Federal

  • July 18, 2024

    Tax Court Affirms IRS Whistleblower Award Computation

    The Internal Revenue Service's Whistleblower Office did not abuse its discretion when it set an award at 22% of collected proceeds even though other awards tied to related claims were set at 30%, the U.S. Tax Court said Thursday.

  • July 18, 2024

    Ex-Venable Trusts And Estates Partner Joins Stradling In LA

    Stradling Yocca Carlson & Rauth PC announced that it launched a trusts and estates practice with the hiring of an experienced Los Angeles-based partner from Venable LLP.

  • July 18, 2024

    Most Top US Cos. To Report Tax Under Aussie Bill, Study Says

    Australia's Senate is expected to consider adoption next month of the world's most extensive public country-by-country reporting rules, which would require 51% of large U.S. multinational corporations to disclose tax arrangements retroactively from July 1, according to a study published Thursday.

  • July 18, 2024

    Final IRS Rules Require Beneficiaries To Take Distributions

    Beneficiaries of retirement account owners who died after starting to take distributions must continue taking the distributions annually, the Internal Revenue Service said Thursday in final regulations on required minimum distributions that rejected feedback saying the requirement was overly complex.

  • July 18, 2024

    Rising Star: Latham's Eric Kamerman

    Eric Kamerman of Latham & Watkins LLP in recent years handled the tax aspects of several multibillion-dollar acquisitions of powerhouses in British soccer and American fashion, earning him recognition as one of the tax attorneys under age 40 honored by Law360 as Rising Stars.

  • July 18, 2024

    IRS Issues Corp. Bond Monthly Yield Curve For July

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

  • July 18, 2024

    Man Can't Annul Agreement To Pay $2M In Taxes, Court Told

    A federal district court should force a Florida man to pay the over $2 million in taxes, interest and penalties he owes despite his change of heart about an agreement regarding his deficient filings, the government said.

  • July 18, 2024

    Top International Tax Cases To Watch In The 2nd Half Of 2024

    Tax attorneys will be tracking several high-stakes cases in the second half of 2024 that could define the bounds of the IRS' ability to craft regulations or lodge direct challenges aimed at what it sees as the tax avoidance maneuvers of multinational corporations. Here, Law360 looks at key international tax cases to follow during the rest of the year.

  • July 17, 2024

    Much Of Pillar 1 Treaty Agreed On, OECD Official Says

    Agreement has been reached on the bulk of a multilateral pact to implement new taxing rights that are part of a revamp of the international tax system and on expansions to a part of the taxing rights plan, an OECD official said Wednesday.

  • July 17, 2024

    Tax Court OKs Added Penalty Over Nixed $20.7M Deduction

    The U.S. Tax Court found Wednesday that a Georgia partnership should be assessed a negligence penalty alongside a previously assessed accuracy penalty tied to a disallowed $20.7 million charitable contribution deduction, agreeing with an argument by the IRS.

  • July 17, 2024

    Spouse Relief Not Available For Errant Refund, Tax Court Says

    A Maryland woman who along with her husband received an erroneous refund from the Internal Revenue Service isn't entitled to innocent spouse relief because that relief is available only for unpaid taxes or deficiencies, the U.S. Tax Court said Wednesday.

  • July 17, 2024

    Tax Court Nixes $22.6M Deduction For Historic Renovation

    The U.S. Tax Court denied Wednesday a $22.6 million deduction to a partnership for a conservation easement on its 11-story historic building in downtown Cleveland, saying the easement did not prevent the scale of development on the property that the partnership had claimed.

  • July 17, 2024

    Tax Court Says IRA Deduction Claim Correctly Rejected

    The Internal Revenue Service correctly disallowed a New Hampshire couple's claimed individual retirement account deduction because they never actually made a contribution to such an account, the U.S. Tax Court said Wednesday.

  • July 17, 2024

    Gov't Views On OECD Risk Guidance Vary, Economists Say

    In allocating risk among different components of a business for transfer pricing purposes, analysts need to consider governments' varying interpretations of guidance from the Organization for Economic Cooperation and Development, a panel of economists said Wednesday.

  • July 17, 2024

    Connell Foley Adds Wilson Elser Tax Pro In Group Upgrade

    Connell Foley LLP strengthened its tax and estate team this week with the promotion of several attorneys up to partner and the addition of a mergers and acquisitions and corporate restructuring tax expert previously of counsel at Wilson Elser Moskowitz Edelman & Dicker LLP.

  • July 17, 2024

    The Tax Angle: Child Care, Medical Debt, Small Biz Relief

    As talks take place on Capitol Hill over the impact the expiration of the Tax Cuts and Jobs Act will have on small businesses and child care, here's a peek into a reporter's notebook on a few developing tax stories.

  • July 17, 2024

    IRS Plans August Hearing On Stock Buyback Tax Rules

    The Internal Revenue Service will hold a public hearing Aug. 27 on proposed regulations governing a new excise tax on repurchases of corporate stock, the agency said Wednesday.

  • July 17, 2024

    IRS Issues Fixes For Clean Electricity Credit Regs

    The Internal Revenue Service issued corrections Wednesday that it said fix a number of errors in proposed regulations concerning the clean electricity production and investment tax credits established by the Inflation Reduction Act.

  • July 17, 2024

    Treasury Finalizes Rules To Target 'Killer B' Transactions

    The U.S. Treasury Department published final regulations Wednesday aimed at so-called Killer B transactions, which involve certain corporate reorganizations with at least one foreign affiliate that ultimately allow U.S. companies to avoid domestic taxes.

  • July 17, 2024

    Rising Star: Cravath's Kiran Sheffrin

    Kiran Sheffrin of Cravath Swaine & Moore LLP has advised companies from Anheuser-Busch InBev to Valvoline on multibillion-dollar deals, including a $50 billion combination resulting in the formation of pharmaceutical giant Viatris, earning her a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 17, 2024

    Woman Can't Escape Suit Over Partner's $1.1M FBAR Debt

    A woman whose late romantic partner owed $1.1 million in reporting penalties on hidden financial accounts in France and Switzerland can't stop the government from pursuing a suit against her for half the value of her home, a New York federal court ruled.

  • July 17, 2024

    Baker McKenzie Adds EY Partner To Mexico City Office

    Baker McKenzie has appointed a new partner from EY Mexico to its North American tax practice group in Mexico City.

  • July 16, 2024

    Intracompany Prices Should Reflect Acquired IP, Panelists Say

    When one company buys another for its intellectual property, the subsequent pricing of that asset between the now-related entities should reflect the value of what was acquired, transfer pricing specialists said Tuesday at a conference in Washington, D.C.

  • July 16, 2024

    More Geographic Adjustments 'On The Table' For Amount B

    Countries' ability to make further adjustments for geographic differences in the streamlined transfer pricing approach known as Amount B — part of the OECD's plan for reallocating taxing rights among jurisdictions — is "still on the table," an official from the organization said Tuesday.

  • July 16, 2024

    Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up

    A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.

Expert Analysis

  • Think Like A Lawyer: Always Be Closing

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    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.

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

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    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.

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    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.

  • How Cannabis Rescheduling May Alter Paraphernalia Imports

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    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.

  • NCAA Settlement May End The NIL Model As We Know It

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    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.

  • Fishing Makes Me A Better Lawyer

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    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.

  • A Healthier Legal Industry Starts With Emotional Intelligence

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    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.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    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.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    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.

  • BF Borgers Clients Should Review Compliance, Liability

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    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.

  • Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    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.

  • What Updated PLR Procedure May Mean For Stock Spin-Offs

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    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.

  • Proposed Cannabis Reschedule Sidesteps State Law Effects

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    The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.

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