Federal

  • May 09, 2024

    House Bill Would Increase Penalties For Tax Info Disclosure

    House Ways and Means Committee Chairman Jason Smith introduced legislation co-sponsored by all the panel's Republican members to boost penalties for unauthorized releases of taxpayer data, according to a statement Thursday.

  • May 09, 2024

    IRS Details Process For Suspending Tax Pro File Numbers

    The IRS described a process Thursday for suspending authorization file numbers assigned to tax professionals pending further review because of possible identity theft or other fraud and said in a statement that the risks potentially compromised numbers pose for tax pros and taxpayers are a growing concern.

  • May 09, 2024

    Mich. Doctor Ordered To Stay In Jail Until Assets Repatriated

    A Michigan doctor fighting accusations that he failed to report his foreign bank accounts will stay in jail, as a federal court declined to release him Thursday when he didn't comply with an order to deposit over $1 million to cover the judgment against him.

  • May 09, 2024

    Tax Interest Rates To Stay Same In 3rd Quarter

    The Internal Revenue Service's interest rates for overpayments and underpayments of tax won't change in the third quarter of 2024, the agency said Thursday.

  • May 09, 2024

    Plumbing Co. Owner Cops To Tax Scheme Tied To Gold Bars

    The co-owner of a Boston plumbing supply company pled guilty Thursday to underreporting his business and personal income, after prosecutors said he plowed some of the unreported receipts into $10 million worth of gold and silver bars.

  • May 09, 2024

    Treasury's Energy Tax Credit Regs Leave Room For 'Chaining'

    The U.S. Department of the Treasury has said it is prohibiting the practice known as chaining that links two new ways to monetize clean energy tax credits, but recent final rules governing the two methods left the door open to possible exceptions.

  • May 09, 2024

    Biden Taps Housing Atty, 2 More For Tax Court

    President Joe Biden nominated three attorneys Thursday to serve as judges on the U.S. Tax Court, including a housing attorney who specializes in federal low-income housing tax credits, a legislative counsel for the Joint Committee on Taxation and an IRS attorney.

  • May 09, 2024

    Pension Plans Want Witness Stopped In $2B Danish Dispute

    U.S. pension plans accused by Denmark's tax authority of committing $2.1 billion in fraud against the European country by taking illegal refunds on dividends asked a New York federal court to reject the authority's request to depose a witness who pled guilty in Denmark.

  • May 09, 2024

    IRS Turning to Final PFIC Rules This Year, Official Says

    The Internal Revenue Service expects to "begin in earnest" this year on final regulations for partnerships that hold stock in passive foreign investment companies, including guidance that would treat partnerships as an aggregate of their partners, an agency official said Thursday.

  • May 09, 2024

    Chamberlain Hrdlicka Rehires Tax Atty From Atlanta Boutique

    Chamberlain Hrdlicka White Williams & Aughtry PC has rehired one of its former tax attorneys, who joins the firm in Atlanta after working at a tax law-focused boutique, the firm announced Wednesday.

  • May 09, 2024

    IRS Publishes Inflation-Adjusted HSA Amounts

    The Internal Revenue Service issued the inflation-adjusted amounts Thursday for health savings accounts for 2025 as well as the maximum amount that may be made available for excepted benefit health reimbursement arrangements.

  • May 08, 2024

    Fla. Man Owes $2.3M Tax For Late Mother's Estate, US Says

    A Florida man spent millions of dollars on mortgage payments on his and his family members' properties using funds from his late mother's estate instead of paying the more than $2.3 million in taxes that the estate owed, the government said in its bid for an early win.

  • May 08, 2024

    Bill To Undo SEC Crypto Accounting Bulletin Passes House

    Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.

  • May 08, 2024

    IRS May Float Disguised Sale Partnership Rules, Official Says

    The Internal Revenue Service is considering "re-proposing" regulations that it withdrew in 2019 regarding the disguised sale of property to or by a partnership, an agency official said Wednesday.

  • May 08, 2024

    Top House Tax Writer Pushing Schumer For Tax Bill Vote

    House Ways and Means Committee Chairman Jason Smith has urged Senate Majority Leader Chuck Schumer to bring up the tax bill passed by the House in January, Smith said Wednesday, adding that the delay is jeopardizing the proposal's support.

  • May 08, 2024

    TCJA Extension Would Cost $4.6T, CBO Report Says

    Extending the provisions of the Tax Cuts and Jobs Act for 10 years under a proposal from Republicans would increase the U.S. deficit by $4.6 trillion, according to a report issued Wednesday by the Congressional Budget Office after a request from Democratic senators.

  • May 08, 2024

    DOJ Says Man Owes $6.2M After Failing To Report Foreign Biz

    A man owes tax penalties of $6.2 million to the U.S. after failing to disclose his ownership interests in two foreign entities from 1997 to 2004, the government told a California federal court Wednesday.

  • May 08, 2024

    Biz Groups Tell 10th Circ. Economic Substance Doesn't Apply

    The economic substance doctrine doesn't apply when a business considers tax in making a choice between two legally permissible alternatives, two organizations told the Tenth Circuit in their briefs supporting Liberty Global's position in its $109 million tax refund bid.

  • May 08, 2024

    4th Circ. Asks If High Court Ruling Bars Credit Suisse Tipster

    A Fourth Circuit panel questioned Wednesday whether a U.S. Supreme Court ruling prevented it from reviving a whistleblower case by a former Credit Suisse employee alleging the bank helped U.S. citizens evade taxes after paying a $2.6 billion criminal penalty.

  • May 08, 2024

    Auto Cos. Brace For EV Battery Compliance Hurdles

    New federal regulations aimed at shoring up the domestic electric vehicle manufacturing supply chain give automakers a much-needed two-year cushion to navigate a compliance minefield, and to figure out how to reinvigorate the recent waning consumer demand for electric vehicles.

  • May 08, 2024

    Minn. Man Sentenced To Prison For Role In $6.7M Fraud

    A Minnesota man was sentenced in federal court to 108 months in prison and told to pay more than $4.7 million in restitution for running a scheme that led to the filing of false tax returns that caused roughly $6.7 million in tax losses, the U.S. Department of Justice said.

  • May 08, 2024

    Ambulance Co.'s Former Owner Gets 6 Years For Tax Evasion

    The former owner of an ambulance company was sentenced to more than six years in federal prison for failing to pay employment taxes to the federal government and obstructing the Internal Revenue Service as it tried to collect, according to Virginia federal court documents.

  • May 08, 2024

    A Foley Hoag Co-Chair Joins Litigation Firm As Name Partner

    Litigation and dispute resolution firm Elliott Kwok Levine & Jaroslaw LLP will operate under a new name after welcoming as its newest name partner a former federal prosecutor who most recently co-chaired Foley Hoag LLP's white-collar crime and government investigations practice.

  • May 08, 2024

    DOD Trucking Contractor Owner Indicted On $1M Tax Evasion

    The owner of a trucking company that hauled military supplies for the U.S. Department of Defense tried to evade more than $1 million in taxes partly by using a nominee company headed by her former dispatcher, according to an indictment by a federal grand jury in Ohio.

  • May 08, 2024

    Offshore Drilling Co. Demands $70M Refund From IRS

    The IRS wrongfully withheld $69.7 million in tax refunds to an offshore drilling company, despite acknowledging that the refunds are justified by net operating loss carrybacks authorized by a pandemic law and then promising to pay, the company said in Texas federal court.

Expert Analysis

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules

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    Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • 6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

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