Federal

  • January 03, 2025

    Prison Delay Denied For Broker In $22M Tax Scheme

    An insurance broker sentenced to five years in prison for participating in a $22 million tax scheme must begin serving his term after a North Carolina federal judge on Friday denied him a delay to help his new counsel prepare his appeal.

  • January 03, 2025

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included an updated start date for when some must start to withdraw the required minimum amount of funds from several types of individual retirement accounts, pushing it back to 2026.

  • January 02, 2025

    Tax Court Upholds Nix Of $24M Deduction For Easement

    A partnership that donated a preservation easement over a building in a historic district is not entitled to a nearly $24 million tax deduction, the U.S. Tax Court affirmed Thursday, saying the building was not listed on the National Register of Historic Places or federally certified.

  • January 02, 2025

    Retirement Trustee Liable For Fraud Penalty, Tax Court Finds

    A trustee and fiduciary of two retirement plans who diverted $5.3 million from the plans for his personal benefit willfully and fraudulently intended to evade tax on his unreported income and is liable for a fraud penalty, the U.S. Tax Court held Thursday.

  • January 02, 2025

    Crypto Groups Challenge Decentralized Finance Broker Rule

    Three cryptocurrency industry groups have teamed up to challenge a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers, telling a Texas federal court that the rule is unconstitutional and could destroy the industry.

  • January 02, 2025

    Republicans Want Yellen To Answer For Chinese Cyberattack

    Congressional Republicans want U.S. Treasury Secretary Janet Yellen to explain how a Chinese state-sponsored entity hacked into Treasury's computer systems and accessed potentially sensitive information.

  • January 02, 2025

    Feds Ask High Court To Unpause Corporate Transparency Law

    The federal government is asking the U.S. Supreme Court to lift a Texas judge's injunction against the Corporate Transparency Act, telling the justices in a new application that the 2021 anti-money laundering law's compliance deadlines should take effect while the Fifth Circuit hears the full case.

  • January 02, 2025

    Thomson Reuters Bolsters Tax Ops With $600M SafeSend Buy

    Thomson Reuters Corp. has acquired SafeSend, a cloud-based provider of technology for tax and accounting professionals, for $600 million in cash, the Toronto-based data and content conglomerate said in a statement Thursday.

  • January 02, 2025

    IRS, Treasury Float Regs On Excise Taxes For Drugmakers

    The IRS and Treasury proposed rules for charging excise taxes to drugmakers that refuse to negotiate drug prices with Medicare under requirements of the 2022 tax and climate law, saying the tax only would apply to manufacturers and importers that initially sell the drugs.

  • January 02, 2025

    Consolidated Return Regs Revised With Gender-Neutral Terms

    The IRS and Treasury finalized rules for companies that file consolidated federal income tax returns, saying the new regulations provide needed modernizations to terminology, including removing gender-specific pronouns.

  • January 02, 2025

    Feds Want 6 Years For Ex-FBI Informant Who Smeared Bidens

    Prosecutors told a California federal judge that a former FBI informant who falsely told agents that a Ukrainian energy company had paid off President Joe Biden and his son Hunter should be sentenced to six years in prison, saying he betrayed the United States by trying to influence the 2020 election even after being granted citizenship.

  • January 01, 2025

    US International Tax Issues to Watch In 2025

    As President-elect Donald Trump and Republicans take control of the U.S. government in 2025, policymakers are expected to address changing international provisions in the Internal Revenue Code and reevaluate the country's role in global tax talks. Here, Law360 examines key U.S. international tax policy issues to watch in the new year.

  • January 01, 2025

    The Top 5 High Court Cases To Watch This Spring

    The U.S. Supreme Court justices will return from the winter holidays to tackle major First Amendment questions and several administrative law disputes — all arising from the Fifth Circuit — that could further change how federal agencies promulgate rules and defend them.

  • January 01, 2025

    Federal Tax Policy To Watch In 2025

    While Republicans will hold majorities in both chambers of Congress in 2025, internal party divisions and procedural hurdles could complicate the GOP's effort to renew its 2017 tax overhaul law. Here, Law360 details federal tax policy to watch this year.

  • January 01, 2025

    Top International Tax Cases To Watch In 2025

    Major multinational corporations such as 3M and Coca-Cola will continue to litigate high-stakes international tax cases during 2025, including transfer pricing disputes with billions of dollars on the line and fights against regulations that allegedly exceed the government's authority. Here, Law360 looks at six key international tax cases to follow in the new year.

  • January 01, 2025

    Top Federal Tax Cases To Watch In 2025

    Over the next year, tax practitioners will be closely monitoring suits that challenge the IRS' use of the economic substance doctrine, take advantage of the U.S. Supreme Court's landmark decision curbing federal agencies' regulatory authority and dispute the government's handling of worker retention credits. Here, Law360 looks at key federal tax cases to follow in 2025.

  • December 23, 2024

    Anti-Laundering Law Is Likely Constitutional, 5th Circ. Rules

    The Fifth Circuit on Monday lifted a lower court's nationwide block of a federal corporate transparency law, ruling in an unpublished order that the federal government made a "strong showing" that it could successfully defend the law's constitutionality.

  • December 23, 2024

    IRS Finalizes Regs Clarifying Supervisor Penalty Approval

    An IRS supervisor can approve penalties anytime before the agency assesses them, as well as before it issues a preassessment notice subject to a U.S. Tax Court review, such as a deficiency notice, under final regulations that aim to clarify conflicting court interpretations on the civil fines.

  • December 23, 2024

    Treasury Proposes Contingent Fee Regs For Tax Pros

    Tax professionals who practice before the IRS and charge clients contingent fees in connection with preparing returns will be subject to sanctions for disreputable conduct under rules proposed by the U.S. Treasury Department that also require practitioners to be competent in new technology.

  • December 20, 2024

    SEC Fines Entergy $12M Over Alleged Accounting Errors

    The U.S. Securities and Exchange Commission on Friday announced a $12 million settlement with Entergy Corp. over claims that the company failed to properly account for what may have been hundreds of millions of dollars in unusable or surplus equipment.

  • December 20, 2024

    Utah Judge Pauses Challenge To Corporate Transparency Act

    A Utah federal judge has stayed a case seeking to block the Corporate Transparency Act to see how the new administration of President-elect Donald Trump handles the law after a kindred case in Texas won a preliminary injunction on it.

  • December 20, 2024

    Baker McKenzie Names 18 New Partners In North America

    Baker McKenzie announced the promotion of 18 North American-based attorneys to partner, a slight increase from last year but still significantly lower than in previous years.

  • December 20, 2024

    IRS Sets 2025 Wage Base For Covered Compensation

    The taxable wage base used to calculate covered compensation for employee retirement plans will be $176,100 for 2025 tax year, the Internal Revenue Service announced in a revenue ruling Friday. 

  • December 20, 2024

    Rules On Earnings, Profits Still Being Vetted, IRS Official Says

    Recently proposed rules for previously taxed earnings and profits aren't able to be relied on by taxpayers until they are finalized because they contain new approaches that have to be properly vetted through a notice and comment period, an IRS official said Friday.

  • December 20, 2024

    Top Federal Tax Decisions Of 2024

    Over the past year, federal courts have issued decisions further delimiting the power of the Internal Revenue Service, with the First Circuit affirming a decision to allow agency summonses for cryptocurrency account records and an Arizona federal court rejecting a call to lift the agency's moratorium on processing pandemic-era worker credits. Here, Law360 reviews some of the most significant federal tax decisions of 2024.

Expert Analysis

  • Ex-Chicago Politician's Case May Further Curb Fraud Theories

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    The U.S. Supreme Court recently agreed to hear Thompson v. U.S. to determine whether a statement that is misleading but not false still violates federal law, potentially heralding the court’s largest check yet on prosecutors’ expansive fraud theories, with significant implications for sentencing, say attorneys at the Law Offices of Alan Ellis.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.

  • Judicial Committee Best Venue For Litigation Funding Rules

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    The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.

  • The Strategic Advantages Of Appointing A Law Firm CEO

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    The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.

  • Tariffs' Economic Downsides Outweigh Potential Revenue

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    Import tariffs proposed by the campaign of former president Donald Trump would generate revenue like other taxes, but policymakers must consider the net-negative impact of associated consumer and downstream-industry costs, harm to exporters, potential foreign retaliation and reduction in economic output, says Erica York at the Tax Foundation.

  • Navigating The Last Leg Of The Worker Retention Tax Credit

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    Whether a business has applied for the pandemic-era employee retention tax credit, received a denial letter or is still considering making a claim before the April 15 deadline, it should examine recent developments significantly affecting the program before planning next steps, say attorneys at Nixon Peabody.

  • How Cos. Can Build A Strong In-House Pro Bono Program

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    During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.

  • Home Canning Makes Me A Better Lawyer

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    Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.

  • Use The Right Kind Of Feedback To Help Gen Z Attorneys

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    Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.

  • Congress Can And Must Enact A Supreme Court Ethics Code

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    As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.

  • What To Make Of Dueling Corporate Transparency Act Rulings

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    Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.

  • The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan

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    Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.

  • State Of The States' AI Legal Ethics Landscape

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    Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.

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