Federal
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January 08, 2025
IRS Delays Thursday Deadlines For Carter Day Of Mourning
Any federal tax payments or returns due Thursday can now be paid or filed Friday due to the national day of mourning for President Jimmy Carter, the Internal Revenue Service said Wednesday.
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January 07, 2025
H&R Block Accused Of Negligence In Data Breach
An H&R Block user who claims cybercriminals disseminated his personal information on the dark web, after a data breach at the tax preparation firm, accused the company in a proposed class action of failing to properly protect consumer data.
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January 07, 2025
Cos. Seek Pause Of Retention Credit Processing In Litigation
Two companies that helped clients obtain pandemic-era employee retention tax credits asked Arizona federal district court Tuesday to pause the IRS' use of a system for automatically processing claims, saying harm caused by this process cannot be remedied after litigation.
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January 07, 2025
7th Circ. Upholds Tax Penalties For Life Insurance Scammer
The Seventh Circuit upheld Tuesday nearly $400,000 in tax penalties against a man who served prison time for falsifying his returns as part of a scheme to poison his wife and collect on a $20 million life insurance policy.
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January 07, 2025
Treasury Finalizes Clean Electricity Tax Credit Regs
The U.S. Treasury Department released final regulations Tuesday for a pair of new tax credits that reward various types of electricity generation from technologies that don't emit greenhouse gases, replacing recently expired incentives that benefited only renewable energy sources.
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January 07, 2025
Lowenstein Sandler Elects 5-Atty Partner Class For 2025
Lowenstein Sandler LLP announced a class of five new partners for 2025 this week, drawing on attorneys working from New York and New Jersey and bringing expertise in tax law, environmental law, white collar defense and more.
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January 07, 2025
Baker McKenzie Adds Tax Partners In California And New York
Baker McKenzie is fortifying its tax practice by hiring a partner in San Francisco with experience in planning tax positions and handling controversies for technology-driven companies and rehiring another in New York who is skilled at state taxes and journalism.
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January 07, 2025
BankUnited's $40M Tax Refund Bid Too Late, Judge Rules
BankUnited is not owed a nearly $40 million tax refund stemming from losses it incurred when it took over a failed bank because it requested the refund too late, a Florida federal judge ruled Tuesday, agreeing with the U.S. government.
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January 06, 2025
Trump Selects Long Island Judge For EDNY's Top Prosecutor
President-elect Donald Trump, who was born in Queens, has picked a Long Island state court judge to serve as the next U.S. attorney for the Eastern District of New York, according to an announcement made Monday on Truth Social.
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January 06, 2025
New Rules Won't Lift Political Clouds Over Hydrogen Projects
The Biden administration's new rules to make hydrogen production tax credits more accessible for project developers and investors may not move the needle much for the industry given President-elect Donald Trump's vow to at least partially repeal the statute that created the credits.
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January 06, 2025
House Speaker Sets April Target For Tax Law Extension Vote
The House of Representatives will send a reconciliation bill to the Senate by the end of April that will include major Republican priorities, including the renewal of Tax Cuts and Jobs Act provisions scheduled to expire at the end of the year, House Speaker Mike Johnson said.
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January 06, 2025
Judge Allows Sale Of Shared Dental Practice To Satisfy Taxes
The federal government can foreclose on a jointly owned dental practice to satisfy the roughly $500,000 tax debt of one of its partners, a New Jersey federal court ruled Monday, rejecting the request of a partner dentist who urged the court to spare his share.
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January 06, 2025
Convicted Atty Who 'Lost Everything' Fights To Keep License
A Philadelphia-based personal injury attorney who was convicted for not paying income tax on more than $8 million in revenue he earned and for failing to pay almost $60,000 in payroll taxes argued Monday he should not permanently lose his ability to practice law in New Jersey.
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January 06, 2025
Tax Whistleblower Urges High Court To Review $690M Claim
A whistleblower is asking the U.S. Supreme Court to review his claim for up to $690 million as his share of the $2.3 billion recovered through Internal Revenue Service investigations that he said resulted from his cooperation.
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January 06, 2025
Proskauer Adds New Funds Partners In NY, DC
Proskauer Rose LLP announced Monday it has rung in the new year by adding two new partners to its private funds group, with the addition of a tax expert from Schulte Roth & Zabel LLP in New York and a regulatory specialist from the SEC in Washington, D.C.
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January 06, 2025
US Wants More Time To Counter Altria's $106M Tax Refund Bid
Tobacco giant Altria's complaint seeking a $106 million tax refund related to its interests in beverage company Anheuser-Busch requires more research to counter in the event a Virginia federal court decides it can move forward, the U.S. government said in requesting time for potential discovery.
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January 03, 2025
Senate Finance Committee Adds Six New Members
Six lawmakers, including Sen. Bernie Sanders, have joined the Senate Finance Committee for the 119th Congress, Committee Chairman Mike Crapo said in a statement Friday.
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January 03, 2025
Treasury Unveils Flexible Final Regs For Hydrogen Tax Credit
The U.S. Treasury Department released final rules Friday for hydrogen production tax credits that allow fuel produced using nuclear-generated electricity or methane to qualify for the incentive, making the regulations more flexible than what was proposed last year.
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January 03, 2025
Potomac Law Group Adds Longtime Tax Leader From Day Pitney
After an end-of-the-year hiring spree in which Potomac Law Group added four former Rimon PC attorneys, PLG has started 2025 by adding the former leader of Day Pitney's multistate tax practice to its ranks.
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January 03, 2025
Trump Taps Former Hill Staffer For Assistant Tax Policy Role
President-elect Donald Trump has tapped a longtime tax policy lobbyist to serve as the assistant secretary for tax policy at the U.S. Department of the Treasury during his coming second term.
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January 03, 2025
Prison Delay Denied For Broker In $22M Tax Scheme
An insurance broker sentenced to five years in prison for participating in a $22 million tax scheme must begin serving his term after a North Carolina federal judge on Friday denied him a delay to help his new counsel prepare his appeal.
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January 03, 2025
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, issued Friday, included an updated start date for when some must start to withdraw the required minimum amount of funds from several types of individual retirement accounts, pushing it back to 2026.
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January 02, 2025
Tax Court Upholds Nix Of $24M Deduction For Easement
A partnership that donated a preservation easement over a building in a historic district is not entitled to a nearly $24 million tax deduction, the U.S. Tax Court affirmed Thursday, saying the building was not listed on the National Register of Historic Places or federally certified.
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January 02, 2025
Retirement Trustee Liable For Fraud Penalty, Tax Court Finds
A trustee and fiduciary of two retirement plans who diverted $5.3 million from the plans for his personal benefit willfully and fraudulently intended to evade tax on his unreported income and is liable for a fraud penalty, the U.S. Tax Court held Thursday.
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January 02, 2025
Crypto Groups Challenge Decentralized Finance Broker Rule
Three cryptocurrency industry groups have teamed up to challenge a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers, telling a Texas federal court that the rule is unconstitutional and could destroy the industry.
Expert Analysis
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Congress Should Expand Investment Options For 403(b)s
Lawmakers should pass pending legislation to give 403(b) plan participants access to collective investment trusts, leveling the playing field for public sector retirement investors by giving them an investment option their private sector counterparts have had for decades, says Jason Levy at Great Gray Trust Company.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Rank-And-File DOJ Attorneys Will Keep Calm And Carry On
Career prosecutors at the U.S. Department of Justice often pride themselves on their ability to remain apolitical in order to ensure consistency and keep the department’s mission afloat, and the incoming Trump administration is unlikely to upend this tradition, says Michael Landman at Bird Marella.
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What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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Conservation Easement Cases Weave Web Of Uncertainty
Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.