• February 26, 2024

    Estate Correctly Taxed On Insurance Payout, Justices Told

    The U.S. Supreme Court should affirm a decision denying a tax refund to the estate of an owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his shares in the business, the federal government argued.

  • February 23, 2024

    FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys

    The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier products, the government agency announced Friday.

  • February 23, 2024

    'Empire' Star Owes Income Tax After Threatening DOJ Atty

    "Empire" actor Terrence Howard owes more than $900,000 in federal income taxes under a default judgment by a Pennsylvania federal judge that follows a monthslong search by the government to notify the actor of the suit, during which he threatened a government attorney.

  • February 23, 2024

    UN Tax Pact May Need OECD Nations' Support, Diplomats Say

    The United Nations' global tax convention will likely require adoption by many advanced economies to address corporate tax abuse effectively, diplomats said, after countries resolved to pursue consensus over the long term but retain majority rule while drafting its terms of reference.

  • February 23, 2024

    Lead Pipe Replacement Not Taxable, IRS Says

    The government-triggered replacement of lead service lines on residential property is not considered taxable income, the Internal Revenue Service said Friday.

  • February 23, 2024

    With Interest, Trump Now Owes $454M For NY Valuation Fraud

    Donald Trump owes New York state nearly a half billion dollars after a county clerk on Friday tacked on $99 million in interest linked to a $355 million judgment in the state attorney general's civil fraud case against the former president last week.

  • February 23, 2024

    IRS To Open Grant Application Period For Low-Income Clinics

    The Internal Revenue Service will accept applications for low income taxpayer clinic grants starting Monday, the agency announced Friday.

  • February 23, 2024

    IRS Reopens Comment Period For Education Tax Proposals

    The Internal Revenue Service is reopening the comment period for certain education-related tax treatment standards originally published in 2016, the agency announced Friday.

  • February 23, 2024

    Weekly Internal Revenue Bulletin

    The Internal Revenue Service issued its weekly bulletin Friday, which included updated figures for calculating employer health coverage penalties in 2025.

  • February 23, 2024

    Taxation With Representation: Gibson Dunn, Wachtell

    In this week's Taxation with Representation, two asset managers invest in AITi Global, Chord Energy Corp. buys Enerplus Corp. and Truist sells an insurance subsidiary to an investor group led by private equity firms.

  • February 22, 2024

    Attys Settle Yacht Donor's Malpractice Suit Over $4.6M Tax Bill

    A New York law firm and two attorneys have settled what remained of a malpractice suit brought by a former client who alleged faulty legal advice led to her being slapped with a $4.6 million tax bill, with a joint stipulation of dismissal filed Thursday.

  • February 22, 2024

    US Can't Appeal Order To Give Avenatti's Tax Info To Trustee

    A California federal judge declined Wednesday to allow the U.S. to appeal a bankruptcy court's decision ordering Michael Avenatti's tax returns to be released to the trustee overseeing the estate of Eagan Avenatti LLP's bankruptcy, finding the decision to be unappealable, and Avenatti himself hasn't objected to the disclosure.

  • February 22, 2024

    Conn. Embezzler Gets 2 Years For $1M Mom-And-Pop Ripoff

    The former office manager for a family-owned construction business in Connecticut must serve 24 months in prison for stealing nearly $1 million from her employer through a yearslong embezzlement scheme and failing to pay taxes on the money, a federal judge has ruled.

  • February 22, 2024

    Energy Credit's Cost Exclusions Flout Congress, IRS Told

    The U.S. Treasury Department and Internal Revenue Service flouted congressional intent in proposed rules for the advanced green energy manufacturing tax credit by putting forth production cost exclusions, including for direct and indirect material costs, businesses and industry groups said Thursday.

  • February 22, 2024

    IRS Agent, Gov't Attys Immune From RICO Suit, Judge Says

    An Arizona federal judge dismissed a $15 million lawsuit against an Internal Revenue Service agent and two assistant U.S. attorneys brought by an investment adviser convicted of filing false tax returns, saying Thursday the government employees were immune from claims that included racketeering and malicious prosecution.

  • February 22, 2024

    Convicted Chicago Pol Seeks Acquittal Or New Trial

    One of Chicago's longest serving and most powerful local politicians asked an Illinois federal judge Wednesday to set aside a jury's December verdict convicting him of using his official position to steer tax business to his personal law firm, saying no rational jury could have convicted him based on the evidence presented at trial.

  • February 22, 2024

    IRS Failed To Investigate Tax Exemption Abuses, Justices Told

    A group claiming the IRS has ignored abuses of tax-exempt status by certain issuers of mortgage-backed investments asked the U.S. Supreme Court to review a ruling affirming the agency's discretion, saying billions of dollars in taxable income are at stake.

  • February 21, 2024

    Irish Pub Chain's Ex-CFO Gets 1.5 Years For $1M Tax Fraud

    The former chief financial officer of a pub chain with more than a dozen Irish-themed restaurants was sentenced to one and a half years in prison Wednesday by an Ohio federal court for his role in a bookkeeping scheme that defrauded eight states of $1 million in sales taxes.

  • February 21, 2024

    Biogas Investment Tax Credit Still Needs Tweaks, IRS Told

    While the IRS clarified that the clean energy investment tax credit would cover eligible upgrading equipment integral to biogas properties, the industry could get a boost if final rules allow separate ownership of the equipment, stakeholders told the agency Wednesday.

  • February 21, 2024

    Tax Court Affirms IRS' Nix Of $20.7M Charitable Deduction

    The U.S. Tax Court affirmed on Wednesday an Internal Revenue Service decision disallowing a $20.67 million charitable contribution deduction claimed by a Georgia partnership because it failed to provide a qualified appraisal of the donated property.

  • February 21, 2024

    IRS Can Assess Tax On 20-Year-Old Income, Tax Court Says

    Taxes may still be assessed on a Missouri couple who failed to report more than $1.5 million in income from 1999 to 2004, the U.S. Tax Court ruled Wednesday.

  • February 21, 2024

    Wyden Plans Clampdown On Private Placement Life Insurance

    Senate Finance Committee Chairman Ron Wyden plans a legislative push to thwart abuse of private placement life insurance, according to a report he released Wednesday that called the arrangements a tax shelter worth at least $40 billion that benefits a small group of very wealthy people.

  • February 21, 2024

    IRS Interest Rates Will Stay Same In 2nd Quarter

    The Internal Revenue Service's interest rates for underpayments and overpayments will not change for the second quarter of 2024, the agency said Wednesday.

  • February 21, 2024

    Hunter Biden Wants Tax Case Nixed For Trump Interference

    Hunter Biden asked a California federal court to drop a set of criminal tax charges against him, saying that former President Donald Trump is improperly driving the prosecution and that politicians are "openly interfering" with the case.

  • February 21, 2024

    Sheppard Mullin Adds Ex-Foley Hoag White Collar Partner

    Sheppard Mullin Richter & Hampton LLP announced it has hired a former partner from Foley Hoag LLP who focuses his practice on white collar matters to join the firm's Washington, D.C., office.

Featured Stories

  • Pot Rescheduling Could Spur Inventory Accounting Change

    David van den Berg

    If cannabis is reclassified to a lower tier under the Controlled Substances Act, it would unlock significant tax benefits for cannabis companies, such as allowing them to take standard business deductions, but they may need to account for their inventories differently to take full advantage.

  • Pillar 2 Could Clash With US Double-Dipping Loss Rules

    Natalie Olivo

    The Pillar Two international minimum tax agreement involves calculations that could trigger long-standing U.S. rules that are designed to prevent companies from what is known as double-dipping the same economic loss, raising questions about how upcoming regulations will navigate these two systems.

  • First Purely Tax Crypto Indictment Signals More On Tap

    Kat Lucero

    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.

Expert Analysis

  • Navigating ACA Reporting Nuances As Deadlines Loom

    Author Photo

    Stephanie Lowe at Liebert Cassidy walks employers through need-to-know elements of Affordable Care Act reporting, including two quickly approaching deadlines, the updated affordability threshold, strategies for choosing an affordability safe harbor, and common coding pitfalls.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Why Biz Groups Disagree On Ending Chevron Deference

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    Two amicus briefs filed in advance of last month's U.S. Supreme Court oral arguments in Loper Bright Enterprises v. Raimondo highlight contrasting views on whether the doctrine of Chevron deference promotes or undermines the stable regulatory environment that businesses require, say Wyatt Kendall and Sydney Brogden at Morris Manning.

  • US-Chile Tax Treaty May Encourage Cross-Border Investors

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    Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.

  • A Look Ahead For The Electric Vehicle Charging Industry

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    This will likely be an eventful year for the electric vehicle market as government efforts to accelerate their adoption inevitably clash with backlash from supporters of the petroleum industry, say Rue Phillips at SkillFusion and Enid Joffe at Green Paradigm Consulting.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Planning A Defense As IRS Kicks Off Sports Losses Campaign

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    Sports team owners and partnerships face potential examination under the Internal Revenue Service’s recently announced sports industry losses campaign, and should be preparing to explain what drove their reported losses and assembling documentation to support their tax return positions and accounting methods, say Sheri Dillon and Jennifer Breen at Morgan Lewis.

  • What New Calif. Strike Force Means For White Collar Crimes

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    The recently announced Central District of California strike force targeting complex corporate and securities fraud — following the Northern District of California's model — combines experienced prosecutorial leadership and partnerships with federal agencies like the IRS and FBI, and could result in an uptick in the number of cases and speed of proceedings, say attorneys at MoFo.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.