Federal

  • May 07, 2024

    Tax Software Co. Still Can't Trim Rival's Trade Secrets Suit

    A corporate-focused tax preparation software company still can't pare back a suit alleging that it poached workers from its rival's recently acquired company, a Pennsylvania federal judge ruled Tuesday.

  • May 07, 2024

    IRS Urged To Limit Scope Of Donor Fund Rules

    Proposed IRS regulations on donor-advised funds should be changed to limit their scope so they don't subject other types of funds to taxes and reporting requirements, stakeholders said Tuesday during a second day of a hearing on the proposal.

  • May 07, 2024

    6th Circ. Considers Rebooting Crypto Reporting Challenge

    Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.   

  • May 07, 2024

    Think Tank Projects Broad Tax Hikes If TCJA Expires

    Most U.S. taxpayers would see substantially increased tax bills if the individual provisions of the Tax Cuts and Jobs Act are allowed to expire at the end of 2025, the Tax Foundation said Tuesday.

  • May 07, 2024

    Industry Groups Suggest Changes To Aussie Reporting Rules

    A coalition of global fund industry associations asked Australia to further amend its proposal for public country-by-country tax data reporting by including, among other measures, a provision that would allow companies to withhold sensitive information, according to a letter released Tuesday by the U.S. Treasury Department.

  • May 07, 2024

    IRS To Release Self-Employment Tax Regs

    The Internal Revenue Service plans to release self-employment tax regulations, an agency official said during the Practising Law Institute webcast Tuesday.

  • May 07, 2024

    Employment Agency Owner Admits Hiding $10M In Income

    The owner of a temporary employment agency pled guilty to filing false federal business tax returns to conceal more than $10 million in corporate income, the U.S. Department of Justice announced Tuesday.

  • May 07, 2024

    Electric Groups Say PIN Rule May Hurt Energy Credit Process

    While three groups representing electric equipment manufacturers are supportive of the energy efficient home improvement credit, they say its product identification number, or PIN, requirement could harm the process, according to a letter released Tuesday by the U.S. Department of the Treasury.

  • May 07, 2024

    Treasury Floats Foreign Trust Reporting Rules

    The U.S. Treasury Department proposed regulations Tuesday that provide guidance on the requirements for individuals to report their transactions with foreign trusts to the Internal Revenue Service, including the receipt of large gifts.

  • May 06, 2024

    10th Circ. Urged To Alter Substance Finding In Liberty Global

    To preserve the stability of federal tax law, the Tenth Circuit should reverse a lower court's finding that it needn't determine the economic substance doctrine is relevant before disallowing a transaction's tax benefits, the National Foreign Trade Council said Monday, supporting telecommunications firm Liberty Global.

  • May 06, 2024

    IRS Urged To Drop Investment Advisers From Donor Rules

    The IRS should change regulations on donor-advised funds so that personal investment advisers wouldn't be considered donor-advisers, stakeholders told the agency at a hearing Monday, saying failure to do so could chill charitable giving and would exceed regulatory authority.

  • May 06, 2024

    Man's FBAR Filing Makes Challenge Moot, 7th Circ. Says

    The Seventh Circuit upheld Monday the dismissal of a man's challenge to the constitutionality of filing reports of foreign accounts because after filing the suit, the man reported his bank account, making the case moot.

  • May 06, 2024

    Texas Health Coordinator Urges Nonprofit Status At 5th Circ.

    A Texas company that coordinates healthcare for chronically ill patients should not be barred from claiming tax-exempt status, it told the Fifth Circuit on Monday, arguing that the U.S. Tax Court applied an incorrect legal standard when it revoked the group's status.

  • May 06, 2024

    Engineering Co. Can't Claim Research Credits, 8th Circ. Says

    The Eighth Circuit declined Monday to revive an engineering company's bid for research tax credits for its work on several building projects, finding the credits are limited to endeavors where funding is contingent on the success of the research.

  • May 06, 2024

    Missouri CPA Barred From Promoting Annuity Trusts

    A Missouri certified public accountant accused of operating a charitable trust scheme that cost the government $8 million in tax was permanently barred from marketing tax arrangements involving charitable remainder annuity trusts, the U.S. Department of Justice said Monday.

  • May 06, 2024

    Marcum Expands Into Mich. By Adding Croskey Lanni

    Accounting and advisory firm Marcum LLP acquired Detroit-based Croskey Lanni PC, adding six partners and more than 50 associates, Marcum announced Monday.

  • May 06, 2024

    Clifford Chance Continues 2024 Growth In New York, Houston

    Clifford Chance continued its recent aggressive expansion by growing its Houston and New York offices with two attorneys specializing in energy, taxation and mergers and acquisitions, bringing the firm's lateral hires up to 10 attorneys in 2024.

  • May 06, 2024

    Trump Media Hires Auditor To Replace Firm Accused Of Fraud

    Trump Media and Technology Group Corp. has hired a new auditor, replacing its predecessor firm, which was permanently suspended by securities regulators Friday for alleged "massive fraud" regarding its work with hundreds of clients, according to a filing Monday.

  • May 04, 2024

    IRS Seeks More Info On Purpose Test In Buyback Tax Regs

    The IRS is seeking more information on fine-tuning a test in proposed rules on the stock buyback tax meant to assess whether the principal purpose of a U.S. subsidiary's funding purchase of its foreign parent's stock is to avoid the tax, an agency attorney said Saturday.  

  • May 03, 2024

    Gannett Can't Dodge Tax Firm's Defamation Case

    Gannett Co. can't escape a defamation case accusing it of writing misleading articles saying Ryan LLC, a tax services and technology firm, engaged in shady business practices, a Texas appeals court ruled, finding the media giant isn't shielded from the claims by the Lone Star State's anti-SLAPP law.

  • May 03, 2024

    US Resisting More Scoping On Amount B, Economist Says

    In negotiations over the streamlined transfer pricing approach for baseline marketing and distribution functions known as Amount B, the U.S. has resisted calls for additional scoping criteria that would exclude more companies from the safe harbor, a former U.S. Treasury economist said Friday.

  • May 03, 2024

    Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told

    Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.

  • May 03, 2024

    Dems, GOP Favor Extending Pass-Through Break, Staff Says

    Democrats and Republicans are both interested in extending the 2017 tax law's pass-through deduction, which expires at the end of 2025, though Democrats would like to limit its availability to upper-income earners, a pair of congressional staffers said Friday.

  • May 03, 2024

    No Climate Law Corrections Bill Expected, Senate Staffer Says

    Congress is unlikely to pass a so-called technical corrections bill that would change noncontroversial and revenue-neutral tax provisions in the 2022 climate law known as the Inflation Reduction Act, a Senate Finance Committee Democratic staffer said Friday.

  • May 03, 2024

    Feds Can Introduce Prior Guilty Plea In Tax Fraud Case

    Federal prosecutors can introduce a man's prior admissions of tax evasion in a trial over separate tax crime charges because it could show his willingness and knowledge to commit the crime, a Pennsylvania federal judge ruled.

Expert Analysis

  • Tech CEO Tax Ruling A Warning For Forward Contracts

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    In McKelvey v. Commissioner, the U.S. Tax Court decided that deceased Monster.com founder Andrew McKelvey terminated his underlying obligations when he extended variable prepaid forward contracts, demonstrating why startup founders, early employees and investors should think carefully before amending derivative agreements, say Daren Shaver and Trent Tanzi at Hanson Bridgett.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Unpacking The Proposed Production Tax Credit Regulations

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    Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.

  • 10 Considerations For Litigating A New York Tax Case

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    While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Giving The Gov't Drug Patent March-In Authority Is Bad Policy

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    The Biden administration's recent proposal to allow government seizure of certain taxpayer-funded drug patents is a terrible idea that would negate the benefits of government-funded research, to the detriment of patients and the wider economy, says Wayne Winegarden at Pacific Research Institute.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

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