Federal
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February 12, 2025
Republican Senators Float Ending EV Tax Credits
Republican lawmakers in the Senate on Wednesday unveiled a bill that would end electric vehicle and charging station tax credits that they dubbed "reckless."
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February 12, 2025
Bipartisan Bills To Update IRS Practices Pass House Panel
The House Ways and Means Committee unanimously approved several bipartisan bills Wednesday, including legislation that would require the IRS to update its process for notifying individuals of adjustments to their tax returns and codify the National Taxpayer Advocate's ability to hire its own attorneys.
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February 12, 2025
Tax Court Rejects Couple's Bid To Deduct $2.1M Loss
A California couple cannot claim tax deductions for losing $2.1 million tied to real estate and business investments in Indiana, the U.S. Tax Court said Wednesday, saying the taxpayers failed to provide evidence supporting those capital losses.
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February 12, 2025
IRS Issues Corp. Bond Monthly Yield Curve For Feb.
The Internal Revenue Service published on Wednesday the corporate bond monthly yield curve for February for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.
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February 12, 2025
Fenwick Brings On IRS Trial Attorney In Seattle
Fenwick & West LLP has added an attorney from the Internal Revenue Service's Office of Chief Counsel to its Seattle office, the firm announced.
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February 12, 2025
Treasury Chief Exempt From Block On DOGE's System Access
A New York federal judge clarified that an order blocking Elon Musk and members of his Department of Government Efficiency team from accessing U.S. Treasury Department payment systems does not apply to Treasury Secretary Scott Bessent.
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February 12, 2025
KPMG Taps Walmart Executive For General Counsel
A top executive for Walmart is leaving the retail giant at the end of the month to join the leadership ranks of KPMG LLP, one of the Big Four accounting firms, as general counsel.
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February 12, 2025
Winthrop & Weinstine Brings In Tax Counsel Duo As Co-Chairs
Minneapolis-based Winthrop & Weinstine PA has added tax attorneys from Kirkland & Ellis LLP and Shartsis Friese LLP to become shareholders of the firm and co-chairs of its tax practice, the firm announced Wednesday.
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February 12, 2025
Sidley Litigator Tapped For Treasury GC Post
President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.
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February 12, 2025
Duane Morris Leader Sees A Looming Tariff 'Tax' Debate
With price increases for certain construction materials likely coming as a result of new tariffs from the White House, contractors may start to make a tax argument in efforts to avoid shelling out additional money for projects, one of Duane Morris LLP's construction leaders told Law360 Real Estate Authority in a recent interview.
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February 12, 2025
Squire Patton Brings On Polsinelli Tax Ace In Houston
Squire Patton Boggs LLP announced Wednesday that a former Polsinelli PC shareholder has joined the tax strategy and benefits practice group in Houston, an addition that helps the firm address growing client needs.
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February 12, 2025
Berger Singerman Adds Carlton Fields Tax Pro In Miami
Florida business law firm Berger Singerman has added a new partner to its business, finance and tax team in Miami from Carlton Fields.
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February 12, 2025
Ex-Ill. Speaker Madigan Guilty Of Bribery In Mixed Verdict
A federal jury on Wednesday partially convicted the man who was once the most powerful politician in Illinois on federal corruption charges, finding former Illinois House Speaker Michael Madigan guilty of bribery conspiracy and wire fraud but deadlocking on the government's overarching racketeering charge.
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February 12, 2025
IRS Updates Depreciation Deductions For Certain Vehicles
Certain vehicles placed in service in 2025 will be eligible for an additional depreciation deduction of up to $20,200 for the first tax year, the Internal Revenue Service said Wednesday.
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February 11, 2025
Rodney King's Former Atty Gets Prison For $7M Tax Evasion
A Los Angeles criminal defense and civil rights attorney who once represented Rodney King was sentenced by a California federal court Tuesday to 1½ years in prison for evading $7.2 million worth of taxes on income from his law practice.
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February 11, 2025
Trump's Tariffs, GOP Tax Goals Pose Political Puzzle
President Donald Trump's use of wholesale tariffs may generate trillions of dollars across a 10-year budget window, but the economic uncertainty associated with the U.S.'s aggressive trade posture could politically harm Republicans' must-have efforts to shepherd a tax bill into law this year, experts say.
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February 11, 2025
House Panelists Push For IRS Funding, Tech Upgrade
The Internal Revenue Service is still underfunded and needs to prioritize using any additional funding it receives to boost its taxpayer services and technology modernization, panelists told a House Ways and Means subcommittee Tuesday.
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February 11, 2025
Tax Court Orders Penalties For $90M In Disallowed Deductions
A group of four North Carolina partnerships that were denied a total of $90 million in tax deductions for donations of conservation easements must pay valuation and accuracy-related penalties under a U.S. Tax Court ruling Tuesday.
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February 11, 2025
FBAR Default Vacated To Give Widow Another Chance
A New York federal court agreed with a magistrate's recommendation to vacate a default judgment against a widow, giving her another chance to defend her husband's estate against the government's $275,000 claim that he failed to report his Indian bank account.
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February 11, 2025
Holland & Knight Adds Ballard Spahr Litigator In Philly
A former U.S. attorney with expertise on anti-money laundering and complex tax matters recently moved his litigation practice to Holland & Knight after nine years with Ballard Spahr LLP.
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February 11, 2025
EU Leaders Poised For 'Proportionate' Response To US Tariffs
European Union officials criticized President Donald Trump's decision to impose an across-the-board 25% tariff on all imported steel and aluminum, with European Commission President Ursula von der Leyen on Tuesday signaling "firm and proportionate countermeasures."
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February 11, 2025
Commerce Powers Key In Battle Over Corp. Transparency Law
The question of whether Congress exceeded its powers to regulate commerce by enacting the Corporate Transparency Act is likely to feature in a potential U.S. Supreme Court resolution to around a dozen challenges to the law that are percolating through the courts.
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February 11, 2025
Partaking In $1.3B Easement Fraud Lands CPA 2 Years
A Florida accountant who illegally sold tax deductions to his clients in the form of conservation easements and conspired with others convicted in a $1.3 billion fraud scheme was sentenced to two years in prison by a New Jersey federal judge.
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February 07, 2025
DOGE Access To Treasury Payment System Blocked By Judge
A Manhattan federal judge blocked the access of Elon Musk and staffers of his temporary Department of Government Efficiency to U.S. Department of the Treasury payment systems Saturday and ordered them to destroy data already obtained, after state attorneys general sued, calling that access "dangerous" and unlawful.
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February 10, 2025
Pension Execs Found Liable In $2B Danish Tax Fraud Case
A New York federal jury found Monday by "clear and convincing evidence" that Denmark's tax agency reasonably relied on the false statements made on pension plan applications that were part of a $2.1 billion tax fraud scheme by pension plan executives.
Expert Analysis
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Class Actions At The Circuit Courts: July Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers cases touching on pre- and post-conviction detainment conditions, communications with class representatives, when the American Pipe tolling doctrine stops applying to modified classes, and more.
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Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Reading Between The Lines Of Justices' Moore Ruling
The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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After Chevron: Uniform Tax Law Interpretation Not Guaranteed
The loss of Chevron deference will significantly alter the relationship between the IRS, courts and Congress when it comes to tax law, potentially precipitating more transparent rulemaking, but also provoking greater uncertainty due to variability in judicial interpretation, say Michelle Levin and Carneil Wilson at Dentons.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.