Federal

  • December 17, 2024

    IRS Corrects Proposed Admin Requirements For Direct Pay

    The Internal Revenue Service issued a correction Tuesday to proposed regulations laying out administrative requirements for tax-exempt entities to elect out of their partnership status in order to take advantage of new rules enabling direct cash payment of clean energy tax credits.

  • December 17, 2024

    Ex-Pol Can't Shake Fraud Rap Over Jury's Racial Makeup

    A Massachusetts federal judge denied a Vietnamese-American former state senator's bid to undo his conviction for unlawfully accepting unemployment assistance and filing a false tax return, rejecting claims that jury selection was tainted by "racial animus" on the part of prosecutors.

  • December 17, 2024

    Magic Runs Out For Tax Pro Who Stiffed IRS Out Of $145M

    A New York City tax preparer who earned the nickname "the magician" while depriving the IRS of $145 million in revenue copped to tax evasion on Tuesday before a Manhattan federal judge.

  • December 17, 2024

    IRS Finalizes Expanded 'Coverage Month' For Premium Credit

    The Internal Revenue Service finalized rules Tuesday that will expand the definition of a coverage month for purposes of computing the health insurance premium tax credit.

  • December 17, 2024

    Justices Urged To Let Stand Ex-Wife's Tax Payment Suit

    A woman who said the IRS wrongly applied her tax payment to her ex-husband's bill asked the U.S. Supreme Court to let stand a Third Circuit ruling allowing her to challenge it, saying the decision doesn't conflict with any other rulings and involves an issue that rarely occurs.

  • December 16, 2024

    Mich. Judge Troubled By Scope Of Feds' CTA Data Collection

    A federal judge in Michigan said new disclosure requirements for small businesses seem burdensome and intrusive during a Monday hearing focused on the privacy implications of the currently blocked anti-money laundering law.

  • December 16, 2024

    Texan Still Owes 2021 Tax Bill Despite Levy For Other Year

    While the U.S. Tax Court is sympathetic to a Texan's complaint that the Internal Revenue Service's levy procedure will result in his facing an endless string of collection actions, he still must pay his $12,500 deficiency from 2021, the Tax Court said Monday.

  • December 16, 2024

    6th Circ. Affirms $3M Tax Bill For Gold Broker

    A gold and silver broker who made fatuous arguments that he wasn't subject to income taxes owes $3 million in liabilities, the Sixth Circuit ruled, upholding a U.S. Tax Court decision.

  • December 16, 2024

    Tax Court Says Couple Must Recalculate $36M Loss Claims

    An Illinois couple must recalculate the more than $36 million in net operating loss carryforward deductions they claimed in 2008 and 2009, the U.S. Tax Court said Monday, siding with the Internal Revenue Service's determination that they had improperly included a number of losses.

  • December 16, 2024

    Tax Court Wrongly Cut Easement Deduction, 11th Circ. Told

    The U.S. Tax Court erred in drastically reducing a partnership's claimed $23 million deduction for donating a conservation easement in Georgia, the partnership told the Eleventh Circuit, saying the court improperly relied on a real estate expert's opinion to establish whether the land had mining value.

  • December 16, 2024

    Cos. Urge Judge To Maintain Injunction On Transparency Law

    A Texas federal judge doesn't need to stay his preliminary injunction on the rollout of new corporate transparency rules while the U.S. government's appeal of his decision is pending at the Fifth Circuit, a business lobbying group and others said Monday.

  • December 16, 2024

    Wyden Bill Would Nix Tax Perks For Private Placement Plans

    U.S. Senate Finance Committee Chairman Ron Wyden unveiled legislation Monday that would remove the tax benefits of a special type of private life insurance plan that he said high-net-worth individuals have been abusing to avoid paying taxes on their investments in the policies.

  • December 16, 2024

    High Court Passes On Protest Of IRS Social Security Levy

    The U.S. Supreme Court said Monday it won't review an Eleventh Circuit decision denying a woman's challenge to the IRS' garnishment of her Social Security payments, letting stand the circuit court's conclusion that her suit was barred because she failed to exhaust administrative remedies.

  • December 16, 2024

    Applicable Federal Rates Set To Increase Again In Jan.

    Applicable federal rates for income tax purposes will increase across the board in January, a second straight month of increases after a string of months that saw declining rates, the Internal Revenue Service said Monday.

  • December 16, 2024

    Justices Won't Review Man's Demand For Dad's Tax Info

    The U.S. Supreme Court on Monday let stand a D.C. Circuit decision tossing a man's suit against the IRS for withholding his dead father's tax records, a ruling the man claimed had deepened a circuit split over the correct process for obtaining personal tax documents.

  • December 16, 2024

    IRS Issues Corp. Bond Monthly Yield Curve For Dec.

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

  • December 16, 2024

    IRS Corrects Regs On Direct Pay Of Partnership Tax Credit

    Internal Revenue Service issued a correction Monday to final regulations that make it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.

  • December 16, 2024

    LegalZoom Launches Strategic Alliance With 1-800Accountant

    LegalZoom announced Monday that it will launch a multiyear strategic partnership with financial services firm 1-800Accountant by the start of the new year.

  • December 14, 2024

    IRS Criminal Probes On Worker Retention Cases Still Early

    The Internal Revenue Service's criminal arm is still in the early stage of investigating the most extremely fraudulent claims of a tax credit intended to reward businesses for retaining employees during the COVID-19 pandemic, an official said Saturday.

  • December 13, 2024

    IRS Aims To Ramp Up Partnership Audits, Official Says

    The Internal Revenue Service plans to ramp up partnership audits in the next couple of years to boost the current audit rate of 0.05% as the agency props up a new unit that solely focuses on examining large partnerships, an agency attorney said Friday.

  • December 13, 2024

    IRS To Wrap Up Worker Retention Credits In 2025, Werfel Says

    The Internal Revenue Service plans to wrap up processing next year for thousands of claims for tax credits meant to provide incentives for businesses that retained employees during the COVID-19 pandemic, agency Commissioner Daniel Werfel said Friday.

  • December 13, 2024

    IRS Extends Relief For Partnership Exchange Filing Penalties

    The Internal Revenue Service on Friday extended its temporary pause on imposing penalties on taxpayers who failed to provide correct payee statements as part of a partnership interest exchange to those that failed to do so in 2024.

  • December 13, 2024

    CFC Tax Issues Can't Be Solved Via Treaties, Officials Say

    Bilateral treaties between the U.S. and other countries where a controlled foreign corporation may face withholding tax issues aren't able to effectively resolve those disputes, Internal Revenue Service and Treasury officials said Friday.

  • December 13, 2024

    IRS Mulls Turning Off Foreign Currency Rules For CFCs

    The Internal Revenue Service is in the early stages of considering whether foreign currency gain or loss recognition rules could be turned off in certain situations for controlled foreign corporations, an agency official said Friday.

  • December 13, 2024

    Feds Narrow Drug Case Against Wife Of Convicted Drexel Prof

    Prosecutors have told a New Jersey federal judge that they would drop one of three drug distribution charges against the wife of a convicted former Drexel University professor, saying their evidence might not establish intent after the U.S. Supreme Court raised the burden of proof for such cases in 2022.

Expert Analysis

  • Litigation Inspiration: Reframing Document Review

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    For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.

  • Rank-And-File DOJ Attorneys Will Keep Calm And Carry On

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    Career prosecutors at the U.S. Department of Justice often pride themselves on their ability to remain apolitical in order to ensure consistency and keep the department’s mission afloat, and the incoming Trump administration is unlikely to upend this tradition, says Michael Landman at Bird Marella.

  • What Higher Education Can Expect From A 2nd Trump Admin

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    The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.

  • 3 Ways To Train Junior Lawyers In 30 Minutes Or Less

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    Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.

  • Expect Surging Oil And Gas Industry Under New Trump Admin

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    Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.

  • The Bar Needs More Clarity On The Discovery Objection Rule

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    Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.

  • Cos. Should Inventory Issues To Prep For New Congress

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    As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.

  • Conservation Easement Cases Weave Web Of Uncertainty

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    Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.

  • So You Want To Move Your Law Practice To Canada, Eh?

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    Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.

  • Legislation Most Likely To Pass In Lame Duck Session

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    As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.

  • What Trump's 2nd Presidency Could Mean For Crypto Sector

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    Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.

  • Promoting Diversity In The Selection Of ADR Neutrals

    Excerpt from Practical Guidance
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    Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.

  • Striking A Balance Between AI Use And Attorney Well-Being

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    As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.

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