Federal

  • December 06, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included regulations aimed at making it easier for tax-exempt entities that co-own development projects to qualify for a direct cash payment of clean energy tax credits by electing out of their partnership tax status.

  • December 05, 2024

    IRS Pick's Retention Credit History Raises Sens.' Hackles

    As senators digested President-elect Donald Trump's nomination of a former U.S. House member to be commissioner of the Internal Revenue Service, some Democrats said the nominee's experience promoting problematic employee retention credits immediately raised questions about his fitness to run the agency.

  • December 05, 2024

    11th Circ. Won't Rethink $100M Credit For John Hancock

    The Eleventh Circuit won't reconsider its decision to let John Hancock Life Insurance Co. keep $100 million in foreign tax credits, leaving in place its October ruling against a Florida law firm retirement plan's trustees.

  • December 05, 2024

    Tax Court Penalizes Mail Carrier For Frivolous Returns

    A retired U.S. Postal Service carrier from Texas owes $10,000 in civil penalties for making frivolous claims that his income wasn't subject to taxes because he wasn't a federal employee, the U.S. Tax Court ruled in a bench opinion released Thursday.

  • December 05, 2024

    IRS Issues Latest Required Retirement Plan Amendments List

    The Internal Revenue Service released Thursday the 2024 edition of an annual list of required amendments for qualifying individually designed retirement plans.

  • December 05, 2024

    IRS Approved Late Workers' Comp. Payments, TIGTA Says

    The Internal Revenue Service approved workers' compensation claims from agency employees that should have been barred because they were filed late, the Treasury Inspector General for Tax Administration said Thursday in a report that called for improvements to the agency's approval process.

  • December 05, 2024

    Texas Paving Co. Drops Suit Over $686K Carryback Refund

    A Texas contracting company voluntarily dropped its case seeking a $686,000 tax refund, plus interest, from the Internal Revenue Service for a carryback operating loss.

  • December 05, 2024

    IRS Errors Allow Millions In Improper Refunds, TIGTA Says

    Tax overpayments aren't being applied to outstanding debt in taxpayer accounts because of procedural and programming errors at the Internal Revenue Service that allow millions of dollars to be improperly refunded to taxpayers, the Treasury Inspector General for Tax Administration said Thursday.

  • December 05, 2024

    Senate Finance Committee Advances IRS Watchdog Pick

    The Senate Finance Committee on Thursday advanced President Joe Biden's nomination of a former assistant inspector general at the U.S. Department of Veterans Affairs to serve as the top IRS watchdog.

  • December 05, 2024

    Whistleblower Asks DC Circ. To Strike Tax Court Judge Shield

    A man whose whistleblower claim was blocked by the IRS for being too late asked the D.C. Circuit to reject a second U.S. Tax Court decision to uphold the denial, saying, among other things, that Tax Court judges have unconstitutional job protection.

  • December 04, 2024

    GAO Finds Limited Oversight, Data On Crypto In 401(k)s

    Though crypto assets make up a small part of the 401(k) market, their limited federal oversight might leave workers responsible for monitoring the volatile investment options, according to a report released Wednesday by the U.S. Government Accountability Office.

  • December 04, 2024

    Trump Picks Ex-Congressman For IRS Commissioner

    President-elect Donald Trump said Wednesday he has tapped a former member of the U.S. House of Representatives to lead the Internal Revenue Service during his coming second term.

  • December 04, 2024

    Senate Finance Committee Schedules Vote On TIGTA Nominee

    The Senate Finance Committee has scheduled a vote Thursday on the nomination of David Samuel Johnson as the inspector general for tax administration, committee Chairman Ron Wyden announced Wednesday.

  • December 04, 2024

    Ending Trump Tax Cuts Would Have Neutral Effect, CBO Says

    Allowing the individual income tax cuts enacted under President Donald Trump's 2017 tax overhaul to expire at the end of next year as planned won't have a significant effect on the economy over 10 years, the Congressional Budget Office said Wednesday.

  • December 04, 2024

    IRS Warns Of Rising Charitable Contribution Scams

    The Internal Revenue Service warned taxpayers Wednesday of an uptick in fraud schemes involving donations of ownership interests in closely held businesses, a scam that usually targets wealthier people.

  • December 04, 2024

    IRS Seeks Electronic Tax Committee Membership Applications

    The Internal Revenue Service is accepting applications until the end of January to join its Electronic Tax Administration Advisory Committee, the agency announced Wednesday.

  • December 04, 2024

    Retired Professor Says He Didn't Waive Rights In FBAR Fight

    An 86-year-old former professor told a California federal court that he raised his Eighth Amendment rights against excessive fines when defending himself against a $545,000 penalty for failing to report foreign bank accounts, disputing arguments by the U.S. government that he had waived those rights.

  • December 04, 2024

    Trump Taps Former Treasury Aide For Deputy Secretary

    A former assistant Treasury secretary during President-elect Donald Trump's first term has been tapped to serve as deputy secretary of the U.S. Department of Treasury during Trump's coming second term, the president-elect announced Wednesday.

  • December 04, 2024

    Treasury Finalizes Broad Energy Investment Tax Credit Regs

    The U.S. Treasury Department released final regulations Wednesday for the clean energy investment tax credit, which includes notable changes to the proposed energy property definition to include functional components in calculating the incentive's value, such as a biogas facility's upgrading equipment.

  • December 04, 2024

    Reed Smith Adds State Tax Partner To San Francisco Office

    Reed Smith LLP added a partner to its national state tax practice who will work out of its San Francisco office, according to the firm.

  • December 04, 2024

    US Drops 9th Circ. Bid To Revive Bad Debt Fraud Penalties

    The federal government agreed to stop challenging a U.S. Tax Court decision that found a businessman didn't owe fraud penalties even though he improperly took a multimillion-dollar bad debt deduction for loans he made to his companies, according to a Ninth Circuit filing.

  • December 04, 2024

    IRS Cancels Hearing On Tax Payments With Cards

    The Internal Revenue Service will not be holding its scheduled meeting Friday on proposed regulations that would allow taxpayers to make payments using credit and debit cards directly with the agency instead of through a third party, it said Wednesday.

  • December 03, 2024

    Hunter Biden's Gun, Tax Cases Axed After Presidential Pardon

    Federal judges in Delaware and California on Tuesday closed the books on Hunter Biden's felony gun and tax evasion cases, just ahead of his sentencing hearings, after President Joe Biden issued a sweeping pardon of his son over the weekend.

  • December 03, 2024

    Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law

    A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.

  • December 03, 2024

    Ex-Braves Blast Tax Court's 'Disregard' In Easement Fight

    Two former Atlanta Braves players penalized for allegedly overstating the value of a conservation easement donation urged the Eleventh Circuit to toss the costly ruling against them, saying the U.S. Tax Court's decision showed "blatant disregard" for the appeal court's precedent in deciding the matter.

Expert Analysis

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Brownfield Questions Surround IRS Tax Credit Bonus

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    Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • It's Time For A BigLaw Associates' Union

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    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.

  • Why DOJ's Whistleblower Program May Have Limited Impact

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    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.

  • How Justices Upended The Administrative Procedure Act

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    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.

  • Trump's Best Hush Money Appeal Options Still Likely To Fail

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    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.

  • Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster

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    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.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    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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