Federal
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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
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
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.
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August 15, 2024
Applicable Federal Interest Rates To Drop In September
Applicable federal rates for income tax purposes will decrease in September, the Internal Revenue Service said Thursday, the third month-to-month drop in a row.
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August 15, 2024
IRS Nix Of $52M Easement Deduction Invalid, Donor Says
An Alabama partnership asked the U.S. Tax Court to reverse an Internal Revenue Service adjustment that cut its roughly $52 million deduction for its donation of a conservation easement, saying, among other things, that the IRS defied the Administrative Procedure Act.
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August 15, 2024
Partnership's $47M Easement Deduction Is Fraud, IRS Says
A North Carolina partnership lied and hid details related to a fraudulent conservation easement donation for 2018, the Internal Revenue Service told the U.S. Tax Court, saying the partnership is wrong in claiming the IRS improperly slashed its almost $47 million corresponding tax deduction.
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August 15, 2024
IRS Reopens Improper Retention Credit Disclosure Program
Businesses that think they improperly received COVID-era employee retention credits have another chance to apply for a voluntary disclosure program that could reduce their penalty and allow them to avoid future audits, penalties and interest, the Internal Revenue Service said Thursday.
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August 15, 2024
Ga. Man Accused Of Trying To Steal $1.9M In COVID Funds
A Georgia man was indicted in a scheme to steal $1.9 million in pandemic relief money and accused of wire fraud, submitting fraudulent federal tax returns and stealing dozens of Social Security numbers, the U.S. Department of Justice announced Wednesday.
![The sign on the side of the Eaton Corp.'s world headquarters is seen on Monday, Oct. 24, 2011, in Cleveland. The company said Monday that its third-quarter profit surged 36 percent behind double-digit sales growth in some of its biggest segments, but the diversified manufacturer lowered the high end of its 2011 earnings forecast. (AP Photo/Amy Sancetta)](https://assets.law360news.com/1871000/1871394/988f1feb56d2db5a986c1eda52fcd9d8d460707e-earns-eaton.jpeg)
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.
![Democratic presidential nominee Vice President Kamala Harris speaks at a campaign event at Hendrick Center for Automotive Excellence on the Scott Northern Wake Campus of Wake Tech Community College in Raleigh, N.C., Friday, Aug. 16, 2024. (AP Photo/Julia Nikhinson)](https://assets.law360news.com/1870000/1870723/c78d91967ff30cd72f3975489f270cce1c2a276f-election_2024_harris_10322.jpg)
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.
![FILE - Wind turbines operate in Livermore, Calif., on Wednesday, Aug. 10, 2022. Biden, on his three-state western swing this past week, emphasized to donors and voters how the Inflation Reduction Act addresses climate change and promotes the creation of jobs as the economy moves toward renewable energy. (AP Photo/Godofredo A. Vásquez, File)](https://assets.law360news.com/1869000/1869900/1c47426a816a14e14538d162a45a97953c66f0fb-biden_inflation_29884.jpg)
Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year
Energy tax attorneys have been knee-deep in project finance deals for the past year since the Inflation Reduction Act of 2022 triggered a flurry of clean energy investments, but the work, they say, has been fulfilling as part of broader efforts to save the environment.
Featured Stories
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Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year
Energy tax attorneys have been knee-deep in project finance deals for the past year since the Inflation Reduction Act of 2022 triggered a flurry of clean energy investments, but the work, they say, has been fulfilling as part of broader efforts to save the environment.
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Walz Backed Tax Hikes Funding Plans For Children, Families
As Minnesota's governor, Democrat Tim Walz, now the presumed vice presidential nominee of his party, separated himself from most other governors by signing into law numerous tax increases funding progressive priorities such as a paid family leave plan and the nation's largest child tax credit.
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Treasury's Loss Rules Take Broad Approach To Min. Tax Deal
The U.S. Treasury Department recently dashed the hopes of multinational corporations seeking regulations that would have carved out an international minimum tax agreement from interacting with long-standing domestic rules aimed at preventing companies from using the same economic loss twice.
Expert Analysis
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It's Time For A BigLaw Associates' Union
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.
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Why DOJ's Whistleblower Program May Have Limited Impact
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.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Trump's Best Hush Money Appeal Options Still Likely To Fail
The two strongest potential arguments former President Donald Trump could raise in appealing his New York hush money conviction seem promising at first, but precedent strongly suggests they will still ultimately fail — though, of course, Trump's unique position could lead to surprising results, says former New York Supreme Court Justice Ethan Greenberg, now at Anderson Kill.
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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A Guide To Long-Term, Part-Time Employee Determinations
With final regulations under the Secure Act requiring 401(k) retirement benefits for long-term, part-time employees expected soon, Amy Sheridan and David Guadagnoli at Sullivan & Worcester look at how the proposed rules would shift the risk-reward calculus on excluding categories of employees, and what plan sponsors would need to consider when designing retirement plans.
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After Chevron: Delegation Of Authority And Tax Regulators
The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.