Federal

  • January 26, 2024

    Trump Org. Monitor Flags Financial 'Errors' As Ruling Looms

    An independent monitor overseeing the Trump Organization's finances amid the New York attorney general's civil fraud suit reported Friday she found multiple errors and misstatements in disclosures sent to third-party lenders, including underreporting the organization's liabilities by millions of dollars and hiding $40 million recently sent directly to the former president.

  • January 26, 2024

    US Proved Daughters Fraudulently Moved $1.4M, Court Says

    The U.S. government proved that two daughters fraudulently transferred $1.4 million to their U.S. bank accounts from their mother's Israeli bank, but it failed to name and support the amount of damages it seeks, a Florida federal court said.

  • February 08, 2024

    Law360 Seeks Members For Its 2024 Editorial Boards

    Law360 is looking for avid readers of its publications to serve as members of its 2024 editorial advisory boards.

  • January 26, 2024

    Wife Accused Of Tax Crimes Must Keep GPS Monitor, US Says

    A woman indicted with her husband on tax evasion charges relating to an abusive trust scheme should not be allowed to remove her ankle monitor, the U.S. government told a Colorado federal court, saying her previous tracking devices sustained suspicious damage.

  • January 26, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service released its weekly bulletin Friday, which included a clarification of a religious-based filing exemption.

  • January 26, 2024

    Ariz. AG Asks IRS Not To Tax State Rebates

    Arizona's recently paid general welfare income tax rebates should not be subject to federal income tax, the state's attorney general said in a letter to the Internal Revenue Service.

  • January 26, 2024

    Bipartisan Tax Break Bill Faces Rocky Road To Passage

    A bipartisan tax bill that quickly cleared the House's tax panel faces a tumultuous path forward in the full chamber, where Speaker Mike Johnson, R-La., needs to either have robust bipartisan support to pass the bill or risk opening it up to changes.

  • January 26, 2024

    Tax Group Of The Year: Mayer Brown

    Mayer Brown LLP secured local and global victories in 2023, from a Washington state appellate court's decision in a novel sales tax case to an energy company's $307 million merger resulting in a business with an Africa exploration and production focus, earning the firm a spot among Law360's Tax Groups of the Year.

  • January 26, 2024

    Senate Panel Schedules Vote On IRS Chief Counsel Nominee

    The Senate Finance Committee will vote next week on President Joe Biden's pick for chief counsel of the Internal Revenue Service, the committee announced.

  • January 26, 2024

    Calendar Administrators Named For 36 Tax Court Sessions

    The Internal Revenue Service named calendar administrators for 36 U.S. Tax Court sessions in March, April and May, according to a notice released Friday.

  • January 26, 2024

    US Expatriations Rise In 4th Quarter, IRS Says

    The number of people who expatriated from the U.S. jumped nearly 45% during the fourth quarter of 2023 compared with the previous quarter, the Internal Revenue Service said in a notice published Friday.

  • January 25, 2024

    US Fights Trustee's Demand Of Avenatti's Tax Return Info

    The U.S. government asked a California federal judge Thursday to allow it to appeal a bankruptcy court's decision ordering disgraced attorney Michael Avenatti's tax returns to be released to the trustee overseeing the estate of Eagan Avenatti LLP's bankruptcy, arguing that disclosing them undermines Congress' interest in protecting the confidentiality of the information.

  • January 25, 2024

    John Hancock Clients Owed Tax Credit Perk, 11th Circ. Told

    John Hancock Life Insurance Co. clients urged an Eleventh Circuit panel on Thursday to reverse a lower court's ruling that the company didn't breach a fiduciary duty when $100 million worth of foreign tax credits wasn't passed through to them, saying the transaction diminished the value of their retirement accounts.

  • January 25, 2024

    Marathon Seeks $247M In Alternative Fuel Tax Refunds

    Energy giant Marathon Petroleum told an Ohio federal court Thursday that the government owes it $247 million in excise tax refunds, saying the Internal Revenue Service has refused to allow the company tax credits for producing alternative fuel mixtures that include propane and ethane.

  • January 25, 2024

    IRS Phone Service Improved In 2023 Filing Season, GAO Says

    The Internal Revenue Service improved its telephone service in the 2023 filing season, answering more calls and answering them faster than in 2022, the Government Accountability Office said in a report released Thursday.

  • January 25, 2024

    Philly Cheesesteak Shop Owners Get Prison For Tax Evasion

    The father-son duo behind the famous Tony Luke's cheesesteak restaurant in South Philadelphia were each sentenced to 20 months in prison Thursday for what prosecutors said was a decadelong tax evasion scheme that included keeping false ledgers and paying employees under the table.

  • January 25, 2024

    4th Circ. Skeptical Of Biotech Co.'s Tax Credit Claim

    The Fourth Circuit questioned a biotechnology company's claim that it was wrongly deprived of tax credits for drug research, asking Thursday why the company rejected the U.S. Tax Court's ruling that it should have included clinical expenses in its calculation.

  • January 25, 2024

    Loeb & Loeb Hires 20-Year McDermott Tax Partner In Chicago

    Loeb & Loeb LLP has hired a McDermott Will & Emery LLP partner who spent the past 20 years at the platform working on tax and estate planning matters, according to a Thursday announcement.

  • January 25, 2024

    Nationwide CPA Shortage May Spark Rise Of AI Accountants

    The nationwide shortage of certified public accountants, stemming from retirements and a decline in accounting majors enrolled in college, may hasten the integration of artificial intelligence into the profession, but seasoned tax experts are needed to lend their expertise and guide the new technology.

  • January 25, 2024

    Tax Group Of The Year: Eversheds Sutherland

    Eversheds Sutherland's tax practice earned key victories in 2023, including one for Fitzgerald Truck Parts and Sales LLC in a $400 million tax refund battle with the IRS and another for Verizon Communications in a fight with New York state over gross receipts taxes, landing it among Law360's 2023 Tax Groups of the Year.

  • January 25, 2024

    IRS Criminal Unit To Hold Employee Retention Credit Seminars

    The Criminal Investigation arm of the Internal Revenue Service will hold educational sessions about the employee retention credit in February, the agency announced Thursday.

  • January 25, 2024

    IRS Nixes 12-Month Rollover Limit For Certain Accounts

    The Internal Revenue Service said Thursday that it would not assert the 12-month limitation for rollovers to or from Maryland Prepaid College Trust accounts.

  • January 25, 2024

    IRS' Cloud Services Contract Process Lacking, TIGTA Finds

    The Internal Revenue Service failed to locate all its cloud services contracts following three months of searching as part of an audit, the Treasury Inspector General for Tax Administration reported Thursday.

  • January 24, 2024

    Trump Bristles At Shkreli Comparison In NY Civil Fraud Case

    Donald Trump on Wednesday took umbrage at New York Attorney General Letitia James comparing his civil fraud case to that of convicted "Pharma Bro" fraudster Martin Shkreli, saying it merely reveals "her desperation and obvious frustration" with the former president's "ongoing ascent toward the White House."

  • January 24, 2024

    Bid To Swap Chevron For An Old Standby Raises Doubts

    Last week, the U.S. Supreme Court debated whether a World War II-era doctrine encouraging courts to strongly consider agency statutory interpretations could replace the court's controversial so-called Chevron doctrine that requires judges to defer to those interpretations if a statute is ambiguous.

Expert Analysis

  • Compliance Obligations Still Murky For Superfund Excise Tax

    Author Photo

    Comments on the IRS' reinstatement of the Superfund chemicals excise tax show that, given taxpayers' lack of institutional knowledge and the government's previous failure to finalize clarifying guidance, further regulatory action is needed to help taxpayers understand their obligations, say Nicole Elliott and Mary Kate Nicholson at Holland & Knight.

  • The Reciprocal Tax Bill Is A Warning Shot At Pillar 2

    Author Photo

    A bill recently introduced in the House of Representatives to reciprocally tax countries deemed to have imposed discriminatory taxes on U.S. citizens and businesses takes aim at countries implementing the global minimum tax treaty known as Pillar Two, with which the U.S. has not complied, says Alan Cole at the Tax Foundation.

  • 3 Developments That May Usher In A Nuclear Energy Revival

    Author Photo

    A recent advancement in nuclear energy technology, targeted provisions in the Inflation Reduction Act and a new G7 agreement on nuclear fuel supply chains may give nuclear power a seat at the table as a viable, zero-carbon energy source, say attorneys at Vinson & Elkins.

  • What Tax-Exempt Orgs. Need From Energy Credit Guidance

    Author Photo

    Guidance clarifying the Inflation Reduction Act’s credit regime, expected from the U.S. Department of the Treasury this summer, should help tax-exempt organizations determine the benefits of clean energy projects and integrate alternative energy investments into their activities, say attorneys at Morgan Lewis.

  • Unconventional Profits Interest Structures Find New Support

    Author Photo

    A recent U.S. Tax Court ruling should provide comfort that less-than-plain-vanilla profits interest structures, created to achieve complicated economic arrangements, can succeed in generating more optimal tax outcomes, provided the terms are properly drafted, says Daren Shaver at Hanson Bridgett.

  • Roadblocks For Cannabis Employers Setting Up 401(k) Plans

    Author Photo

    Though the Internal Revenue Code and the Employee Retirement Income Security Act generally allow cannabis businesses to establish 401(k) plans for their employees, companies must still pick their way through uncertainties around tax deductions and recruiting reliable vendors, say attorneys at Shipman & Goodwin.

  • How Foreign Info Return Penalty Case May Benefit Taxpayers

    Author Photo

    The U.S. Tax Court's recent decision that the Internal Revenue Service cannot penalize taxpayers for failing to file foreign corporation information returns may give similarly situated taxpayers an opportunity to also avoid penalties, provided they protect their rights before the decision is overturned or mooted by legislation, say attorneys at Arnold & Porter.

  • What's Unique — And What's Not — In Trump Protective Order

    Author Photo

    A Manhattan judge's recent protective order limiting former President Donald Trump's access to evidence included restrictions uniquely tailored to the defendant, which should remind defense attorneys that it's always a good idea to fight these seemingly standard orders, says Julia Jayne at Jayne Law.

  • The Nuts And Bolts Of IRS Domestic Content Tax Credit

    Author Photo

    Recent IRS guidance provides specifics on how renewable energy projects can qualify for bonus tax credits by meeting U.S. domestic content rules, but also creates a qualification framework that will be complicated for project developers to navigate, say Scott Cockerham and Wolfram Pohl at Orrick.

  • How Cities Can Tackle Post-Pandemic Budgeting Dilemmas

    Author Photo

    Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.

  • Guidance Adds Clarity To Energy Communities Bonus Credits

    Author Photo

    Recent IRS guidance on the Inflation Reduction Act's changes to tax credits for renewable energy projects offers much-needed pointers for developers and financing parties, and should allow them to more comfortably incorporate special bonus credits for projects in energy communities into their transactions, say Jorge Medina and Ira Aghai at Shearman.

  • Taxing The Digital Economy: The Good, The Bad And The Ugly

    Author Photo

    U.S. tech companies should watch for important developments in international taxation, including the resolution of Apple's decade-old state aid case, growing frustration with the Organization for Economic Cooperation and Development's global tax plan and adoption of the digital services tax instead, says Joyce Beebe at Rice University's Baker Institute for Public Policy.

  • Big Tax Changes For Multinational Cos. In Budget Proposal

    Author Photo

    The Biden administration’s fiscal year 2024 budget proposes changes that would materially alter decades-old Internal Revenue Code provisions, requiring a shift in multinational corporations' tax planning strategies comparable to that required after enactment of the Tax Cuts and Jobs Act, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.

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