Federal

  • September 10, 2024

    Wealthiest 0.01% Had 34% Average Tax Rate, JCT Says

    The income group constituting the top 0.01% wealthiest individuals had an average federal tax rate of 34% in 2019, the Joint Committee on Taxation said in a report on high-income and high-wealth taxpayers.

  • September 10, 2024

    Werfel Asked To Clarify How To Treat R&D Costs In M&A

    Accounting firm RSM US LLP, in a letter released Tuesday, asked Internal Revenue Commissioner Daniel Werfel to clarify how to treat research and development costs when a taxpayer disposes of an entire business in a mergers and acquisitions transaction.

  • September 10, 2024

    House Panel To Consider Axing $600 Payment Reporting Law

    The House Ways and Means Committee is set to consider legislation Wednesday that would repeal a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, among other bills.

  • September 10, 2024

    FCC Chair Vows High Court Fight Over Universal Service

    Federal Communications Commission Chair Jessica Rosenworcel told educators the agency will ask the U.S. Supreme Court to overturn a recent Fifth Circuit decision against the Universal Service Fund, the federal program that subsidizes telecom service to low-income and hard-to-reach areas.

  • September 10, 2024

    Trailer Co. Seeks Refund Of $4M In Highway Excise Taxes

    The Internal Revenue Service erroneously assessed federal highway excise taxes on a South Dakota trailer manufacturer even though the agency had already determined that the trailers were exempt from the tax, the company told a federal court as it sought a tax refund of some $4 million.

  • September 10, 2024

    IRS Extends Tax Deadlines For NY, Conn. Storm Victims

    Victims of severe storms and flooding in New York and Connecticut will have more time to file some tax returns and make estimated payments, the Internal Revenue Service announced Tuesday.

  • September 09, 2024

    IRS Urges 11th Circ. To Affirm Denial Of $18M In Deductions

    A Florida real estate developer was correctly denied $18 million in tax deductions on loans his companies made for residential projects that became worthless, the U.S. government told the Eleventh Circuit on Monday, saying the money went to insiders and didn't qualify as real debt entitled to the write-offs.

  • September 09, 2024

    Tax Panels Face Personnel Changes Ahead Of TCJA Debate

    The House and Senate tax-writing committees are both set to lose veteran lawmakers in the next Congress, changing the dynamic on the panels as they gear up for a major fight next year over the fate of the expiring provisions of the Tax Cuts and Jobs Act.

  • September 09, 2024

    Russia Says DC Circ. Ruling Erodes $5B Award To Yukos

    A recent D.C. Circuit ruling that Spain must comply with $395 million in arbitration awards awarded to Yukos Oil's financing arm undermines the company's $5 billion claim against Russia because the country, unlike Spain, never ratified the international treaty on which the court relied, Russia has told a D.C. federal court.

  • September 09, 2024

    Owner Of Mass., NH Eateries Cops To $2M Tax Fraud

    The owner of three restaurants in Massachusetts and New Hampshire has pled guilty to failing to pay approximately $2 million in employment and state and local meals taxes over a six-year period, the U.S. attorney's office in Massachusetts announced Monday.

  • September 09, 2024

    Tax Court's Take Shouldn't Loom Over Kyocera Case, US Says

    The U.S. Tax Court's opinion that allowed a company to treat a gross-up for taxes paid by its foreign subsidiaries as a dividend received goes against what Congress intended and shouldn't be applied to Kyocera's similar claims, the U.S. Department of Justice told a South Carolina federal court.

  • September 09, 2024

    Bradley Arant Adds Katten Partner In Dallas

    Bradley Arant has hired a six-and-a-half-year veteran of Katten Muchin Rosenman LLP who is joining the firm's corporate and securities practice in Dallas as a partner.

  • September 09, 2024

    IRS Vulnerability Disclosure Policy Needs Fix, TIGTA Says

    The Internal Revenue Service implemented a vulnerability disclosure policy intended to help maintain the security integrity of its systems, but it is lacking several federally required items, the Treasury Inspector General for Tax Administration said Monday.

  • September 09, 2024

    IRS Diversity Concentrated In Lower Ranks, GAO Says

    While the Internal Revenue Service's 90,000-employee workforce is more diverse than the national civilian labor force across many measures, most of that diversity is concentrated in lower-ranking jobs and those without clear paths to senior-level roles, the Government Accountability Office said Monday.

  • September 09, 2024

    Security Contractor Says It's Owed $3.6M In Worker Credits

    A government contractor sued the U.S. for a nearly $3.6 million tax refund in Maryland federal court, claiming the Internal Revenue Service hasn't responded to its request for pandemic-era employee retention credits for the first three quarters of 2021.

  • September 06, 2024

    2nd Circ. Won't Revive Solar Cos.' National Grid Tax Suit

    The Second Circuit declined to revive one of two proposed class actions brought by solar companies against National Grid alleging it illegally charged them for taxes in an effort to dampen competition from renewables, finding on Friday that the district court properly determined it lacked subject matter jurisdiction.

  • September 06, 2024

    $111M Tax Fraud Scheme's Ringleader Sentenced To 14 Years

    The leader of a scheme to steal the identities of taxpayers and pose as their accountants to commit $111 million in tax fraud was sentenced Friday to more than 14 years in prison by a Texas federal judge, according to the U.S. Department of Justice.

  • September 06, 2024

    IRS Urges Safe And Legal Sports Betting As NFL Kicks Off

    With the professional football season just barely underway, and in the wake of a few bombshell betting scandals, IRS Criminal Investigation is reminding the public to bet safely and legally, warning that illegal gambling activities can lead to criminal charges ranging from money laundering to tax evasion.

  • September 06, 2024

    Federal Tax Policies To Watch In The Rest Of The Year

    As Congress returns to Washington, D.C., after the August recess, proposals including disaster tax relief and an agreement to provide tax treaty-like benefits to Taiwanese residents could be readied to be included in year-end legislation. Here, Law360 examines federal tax policies to watch during the last four months of 2024.

  • September 06, 2024

    FDII Covers Overseas Services For US Gov't, Memo Says

    Government contractors that provide services to U.S. operations overseas are allowed to claim the deduction for foreign-derived intangible income, the IRS said in one of two internal memos released Friday that address foreign income issues.

  • September 06, 2024

    IRS Project Collected $172M From Rich Nonfilers In 6 Months

    About 21,000 wealthy taxpayers who had failed to file tax returns since 2017 have paid $172 million in taxes under a project the Internal Revenue Service launched in February, the agency and the U.S. Department of the Treasury announced Friday.

  • September 06, 2024

    4 Key Complications 3 Years After Pillar 2

    Three years ago, countries around the world outlined an agreed-upon minimum corporate tax system in an eight-page document that couldn't have foreseen the full scope of complications that later emerged during implementation, including frictions with existing tax laws. Here, Law360 looks at four key issues that countries and multinational corporations are grappling with as Pillar Two turns three.

  • September 06, 2024

    IRS Issues 2025 Table For Premium Tax Credit Calculations

    The Internal Revenue Service published the table used to determine the 2025 premium tax credit Friday.

  • September 06, 2024

    Taxation With Representation: Debevoise, Bennett, Orrick

    In this week's Taxation With Representation, Verizon reaches a deal to absorb Frontier in a deal worth $20 billion, First Majestic agrees to buy Gatos Silver for $970 million, and Epam Systems inks a $630 million purchase of Neoris.

  • September 06, 2024

    Man Disguised Businesses To Duck Tax, US Says In $1.9M Suit

    A retired business owner who the U.S. government said removed his mailbox to avoid receiving letters from the IRS owes nearly $1.9 million in unpaid tax liabilities, some stemming from pretending to operate his companies as religious ministries, the government said in a suit in Florida federal court.

Expert Analysis

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Why Supreme Court Should Allow Repatriation Tax To Stand

    If the U.S. Supreme Court doesn't reject the taxpayers' misguided claims in Moore v. U.S. that the mandatory repatriation tax is unconstitutional, it could wreak havoc on our system of taxation and result in a catastrophic loss of revenue for the government, say Christina Mason and Theresa Balducci at Herrick Feinstein.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • How IRA Unlocks Green Energy Investments For Tribes

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    An Inflation Reduction Act provision going into effect May 10 represents a critical juncture for Native American tribes, offering promising economic opportunity in green energy investment, but requiring a proactive and informed approach when taking advantage of newly available tax incentives, say attorneys at Lewis Brisbois.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • What To Know About IRS' New Jet Use Audit Campaign

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    The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

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