Federal

  • November 13, 2024

    Tax Fraud A Potential Topic In Lame-Duck Session, Aides Say

    Congress could include disaster-related tax relief and a legislative fix in a year-end package to address rampant fraud associated with the employee retention tax credit, staffers for the House Ways and Means and Senate Finance committees said Wednesday.

  • November 13, 2024

    Election Clouds Timing of Final Corp. AMT Rules, Official Says

    The Internal Revenue Service's timeline for producing final regulations for the corporate alternative minimum tax will depend on priorities set by whomever President-elect Donald Trump picks to lead the U.S. Department of the Treasury, an IRS official said Wednesday.

  • November 13, 2024

    Senate Panel To Consider Nominee For Tax Inspector General

    The Senate Finance Committee will hold a hearing Thursday to consider the nomination of David Samuel Johnson to be the inspector general for tax administration, Senate Finance Committee Chairman Ron Wyden, D-Ore., announced Wednesday.

  • November 13, 2024

    $545K FBAR Fine Is Unconstitutional, Ex-Professor Tells Court

    An 86-year-old former college professor's penalty of $545,000 for failing to report foreign bank accounts is excessive and violates the Eighth Amendment, he told a California federal court.

  • November 13, 2024

    3rd Circ. Wary Of Easing Cheesesteak Shop Owner's Sentence

    Third Circuit judges seemed mostly skeptical of overturning an extension to the prison sentence of a Philadelphia cheesesteak shop owner who admitted to paying employees off the books, saying during oral arguments it was unclear whether the employees should be considered co-conspirators in the tax fraud.

  • November 13, 2024

    Trump, GOP Victories May Imperil OECD Global Tax Plan

    President-elect Donald Trump's and Republicans' victories in the U.S. elections this month call into question whether the OECD's two-pillar global tax plan can be effectively implemented and whether the plan's minimum tax backstop rule can be applied amid threats of retaliatory tax measures by the U.S.

  • November 13, 2024

    IRS Issues Corp. Bond Monthly Yield Curve For Nov.

    The Internal Revenue Service on Wednesday published the corporate bond monthly yield curve for November for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.

  • November 13, 2024

    Feds Want 2 Years' Jail For Biz Owner In $2.8M Tax Scheme

    A construction company owner who paid workers off the books by pretending they were subcontractors, even after one of them died, should serve two years in prison and pay $2.8 million in restitution to the Internal Revenue Service for the tax loss, prosecutors told a Massachusetts federal court.

  • November 12, 2024

    Ex-ComEd Exec Asked If Madigan Hires Truly An 'Exchange'

    Defense attorneys got their chance Tuesday to grill an ex-Commonwealth Edison executive who testified the utility hired people who did little to no work at the behest of former Illinois House Speaker Michael Madigan, asking if it truly traded those jobs for Madigan's action on ComEd legislation or if the company was just building goodwill with a key decision-maker.

  • November 12, 2024

    House Rejects Bill To Delay Tax Deadlines For Hostages

    The U.S. House of Representatives rejected Tuesday a bill that would have delayed tax deadlines and reimbursed late fees for Americans held hostage or unlawfully or wrongfully detained abroad.

  • November 12, 2024

    Woman Asks Justices To Review IRS Social Security Levy

    A Florida woman asked the U.S. Supreme Court to review the Eleventh Circuit's denial of her challenge to the IRS' garnishment of her Social Security payments, saying in a petition docketed Tuesday that the appellate court wrongly found she had failed to exhaust possible administrative remedies.

  • November 12, 2024

    Treasury's Energy Tax Perk Regs On Track Despite Trump Win

    The U.S. Treasury Department still plans to finalize remaining clean energy tax credit regulations by the end of this year despite President-elect Donald Trump's campaign promise to unravel the 2022 climate law that enacted them, a Treasury spokesperson told Law360 on Tuesday.

  • November 12, 2024

    Mass. Court Says IRS Deal Didn't Fix Man's State Tax Debt

    The former corporate officer of a now-defunct Massachusetts company didn't overpay on his outstanding tax liability despite entering into a settlement agreement with the Internal Revenue Service, a state appeals court said Tuesday.

  • November 12, 2024

    Tax Court Drills Teacher With Frivolous Argument Penalty

    A Georgia high school teacher's claim that roughly $86,000 in income he received didn't qualify as wages was not just incorrect but frivolous, the U.S. Tax Court said Tuesday, upholding the IRS' determination that he owed taxes on that income as well a $25,000 penalty.

  • November 12, 2024

    Broker Calls 78-Month Sentence For Tax Scheme Unfair

    An insurance agent convicted of conspiracy and tax crimes in a multimillion-dollar tax avoidance scheme told a North Carolina federal court ahead of his sentencing, scheduled for Wednesday, that the 78-month prison sentence recommended by prosecutors is harsher than punishments for similar offenders.

  • November 12, 2024

    Treasury To Host Webinar For Beneficial Ownership Info Filing

    The U.S. Treasury Department's Financial Crimes Enforcement Network will host a free webinar Nov. 19 to aid companies that need to file their initial beneficial ownership information under the Corporate Transparency Act by the start of 2025.

  • November 08, 2024

    Disaster Tax Relief Could Be On Slate In Lame-Duck Session

    Congress returns to Washington, D.C., on Tuesday following former President Donald Trump's reelection, and while lawmakers will likely be gearing up for next year's tax negotiations, there are some tax policies that could pass during the lame-duck session, including disaster tax relief.

  • November 08, 2024

    9th Circ. Says Univ. Wrongly Deprived Of Tax-Exempt Status

    The Ninth Circuit on Friday reversed a decision by an Arizona district court backing the U.S. Department of Education's determination that the privately owned Grand Canyon University didn't qualify as a nonprofit institution for classification related to federal loan and grant programs.

  • November 08, 2024

    Career Butler Snow Attorney Joins Holland & Knight In NYC

    Holland & Knight LLP has hired a transactional attorney who focuses her practice on new markets tax credits and other financial matters, and who spent her entire career up to now with Butler Snow LLP, the firm announced Thursday.

  • November 08, 2024

    Shutts & Bowen Adds Complex Taxation Pro In Sarasota

    Shutts & Bowen LLP has brought on a new partner at the firm's growing Sarasota, Florida, office, bringing close to 20 years of private practice tax law experience to the firm's private client services practice group.

  • November 08, 2024

    Nixon Peabody Helps Boston Supportive Housing Land $153M

    A Boston housing development nonprofit, with guidance from Nixon Peabody LLP, obtained $153 million in financing to develop a 19-story, 126-unit supportive housing project in the city, the law firm announced.

  • November 08, 2024

    Ex-Spouse Entitled To $2.9M Pandemic Tax Refund, Court Told

    A woman is entitled to a $2.9 million tax refund under pandemic-era relief provisions for carryback losses shared with her ex-husband, she told a Texas federal court, accusing the Internal Revenue Service of wrongly requiring both of the former couple's signatures on a consent form.

  • November 08, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included registration guidance for manufacturers of energy efficiency improvement products that qualify for a homeowner tax credit.

  • November 07, 2024

    Vanguard Investors Ink $40M Settlement In Tax Liability Suit

    Vanguard investors have asked a Pennsylvania federal judge to give the first green light to a $40 million settlement reached with the firm over it allegedly breaching its fiduciary duty when it triggered a sell-off of assets that left investors with massive tax bills.

  • November 07, 2024

    Danish Gov't Can't Exclude 2012 Evidence In $2B Tax Case

    A New York federal judge allowed U.S. pension plans to present a Danish firm's 2012 opinion as key evidence in an upcoming trial in the Danish government's $2 billion tax fraud case against them, but barred three other pieces of evidence.

Expert Analysis

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

    Author Photo

    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

    Author Photo

    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • A Guide To Long-Term, Part-Time Employee Determinations

    Author Photo

    With final regulations under the Secure Act requiring 401(k) retirement benefits for long-term, part-time employees expected soon, Amy Sheridan and David Guadagnoli at Sullivan & Worcester look at how the proposed rules would shift the risk-reward calculus on excluding categories of employees, and what plan sponsors would need to consider when designing retirement plans.

  • After Chevron: Delegation Of Authority And Tax Regulators

    Author Photo

    The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.

  • Lawyers Can Take Action To Honor The Voting Rights Act

    Author Photo

    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

    Author Photo

    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Rock Climbing Makes Me A Better Lawyer

    Author Photo

    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Contract Disputes Recap: Preserving Payment Rights

    Author Photo

    Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

    Author Photo

    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • After Jarkesy, IRS Must Course-Correct On Captive Insurance

    Author Photo

    The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

    Author Photo

    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • Class Actions At The Circuit Courts: July Lessons

    Author Photo

    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.

  • Now More Than Ever, Lawyers Must Exhibit Professionalism

    Author Photo

    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.

Can't find the article you're looking for? Click here to search the Tax Authority Federal archive.