the agency had already determined that the trailers were exempt from the tax, the company told a federal court as it sought a tax refund of some $4 million.

  • September 10, 2024

    IRS Extends Tax Deadlines For NY, Conn. Storm Victims

    Victims of severe storms and flooding in New York and Connecticut will have more time to file some tax returns and make estimated payments, the Internal Revenue Service announced Tuesday.

  • September 09, 2024

    IRS Urges 11th Circ. To Affirm Denial Of $18M In Deductions

    A Florida real estate developer was correctly denied $18 million in tax deductions on loans his companies made for residential projects that became worthless, the U.S. government told the Eleventh Circuit on Monday, saying the money went to insiders and didn't qualify as real debt entitled to the write-offs.

Expert Analysis

  • Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • What Updated PLR Procedure May Mean For Stock Spin-Offs

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    A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.

  • Proposed Cannabis Reschedule Sidesteps State Law Effects

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    The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • Geothermal Energy Has Growing Potential In The US

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    Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential to draw on the skills of existing highly specialized oil and gas workers and renewable specialists, say attorneys at Weil.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Trump Hush Money Case Offers Master Class In Trial Strategy

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    The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad facts, craft a simple story that withstands attack, and cross-examine with that story in mind, says Luke Andrews at Poole Huffman.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • State-Regulated Cannabis Can Thrive Without Section 280E

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    Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.

  • Asset Manager Exemption Shifts May Prove Too Burdensome

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    The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.

  • A Look At New IRS Rules For Domestically Controlled REITs

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    The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.

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