Federal
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February 21, 2025
Billionaire's Tax Privacy Suit Against Booz Allen Proceeds
A billionaire's lawsuit against government contractor Booz Allen Hamilton blaming it for the theft of his tax returns in an unprecedented breach by a Booz Allen employee working at the IRS can move forward, a Maryland federal court ruled Friday, rejecting a bid to toss the case.
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February 21, 2025
IRS, Engineer Resolve Fight Over $5.5M In FBAR Penalties
The U.S. government and an engineer have resolved a dispute over $5.5 million in penalties and interest regarding the nondisclosure of assets in her foreign accounts from 2009 to 2012, according to a judgment entered by a California federal court.
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February 21, 2025
DLA Piper Tax Attorney Jumps To Vedder Price In Chicago
Vedder Price PC has expanded its Chicago office with the addition of a skilled tax attorney who brings nearly 30 years of experience, most recently with DLA Piper.
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February 21, 2025
IRS Offers Guidance On Health Coverage Statements
The Internal Revenue Service released guidance Friday related to alternative methods for employers to provide health insurance coverage statements to employees as part of a larger move to reduce paperwork.
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February 21, 2025
Taxation With Representation: Kirkland, V&E, Cravath, Dechert
In this week's Taxation With Representation, Diamondback Energy buys Midland Basin assets from another oil and natural gas company, GTCR closes its second strategic growth fund, Light & Wonder Inc. buys Grover Gaming's assets, and Barings acquires Artemis Real Estate Partners.
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February 21, 2025
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included final regulations designed to prevent companies from receiving foreign payments in a way that allows them to reduce their overseas taxes without a corresponding increase in U.S. taxable income.
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February 20, 2025
Unions' Downsizing Suit Belongs Before FLRA, Judge Says
A D.C. federal judge denied requests Thursday to block the president from carrying out three federal downsizing initiatives, rejecting unions' argument that their challenge is an exception to the rule that federal union disputes belong before the agency charged with adjudicating them.
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February 20, 2025
Feds Say DC Judge Can't Bar 'Hypothetical' Spending Freezes
A Justice Department attorney argued before a D.C. federal judge Thursday that there is no basis to continue blocking the Trump administration from implementing a blanket suspension on federal spending, saying the court cannot bar "hypothetical" future freezes.
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February 20, 2025
Bradley Arant Adds Securities, Tax Expert As Partner
Bradley Arant Boult Cummings LLP added a former Burr & Forman LLP partner to the firm's tax group and corporate and securities group in its Birmingham, Alabama, office.
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February 20, 2025
IRS Worker Layoff Could Hamper Enforcement, Groups Warn
Congressional Democrats, tax and economic policy groups and an IRS workers union warned Thursday that the termination of thousands of Internal Revenue Service employees that began the same day could threaten the agency's ability to enforce tax laws and hamper taxpayer services amid tax-filing season.
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February 20, 2025
Guinea Fends Off Push To Enforce $22M Telecom Award
A D.C. federal court said it lacked jurisdiction to enforce a $22 million arbitration award against the Republic of Guinea stemming from a system enabling the country to tax international telecommunications traffic, saying the nation wasn't a party to the underlying arbitration agreement.
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February 20, 2025
Senate Passes Budget Bill With No Tax Package
The Senate passed a budget blueprint early Friday that includes border security and defense funding, while holding off on moving a major tax package until later in the year despite President Donald Trump's push for one bill to enact his agenda.
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February 20, 2025
Bilzin Sumberg Adds Ex-KPMG Tax Pro In Miami
Miami-based Bilzin Sumberg Baena Price & Axelrod LLP announced Thursday that it has hired an experienced tax attorney who previously worked as a managing director with Big 4 accounting firm KPMG as a partner.
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February 20, 2025
Tax Trial Paused For Strip Club Boss Accused Of Hiding $5.7M
The trial of a strip club operator accused of hiding $5.7 million in income from the IRS and lying to get a pandemic relief grant was pushed back Thursday after he requested more time to allow a forensic accountant to review financial documents.
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February 19, 2025
Energy Credit Market Still Robust Amid Uncertainty, Attys Say
Companies continue to buy and sell valuable tax credits earned from large-scale clean energy tax development projects despite President Donald Trump's active efforts to undermine renewable energy and cut the federal workforce administering the incentives, practitioners said Wednesday.
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February 19, 2025
Crypto Group Urges Rollback Of IRS Broker Rule
A coalition of members of the cryptocurrency trade group Blockchain Association urged congressional leaders Wednesday to repeal a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers.
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February 19, 2025
Trump Endorses GOP House Budget With $4.5T In Tax Cuts
President Donald Trump endorsed House Republicans' budget bill Wednesday, saying the proposal — which would allow up to $4.5 trillion in tax cuts — would fully implement his agenda, unlike the Senate's bill, which includes several Republican priorities but doesn't address tax cuts.
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February 19, 2025
Applicable Federal Rates To Drop In March
Applicable federal rates for income tax purposes are set to decrease in March after three straight months of increases, the Internal Revenue Service said Wednesday.
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February 19, 2025
Miller & Chevalier Adds Former IRS Chief Counsel
Miller & Chevalier Chtd. has found a new co-leader for its tax controversy and litigation practice as it brings aboard the former chief counsel of the Internal Revenue Service during President Donald Trump's first term.
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February 19, 2025
Electronic Signatures OK For E-Filed Petition, Tax Court Says
A couple who filed their U.S. Tax Court petition electronically were not required to include handwritten signatures, the court ruled Wednesday, rejecting the Internal Revenue Service's request to toss the case because of what it described as an unsigned filing.
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February 19, 2025
FinCEN Sets March Deadline For Corporate Transparency Act
The U.S. Treasury Department's Financial Crimes Enforcement Network set a new deadline of March 21 for an estimated 32 million small entities to file beneficial ownership reports relating to the Corporate Transparency Act after a Texas federal judge lifted a block on the law's enforcement.
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February 19, 2025
McCarter & English Adds Shutts & Bowen Latin America Head
The former chair of the Shutts & Bowen LLP's Latin America practice group and co-chair of its tax and international law practice group jumped to McCarter & English LLP in Miami, the firm announced Wednesday.
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February 19, 2025
Peanut Truck Co. Exempt From Excise Tax, Justices Told
A Georgia maker of special trucks for peanut farming was denied an excise tax exemption for off-road highway vehicles because the IRS interpreted the law too narrowly, the company argued while urging the U.S. Supreme Court to overturn the Eleventh Circuit on the question.
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February 19, 2025
RSM Analyst Sees Growth For Family Offices In Real Estate
Law360 Real Estate Authority recently caught up with Gene Garcia, a Houston-based principal and real estate senior analyst with RSM US LLP, to discuss the relationship between family offices and real estate and what lies ahead.
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February 18, 2025
Dems Push Corporate Transparency Act Legitimacy To Courts
Congress has the authority to establish a nationwide registry of the beneficial owners of legal entities by passing the Corporate Transparency Act, a group of Democratic legislators said in similar amicus briefs filed in appellate courts.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
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.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
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.
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Rock Climbing Makes Me A Better Lawyer
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.
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Contract Disputes Recap: Preserving Payment Rights
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.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
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.
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After Jarkesy, IRS Must Course-Correct On Captive Insurance
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.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
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.
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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.