Federal

  • December 13, 2024

    Loper Bright May Influence Tax Less, IRS Chief Counsel Says

    The U.S. Supreme Court decision this year overturning a decades-long standard to defer to federal agencies' regulatory interpretations has encouraged the Internal Revenue Service to better explain its rules, its outgoing chief counsel said Friday.

  • December 12, 2024

    'Housewives' Figure Touts Social Media Posts In Leniency Bid

    Former "Real Housewives of Atlanta" cast member Peter Anthony Thomas asked a North Carolina federal judge on Thursday to give him a prison sentence below federal guidelines for not paying $2.5 million in employment taxes, stating he has used his public platform to encourage his followers to pay their own taxes.

  • December 12, 2024

    Bitcoin Investor Gets 2 Years For Tax Fraud In Landmark Case

    An investor who concealed millions of dollars he earned in bitcoin and became the first person criminally charged for failing to report gains from the sale of cryptocurrency by filing false returns was sentenced to two years in federal prison Thursday.

  • December 12, 2024

    IRS Wants Choice Retained In Dual Loss Rules, Official Says

    The Internal Revenue Service is working to preserve flexibility for taxpayers in rules aimed at preventing companies from using the same economic loss twice after concerns were raised about how the rules could negatively interact with the Pillar Two global minimum tax, an official said Thursday.

  • December 12, 2024

    IRS Seeks Feedback On Limits In Previous Taxed Profit Rules

    The Internal Revenue Service will consider whether rules included in recently proposed guidance on previously taxed earnings and profits to limit instances where U.S. multinationals may use basis to offset gain are too restrictive, an official said Thursday.

  • December 12, 2024

    IRS Chief Makes Case To Restore $20B Funding Shortfall

    Congress should reverse a $20 billion IRS funding gap in a year-end budget bill to help the agency modernize its technology, improve customer service and collect unpaid taxes from wealthy businesses and individuals, Internal Revenue Commissioner Daniel Werfel said Thursday.

  • December 12, 2024

    2nd Circ. Won't Rethink Dual Citizen's FBAR Penalties

    The Second Circuit will not review its September decision finding that a dual U.S.-French citizen is liable for tax penalties for failing to file reports of foreign bank and financial accounts, the court said Thursday.

  • December 12, 2024

    IRS Expands Business Tax Account Program To Corp. Leaders

    The Internal Revenue Service's business tax account online self-service tool is now available to C corporations, while the agency is opening access to the program to certain officers of both C and S corporations, the agency said Thursday.

  • December 12, 2024

    IRS Hopes To Issue Amount B Pricing Guidance Within Weeks

    Treasury is working to finish its guidance on the simplified transfer pricing approach to baseline marketing and distribution known as Amount B by the end of the year, a U.S. official said Thursday.

  • December 12, 2024

    Ex-FBI Informant Admits To False Accusations In Biden Case

    A former FBI informant accused of making fake criminal accusations against President Joe Biden and his son, Hunter Biden, will plead guilty to tax evasion and falsifying records in a federal investigation, according to a deal filed Thursday in a California federal court.

  • December 12, 2024

    Treasury Seeks To Pause Anti-Laundering Law Injunction

    The U.S. Treasury Department asked a Texas federal judge to pause his nationwide preliminary injunction of the Corporate Transparency Act pending an appeal of his recent decision that found Congress likely overstepped its constitutional authority when it wrote the anti-money laundering law.

  • December 12, 2024

    IRS Electronic Tax Committee To Meet In January

    The Internal Revenue Service's Electronic Tax Administration Advisory Committee will hold its next meeting Jan. 8, the agency said Thursday.

  • December 11, 2024

    Bloomberg Entitled To Use $4B In Receipts For Deductions

    Bloomberg incorrectly allocated gross receipts between software and services related to access to the Bloomberg Terminal, its interactive financial analysis product, but the company ultimately had $4.1 billion in gross receipts that could be used to calculate a deduction for domestic production from 2008 to 2010, the U.S. Tax Court found Wednesday.

  • December 11, 2024

    Temp Agency Owner Gets Prison For $2M Tax Scheme

    A temp agency owner was sentenced to a year and a day in prison after pleading guilty in Massachusetts federal court to paying employees under-the-table wages to avoid $2.1 million in taxes.

  • December 11, 2024

    Tax Preparers Fabricated Expenses, US Says

    Two tax preparers and their company should be barred from owning or operating tax preparation services because they fabricated business income and expenses for clients, the federal government told a Texas federal court.

  • December 11, 2024

    Exxon Tax Ruling Doesn't Help Liberty Global, 10th Circ. Told

    Liberty Global cannot use a recent ruling that allowed Exxon Mobil a tax deduction for interest payments to claim a deduction for dividends that arose from its intragroup shuffling of a Belgian affiliate, the U.S. government told the Tenth Circuit on Wednesday.

  • December 11, 2024

    Beyoncé Fends Off Most Of $3M Tax Bill In Deal With IRS

    Pop star Beyoncé owes only about $700 of what the IRS had claimed was $3 million in outstanding taxes and penalties, according to a U.S. Tax Court ruling Wednesday that approved a settlement between the star and the agency.

  • December 11, 2024

    17M Won't Benefit From Full Child Tax Credit, Report Says

    Roughly 17 million children under 17 — or roughly a quarter of all U.S. children — will live in families that cannot claim the full child tax credit in 2025 because they make too little, the Urban-Brookings Tax Policy Center said in a report.

  • December 11, 2024

    Judge Orders Home Sale To Pay Down $1.7M Tax Debt

    A California federal judge ordered the private sale of a deceased couple's home to pay down a $700,000 tax bill that has been accruing interest for 20 years and now stands at roughly $1.7 million.

  • December 10, 2024

    FinCEN Says CTA Still Constitutional In Post-Injunction Alert

    The Financial Crimes Enforcement Network has alerted companies that they do not currently need to file so-called beneficial ownership information with the agency after a federal judge's nationwide preliminary injunction blocking the Corporate Transparency Act, though the bureau maintained that the law calling for such information is constitutional.

  • December 10, 2024

    Morgan Lewis Gets DLA Piper Tax Pro With DOJ Experience

    Morgan Lewis & Bockius LLP announced that it has added to its Boston office a tax attorney from DLA Piper who served as an appellate attorney at the U.S. Department of Justice, Tax Division.

  • December 10, 2024

    Biz Owner In $2.8M Worker Tax Scheme Gets 18 Months

    A construction company owner who failed to pay $2.8 million in employment taxes by falsely claiming his workers were subcontractors was sentenced to 18 months in prison Tuesday and ordered to pay full restitution, according to Massachusetts federal court documents.

  • December 10, 2024

    FBAR Default Against Widow Should Be Vacated, Judge Says

    A New York federal magistrate judge recommended vacating a default judgment against a widow, which would give her a second chance to defend her dead husband's estate against U.S. government claims that it owes $275,000 for his failure to report his account at an Indian bank.

  • December 10, 2024

    Tax Court Nixes Overpayment Refunds In Tolling Row

    A Florida man was correctly denied a pair of tax overpayment refunds that totaled roughly $88,000 because the statutes covering his claims are not governed by equitable tolling rules, the U.S. Tax Court said Tuesday.

  • December 10, 2024

    9th Circ. Nixes Tax Deductions For Disbarred Calif. Attorney

    A California attorney who fought with his neighbors in court cannot take business deductions for the cost of challenging his disbarment and a court's declaration that he is a "vexatious litigant," the Ninth Circuit said Tuesday, upholding a ruling from the U.S. Tax Court.

Expert Analysis

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

    Author Photo

    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Pros, Cons Of Disclosing Improper Employee Retention Credit

    Author Photo

    Employers considering the Internal Revenue Service’s second voluntary disclosure program, which allows companies to avoid penalties for erroneously claiming employee retention credits for the 2021 tax year by repaying the credits and naming the tax advisers who encouraged these abusive practices, should carefully weigh the program’s benefits against its potential drawbacks, say attorneys at Winston & Strawn.

  • How Law Firms Can Avoid 'Collaboration Drag'

    Author Photo

    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • Litigation Funding Disclosure Key To Open, Impartial Process

    Author Photo

    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

    Author Photo

    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

    Author Photo

    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Replacing The Stigma Of Menopause With Law Firm Support

    Author Photo

    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Planning Law Firm Content Calendars: What, When, Where

    Author Photo

    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Brownfield Questions Surround IRS Tax Credit Bonus

    Author Photo

    Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.

  • Law Firms Should Move From Reactive To Proactive Marketing

    Author Photo

    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • The Big Issues A BigLaw Associates' Union Could Address

    Author Photo

    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • It's Time For A BigLaw Associates' Union

    Author Photo

    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Why DOJ's Whistleblower Program May Have Limited Impact

    Author Photo

    The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.

Can't find the article you're looking for? Click here to search the Tax Authority Federal archive.