Federal

  • December 04, 2024

    GAO Finds Limited Oversight, Data On Crypto In 401(k)s

    Though crypto assets make up a small part of the 401(k) market, their limited federal oversight might leave workers responsible for monitoring the volatile investment options, according to a report released Wednesday by the U.S. Government Accountability Office.

  • December 04, 2024

    Senate Finance Committee Schedules Vote On TIGTA Nominee

    The Senate Finance Committee has scheduled a vote Thursday on the nomination of David Samuel Johnson as the inspector general for tax administration, committee Chairman Ron Wyden announced Wednesday.

  • December 04, 2024

    Ending Trump Tax Cuts Would Have Neutral Effect, CBO Says

    Allowing the individual income tax cuts enacted under President Donald Trump's 2017 tax overhaul to expire at the end of next year as planned won't have a significant effect on the economy over 10 years, the Congressional Budget Office said Wednesday.

  • December 04, 2024

    IRS Warns Of Rising Charitable Contribution Scams

    The Internal Revenue Service warned taxpayers Wednesday of an uptick in fraud schemes involving donations of ownership interests in closely held businesses, a scam that usually targets wealthier people.

  • December 04, 2024

    IRS Seeks Electronic Tax Committee Membership Applications

    The Internal Revenue Service is accepting applications until the end of January to join its Electronic Tax Administration Advisory Committee, the agency announced Wednesday.

  • December 04, 2024

    Retired Professor Says He Didn't Waive Rights In FBAR Fight

    An 86-year-old former professor told a California federal court that he raised his Eighth Amendment rights against excessive fines when defending himself against a $545,000 penalty for failing to report foreign bank accounts, disputing arguments by the U.S. government that he had waived those rights.

  • December 04, 2024

    Trump Taps Former Treasury Aide For Deputy Secretary

    A former assistant Treasury secretary during President-elect Donald Trump's first term has been tapped to serve as deputy secretary of the U.S. Department of Treasury during Trump's coming second term, the president-elect announced Wednesday.

  • December 04, 2024

    Reed Smith Adds State Tax Partner To San Francisco Office

    Reed Smith LLP added a partner to its national state tax practice who will work out of its San Francisco office, according to the firm.

  • December 04, 2024

    US Drops 9th Circ. Bid To Revive Bad Debt Fraud Penalties

    The federal government agreed to stop challenging a U.S. Tax Court decision that found a businessman didn't owe fraud penalties even though he improperly took a multimillion-dollar bad debt deduction for loans he made to his companies, according to a Ninth Circuit filing.

  • December 04, 2024

    IRS Cancels Hearing On Tax Payments With Cards

    The Internal Revenue Service will not be holding its scheduled meeting Friday on proposed regulations that would allow taxpayers to make payments using credit and debit cards directly with the agency instead of through a third party, it said Wednesday.

  • December 03, 2024

    Hunter Biden's Gun, Tax Cases Axed After Presidential Pardon

    Federal judges in Delaware and California on Tuesday closed the books on Hunter Biden's felony gun and tax evasion cases, just ahead of his sentencing hearings, after President Joe Biden issued a sweeping pardon of his son over the weekend.

  • December 03, 2024

    Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law

    A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.

  • December 03, 2024

    Ex-Braves Blast Tax Court's 'Disregard' In Easement Fight

    Two former Atlanta Braves players penalized for allegedly overstating the value of a conservation easement donation urged the Eleventh Circuit to toss the costly ruling against them, saying the U.S. Tax Court's decision showed "blatant disregard" for the appeal court's precedent in deciding the matter.

  • December 03, 2024

    Fried Frank Adds Goodwin Procter Tax Pro As Partner In NY

    Fried Frank Harris Shriver & Jacobson LLP announced Tuesday that a Goodwin Procter LLP tax and business law partner has joined the firm and will serve as a partner in Fried Frank's tax department in New York.

  • December 03, 2024

    Exelon Asks For Corp. AMT To Account For Repairs Deduction

    Power companies should be allowed to account for an industry-specific tax deduction on repair costs to determine whether they're subject to the corporate alternative minimum tax, utility giant Exelon said in a comment letter to the U.S. Treasury Department released Tuesday.

  • December 03, 2024

    Premium Tax Credit 'Coverage Month' Hearing Canceled

    The Internal Revenue Service and U.S. Treasury Department announced Tuesday that they will not hold a hearing on a proposed expanded definition of a "coverage month" for purposes of computing the health insurance premium tax credit after receiving no interest about the hearing.

  • December 03, 2024

    Comment Deadline Extended For Corp. Alternative Min. Tax

    Treasury and the Internal Revenue Service said Tuesday that they will accept comments on proposed rules for the new 15% corporate alternative minimum tax on corporations with reported profits of $1 billion or more until Jan. 16, a roughly one-month extension from the previous deadline.

  • December 03, 2024

    Tax, Insurance Cos. Owner Gets 3 Years For $1M Tax Evasion

    The owner of a tax business who also ran an insurance company the government says provided fraudulent vehicle registrations for unauthorized immigrants was sentenced to three years in prison for failing to pay more than $1 million in taxes, federal authorities in North Carolina announced Tuesday.

  • December 02, 2024

    Biden's Pardon Is Another Blow To Special Counsel Probes

    President Joe Biden's pardon of his son over the weekend marks the latest example of a special counsel investigation fizzling and raises doubts over the future use of such probes, which can drag on for years and cost taxpayers millions of dollars.

  • December 02, 2024

    Texas Truck Co. Owes Chinese Tire Import Tax, 5th Circ. Says

    A Houston truck company that sold tires made by a Chinese manufacturer is on the hook for excise taxes as the beneficial owner of the tires, the Fifth Circuit decided in an opinion Monday that reversed a ruling freeing the company from its nearly $2 million tax bill.

  • December 02, 2024

    IRS Floats Pooling, Annual Accounting In Offshore Profit Regs

    U.S. multinational companies will be required to create annual shareholder accounts and adhere to new pooling concepts to properly account for previously taxed earnings and profits under proposed rules floated by the U.S. Treasury Department and Internal Revenue Service.

  • December 02, 2024

    A&O Shearman Tax Pro Jumps To Hogan Lovells In DC

    Hogan Lovells said Monday that it has brought on a former Allen Overy Shearman Sterling tax partner who specializes in spinoffs, cross-border deals and other corporate transactions.

  • December 02, 2024

    DEA Asserts Its Role As Proponent Of Pot Rescheduling Plan

    The Drug Enforcement Administration on Monday affirmed it was acting as the proponent of a proposal to loosen federal restrictions on marijuana, and the administrative law judge said supporters of rescheduling would not get an opportunity to cross-examine DEA witnesses.

  • December 02, 2024

    Justices On Fence In Tax Clawback Case For Defunct Utah Co.

    U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,000 in federal taxes after the two-year deadline, a ruling that has created a 3-1 circuit split.

  • December 02, 2024

    Calif. Biz Owner Can't Deduct Car Expenses, Tax Court Says

    A California business owner failed to prove he is entitled to deductions related to car and truck expenses, the U.S. Tax Court said in a decision released Monday.

Featured Stories

  • GOP Threats To IRS Funds Risk Halting Agency Progress

    No Photo Available

    Republicans will likely seek to cut IRS funding when they take control of the House, Senate and White House next year, threatening to roll back the gains in staffing, enforcement and technology the agency has made since it received a funding boost in 2022. 

  • Tax-Exempt Benefit Regs Would Give Tribes Overdue Power

    Kat Lucero

    Recently proposed regulations on tribal general welfare benefits would grant tribes sole discretion to determine which programs and services are tax-exempt benefits and, if finalized, would fulfill the long-overdue purpose of a 2014 law meant to give them more deference.

  • The Tax Angle: Tax Prom, 25 Years Of TIGTA

    Stephen K. Cooper

    From a look at the Tax Foundation's 87th annual Tax Prom celebration to the Treasury Inspector General for Tax Administration marking 25 years in operation, here's a peek into a reporter's notebook on a few of the week's developing tax stories.

Expert Analysis

  • Litigation Inspiration: Reframing Document Review

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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?

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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
    Author Photo

    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

    Author Photo

    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.