Federal

  • September 27, 2024

    Corp. AMT Rules Could Wrap In Smaller Partnerships

    Recently proposed rules on the U.S. corporate alternative minimum tax create new concerns for partnerships of various sizes that could be forced to comply with complex reporting requirements unless the government introduces carveouts, tax observers said.

  • September 27, 2024

    IRS Told To Improve Notices Of Disaster-Related Delays

    An estimated 390,000 taxpayers in federal emergency and disaster areas may have paid the balances owed on their taxes before a postponed due date because of Internal Revenue Service notices that did not clearly inform taxpayers of the postponement, the Treasury Inspector General for Tax Administration said Friday.

  • September 27, 2024

    Taxation With Representation: Kirkland, Skadden, Cleary

    In this week's Taxation With Representation, Blackstone and Vista Equity Partners acquire Smartsheet Inc., Macquarie Asset Management takes a stake in D.E. Shaw Renewables Investment Group, and Apogee Enterprises Inc. buys UW Interco LLC from Heartwood Partners.

  • September 27, 2024

    US Trade Group Pushes OECD On Compliance Burden

    The Organization for Economic Cooperation and Development needs to do more work on the safe harbor provisions of its Pillar Two 15% global corporate minimum tax plan — including potentially making it permanent — among other compliance burden concerns, the National Foreign Trade Council said Friday.

  • September 27, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service's weekly bulletin, issued Friday, included a U.S. Treasury Department decision to drop a rule that would have set a zero value for the property of an estate that is not declared on the estate's tax return or is discovered after the return is filed.

  • September 26, 2024

    Tax Court Rejects Gasoline Deductions For Stove Store Owner

    The owner of a New York stove and fireplace store had about $1 million in receipts for 2014 and isn't entitled to deduct gasoline and depreciation expenses, the U.S. Tax Court said Thursday, sustaining most of a determination made by the Internal Revenue Service.

  • September 26, 2024

    Montreal Exchange Is A Qualified Exchange, IRS Says

    The Montreal Exchange is a qualified board or exchange for purposes of mark-to-market contracts under Internal Revenue Code Section 1256(g)(7)(C), the Internal Revenue Service said Thursday. 

  • September 26, 2024

    IRS Rolls Out Process to Fix Worker Credit Claims

    The Internal Revenue Service has started a supplemental claim filing process to allow third-party payers who handle tax and payroll reporting for clients to fix incorrect unprocessed claims for the employee retention credit, the agency said Thursday.

  • September 26, 2024

    Collection Agents Need Representation Guidance, TIGTA Says

    The Internal Revenue Service needs to provide guidance for private collection agency employees for cases in which taxpayers request a representative, such as an attorney, while on a call, the Treasury Inspector General for Tax Administration said Thursday.

  • September 26, 2024

    IRS Hiring Up, But Process Often Takes Too Long, TIGTA Says

    While the Internal Revenue Service increased its hiring by 41% between fiscal years 2022 and 2023, it took longer than the agency's 80-day target to hire over 35% of the nearly 53,000 new employees due to numerous problems, the Treasury Inspector General for Tax Administration said Thursday.

  • September 26, 2024

    Tariff Tax Base Too Small To Replace Income Tax, Report Says

    Higher tariffs can't replace income tax revenue, as former President Donald Trump has suggested, since U.S. imports total $3 trillion annually while incomes top $20 trillion, but they would lower incomes by raising prices for U.S. consumers, a think tank reported Thursday.

  • September 26, 2024

    Oil Estate Must Boost Value By $6M, Tax Court Says

    The estate of a woman who inherited an oil company must include in its value over $6 million more to account for her relationship with a limited partnership formed by her great-nephew, the U.S. Tax Court ruled Thursday.

  • September 26, 2024

    Harris' And Trump's Tax Plans Each Add To Deficit, Study Says

    The U.S. federal deficit would grow by at least $2 trillion over the next decade from the tax policy plans of both major parties' candidates, former President Donald Trump and Vice President Kamala Harris, researchers said Thursday.

  • September 26, 2024

    Texas Energy Co. Is Owed $8.1M Research Credit, Court Told

    An energy company that said it developed a method for recycling water produced by fracking is owed $8.1 million in tax credits for research related to developing new oil production methods in the U.S. and Canada, the company told a Texas federal district court.

  • September 26, 2024

    Senate Confirms Two More Tax Court Judges

    The U.S. Senate approved two more of President Joe Biden's nominees to serve on the U.S. Tax Court, marking the fourth and fifth judges the chamber has confirmed to the court in the past two months.

  • September 25, 2024

    Remote Sales Tax Compliance Burdens Small Biz, Senate Told

    The 2018 Wayfair decision has burdened small businesses with significant compliance costs to collect and remit taxes in thousands of jurisdictions across the U.S., state tax experts told a U.S. Senate subcommittee Wednesday.

  • September 25, 2024

    Accountant Used Fake Tax Docs For Mortgage, Feds Say

    A managing director at consulting firm Alvarez & Marsal was charged in D.C. federal court with failing to file his personal tax returns for over a decade and falsifying tax documents as part of a mortgage application.

  • September 25, 2024

    Harris Proposes Tax Credits For Domestic Manufacturing

    Vice President Kamala Harris, the Democratic nominee for president, announced a proposal Wednesday that would offer tax credits to boost investment and job creation in manufacturing, energy and agriculture.

  • September 25, 2024

    2 Senate Dems Ask IRS For Faster Worker Credit Payments

    The Internal Revenue Service should speed up payments of employee retention credit claims and prioritize paying low-risk credits to taxpayers that are struggling financially, two Democratic senators told the agency's commissioner.

  • September 25, 2024

    IRS Must Improve Seizure Procedure Compliance, TIGTA Says

    While a review of over 70 cases in which Internal Revenue Service field officers conducted seizures found the employees largely adhered to standard procedures, three cases where they did not highlight areas where the agency could improve its compliance, the Treasury Inspector General for Tax Administration said Wednesday.

  • September 25, 2024

    Julie Chrisley Gets No Slack In Resentencing From Ga. Judge

    Julie Chrisley, the former real estate mogul and reality TV star who was convicted of running a yearslong bank fraud scheme with her husband, Todd, was resentenced Wednesday by a Georgia federal judge to the same seven-year prison term she first received nearly two years ago.

  • September 25, 2024

    Expect More R&D Guidance Before Regs, IRS Atty Says

    The Internal Revenue Service plans to release more guidance governing the tax treatment of research and development expenses before it formally issues proposed regulations that implement the 2017 federal tax law's changes to the incentive, an agency attorney said Wednesday.

  • September 25, 2024

    House Bill Proposes Tax Incentive For Efficient Vehicles

    Buyers of new vehicles with higher-than-average energy performance would be entitled to a tax credit of up to $5,000 under a bill introduced in the U.S. House of Representatives.

  • September 25, 2024

    Direct File Needs Security, Testing Improvements, TIGTA Says

    While the deployment of the Internal Revenue Service's pilot of its free online Direct File program was largely successful, the agency must address some security lapses and testing deficiencies, the Treasury Inspector General for Tax Administration said Wednesday.

  • September 25, 2024

    Basis-Shifting Regs May Add Accounting Fixes, IRS Atty Says

    The Internal Revenue Service may include in upcoming proposed regulations a solution for partnership basis-shifting for taxpayers that want to adjust accounting methods so prior transactions can be compliant with economic substance laws, an agency attorney said Wednesday.

Expert Analysis

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

    Author Photo

    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • IRS Sings New Tune: Whistleblower Form Update Is Welcome

    Author Photo

    In a significant reform at the Internal Revenue Service's Whistleblower Office, the recently introduced revisions to the Form 211 whistleblower award application use new technology and a more intuitive approach to streamline the process of reporting allegations of tax fraud committed by wealthy individuals and companies, says Benjamin Calitri at Kohn Kohn.

  • This Earth Day, Consider How Your Firm Can Go Greener

    Author Photo

    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Energy Community Tax Credit Boost Will Benefit Wind Sector

    Author Photo

    Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the investment tax credit context due to the capital-intensive nature of offshore wind projects, say attorneys at Troutman Pepper.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

    Author Photo

    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

    Author Photo

    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

    Author Photo

    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

    Author Photo

    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Requiring Leave To File Amicus Briefs Is A Bad Idea

    Author Photo

    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

    Author Photo

    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • How IRA Unlocks Green Energy Investments For Tribes

    Author Photo

    An Inflation Reduction Act provision going into effect May 10 represents a critical juncture for Native American tribes, offering promising economic opportunity in green energy investment, but requiring a proactive and informed approach when taking advantage of newly available tax incentives, say attorneys at Lewis Brisbois.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

    Author Photo

    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

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