Federal
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November 26, 2024
IRS Confirms Commerce Payments In Chips Tax Credit
Semiconductor development projects that received funding awards from the U.S. Commerce Department's CHIPS incentives program are considered investments that can also take advantage of the advanced manufacturing tax credit, the Internal Revenue Service confirmed Tuesday in guidance.
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November 26, 2024
IRS Adds Eight Tax Court Sessions To Calendar
The Internal Revenue Service announced eight U.S. Tax Court sessions for February and named the calendar administrators for the sessions in notices released Tuesday.
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November 25, 2024
Ex-DOJ Attorney Joins Moore Tax Law Group In Chicago
The Moore Tax Law Group has brought on a former trial attorney for the U.S. Department of Justice, Tax Division, the firm announced.
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November 25, 2024
Calif. Gov. Promises EV Tax Credit If Trump Axes Federal
California Gov. Gavin Newsom on Monday said that he's preparing to save electric vehicle tax credits — at least for residents of his state — if the Trump administration and a Republican Congress eliminate federal ones.
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November 25, 2024
Vanguard, Investors Get Initial OK On $40M Deal In Tax Suit
A Pennsylvania federal judge gave initial approval Monday to a $40 million settlement between Vanguard and investors who claimed the firm breached its fiduciary duty when it triggered a sell-off of assets that left investors with hefty tax bills.
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November 25, 2024
Feds Violated Atty-Client Rules, Tax Evasion Defendant Says
A Brazilian-American businessman accused of using Swiss bank accounts to hide $20 million from the Internal Revenue Service asked a Florida federal court to dismiss all the charges against him, saying federal prosecutors improperly gained access to information protected by attorney-client privilege.
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November 25, 2024
IRS Finalizes Expansion Of Tax Info Disclosures To Census
The Internal Revenue Service published final rules Monday expanding what tax return information can be disclosed to the U.S. Census Bureau.
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November 25, 2024
IRS Corrects Advanced Manufacturing Production Credit Regs
The Internal Revenue Service issued a correction notice Monday concerning final rules for the advanced manufacturing production credit.
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November 25, 2024
Akin Adds EY Tax Expert To DC Team
Akin Gump Strauss Hauer & Feld LLP has hired a former Washington Council Ernst & Young senior manager, who is bringing her tax policy-focused practice to the firm's Washington, D.C., office, according to a Monday announcement.
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November 22, 2024
Trump Taps Hedge Fund Billionaire Bessent To Head Treasury
President-elect Donald Trump on Friday announced that he's selected Scott Bessent, a billionaire hedge fund manager and the founder of Key Square Group, to serve as secretary of the Treasury in his upcoming administration.
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November 22, 2024
IRS Extends Domestic Content Relief For Energy Credits
Nonprofits, tribal governments, public utilities and other tax-exempt groups eligible for a direct cash payment of their clean energy tax credits can get relief from meeting the domestic content requirements tied to those incentives for 2025 and 2026 under IRS guidance released Friday.
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November 22, 2024
The Tax Angle: Tax Prom, 25 Years Of TIGTA
From a look at the Tax Foundation's 87th annual Tax Prom celebration to the Treasury Inspector General for Tax Administration marking 25 years in operation, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
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November 22, 2024
IRS To Send Out Benefit Plan Opinions This Month
The Internal Revenue Service plans to issue opinion letters this month on preapproved defined benefit plans modified and submitted to the IRS during the second remedial amendment cycle, the agency said Friday.
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November 22, 2024
High Court To Review Legality Of FCC's Subsidy Fees
The U.S. Supreme Court agreed Friday to review whether fees collected to support the Federal Communications Commission's array of telecom subsidy programs for low-income consumers, schools and rural healthcare run afoul of constitutional limits on taxing authority.
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November 22, 2024
Vitamin Co. Must Freeze Owner Payouts Amid $1.4M Tax Fight
A Connecticut federal judge has granted the federal government a temporary restraining order in a $1.4 million tax fight with a vitamin company, barring distributions to the owners unless the company allocates 20% to the court's registry to help cover the potential liability.
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November 22, 2024
IRS Ignores Text In $248M Fight, Liberty Global Tells 10th Circ.
The Internal Revenue Service is incorrectly applying the U.S. tax code in denying Liberty Global's claim for $248 million in foreign tax credits tied to its sale of a Japanese affiliate, the telecommunications company told the Tenth Circuit.
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November 22, 2024
IRS Working To Incorporate Feedback On Donor Fund Regs
The Internal Revenue Service continues to work on final rules for the donor-advised fund excise tax and is taking into account public comments on its proposed rules, such as concerns that the definition of donor-advised funds is too broad, an agency official said Friday.
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November 22, 2024
Halliburton Omitted Grounds From $35M Refund Suit, US Says
A Texas federal court must dismiss parts of Halliburton's $35 million tax refund lawsuit because the company failed to raise two grounds of relief in its administrative claim for a refund, the U.S. argued.
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November 22, 2024
Taxation With Representation: Stradley Ronon, Davis Polk
In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.
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November 22, 2024
Railroad Worker Tax Rates Won't Change For 2025
Tier 2 tax rates for railroad employees, employers and employee representatives in 2025 will remain unchanged, according to an Internal Revenue Service announcement Friday.
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November 22, 2024
IRS Corrects Advanced Manufacturing Credit Regs
The Internal Revenue Service released a correction notice Friday fixing a dozen errors in the final regulations implementing the advanced manufacturing investment credit rules and special 10-year credit recapture rule.
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November 22, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, featured finalized rules meant to modernize regulations governing the seizure of property by levy.
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November 22, 2024
Ex-Invenergy Atty Joins McDermott's Energy Team In DC
McDermott Will & Emery LLP announced Friday its Washington, D.C., office has brought on an in-house renewable energy and taxation expert with more than a decade of experience to further help the firm's clients utilize energy transition tax credits available in the Inflation Reduction Act.
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November 21, 2024
Tax Firm Must Disclose Case Info In Malpractice Suit
A tax firm being sued for malpractice and unfair trade practices by former clients can't hide behind a state bar association rule to avoid producing discovery documents it claims are privileged, a Wisconsin federal court ruled Thursday.
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November 21, 2024
22M Tax Returns Used Refund-Related Products, TIGTA Says
Nearly 22 million tax returns for 2023, or 16% of all returns, made use of what are known as refund-related products that either provide loans or help pay for tax preparation fees, the Treasury Inspector General for Tax Administration said Thursday.
Expert Analysis
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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'Energy Communities' Update May Clarify Tax Credit Eligibility
A recent IRS notice that includes updated lists of locations where clean energy projects can qualify for additional tax credits — based 2023 unemployment data and placed-in-service dates — should help provide clarity regarding project eligibility that sponsors and developers need, say attorneys at Troutman Pepper.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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How Cannabis Rescheduling May Alter Paraphernalia Imports
The Biden administration's recent proposal to loosen federal restrictions on marijuana use raises questions about how U.S. Customs and Border Protection enforcement policies may shift when it comes to enforcing a separate federal ban on marijuana accessory imports, says R. Kevin Williams at Clark Hill.
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NCAA Settlement May End The NIL Model As We Know It
The recent House v. NCAA settlement in California federal court, in which the NCAA agreed to allow schools to directly pay March Madness television revenue to their athletes, may send outside name, image and likeness collectives in-house, says Mike Ingersoll at Womble Bond.
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Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.