Federal

  • April 10, 2024

    Pension Plan Segment Rates Increase In April

    Segment rates for calculating pension plan funding rose in April, the Internal Revenue Service said Wednesday. 

  • April 10, 2024

    Family's $25M Settlement Is Income, Tax Court Says

    A $25 million settlement received by a family was not tied to personal injury damages, making it taxable, the U.S. Tax Court ruled Wednesday.

  • April 10, 2024

    Fla. Atty Gets 8 Years For Fraudulent Tax Shelter Scheme

    A Florida attorney was sentenced Wednesday to eight years in prison after pleading guilty in federal court to tax evasion and defrauding the U.S. government through a tax shelter scheme he pitched to clients that involved making purported charitable contributions so his clients could claim millions of dollars in tax deductions they weren't qualified to receive.

  • April 10, 2024

    IRS' DOJ Referral Rules 'A Disaster,' Sen. Whitehouse Says

    The IRS protocols for referring cases to the U.S. Department of Justice are "a disaster" for enforcing laws against bankers and other actors who help U.S. taxpayers evade taxes, Sen. Sheldon Whitehouse said Wednesday during a hearing on offshore tax evasion before the Senate Budget Committee.

  • April 10, 2024

    Feds Cleared To Use Undercover Recording In Atty's Tax Trial

    Federal prosecutors trying an attorney next week on charges he orchestrated a tax fraud scheme that spanned seven states will be allowed to play for the jury an audio recording made by an undercover agent, a North Carolina federal judge ruled.

  • April 10, 2024

    IRS Floats Alternative For Hydrogen Credit Emissions Value

    The Internal Revenue Service released guidance Wednesday that would allow hydrogen producers to pursue another method to value their emissions output — which is critical in qualifying for the clean hydrogen production tax credit — if they can't get the information using the Argonne National Laboratory model.

  • April 10, 2024

    Senate Finance Panel Schedules Hearing On IRS Budget

    The Senate Finance Committee will convene next week to discuss the Internal Revenue Service's budget for 2025, the committee said Wednesday.

  • April 10, 2024

    IRS Fixes Heading For Apprenticeship Credits, Deductions

    The Internal Revenue Service issued a correction notice Wednesday to fix a heading related to increased tax relief for meeting certain wage and apprenticeship requirements.

  • April 10, 2024

    Ex-Trump Finance Chief Weisselberg Jailed For Perjury

    A New York state judge on Wednesday sentenced former Trump Organization Chief Financial Officer Allen Weisselberg to five months in jail for lying under oath in the attorney general's civil fraud case against Donald Trump and his business associates, imprisoning a close ally of the former president on the eve of his hush-money trial.

  • April 09, 2024

    Treasury Proposes Long-Awaited Stock Buyback Tax Rules

    The U.S. Treasury Department proposed a pair of long-awaited rules Tuesday that detail the calculation and reporting of a new excise tax assessed to publicly traded corporations that recently bought back their own shares of stock on the open market.

  • April 09, 2024

    Healthcare Co. Can't Sue Ex-Exec For Causing Canada Tax Hit

    A Colorado federal judge shot down a pharmacy automation company's suit alleging its former chief commercial officer cost it nearly CA$1.2 million ($907,000) in Canadian taxes by not telling his employer he had moved out of the country, saying the company hasn't shown it suffered any damage as a result.

  • April 09, 2024

    10th Circ. Won't Allow Church To Skirt IRS Summons

    The Tenth Circuit rejected a Kansas church's request to quash an Internal Revenue Service's third-party summons into the organization's bank records because the church does not hold the financial information and therefore is not subject to church tax inquiry restrictions, according to an opinion released Tuesday.

  • April 09, 2024

    Man's Unusual Filing Methods Led To Liability, 4th Circ. Told

    The Fourth Circuit should uphold a U.S. Tax Court decision allowing the IRS to collect the tax liability of a technology consultant who for years used unusual filing methods, the government argued Tuesday, saying the court correctly noted he contributed to any confusion over his bill.

  • April 09, 2024

    Tax Court Rejects Pa. Man's Worked-For-Free Claim

    A Pennsylvania man who claimed he worked for free is liable to pay more than $15,000 in unpaid income taxes, according to a ruling transcript published Tuesday by the U.S. Tax Court.

  • April 09, 2024

    Fund Managers Want Ga. Attys' Tax Shelter Fraud Suit Tossed

    A fund manager accused of misleading investors into an illegal tax shelter want a Georgia federal court to throw out the proposed class action against them, claiming the facts alleged in an updated complaint still aren't specific enough for court.

  • April 08, 2024

    Tax Court Upholds $11M In Foreign Reporting Penalties

    The U.S. Tax Court on Monday mostly upheld $11 million in foreign reporting penalties against a man who admitted he hid money overseas, but the court declined to overturn its ruling that the IRS lacks authority to assess certain foreign reporting penalties.

  • April 08, 2024

    Tax Court OKs Accuracy Penalties After 11th Circ. Reversal

    A Florida man found to owe more than $9 million in taxes is liable to pay accuracy-related penalties, the U.S. Tax Court ruled Monday, after the Eleventh Circuit reversed a previous decision shielding him from the fines.

  • April 08, 2024

    CPAs Want Treasury To Delay Beneficial Ownership Registry

    The U.S. Department of the Treasury should delay enforcement of beneficial ownership information reporting requirements while courts hear cases challenging the Corporate Transparency Act, the American Institute of Certified Public Accountants and 54 state CPA societies said.

  • April 08, 2024

    IRS Aptly Denied Man's Payment Proposal, Tax Court Says

    The U.S. Tax Court sided with the Internal Revenue Service on Monday in finding there had been no abuse of discretion when the agency rejected a "partial pay" installment agreement from a Pennsylvania man.

  • April 08, 2024

    Tax Court Declines To Stop Clock For Woman's Petition

    A Virginia woman who failed to timely dispute a collection action could not prove she was entitled to equitable tolling, the U.S. Tax Court ruled Monday.

  • April 08, 2024

    Ex-IRS Criminal Investigations Head Joins Crypto Data Firm

    A newly retired chief of the Internal Revenue Service's law enforcement arm is taking his skills to blockchain analytics firm Chainalysis, where he'll help federal agencies and crypto firms leverage Chainalysis' data and solutions to combat financial crime.

  • April 08, 2024

    FTC Defends In-House Judges' Role In H&R Block Case

    H&R Block wrongly claimed that the Federal Trade Commission's administrative law judges should be disqualified from overseeing an administrative proceeding accusing the tax preparation company of deceptive advertising, FTC lawyers told the agency, arguing the judges don't have illegal job protections.

  • April 08, 2024

    Mo. Atty Loses Last-Ditch Bid To Dodge NC Tax Fraud Trial

    A St. Louis attorney lost a last-minute attempt to escape his upcoming tax fraud trial based on claims that the prosecution was never properly authorized, with a North Carolina federal judge finding that the government did mislead the court but nonetheless had the right stamp of approval.

  • April 08, 2024

    Jackson Hewitt Preparers Want First OK On $10.8M Deal

    Former Jackson Hewitt Inc. workers have reached a $10.8 million settlement with their former employer over claims the company's franchisees entered into an anti-competitive no-poach agreement despite the provision being removed from the company's franchise agreements, according to a Friday motion.

  • April 08, 2024

    EU Expansion Question Shines Light On Tax Voting Procedure

    The question of whether the European Union should expand beyond its current 27 member countries is putting the spotlight on the bloc's voting practices, raising concerns that the current unanimity requirement for tax policy changes would become unmanageable with a larger group.

Expert Analysis

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • How FinCEN Proposal Expands RE Transaction Obligations

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    Against a regulatory backdrop foreshadowing anti-money laundering efforts in the real estate sector, the Financial Crimes Enforcement Network's proposed rule significantly expands reporting requirements for certain nonfinanced residential real estate transfers and necessitates careful review, say attorneys at Fried Frank.

  • What To Know About Employee Retention Credit Disclosures

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    Employers that filed potentially erroneous employee retention credit claims should take certain steps to determine whether the IRS’ voluntary disclosure program is a good fit and, if so, prepare a strong application before the window closes on March 22, say attorneys at Dentons.

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Unpacking FinCEN's Proposed Real Estate Transaction Rule

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    Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • How New EU Tax And Transfer Pricing Rules May Affect M&A

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    Companies involved in mergers and acquisitions may need to adjust fiscal due diligence procedures to ensure they consider potential far-reaching effects of newly implemented transfer pricing measures, such as newly implemented global minimum tax and European Union anti-tax avoidance directives and proposals, says Patrick Tijhuis at BDO.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • Demystifying IRS' Claims Of $851B Return On Investment

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    The IRS' recently released analysis, estimating a $851 billion return on the government’s $80 billion investment in the agency, represents a huge increase over its 2022 estimate and that of the Congressional Budget Office and may be best viewed as a best-case scenario, says Joyce Beebe at the Baker Institute.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • A Proposal For Fairer, More Efficient Innocent Spouse Relief

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    Adding a simple election to the current regulatory framework for innocent spouse claims would benefit both taxpayers and the Internal Revenue Service by alleviating the undue burdens placed on those the program was intended to help and improving agency collections in such cases, says Laurie Kazenoff at Kazenoff Tax.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

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