Federal

  • March 18, 2024

    Tennis Job No Reason To Slice 'Varsity Blues' Term, Feds Say

    A tennis instructor job in New York is no reason to grant an early end to the home confinement portion of a sentence given to a former Georgetown University coach for his role in the "Varsity Blues" college admissions scandal, prosecutors told a Massachusetts federal judge Monday.

  • March 18, 2024

    Wyden, Whitehouse Scrutinize DOJ's Caterpillar Investigation

    Two top Democratic senators asked the U.S. Justice Department about its handling of a criminal inquiry into Caterpillar for potential financial crimes and corporate tax fraud after receiving evidence corroborating a report that former DOJ officials may have suppressed the investigation, according to a letter released Monday.

  • March 18, 2024

    Feds Want 12 Years For Ex-Broker In Fraud, Tax Case

    A former mortgage broker whose decadelong fraud scheme tricked more than a dozen people out of $8 million and caused more than $3 million in tax losses should spend 12 and a half years in prison, the government told a Rhode Island federal court.

  • March 18, 2024

    IRS Schedules Hearing On Hydrogen Production Taxes

    The Internal Revenue Service plans to hold a three-day public hearing this month on proposed rules affecting the tax treatment of the production of clean hydrogen, the agency announced Monday.

  • March 15, 2024

    Ohio Ambulance Co. Says HR Firm Botched Tax Returns

    An Ohio ambulance company accused its human resources management firm of failing to accurately prepare and submit amended tax returns that would have allowed the company to claim pandemic-era tax credits, according to a complaint filed in an Ohio federal court.

  • March 15, 2024

    Justices Told Estate Incorrectly Taxed On Insurance Payout

    The federal government's argument that the $3.5 million in life insurance proceeds a company used to redeem a deceased owner's shares increased both the company's value and its dead owner's estate tax liability ignores "economic reality," the estate told the U.S. Supreme Court on Friday.

  • March 15, 2024

    IRS Asked To Change Effective Date In Part-Time Worker Rule

    The effective date for proposed IRS rules on participation of long-term, part-time employees in retirement plans would violate administrative law if not changed in final regulations, an attorney speaking for a benefits organization told the agency and the U.S. Treasury Department at a hearing Friday.

  • March 15, 2024

    Applicable Federal Interest Rates To Rise In April

    Applicable federal rates for income tax purposes will rise in April, the Internal Revenue Service said Friday.

  • March 15, 2024

    The Tax Angle: House GOP Plots TCJA Renewal Strategy

    House Republicans left Washington this week for their annual two-day legislative issues conference, hoping to expand their control of the chamber in the upcoming November elections and planning their strategy for renewal of their historic 2017 tax overhaul law.

  • March 15, 2024

    Tax Foundation Says UN Should Avoid Duplicating Tax Efforts

    The United Nations should only create global tax rules in areas where it can effectively reduce uncertainty and should avoid duplicating negotiations underway elsewhere, the Tax Foundation said Friday in a response to the organization.

  • March 15, 2024

    Feds Want 6 Years For 'Poster Boy' Of Mass. Police Corruption

    Boston federal prosecutors have recommended nearly 6 years in prison for a former Massachusetts trooper who they say is the living embodiment of police misconduct in light of his trial convictions for stealing overtime pay, lying on his taxes and cheating to get student financial aid for his son.

  • March 15, 2024

    Attys, Broker Fight For Advice-Of-Counsel Defense In Tax Trial

    Two St. Louis attorneys and a North Carolina insurance agent staring down criminal tax charges in North Carolina federal court said the government can't prevent them from relying on advice-of-counsel defenses at their upcoming trial, arguing they've handed over all the information prosecutors need to prepare.

  • March 15, 2024

    $3B In Employment Tax Credits Claimed In Scheme, Feds Say

    Three New Jersey men who said they were leaders of religious and charitable organizations fraudulently claimed nearly $3 billion in employment tax credits from a federal pandemic loan program, according to a criminal complaint filed in New Jersey federal court.

  • March 15, 2024

    Direct Hit On Tax Regs Unlikely If Justices Ditch Chevron

    A decision from the U.S. Supreme Court later this year on two cases challenging the so-called Chevron doctrine, which gives federal agencies wide latitude to interpret ambiguous laws, isn't likely to immediately affect tax regulations.

  • March 15, 2024

    Taxation With Representation: Freshfields, Kirkland

    In this week's Taxation with Representation, AstraZeneca acquires Amolyt Pharma, XCF Global Capital goes public and EQT Corp. merges with Equitrans Midstream Corp.

  • March 15, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, featuring updated tax treatment for certain public utility debt.

  • March 14, 2024

    Tupperware Pans Investor Suit Over 'Small' Accounting Errors

    Tupperware wants to dismiss a proposed class action accusing it of damaging investors by knowingly issuing misleading financial reports, arguing the suit fails to show it acted with ill intent when releasing the allegedly inaccurate information to the public, and that its restatements did not actually hurt shareholders.

  • March 14, 2024

    Man Who Hid Income Had Fraudulent Intent, Tax Court Says

    An Arizona man who hid self-employment income from the Internal Revenue Service in a sham partnership of family trusts owes additional taxes for fraudulently failing to file returns, the U.S. Tax Court ruled Thursday.

  • March 14, 2024

    Ariz. Reps. Urge IRS To Scrap Tax On State Rebates

    Arizona's one-time state tax rebates should not be subject to federal income tax, members of the state's congressional delegation told the Internal Revenue Service, saying the rebates should be exempt under agency guidance issued last year.

  • March 14, 2024

    Israel Tax Authority Claims Owner Of US Biz Underpaid Tax

    A Jerusalem man is suspected of failing to report 50 million Israeli new shekels ($13.7 million) of his income from companies in Israel and abroad, the Israel Tax Authority said Thursday.

  • March 14, 2024

    Absent Returns Justify Rejecting Offers, Tax Court Rules

    The Internal Revenue Service properly sustained a collection action against a Maryland man with a record of failing to file his income tax returns, the U.S. Tax Court ruled Thursday.

  • March 14, 2024

    8th Circ. Questions IRS Ax Of Engineering Co.'s R&D Credit

    Eighth Circuit judges probed claims by the IRS that a Minnesota engineering company didn't qualify for $276,000 in research and development tax credits, asking during oral arguments whether the agency may have overlooked the inherently specialized nature of the company's engineering work.

  • March 14, 2024

    Tax Court Judge John O. Colvin, Ex-Chief, Dead At 77

    John O. Colvin, a senior judge of the U.S. Tax Court, has died, the court announced in a news release Thursday.

  • March 14, 2024

    IRS' Signals On Economic Substance Doctrine Draw Scrutiny

    The Internal Revenue Service's recent legal success asserting a doctrine to invalidate transactions in tax law enforcement matters may embolden the government to broaden that argument's reach, and lawyers are concerned it doesn't properly apply to transfer pricing matters.

  • March 13, 2024

    Siemens Asks Tax Court To Toss $1.2B IRS Bill

    A U.S. subsidiary of German technology company Siemens is pushing the U.S. Tax Court to throw out $1.16 billion in tax deficiencies and penalties the IRS has imposed, saying the agency relied on invalid rules in denying a deduction.

Expert Analysis

  • The Nuts And Bolts Of IRS Domestic Content Tax Credit

    Author Photo

    Recent IRS guidance provides specifics on how renewable energy projects can qualify for bonus tax credits by meeting U.S. domestic content rules, but also creates a qualification framework that will be complicated for project developers to navigate, say Scott Cockerham and Wolfram Pohl at Orrick.

  • How Cities Can Tackle Post-Pandemic Budgeting Dilemmas

    Author Photo

    Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.

  • Guidance Adds Clarity To Energy Communities Bonus Credits

    Author Photo

    Recent IRS guidance on the Inflation Reduction Act's changes to tax credits for renewable energy projects offers much-needed pointers for developers and financing parties, and should allow them to more comfortably incorporate special bonus credits for projects in energy communities into their transactions, say Jorge Medina and Ira Aghai at Shearman.

  • Taxing The Digital Economy: The Good, The Bad And The Ugly

    Author Photo

    U.S. tech companies should watch for important developments in international taxation, including the resolution of Apple's decade-old state aid case, growing frustration with the Organization for Economic Cooperation and Development's global tax plan and adoption of the digital services tax instead, says Joyce Beebe at Rice University's Baker Institute for Public Policy.

  • Big Tax Changes For Multinational Cos. In Budget Proposal

    Author Photo

    The Biden administration’s fiscal year 2024 budget proposes changes that would materially alter decades-old Internal Revenue Code provisions, requiring a shift in multinational corporations' tax planning strategies comparable to that required after enactment of the Tax Cuts and Jobs Act, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.

  • SVB Collapse Reinvigorates Bank Accounting Debate

    Author Photo

    Silicon Valley Bank's sudden collapse revives questions over whether fair value or amortized cost accounting is the most appropriate for banks' financial reporting — a controversy that's crucial for understanding what information could have helped market participants better understand SVB's financial condition, say consultants at Analysis Group.

  • Brownfield Renewables Guidance Leaves Site Eligibility Murky

    Author Photo

    Recent IRS guidance sheds some light on the Inflation Reduction Act's incentives for renewable energy development on contaminated sites — but the eligibility of certain sites for brownfield status remains uncertain, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.

  • Get Ready For IRS Criminal Crackdown On Crypto

    Author Photo

    Recent developments at the IRS, from a new operating plan to the announcement of a centralized data center, signal that the agency is ramping up criminal enforcement against those using digital assets to evade tax liabilities — and given its high conviction rate, companies and individuals must prioritize compliance, say attorneys at BakerHostetler.

  • NFT Tax Guidance Shows IRS Interest In Crypto Enforcement

    Author Photo

    The IRS' first ever guidance addressing the federal income tax treatment of NFTs indicates the agency could take a potentially aggressive stance in enforcing U.S. tax laws in the NFT and crypto spaces, which could have a significant impact on the self-directed IRA market, say attorneys at BakerHostetler.

  • Substantiation Is Key When Gifting Crypto To Charity

    Author Photo

    A recent Internal Revenue Service memorandum makes clear that the agency will require substantiation when gifting cryptocurrency to charity, even for relatively small amounts, so donors need to be aware of the important differences between crypto and typical cash donations, says Sheryl Morrison at Lathrop GPM.

  • Senate Credit Suisse Report Puts Attention On Banks, Trusts

    Author Photo

    The Senate Finance Committee's recent finding that Credit Suisse violated a plea agreement struck over its role in enabling offshore tax evasion has important ramifications for banks and trusts, including how they onboard, document and report on transactions relevant to U.S. reporting requirements, say Will Barry and Ian Herbert at Miller & Chevalier.

  • Seeking IRS Accountability For Faulty Microcaptive Notice

    Author Photo

    Like the taxpayers in Standard Insurances v. U.S. seeking to expand earlier wins in microcaptive insurance cases that limit IRS use of improperly obtained information, others should consider ways to hold the agency accountable and provide incentive for it to follow the law going forward, says Joshua Smeltzer at Gray Reed.

  • Biden Admin. Proposals Both Encourage And Thwart EV Adoption

    Author Photo

    While the Biden administration has been aggressively focused on promoting electric vehicles from the start, its recently issued guidance on EV tax credits and its restrictive new auto emissions proposal create a sense of implementation whiplash that may frustrate manufacturers and consumers, says Levi McAllister at Morgan Lewis.

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