Federal

  • March 11, 2024

    CPAs Call For Broad Guidance On Excess Business Losses

    The Internal Revenue Service is past due for issuing guidance clarifying the limitation on excess business losses of noncorporate taxpayers, the American Institute of Certified Public Accountants said in a letter made public Monday.

  • March 11, 2024

    Tax Court Cuts Majority Of Ohio Tax Preparer's Biz Deductions

    An Ohio tax preparer will receive less than half of the $18,000 in deductions she claimed on her personal income taxes after failing to substantiate a portion of them as business expenses, the U.S. Tax Court ruled Monday.

  • March 11, 2024

    Fla. Tax Law Firm Fights Class Cert. In Wisconsin Fraud Row

    A Florida-based tax law firm has asked a Wisconsin federal judge to trim a proposed class action fraud suit launched by former customers claiming the firm solicited fees without performing work.

  • March 11, 2024

    Senate Finance Panel To Meet Tuesday On Manufacturing

    The Senate Finance Committee is scheduled to meet Tuesday to discuss congressional efforts for encouraging progress and investment in domestic manufacturing, according to a notice Monday.

  • March 08, 2024

    IRS Leaker Should Be Deposed Without All Docs, Judge Says

    Attorneys for a hedge fund executive should question the former IRS contractor who admitted to stealing the tax returns of him and others, even though the IRS hasn't finished producing evidence in the case seeking to hold the agency responsible for the leak, a Florida federal judge said Friday.

  • March 08, 2024

    Hunter Biden's Trump Conspiracy Theory Baseless, US Says

    Hunter Biden's claim that former President Donald Trump is improperly driving his criminal prosecution on nine counts of tax violations is nothing more than a baseless conspiracy theory, the U.S. government told a California federal court Friday, arguing against Biden's efforts to get the case tossed.

  • March 08, 2024

    ​​​​​​​Certain Tax Policy Can Improve Taxpayer Incentives, JCT Says

    Tax policy affecting marginal tax rates can enhance taxpayers' incentives to work, save and invest their earnings, the Joint Committee on Taxation said in a report published Friday.

  • March 08, 2024

    Taxation With Representation: Fried Frank, Latham

    In this week's Taxation with Representation, Viavi acquires Spirent, Cadence Design Systems purchases Beta Cae Systems International, and United Rentals buys Yak.

  • March 08, 2024

    Direct Pay Regs Would Lift Major Barrier For Energy Projects

    A U.S. Treasury Department proposal to give partnerships access to direct payments of tax credits for green energy projects would lift a significant barrier that has prevented tribes, municipalities, schools and nonprofits from capitalizing on joint ownership arrangements. 

  • March 08, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin, which included information on the tax treatment of certain lead pipe replacement projects.

  • March 07, 2024

    Don't Let Pillar 1 Die, Policy Experts Tell House Tax Panel

    Tax policy experts encouraged a U.S. House subcommittee Thursday to continue negotiations at the Organization for Economic Cooperation and Development over the taxing rights overhaul known as Pillar One and advocate for stronger double taxation relief and tougher language eliminating digital service taxes.

  • March 07, 2024

    Ex-Mass. Senator's Aide Gets Short Prison Term For Tax Fraud

    The former chief of staff to a Massachusetts state senator was sentenced Wednesday in federal court to 30 days in prison for failing to report income she was receiving from a business she owned and other jobs while collecting her state salary.

  • March 07, 2024

    Jailed Reality Star Slammed For Raising 'Irrelevant' Evidence

    Less than a month ahead of trial, a Georgia Department of Revenue employee suing imprisoned former reality television star Michael "Todd" Chrisley has asked a Georgia federal judge to stop Chrisley from bringing in evidence she says is "irrelevant" to the defamation case she brought against him.

  • March 07, 2024

    Nonprofits Can E-File 2023 Extensions Later This Month

    Tax-exempt organizations will be able to electronically file applications for extensions on returns including Form 990 starting March 17, when an Internal Revenue Service delay that impeded the filings ends, an agency official said Thursday.

  • March 07, 2024

    Disability Payments Are Gross Income, Tax Court Rules

    More than $1,500 in disability payments received by a Texas couple must be included in their gross income, the U.S. Tax Court ruled Thursday.

  • March 07, 2024

    Tax Tipster Who Reported Family Loses DC Circ. Award Fight

    A man who reported his siblings for tax fraud and received a whistleblower award wasn't entitled to more money, the D.C. Circuit ruled, saying the IRS was correct in reducing the amount after concluding the man, a manager in the family business, likely participated in the fraud.

  • March 07, 2024

    IRS Seeks Suggestions For Next Priority Guidance Plan

    The Internal Revenue Service is soliciting public suggestions for its 2024-25 priority guidance plan, the agency announced Thursday.

  • March 07, 2024

    Feds Look To Bar Advice-Of-Counsel Defense From Tax Trial

    Federal prosecutors have sought to prevent two attorneys and an insurance agent from relying on advice-of-counsel defenses in their upcoming tax fraud trial, telling a North Carolina federal judge the trio failed to give the court an adequate heads-up about their intended defense.

  • March 07, 2024

    IRS Halts Penalties On Dyed Diesel After Texas Wildfires

    The Internal Revenue Service will momentarily stop imposing penalties on the sale or highway use of dyed diesel fuel in parts of Texas in response to wildfires, the agency said.

  • March 07, 2024

    IRS' Taxpayer Advocacy Panel Schedules April Meeting

    The Internal Revenue Service's Taxpayer Advocacy Panel Joint Committee scheduled its next public meeting for April 22, the agency said Thursday.

  • March 07, 2024

    Biden Urges Higher Taxes On Wealthy Companies, Individuals

    President Joe Biden, in his Thursday night State of the Union address, urged Congress to make the U.S. tax code fairer by enacting higher rates on wealthy corporations and individuals and extending tax relief to working families.

  • March 06, 2024

    Software Execs Tried To Save Co. With Trust Taxes, Jury Told

    Prosecutors and defense attorneys on Wednesday painted competing pictures of two former software executives at the start of their tax fraud trial in North Carolina, with the government characterizing the pair as liars and cheaters while the defense claimed they were merely trying to right the ship as their business floundered.

  • March 06, 2024

    Impending Corp. Spinoff Guidance Could Refine Tax-Free Test

    Tax attorneys are watching to see if eagerly awaited corporate spinoff guidance will help determine whether transactions qualify for tax-free status with more clarity than current regulations, and without controversial bright-line rules that were floated several years ago.

  • March 06, 2024

    Startup Investors' Attys Want $1.5M In Fees On Disclosure Suit

    Lawyers for a class of investors have asked a New York federal court to approve their attorney fees of $1.5 million for a $4.5 million settlement with a Chinese analytics startup over claims the company misrepresented its tax liability before its initial public offering. 

  • March 06, 2024

    IRS Targeted Atty In Bank Records Suit, Justices Told

    The Internal Revenue Service violated an attorney's free speech rights by targeting him based on a tax analysis he posted online, he argued in asking the U.S. Supreme Court to consider overturning a ruling allowing the agency to obtain his bank account information.

Expert Analysis

  • Key Considerations For Taxpayers Deducting Crypto Losses

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    While a recent Internal Revenue Service memorandum is helpful in providing insight into how the agency is considering guidance related to cryptocurrency, questions remain with respect to whether a taxpayer can claim a tax deduction for cryptocurrency losses, say attorneys at McDermott.

  • Justices' MoneyGram Opinion Could Spur State Legislation

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    The U.S. Supreme Court’s recent decision that federal law governs the escheatment of over $250 million in unclaimed MoneyGram checks provides clarity for some issuers, but aspects of related common law remain uncertain and states may take the opportunity to pass multistate escheatment legislation, say attorneys at Alston & Bird.

  • Justices Leave Questions Open On Dual-Purpose Atty Advice

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    The U.S. Supreme Court's recent dismissal of In re: Grand Jury on grounds that certiorari was improvidently granted leaves unresolved a circuit split over the proper test for deciding when attorney-client privilege protects a lawyer's advice that has multiple purposes, say Susan Combs and Richard Kiely at Holland & Hart.

  • Employee Retention Tax Credit: Gray Areas And Red Flags

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    The subjective nature of the pandemic-prompted employee retention credit, coupled with a lack of Internal Revenue Service guidance, have created fertile ground for opportunists, so businesses seeking this tax benefit should be mindful of tax advisers who would involve them in fraudulent ERC claims, say attorneys at Holland & Knight.

  • High Court Ax Of Atty-Client Privilege Case Deepens Split

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    The U.S. Supreme Court's recent dismissal of In re: Grand Jury as improvidently granted maintains a three-way circuit split on the application of attorney-client privilege to multipurpose communications, although the justices have at least shown a desire to address it, say Trey Bourn and Thomas DiStanislao at Butler Snow.

  • Clean Energy Tax Credits' Wage, Apprentice Rules: Key Points

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    The Inflation Reduction Act's complicated prevailing wage and apprenticeship requirements for clean energy facility construction tax credits recently took effect — and the learning curve will be more difficult for taxpayers who are not already familiar with such programs, say attorneys at Shearman.

  • Crypto Coverage After FTX Fall: Crime And Custody Coverage

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    Cryptocurrency firm FTX's recent implosion provides a case study for potential crypto exposure under traditional insurance policies, and suggests carriers should ask some basic underwriting questions, including whether a company engages in transactions involving cryptocurrencies or holds digital assets in custody, says Anjali Das at Wilson Elser.

  • US-India Advance Pricing Resolutions Should Reassure Cos.

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    The United States' and India's tax authorities' recent resolution of a significant number of pending advance pricing agreements should reduce taxpayer uncertainty, reassure companies of the nations' good working relationship and improve India's investment environment, say Miller Williams and Caroline Setliffe at Eversheds Sutherland.

  • Reimagining Benefits For A World Without Noncompetes

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    Though the Federal Trade Commission's recently proposed noncompete ban is still in its infancy, companies should begin considering whether they would need to retool their payment and benefits packages to comply, while still protecting their competitive edge, say Melissa Ostrower and Alec Nealon at Jackson Lewis.

  • A Closer Look At Rep. Santos' Claims And Potential Charges

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    Skadden partner and former federal prosecutor Maria Cruz Melendez discusses Rep. George Santos' legal exposure following his alleged misrepresentations and the possible scope of investigations into his conduct — noting that if history is any indication, the congressman could face prison time if convicted.

  • Stock Buyback Excise Tax Guidance A Mixed Bag For SPACs

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    Recent IRS guidance on the new stock repurchase excise tax includes a welcome exception for publicly traded special-purpose acquisition companies but does not exclude redemptions in connection with a de-SPAC transaction, and further guidance is needed to clarify ambiguities around the exception's application, say Olga Bogush and Evgeny Magidenko at ArentFox Schiff.

  • Crypto Coverage After FTX Fall: Accountant And Atty Liability

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    The recent fall of cryptocurrency firm FTX highlights complexities regarding accounting and tax reporting for digital assets, and reveals lawyers’ potential liability exposure when providing services to crypto firms — as a result, insurers may face unintended vulnerabilities related to this nebulous landscape, say Anjali Das and Farzana Ahmed at Wilson Elser.

  • The Forces Defining Sales Tax Policy And Compliance In 2023

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    In the coming year, expect to see tax policymakers grapple with the complexity of state and local tax compliance, cryptocurrency, metaverse transactions, and more, says Scott Peterson at Avalara.

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