Federal
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July 26, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included reporting requirements for brokers of digital assets such as cryptocurrency and nonfungible tokens.
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July 25, 2024
Global Tax Revamp Continues To Progress, OECD Tells G20
Implementation of the Pillar Two minimum tax portion of the OECD's international plan to address tax base erosion and profit shifting is well underway, while an agreement is close on the Pillar One taxing rights overhaul, the organization told the Group of 20 nations Thursday.
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July 25, 2024
Global Tax Police Unit Probes More Than 30 Cybercrime Cases
The Joint Chiefs of Global Tax Enforcement, an intergovernmental tax enforcement group, is investigating more than 30 active cybercrime cases tied to financial and tax criminal activities all over the world, the group announced Thursday in its first report.
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July 25, 2024
Teacher Not Entitled To Business Deductions, Tax Court Says
A teacher who told the U.S. Tax Court that she had self-published six books and was passionate about conducting missing persons research was denied business deductions for the activities Thursday after the court determined she wasn't primarily trying to turn a profit.
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July 25, 2024
Wyden Seeks Swiss Bank Info On Indicted Defense Contractor
Senate Finance Committee Chairman Ron Wyden asked Swiss bank UBS in a letter published Thursday for information about a former U.S. defense contractor who the Department of Justice says avoided taxes on more than $350 million in income.
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July 25, 2024
Senate Confirms First Tax Court Judge Since 2020
The U.S. Senate on Thursday confirmed a U.S. Tax Court judge for the first time since 2020.
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July 25, 2024
Clark Hill Adds Tax And Estate Atty From Plunk Smith In Texas
A former Plunk Smith PLLC senior associate jumped to Clark Hill in Collin County, Texas, to serve as a member in the tax and estate planning practice, the firm announced Thursday.
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July 25, 2024
GOP Control Could Muddle Tax Picture For Multinationals
Republican lawmakers and former President Donald Trump could create more confusion for multinationals with their tax and trade policies if they sweep the U.S. elections in November, because they are likely to pursue retaliatory measures in opposition to the OECD's global tax rewrite.
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July 25, 2024
IRS, Zaxby's Co-Founder To Settle $43M Easement Suit
The Internal Revenue Service agreed to settle a $43 million valuation dispute over a conservation easement donated by the co-founder of the Zaxby's restaurant chain and his wife, prompting a Georgia federal court Thursday to cancel next month's anticipated jury trial.
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July 25, 2024
Vanguard Opposes Investors' Cert. Bid In Tax Liability Suit
A group of investors accusing Vanguard of violating its fiduciary duties by triggering a sell-off of assets that left smaller investors with massive tax bills shouldn't be granted class certification, the asset manager told a Pennsylvania federal court.
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July 25, 2024
GOP House Bill Would End IRS Direct Filing Program
Two House Republicans introduced legislation that would end the Internal Revenue Service's Direct File online filing system.
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July 25, 2024
IRS Adds Audit Updates To Individual Online Accounts
The Internal Revenue Service has added features to individual online taxpayer accounts, including a way to get updates on audits, thanks to increased funding provided by the 2022 tax and climate law, the agency said Thursday.
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July 24, 2024
NC Man Gets Prison, $4.4M Fine For Stealing From Customers
A North Carolina businessman who admitted to stealing customers' bank and credit account information and spending their funds at casinos has been ordered to serve almost three years in prison and to pay a penalty of more than $4.4 million, prosecutors announced this week.
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July 24, 2024
Atty Can't Deduct Car Racing Costs As Ads, US Tells 10th Circ.
A personal injury lawyer who also races cars shouldn't be allowed to deduct about $300,000 for racing-related costs as ordinary business advertising expenses because they're unrelated to his law practice, the U.S. government told the Tenth Circuit on Wednesday.
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July 24, 2024
Senate Tees Up Votes On Two Tax Court Nominees
The U.S. Senate set the stage Wednesday for the chamber to proceed with votes on two of President Joe Biden's picks for U.S. Tax Court seats.
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July 24, 2024
IRS' $15M Jeopardy Assessment OK'd In Offshore Tax Fight
A Florida federal court has upheld a $15 million immediate tax assessment against a man who transferred his father's estate into trusts for himself and his mother and refused to pay what the IRS claimed was tax debt on his father's undisclosed offshore accounts.
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July 24, 2024
IRS Sets Criteria For Carbon Capture Credit Life Cycle Report
The Internal Revenue Service detailed standards and procedures Wednesday for a written report on a carbon sequestration facility's greenhouse gas emissions that project owners must submit and get agency approval on before claiming the carbon oxide tax credit.
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July 24, 2024
Affordable Housing Pro Moves Practice To Nelson Mullins
An attorney who specializes in advising clients on completing affordable housing development projects has recently moved her practice to Nelson Mullins Riley & Scarborough's Pittsburgh office.
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July 24, 2024
New Jersey Joining IRS Free E-File Program in 2025
The IRS' Direct File free electronic tax return filing program will be available in New Jersey in the 2025 tax filing season, the U.S. Department of the Treasury and the Internal Revenue Service said Wednesday.
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July 24, 2024
Fed. Circ. Won't Revive Tax Suit Seeking $35M In Gold Coins
The U.S. Court of Federal Claims correctly tossed a man's lawsuit seeking more than $35 million in gold coins as restitution for claims regarding a decades-old tax bill, as that court does not have jurisdiction, a Federal Circuit panel affirmed Wednesday.
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July 24, 2024
Senate Finance Committee Holding Tax Court Noms Session
The Senate Finance Committee will host an open executive session Thursday to consider three nominations to the U.S. Tax Court, Sen. Ron Wyden, D-Ore., said Wednesday.
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July 24, 2024
Dentons Brings On Former Big 4 Exec As New Global CEO
Global law firm Dentons, which has made a name for itself by aggressive growth through combinations, has tapped a new global chief executive officer with leadership experience at accounting giant EY, the firm's first change at the top in over a decade.
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July 23, 2024
Cannabis Industry Stakeholders Weigh In On Rescheduling
As the period for public comment on the Biden administration's proposal to reclassify marijuana came to a close Monday, anti-legalization activists, marijuana industry advocates and state cannabis regulators each submitted their thoughts on the potential policy shift.
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July 23, 2024
House Delays Vote On FY25 IRS Budget Legislation
The House delayed an expected vote Tuesday on the Internal Revenue Service's budget for fiscal 2025, casting doubt on whether GOP lawmakers will meet their goal of passing the funding bill before Congress' annual August recess begins next week.
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July 23, 2024
Newell Says IRS Misapplied Pricing Law In $124M Dispute
Newell Brands told the U.S. Tax Court the Internal Revenue Service misapplied transfer pricing law to levy almost $124 million in additional taxes and penalties.
Expert Analysis
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What New Calif. Strike Force Means For White Collar Crimes
The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Parsing Treasury's Proposed Clean Hydrogen Tax Credit Rules
Regulations recently proposed by the IRS and the U.S. Department of the Treasury concerning two types of tax credits for clean hydrogen production facilities should resolve many of the most pressing questions around qualification for the credits — albeit in a relatively stringent manner, say attorneys at Morgan Lewis.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Tech CEO Tax Ruling A Warning For Forward Contracts
In McKelvey v. Commissioner, the U.S. Tax Court decided that deceased Monster.com founder Andrew McKelvey terminated his underlying obligations when he extended variable prepaid forward contracts, demonstrating why startup founders, early employees and investors should think carefully before amending derivative agreements, say Daren Shaver and Trent Tanzi at Hanson Bridgett.