Federal

  • April 29, 2024

    IRS Botching Noncompliant Biofuel Credit Claims, TIGTA Says

    The Internal Revenue Service must take additional steps to address noncompliant claims for biodiesel-related tax credits that resulted in the agency wrongly issuing more than $30 million in credits, the Treasury Inspector General for Tax Administration said in a report released Monday.

  • April 29, 2024

    IRS To Open $6B 2nd Round Of Advanced Energy Tax Credits

    The IRS will start taking applications May 28 from project owners seeking to get part of a $6 billion second round of tax credits for developments that will support the clean energy industry, such as solar glass manufacturing and metal recycling facilities, the agency said Monday.

  • April 29, 2024

    Justices Pass On Claim That IRS Targeted Atty For Web Post

    The U.S. Supreme Court on Monday denied an attorney's request for review of a ruling that allowed the Internal Revenue Service to obtain his bank account information, declining to hear his argument that the agency targeted him based on a tax analysis he posted online.

  • April 29, 2024

    IRS Issues Reference Price For Production Credit

    The reference price for the nonconventional source production credit in calendar year 2023 — which applies to tax year 2024 — is $76.10, the Internal Revenue Service said Monday.

  • April 29, 2024

    US Expatriations Plummet In 1st Quarter, IRS Says

    The number of people who expatriated from the U.S. fell nearly 70% during the first quarter of 2024 compared with the previous quarter, the Internal Revenue Service said in a notice published Monday.

  • April 26, 2024

    10th Circ. Says Colo. Tax Ballot Law Doesn't Compel Speech

    A Colorado law requiring that financial impacts be included in the titles of some tax-related ballot initiatives does not cause "improperly compelled" speech, the Tenth Circuit said Friday, rejecting a conservative group's bid to block the law.

  • April 26, 2024

    FedEx Calls Gov't Arguments On Tax Credits Contradictory

    The federal government advanced contradictory arguments in FedEx's $84.6 million foreign tax credits dispute with the Internal Revenue Service, the package delivery giant said in a filing in Tennessee federal court.

  • April 26, 2024

    Ex-Mass. Trooper Handed 5 Years For No-Work OT, Tax Fraud

    A former Massachusetts state trooper convicted of stealing overtime pay, lying on his taxes and cheating to get student aid for his son was sentenced Friday by a federal judge to five years in prison for his leadership role in the sprawling overtime fraud scheme.

  • April 26, 2024

    IRS To Decide Soon On Renewal Of E-File Pilot Program

    The Internal Revenue Service expects to decide on the future of its free e-filing pilot program this spring after gathering additional feedback, Commissioner Daniel Werfel said Friday.

  • April 26, 2024

    Gov't Wants Ex-Boston Celtic Imprisoned For Health Plan Scheme

    Prosecutors asked a Manhattan federal judge to sentence former Boston Celtics player Glen "Big Baby" Davis to roughly three years in prison after he was convicted of scheming with a group of ex-pros to submit fraudulent invoices to the NBA's healthcare plan.

  • April 26, 2024

    4 More Indicted In Alleged Abusive Trust Tax Scheme

    A federal grand jury in Denver indicted four more people in connection with what prosecutors call a conspiracy to defraud the government in a multistate scheme to promote abusive tax shelters using sham trusts to hide business income and illegally deduct personal expenses such as family weddings.

  • April 26, 2024

    Abbott Labs' $417M IRS Bill Isn't Wrong, Tax Court Told

    The Internal Revenue Service denied allegations by Abbott Laboratories that it incorrectly increased the global healthcare giant's income, resulting in a $417 million tax bill, in answering Abbott's lawsuit filed with the U.S. Tax Court.

  • April 26, 2024

    Ex-Moody's GC Cops To Tax-Filing Fail On $54M Paycheck

    The former general counsel for Moody's Corp. has pled guilty to willfully failing to file federal income tax returns for four years in which he collected $54 million in income, federal prosecutors announced Friday.

  • April 26, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, which included the waiver of certain corporate alternative minimum tax penalties.

  • April 25, 2024

    Justices Could Throw Cold Water On Old Tax Reg Challenges

    A pending U.S. Supreme Court decision on when people can challenge federal regulations could put the breaks on lawsuits against old tax regulations just after the U.S. Tax Court invalidated a 1986 conservation easement rule.

  • April 25, 2024

    Tax Court Slashes $47M Easement Break For Former Braves

    The U.S. Tax Court reduced a $47.6 million conservation easement donation deduction Thursday for a partnership founded by former Atlanta Braves players John Smoltz and Ryan Klesko, finding the Internal Revenue Service properly pegged the deduction at one-tenth the amount.

  • April 25, 2024

    Tax Court Denies Woman Early Retirement Withdrawal Relief

    A New York woman who withdrew over $10,000 from her retirement fund while in her early 50s is not entitled to relief from the 10% early withdrawal penalty because an emergency expense exemption did not apply, the U.S. Tax Court found Thursday.

  • April 25, 2024

    Trump Legal Fees Paid Via Illegal Scheme, Watchdog Org Says

    Donald Trump's 2024 presidential campaign and related political committees have masked payments for millions of dollars in legal work done for the former president in a possible violation of federal law, an election watchdog claims in a complaint filed Wednesday with the Federal Election Commission.

  • April 25, 2024

    Real Estate Owner Indicted On $4.8M Tax Evasion Charges

    A commercial real estate owner used a series of limited liability companies to hide $4.8 million in income from the Internal Revenue Service, according to an indictment in Washington federal court on tax evasion charges.

  • April 25, 2024

    Attys, Insurance Agent Found Guilty Of Tax-Avoidance Scheme

    Two St. Louis tax attorneys and a North Carolina insurance agent on Thursday were found guilty on all counts of conspiring to defraud the federal government and aiding in the filing of false tax returns for their role in a tax avoidance scheme that prosecutors claim cost the Internal Revenue Service more than $4 million.

  • April 25, 2024

    OECD Consolidates Past Pillar 2 Guidance Into Single Doc

    The Organization for Economic Cooperation and Development published administrative guidance Thursday that consolidates past publications on the interpretation and application of the international minimum tax agreement known as Pillar Two, which countries began implementing this year.

  • April 25, 2024

    Valero Seeks $75M In Tax Refunds For Fuel Mixtures

    Energy company Valero asked a Texas federal court for $75 million in excise tax refunds, claiming the Internal Revenue Service failed to recognize that its production of specific fuels such as butane blends and biomass derivatives qualified for the alternative fuel mixture credit.

  • April 25, 2024

    Treasury Finalizes Rules On Sales Of Green Energy Credits

    The U.S. Department of the Treasury released final rules Thursday to facilitate the sale or transfer of clean energy tax credits by project owners under a new way to monetize the incentives created by the 2022 landmark climate law.

  • April 24, 2024

    Tax Fraud Case Skewed By Prosecutors' Spin, NC Jury Told

    Prosecutors and defense attorneys in a tax fraud trial against two lawyers and an insurance agent traded final barbs Wednesday in a North Carolina courtroom before sending the jury to deliberate, with the defendants again defending the tax plan at the center of the government's case and accusing prosecutors of making up facts.

  • April 24, 2024

    Crypto Mixer Execs Arrested Over $2B In Illicit Transactions

    New York federal prosecutors announced Wednesday that they have arrested the co-founders of crypto mixing service Samourai Wallet over their operation of a crypto service that authorities say executed over $2 billion in unlawful transactions.

Expert Analysis

  • Strategic Succession Planning At Law Firms Is Crucial

    Author Photo

    Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.

  • Maximizing Law Firm Profitability In Uncertain Times

    Author Photo

    As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.

  • Enforcement Of International Tax Reporting Is Heating Up

    Author Photo

    Since the U.S. Supreme Court’s February decision in Bittner v. U.S. changed how penalties for failure to report offshore accounts are calculated, recent developments suggest the government is preparing to step up enforcement and vigorously pursue the collection of resulting penalties, say Daniel Silva and Agustin Ceballos at Buchalter.

  • How Gov't Agencies Will Fare In The Event Of A Shutdown

    Author Photo

    With a federal shutdown potentially set to begin at the end of this month, it may be useful to consider the approximate timelines that agencies such as the Federal Trade Commission and IRS have announced for curtailing operations, and potential strategies for mitigating challenges that may arise while agency functions are limited, say attorneys at Cleary.

  • IRS Notice Clarifies R&E Amortization, But Questions Remain

    Author Photo

    The IRS and Treasury Department’s recent notice clarifying the treatment of specified research and experimental expenditures under Section 174 provides taxpayers and practitioners with substantive guidance, but it misses the mark in delineating which expenditures are amortizable, say attorneys at Eversheds Sutherland.

  • Preparing Your Legal Department For Pillar 2 Compliance

    Author Photo

    Multinational entities should familiarize themselves with Pillar Two of the Organization for Economic Cooperation and Development’s BEPs 2.0 project and prepare their internal legal tracking systems for related reporting requirements that may go into effect as early as January, says Daniel Robyn at Ernst & Young.

  • What Large Language Models Mean For Document Review

    Author Photo

    Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.

  • Participating In Living History Makes Me A Better Lawyer

    Author Photo

    My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

  • Private Equity Owners Can Remedy Law Firms' Agency Issues

    Author Photo

    Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

  • Kentucky Tax Talk: Taking Up The Dormant Commerce Clause

    Author Photo

    Attorneys at Frost Brown examine whether the U.S. Supreme Court is likely to review Foresight Coal Sales v. Kent Chandler to consider whether a Kentucky utility rate law discriminates against interstate commerce, and how the decision may affect dormant commerce clause jurisprudence.

  • Prevailing Wage Rules Complicate Inflation Act Tax Incentives

    Author Photo

    Nicole Elliott and Timothy Taylor at Holland & Knight discuss the intersection between tax and labor newly created by the Inflation Reduction Act, and focus on aspects of recent U.S. Department of Labor and U.S. Department of the Treasury rules that may catch tax-incentive seekers off guard.

  • Payroll Tax Evasion Notice Suggests FinCEN's New Focus

    Author Photo

    The Financial Crimes Enforcement Network’s recent notice advising U.S. financial institutions to report payroll tax evasion and workers' compensation schemes in the construction industry suggests a growing interest in tax enforcement and IRS collaboration, as well as increased scrutiny in the construction sector, say Andrew Weiner and Jay Nanavati at Kostelanetz.

  • How Taxpayers Can Prep As Justices Weigh Repatriation Tax

    Author Photo

    The U.S. Supreme Court might strike down the 2017 federal tax overhaul's corporate repatriation tax in Moore v. U.S., so taxpayers should file protective tax refund claims before the case is decided and repatriate previously taxed earnings that could become entangled in dubious potential Section 965 refunds, say Jenny Austin and Gary Wilcox at Mayer Brown.

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