Federal

  • January 17, 2025

    Par Funding's Fraud Caused $288M In Losses, Pa. Judge Says

    Par Funding caused $288 million in losses stemming from a scheme to defraud investors who poured money into its cash advance business, a Pennsylvania federal judge said Friday, days after holding an evidentiary hearing where the government and the defendants sparred over dueling loss amounts.

  • January 17, 2025

    Feds Say Pa. Investment Adviser Stole $20M From Clients

    A Pennsylvania investment adviser's alleged misappropriation of more than $20 million worth of client funds has landed him criminal charges and civil enforcement action from U.S. Securities and Exchange Commission.

  • January 17, 2025

    US Guidance On Amount B Carries Potential For Disputes

    Recent IRS guidance on a simplified and streamlined transfer pricing method for certain cross-border transactions, known as Amount B, suggests rulemakers want feedback on how it would work if it were made mandatory, but that approach could lead to controversy without global cooperation.

  • January 17, 2025

    Bill Aims To Extend Biogas Investment Credit Through 2025

    A bill in the U.S. House of Representatives would extend the clean energy investment tax credit available for certain biogas facilities' equipment through the end of 2025 instead of at the end of 2024, the bill's sponsors said Friday.

  • January 17, 2025

    11th Circ. Urged To Reject Biz Owners' Tax Penalty Challenge

    The owners of an electronic parts company who asked the Eleventh Circuit to reverse a tax penalty and find that Tax Court judges have unconstitutional job protections failed to link the two and are not entitled to tax relief, the U.S. government said Friday.

  • January 17, 2025

    LA Crypto 'Godfather' Admits To $36M Meta Hacking Fraud

    A Los Angeles-based cryptocurrency founder who called himself "The Godfather" will plead guilty to earning $36 million through the sale of hacked Meta Platforms advertising accounts and evading taxes on the fraudulent profits, according to federal court documents unsealed Friday,

  • January 17, 2025

    IRS Rewrites Residential Green Energy Credit FAQ

    The Internal Revenue Service made substantial changes Friday to its fact sheet for the energy efficient home improvement and residential clean energy property tax credits.

  • January 17, 2025

    Meet The Key Players In Tom Goldstein's Tax-Crimes Case

    The tax-evasion indictment of U.S. Supreme Court expert lawyer and SCOTUSblog publisher Tom Goldstein features an eclectic cast of characters linked to his purported side career as a high-stakes poker player, including law firm partners, professional gamblers, a Texas billionaire, a movie producer and an actor.

  • January 17, 2025

    Taxation With Representation: Simpson Thacher, Covington

    In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater Analytics buys Enfusion, and Lantheus Holdings Inc. buys Life Molecular Imaging Ltd.

  • January 17, 2025

    Ex-Pol's Atty Chided For Early Morning Sentencing Memo

    The lawyer for a former Massachusetts state senator convicted of tax and pandemic aid fraud was scolded by a federal judge on Friday for filing a sentencing memo at 3:30 a.m. on the day of the hearing, then showing up late to court, forcing a postponement.

  • January 17, 2025

    Co. Suggests 4 Chemicals For Taxable Substances List

    The Internal Revenue Service is seeking comments on proposals from Occidental Chemical Corp. to add four chemicals to the Internal Revenue Code's list of taxable substances, the agency said Friday.

  • January 17, 2025

    IRS Commissioner To Step Down As Trump Takes Office

    Internal Revenue Commissioner Daniel Werfel is stepping down from his position in light of President-elect Donald Trump's intent to nominate former Rep. Billy Long to replace him, Werfel said in a message to the agency's employees Friday.

  • January 17, 2025

    Vanguard To Pay SEC, States $106M Over Surprise Tax Bills

    The U.S. Securities and Exchange Commission was joined by dozens of state regulators Friday in announcing a $106.4 million settlement with The Vanguard Group Inc. over claims that the company misled investors about the heightened capital gains taxes they would have to pay on certain retirement savings accounts.

  • January 17, 2025

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included revised rules for companies that file consolidated federal income tax returns to modernize previous rules' terminology, including removing gender-specific pronouns. 

  • January 16, 2025

    Trump's Treasury Pick Calls For Permanently Extending TCJA

    Congress must permanently extend the Tax Cuts and Jobs Act provisions set to expire this year to prevent the largest tax increase in history, Scott Bessent, President-elect Donald Trump's pick for Treasury secretary, told the Senate Finance Committee on Thursday.

  • January 16, 2025

    Tax Court Denies Late Pass For Identity Theft

    A California couple cannot challenge an Internal Revenue Service decision to levy their state tax refund because they missed the deadline for filing a petition by four years, the U.S. Tax Court said Thursday, rejecting their request for an extension for dealing with identity theft.

  • January 16, 2025

    DOJ Tax Chief Touts Winning Court Record On Appeals

    The U.S. Department of Justice's Tax Division won an overwhelming majority of appeals in tax cases last year by prioritizing strong legal arguments in disputes that had the potential to significantly affect federal tax administration, the head of the division said Thursday.

  • January 16, 2025

    Tax Court Rejects Explanation For Unreported Wages

    A woman owes taxes on nearly $19,000 of unreported income she said she reported on a gift tax return, the U.S. Tax Court ruled Thursday, rejecting her argument that wages reported as gifts would not incur taxes.

  • January 16, 2025

    Tax Court Tosses Some Of Ind. Couple's Deduction Claims

    The U.S. Tax Court had mixed responses Thursday related to an Indiana couple's claimed business deductions tied to a rental property as well as itemized deductions related to the husband's work as an electrician, allowing some while saying others weren't properly substantiated.

  • January 16, 2025

    IRS Explains Changing Elective Payment Accounting Periods

    The IRS provided procedures Thursday for certain entities — including Native American tribes and state governments — that aren't required to file federal income tax returns but have chosen to make elective payments and want to change their taxable years to match their accounting periods.

  • January 16, 2025

    AmEx Inks $230M Deal Over DOJ, Fed Small Biz Sales Claims

    American Express has signed a nonprosecution agreement and said Thursday it will pay about $230 million to end investigations by the Department of Justice and the Federal Reserve into the financial services company's previous sales practices for some small business customers in the U.S.

  • January 16, 2025

    Tax Court's 90-Day Deadline Is Not Fixed, 6th Circ. Told

    A woman who missed the 90-day deadline for challenging her liabilities in the U.S. Tax Court told the Sixth Circuit on Thursday that the Internal Revenue Service has wrongly argued that case law proves the deadline is set in stone.

  • January 16, 2025

    SCOTUSblog Publisher Tom Goldstein Indicted In Tax Case

    Tom Goldstein, a publisher of SCOTUSblog and one of the most experienced U.S. Supreme Court lawyers in the country, was indicted Thursday in Maryland federal court on charges he schemed to evade paying taxes for years and used funds from his boutique law firm to cover gambling debts. 

  • January 16, 2025

    OECD To Release List Of Abusive Transactions Under Pillar 2

    The Organization for Economic Cooperation and Development is putting together a list of intercompany transactions that may raise red flags as attempts to undermine an international minimum tax agreement known as Pillar Two, an OECD official said Thursday.  

  • January 16, 2025

    Morrison Foerster Adds Tax Group Co-Chair From Jones Day

    Morrison Foerster LLP announced it has added a partner from Jones Day to serve as co-chair of the firm's global tax group in its New York office.

Expert Analysis

  • Exploring Venue Strategy For Trump-Era Regulatory Litigation

    Author Photo

    Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.

  • An Associate's Guide To Career Development In 2025

    Author Photo

    As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.

  • Fixing Up Cars Makes Me A Better Lawyer

    Author Photo

    From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.

  • A New Tax On Employers Could Help Curb Illegal Immigration

    Author Photo

    To better enforce the law against hiring immigrants unauthorized to work in the U.S., Congress should enact a punitive excise tax on compensation paid to such immigrants and amend the False Claims Act to allow qui tam actions against employers for failure to pay such tax, says Ajay Gupta at Moore Tax Law Group.

  • Making The Pitch To Grow Your Company's Legal Team

    Author Photo

    In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.

  • Justices May Find Gov't Can Keep Fraudulent Transfer Benefit

    Author Photo

    Based on the justices' questions at the recently argued U.S. v. Miller, the Supreme Court appears prepared to hold that the U.S. — unlike any other creditor — is permitted to retain the benefits of a fraudulent transfer to the detriment of other bankruptcy creditors, says Kevin Morse at Clark Hill.

  • Tax Court Should Update Framework For Defining Insurance

    Author Photo

    ​​​​​​​The U.S. Tax Court's unnecessary determination in Royalty Management Insurance v. Commissioner that a fraudulent transaction did not contain the hallmarks of a legitimate insurance transaction applies an outdated analysis that threatens the captive insurance sector and illustrates the need for a more modern framework to define true insurance, says Matthew Queen at the Queen Firm.

  • When US Privilege Law Applies To Docs Made Outside The US

    Author Photo

    As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.

  • Impact Of Corporate Transparency Act Ambiguity On Banks

    Author Photo

    Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.

  • 6 Changes I Would Make If I Ran A Law School

    Author Photo

    Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.

  • Firms Still Have The Edge In Lateral Hiring, But Buyer Beware

    Author Photo

    Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.

  • Congress Should Expand Investment Options For 403(b)s

    Author Photo

    Lawmakers should pass pending legislation to give 403(b) plan participants access to collective investment trusts, leveling the playing field for public sector retirement investors by giving them an investment option their private sector counterparts have had for decades, says Jason Levy at Great Gray Trust Company.

  • Think Like A Lawyer: 1 Type Of Case Complexity Stands Out

    Author Photo

    In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.

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