Federal

  • February 15, 2024

    Applicable Federal Interest Rates To Rise In March

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

  • February 15, 2024

    Pension Plan Segment Rates Increase In February

    Segment rates for calculating pension plan funding rose in February, the Internal Revenue Service said Thursday.

  • February 15, 2024

    Feds Say Tax Prepper Filed Over $1M In False 2020 Returns

    The U.S. Department of Justice's Tax Division took an Ohio tax preparer and his two businesses to federal court alleging he has employed "at least four definable schemes to generate or inflate his customers' refunds" and cost the government $1 million in revenue for the 2020 tax year alone.

  • February 15, 2024

    IRS Improving Security For Info Technology, TIGTA Says

    The Internal Revenue Service is making ample progress remedying security concerns in information technology program areas, the Treasury Inspector General for Tax Administration said in a report published Thursday.

  • February 14, 2024

    FinCEN Head Vows No 'Gotcha' Enforcement Of New Rules

    The director of the U.S. Treasury Department's Financial Crimes Enforcement Network said during a Wednesday congressional hearing that the agency is not pursuing "gotcha" enforcement when it comes to companies complying with new rules for reporting their beneficial ownership information.

  • February 14, 2024

    First Purely Tax Crypto Indictment Signals More On Tap

    Federal prosecutors' first public indictment of an individual who underreported the capital gains from a nearly $4 million legal sale of bitcoin indicates that authorities have opened the floodgates for more criminal cases that deal purely with undisclosed gains on legitimate cryptocurrency transactions.

  • February 14, 2024

    Gov't Atty Says IRS Has Authority For Failure-To-File Penalty

    Internal Revenue Code Section 6021(a) gives the IRS broad authority to assess penalties for failing to file a form mandated by Section 6038(b) on which a company reports its foreign corporations, even though that authority isn't spelled out, a government attorney told the D.C. Circuit on Wednesday.

  • February 14, 2024

    House Declines To Further Consider SALT Cap Relief Bill

    House Democrats and Republicans voted Wednesday against further consideration of a proposal to raise the cap on state and local tax deductions for 2023 for married couples with adjusted gross incomes below $500,000, marking the end of the road for the bill.

  • February 14, 2024

    Tax Court Denies Tipster After Taxpayers Admit Delinquency

    The Internal Revenue Service was right to deny a tipster a whistleblower award for reporting delinquent taxpayers because the taxpayers turned themselves in before the agency could follow up on the tip, the U.S. Tax Court ruled Wednesday.

  • February 14, 2024

    Man 'Knew The Shit Was Wrong,' Jury Told As Fraud Trial Ends

    Federal prosecutors hoping to score convictions in a vast pandemic loan fraud operation told jurors on Wednesday that not only had an Atlanta man on trial worked with the scheme's ringleader to file loan applications with forged tax records, but admitted to the FBI that he "knew the shit was wrong" all along.

  • February 14, 2024

    Unpaid Benefits Still Count As Gross Income, Tax Court Rules

    A New York couple must add almost $12,000 to their gross income after having failed to properly account for offsetting Social Security benefits that were not disbursed, the U.S. Tax Court ruled Wednesday.

  • February 14, 2024

    IRS Schedules 2-Day Hearing On Energy Credit Regs

    The Internal Revenue Service will hold a two-day public hearing on proposed energy credit regulations next week, the agency announced Wednesday.

  • February 14, 2024

    Jury Wipes Away Texaco Heiress' $21M FBAR Penalties

    A Florida federal jury found Wednesday that the U.S. government hadn't proved a Texaco heiress willfully failed to report foreign bank account information on time, eliminating the almost $21 million in penalties assessed against her estate, according to a court filing.

  • February 14, 2024

    Tech Group Backs 3M In 8th Circ. Transfer Pricing Appeal

    A tax group representing multinational tech companies urged the Eighth Circuit to overturn a U.S. Tax Court ruling that found 3M Co. owed taxes stemming from an additional $23 million in income reallocated from its Brazilian affiliate, saying the decision wrongly upheld transfer pricing regulations that were improperly enacted.

  • February 14, 2024

    IRS Cost Estimate Process Need Revision, GAO Says

    The Internal Revenue Service could better manage costs by improving its cost estimation process, the U.S. Government Accountability Office said in a report published Wednesday.

  • February 14, 2024

    IRS Fixes Equation Error In Taxable Substances List

    The Internal Revenue Service issued a correction notice Wednesday to amend an equation featured within a list of taxable substances under the superfund chemical substance tax.

  • February 13, 2024

    'She Didn't Ask, And I Didn't Tell,' Ex Says Of Fraud Scheme

    Both federal prosecutors and defense counsel for a Georgia woman accused of using her small business to hide hundreds of thousands of dollars in illegally obtained pandemic loans agreed Tuesday that her ex-husband was not just a philanderer, but a fraudster to boot.

  • February 13, 2024

    US Asks Court To OK $1.4B Tax Claim Against SVB

    A D.C. federal court should step in and approve a $1.4 billion IRS tax claim against the shuttered Silicon Valley Bank, the U.S. government said Tuesday, saying the court has the authority to circumvent a rejection by the Federal Deposit Insurance Corp., the bank's receiver.

  • February 13, 2024

    Think Tank Says US Should Undermine OECD Global Tax Deal

    The U.S. should try to undermine the OECD's global tax deal by pursuing reforms to corporate tax policy that would maximize the country's attractiveness to international investors and by cutting funding to the organization, the libertarian Cato Institute said Tuesday.

  • February 13, 2024

    Group Wants Long Phase-In Of Rules On Currency Gain, Loss

    The Internal Revenue Service should gradually phase in proposed regulations that would let taxpayers recognize foreign currency gains or losses from a business on an annual basis, the National Foreign Trade Council told the agency.

  • February 13, 2024

    Settlements In Patent Fight Are Income, Tax Court Rules

    Settlement payments to a patent licensing entity after it sued 11 companies for patent infringement should be reported to the Internal Revenue Service as gross income, the U.S. Tax Court ruled Tuesday, upholding a $13 million tax deficiency against the company.

  • February 13, 2024

    Lawmakers Brace For Lobbying Blitz On Expiring Tax Breaks

    Some lawmakers foresee an increase in lobbying activity this year as Congress considers renewing parts of the GOP's 2017 tax law that are approaching expiration, while efforts to address the influence of dark money in politics remain on hold.

  • February 13, 2024

    Senate Bill Would Require SSNs For EITC, Child Tax Credit

    A bill introduced in the U.S. Senate would require claimants to have valid Social Security numbers to be eligible for the earned income tax credit and the child tax credit.

  • February 13, 2024

    Crypto Exec Wants IRS Summonses Quashed, Citing Privacy

    A cryptocurrency executive charged in a 2020 bitcoin fraud investigation was never notified about Internal Revenue Service summonses later sent to two banks that sought his and his company's financial records, he told a Texas federal court, arguing that the summonses should be quashed.

  • February 13, 2024

    Ex-IRS Contractor Appeals 5-Year Sentence For Tax Info Leak

    A former IRS contractor sentenced to five years in prison for stealing and leaking former President Donald Trump's tax returns — and those of thousands of other wealthy people — to the media told a D.C. federal court he will appeal his final judgment.

Expert Analysis

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

  • Unlocking Value In Carve-Out M&A Transactions

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    Some of the largest mergers and acquisitions in 2023 were carve-out transactions, and despite their unique intricacies and challenges, these transactions offer both buyers and sellers the opportunity to generate outsized returns in an otherwise vigorously competitive landscape, when carefully planned and diligently executed, say Kevin Crews and Rami Totari at Kirkland.

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • 1st Tax Easement Convictions Will Likely Embolden DOJ, IRS

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    After recent convictions in the first criminal tax fraud trial over allegedly abusive syndicated conservation easements, the IRS and U.S. Department of Justice will likely pursue other promoters for similar alleged conspiracies — though one acquittal may help attorneys better evaluate their clients' exposure, say Bill Curtis and Lauren DeSantis-Then at Polsinelli.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • Anticipating Intensified Partnership Enforcement From IRS

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    The Internal Revenue Service's decadeslong difficulties with partnership audits led to the recent announcement of a clear, well-funded, focused initiative, and businesses operating in the partnership form will feel the impact, with definite changes ahead, says Sharon Katz-Pearlman at Greenberg Traurig.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'

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    The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.

  • Newman Suspension Shows Need For Judicial Reform

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    The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.

  • How And Why Your Firm Should Implement Fixed-Fee Billing

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    Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • How Law Firms Can Use Account-Based Marketing Strategies

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    Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.

  • While Risks Exist, AI Could Transform IRS Enforcement

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    The Internal Revenue Service's recently announced use of artificial intelligence could revolutionize the agency's enforcement efforts, and transparency about its use and a forum for challenging AI findings could help mitigate fears that the technology will increase bias, say attorneys at Lewis Brisbois.

  • Strategic Succession Planning At Law Firms Is Crucial

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    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.

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