Federal

  • October 22, 2024

    Standard Deduction To Get $400 Bump For 2025 Tax Year

    The standard deduction will rise by $400, to $15,000, for individuals and married couples filing separately for the 2025 tax year, the IRS said Tuesday in announcing inflation adjustments to over 60 tax provisions.

  • October 22, 2024

    9th Circ. Asked To Revive $13M Bad Debt Deduction

    The U.S. Tax Court wrongly barred a business owner from taking a $13 million bad debt deduction for loans he made to his companies, he told the Ninth Circuit, saying the lower court treated the debt inconsistently.

  • October 22, 2024

    The 2024 Prestige Leaders

    Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.

  • October 22, 2024

    How Law Firms Get And Keep Elite Status

    For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.

  • October 22, 2024

    MVP: Jones Day's Charles 'Chuck' Hodges

    Chuck Hodges, a tax partner with Jones Day, led a gravel company to victory in May at the U.S. Tax Court in a case regarding an $11.1 million sale of a freeway pit, helping him earn a spot as one of the 2024 Law360 Tax MVPs.

  • October 21, 2024

    US, Land Donor Settle Fight Over $1.9M Cut To Deduction

    The federal government settled a suit brought by a Louisiana partnership that accused the IRS of using a flawed appraisal to drive down its tax deduction for a land donation by nearly $1.9 million, according to Louisiana federal court filings.

  • October 21, 2024

    Tax Court Disallows More Of Couple's Real Estate Loss Claims

    The U.S. Tax Court on Monday increased the portion of real estate loss deductions claimed by a California couple that must be disallowed and instead carried forward because they failed to establish they were real estate professionals.

  • October 21, 2024

    Foreign Currency Regs Need Flexibility, Biz Group Says

    The U.S. Treasury Department should allow taxpayers with foreign personal holding companies to get automatic consent to revoke elections on the treatment of foreign currency gains or losses under proposed regulations to align such elections with rules on so-called mark-to-market accounting, the National Foreign Trade Council said.

  • October 21, 2024

    Tax Court Says Cannabis Co. Can't Deduct $13.3M

    A California medical cannabis dispensary's arguments that the Controlled Substances Act and part of the Internal Revenue Code were unconstitutional failed to sway the U.S. Tax Court, which on Monday affirmed an IRS determination disallowing over $13.3 million in deduction claims.

  • October 21, 2024

    Ga. Atty Admits To Role In $1.3B Tax Shelter Scheme

    A Georgia attorney has pled guilty in federal court related to helping orchestrate a $1.3 billion tax scheme involving fraudulent conservation easements, making him the 12th person convicted over the plot, including another attorney who was handed a 23-year prison sentence.

  • October 21, 2024

    MVP: Paul Weiss' Brian Krause

    Brian Krause of Paul Weiss Rifkind Wharton & Garrison LLP's tax practice designed a novel tax approach for the merger of World Wrestling Entertainment and Ultimate Fighting Championship, raced to create a tax-free deal in the final days of a Texas "wildcatter" hoping to sell his oil company, and advised Chevron in its $60 billion acquisition of Hess Corp., earning him a spot as one of the 2024 Law360 Tax MVPs.

  • October 21, 2024

    High Court Won't Review Couple's Anti-Tax Case

    The U.S. Supreme Court said Monday it wouldn't hear the arguments of a couple challenging the federal government's power to collect their income taxes, letting stand a Tenth Circuit opinion that all the couple's claims were meritless.

  • October 21, 2024

    IRS Issues Corp. Bond Monthly Yield Curve For Oct.

    The Internal Revenue Service published Monday the corporate bond monthly yield curve for October for use in calculations for defined benefit plans, as well as corresponding segment rates and other related provisions.

  • October 21, 2024

    Justices Won't Review IRS' Additions To Developer's $2M Deal

    The U.S. Supreme Court said Monday it wouldn't review an Eleventh Circuit decision allowing the Internal Revenue Service to back out of a deal to settle an Alabama real estate developer's tax debt for $2 million.

  • October 21, 2024

    New ABA Tax Chair-Elect Aims To Expand Leadership Paths

    The new chair-elect of the American Bar Association Section of Taxation told Law360 that she wants to broaden the pathways to leadership for members, including those early in their careers, as part of the section's diversity, equity and inclusion initiatives. Here, Megan Brackney shares more about her background and goals for the section.

  • October 18, 2024

    Law360 MVP Awards Go To Top Attys From 74 Firms

    The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.

  • October 18, 2024

    FTC Won't Disqualify ALJ in H&R Block False Ad Fight

    The Federal Trade Commission denied a request by H&R Block to stop an administrative law judge from overseeing a proceeding that accuses the tax preparation company of deceptive advertising, saying Friday that ALJs don't have unconstitutional job protections as the company claimed.

  • October 18, 2024

    IRS Releases Sustainable Airplane Fuel Credit Guidance

    Taxpayers using a certain safe harbor to calculate their emissions reduction percentage with regard to sustainable airplane fuel credit claims on the sale or use of qualified mixtures after a certain date must use an updated model, the IRS said Friday.

  • October 18, 2024

    Tax Court Gave Short Shrift To Land Donors, 11th Circ. Told

    The owners of a waterfront property in Georgia who protected 500 acres for conservation told the Eleventh Circuit that the U.S. Tax Court drastically undercut the value of their gift and its corresponding tax deduction by accepting flawed evidence provided by the government's sole witness.

  • October 18, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included final regulations that impose additional reporting requirements under the threat of penalty for partnerships that abuse a conservation easement tax deduction.

  • October 18, 2024

    IRS OKs Rules On Withholding For Pension Payments

    The Internal Revenue Service released final rules Friday covering certain retirement plans' obligation to withhold income tax when they make payments or distributions to taxpayers outside the U.S. starting in 2026.

  • October 18, 2024

    Taxation With Representation: Baker, Simpson, Ropes

    In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.

  • October 17, 2024

    Liberty Global Shouldn't Get $248M Tax Credit, 10th Circ. Told

    Liberty Global distorted the language and statutory scheme of the U.S. tax code's foreign tax credit regulations to falsely claim $248 million in credits, the U.S. government told the Tenth Circuit on Thursday.

  • October 17, 2024

    Couple Failed To Contest IRS Lien, Tax Court Says

    The IRS didn't abuse its discretion when it sustained a federal tax lien against a Washington couple to collect five years' worth of deficient taxes, the U.S. Tax Court ruled Thursday, finding that the couple failed to respond to the agency's attempts to address the dispute.

  • October 17, 2024

    Couple Failed To Back Up Biz Expenses, Tax Court Says

    A self-employed married couple who did business through six limited liability companies aren't entitled to deductions for business expenses and net operating losses because they didn't substantiate them, the U.S. Tax Court said Thursday.

Expert Analysis

  • 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.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    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.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

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    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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