Federal
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
IRS Proposes Update To Qualified Domestic Trust Regs
The Internal Revenue Service proposed regulations Tuesday that would update federal estate tax rules for estates of decedents passing property to or for the benefit of a noncitizen spouse in a domestic trust in cases where the executor has made an election to be a qualified domestic trust.
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August 19, 2024
Hunter Biden Loses Bid To Duck Tax Case In Calif.
Hunter Biden cannot escape his criminal tax case set to go to trial next month, a Los Angeles federal judge ruled Monday, saying Biden's latest motion comes too late.
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August 19, 2024
'Ghost' Prepper Hasn't Met Settlement Terms, Court Told
A Connecticut businessman accused of "ghost preparing" — filing customers' taxes without the required personal tax identification numbers — and inflating their refunds has failed to shut down his companies as part of the terms of an earlier settlement, the federal government has claimed.
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August 19, 2024
Eaton Ordered To Give Int'l Employee Records To IRS
Eaton Corp. must disclose employment records for some European workers in its transfer pricing dispute with the U.S. government because public interest in curtailing tax avoidance outweighs the interest in protecting the workers' privacy, an Ohio federal judge ruled Monday.
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August 19, 2024
Danish Gov't Wants Evidence Excluded In $2B Tax Fraud Case
A New York federal court should exclude some evidence presented by U.S. pension plans accused in what the Danish tax agency is calling a $2.1 billion tax fraud scheme, the agency said.
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August 19, 2024
Spouse Asks Tax Court To Reconsider Relief Request
A woman barred from innocent spouse relief on grounds that tax debt related to an erroneously issued refund doesn't qualify asked the U.S. Tax Court to reconsider, saying she's entitled to the break for any unpaid tax liability.
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August 19, 2024
IRS Issues Student Loan Matching Contribution Guidance
The Internal Revenue Service issued guidance Monday for employers wanting to take advantage of a retirement plan overhaul that for the first time allows certain plan sponsors to provide matching contributions based on student loan payments.
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August 19, 2024
H&R Block's Case On In-House Judges' Role Is Paused
A Missouri federal judge who refused to halt Federal Trade Commission proceedings accusing H&R Block of deceptive advertising agreed to pause, while the company appeals her refusal, a district court case in which the company has argued that administrative judges should be booted from the proceedings.
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August 19, 2024
IRS Expands Business Tax Account Program Payment Options
The Internal Revenue Service's business tax account online self-service tool for business taxpayers will now allow taxpayers to view and make balance-due payments, the agency announced Monday, also saying the service is now available in Spanish.
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August 19, 2024
Treasury Floats Timing Shift For Foreign Currency Accounting
The U.S. Treasury Department proposed regulations Monday that would adjust the timing for when companies could opt to use the so-called mark-to-market accounting method for gains or losses that arise from foreign currency transactions.
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August 16, 2024
Drexel Accounting Prof Convicted Of Evading Tax On $3.3M
New Jersey federal jurors have convicted a Drexel University accounting professor on charges of tax evasion and filing false tax returns after the government accused him of failing to report $3.3 million in income from a Trenton pharmacy.
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August 16, 2024
Kyocera Says It Doesn't Need Records For R&D Credits
Multinational electronics maker Kyocera said Friday that it wasn't required to keep any specific paperwork to back up its claim to research tax credits, contrary to the U.S. government's claims, according to a filing in South Carolina federal court.
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August 16, 2024
Harris Proposes Tax Break For Homebuilders
Vice President Kamala Harris, the presumptive Democratic nominee for president, proposed several housing-related tax proposals, including creating a tax incentive for homebuilders that sell to first-time homebuyers, during a campaign speech Friday.
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August 16, 2024
Democratic Gov't Control Could Bolster US' Pillar 2 Plans
Vice President Kamala Harris and congressional Democrats would likely double down on plans to align the U.S. tax code with the global minimum tax designed by the Organization for Economic Cooperation and Development if they win total control of the federal government in the November elections.
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August 16, 2024
TCJA's Estate Tax Treatment Shouldn't Change, Panel Told
If the Tax Cuts and Jobs Act's estate tax exemption increase is allowed to lapse in 2025, many family farms in the Midwest would face tough choices, including whether to sell to large corporations, panelists told the House of Representatives' Ways and Means Committee on Friday.
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August 16, 2024
IRS To Let Private Cos. Into Real-Time Biz Audit Program
The Internal Revenue Service is opening its compliance assurance process real-time audit program to privately held C corporations, including foreign-owned ones, for 2025, the agency announced.
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August 16, 2024
North Carolina Joins Direct File, Maine Plans To Follow
The Internal Revenue Service's free electronic filing tax program, Direct File, will be available in North Carolina for the 2025 tax filing season, the IRS and U.S. Department of the Treasury announced Friday, and Maine is also planning to join.
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August 16, 2024
Ch. 7 Trustee Can't Recover Tax Payment, States Tell Justices
A group of roughly two dozen states threw their support behind the federal government in asking the U.S. Supreme Court to overturn a ruling that forced the IRS to return a tax payment after a bankruptcy trustee argued it was a fraudulent transfer and recoverable under state law.
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August 16, 2024
IRS, State Agencies, Tax Industry Create Anti-Scam Task Force
The Internal Revenue Service announced Friday that it is teaming with state tax agencies and tax industry representatives to create a task force to combat a growing number of scams and schemes targeting taxpayers.
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August 16, 2024
IRS Issues Corp. Bond Monthly Yield Curve For August
The Internal Revenue Service published Friday the corporate bond monthly yield curve for August for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.
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August 16, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included the final labor rules for clean energy projects seeking to significantly boost the value of their tax credits.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 15, 2024
Doctor Wants Contempt Fine Dropped In Foreign Asset Case
A doctor who incurred $1.1 million in liabilities for failing to report his foreign bank accounts is asking a Michigan federal court to waive his $20,000 civil contempt fine because the court restricted his only financial assets to paying the liabilities.
Expert Analysis
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'Energy Communities' Update May Clarify Tax Credit Eligibility
A recent IRS notice that includes updated lists of locations where clean energy projects can qualify for additional tax credits — based 2023 unemployment data and placed-in-service dates — should help provide clarity regarding project eligibility that sponsors and developers need, say attorneys at Troutman Pepper.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.