Federal
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June 17, 2025
Ill. Toy Makers Seek Justices' Early Review Of Trump Tariff Suit
Illinois-based toy makers challenging President Donald Trump's emergency tariffs on Tuesday requested the U.S. Supreme Court consider their case before it is reviewed by the D.C. Circuit, arguing a stay to an injunction is allowing duty collections to continue and is damaging the companies.
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June 17, 2025
Tax Court Slashes Conservation Easement Value By $11M
The U.S. Tax Court on Tuesday lopped off nearly $11 million of the claimed value of a property donated as a conservation easement, saying the land's best use case would be for low-density residential housing, timber and recreation, not a vacation resort.
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June 17, 2025
Commodities Scheme Operator Gets 65 Years, Owes $75M
The operator of a commodities scheme who evaded taxes and stole precious metals from his clients was sentenced to 65 years in prison and ordered to pay more than $75 million in restitution Tuesday by a Delaware federal court that also denied his request for a new trial.
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June 17, 2025
DOJ Seeks 5 Years, $10M For Fla. Man Hiding Swiss Accounts
A Miami man who lied to authorities and others for decades about his Swiss bank accounts should pay $10.3 million in unpaid taxes and face a maximum five-year prison sentence based on his plea agreement, the U.S. Department of Justice told a Florida federal court.
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June 17, 2025
Democrats Probe Palantir About IRS Taxpayer Database
Ten Democratic lawmakers demanded information Tuesday from the head of Palantir Technologies Inc. about media reports that the software company is working with the IRS to create a searchable database containing sensitive taxpayer information — claims the company denied almost immediately.
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June 17, 2025
IRS Updates Prefiling Program For Large Biz, Int'l Taxpayers
The Internal Revenue Service has made several changes to its prefiling agreement program, including updating the guidelines to help large corporate and international taxpayers flag potential issues before submitting returns, the agency said Tuesday.
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June 17, 2025
Applicable Federal Rates Set To Rebound In July
Applicable federal rates for income tax purposes are set to increase in July, reversing a four-month slide, the Internal Revenue Service said Tuesday.
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June 16, 2025
US, UK Reach Trade Deal On Cars; Steel Tariffs Still Unresolved
President Donald Trump signed an order Monday enshrining the nation's new trade deal with U.K. governments under which the U.S. agreed to slash tariffs on 100,000 imported U.K. automobiles and auto parts, while eliminating tariffs on certain aerospace products but leaving steel and pharmaceuticals tariffs for future negotiations.
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June 16, 2025
Senate Bill Sticks With TCJA's $10,000 SALT Cap
The Senate Finance Committee's tax portion of the chamber's budget reconciliation bill released Monday follows the House's lead on some provisions while breaking with the lower chamber's hard-won compromises on an increased state and local tax deduction and the phaseout of green energy credits.
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June 16, 2025
The Tax Angle: EITC Audits, UTPR, Energy Credits
From a look at Republicans' efforts to audit the earned income tax credit, complaints about unfair foreign taxation under the OECD's Pillar Two framework and Democrats' push against Republican plans to strip the Inflation Reduction Act's energy credits from the code, here's a peek into a reporter's notebook on a few developing tax stories.
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June 16, 2025
Judge Stops Seizure Of Assets Tied To Crypto Investor's Wife
A Texas federal judge nullified Monday a May court order for a bank to garnish the accounts belonging to the wife of a Bitcoin investor who became the first person criminally charged for failing to report the gains from his cryptocurrency transactions.
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June 16, 2025
Doctor's Installment Plan Rightly Rejected, Tax Court Says
The Internal Revenue Service did not abuse its discretion when it denied a Maryland doctor an installment plan to pay for his and his wife's federal tax liabilities topping $330,000, the U.S. Tax Court ruled Monday.
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June 16, 2025
Finance Influencer Admits To Tax Fraud In $20M Ponzi Scheme
An Ohio social media finance influencer pled guilty to wire fraud and abetting a false tax filing tied to a $20 million real estate Ponzi scheme he was operating between 2019 and 2023, the U.S. Department of Justice said.
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June 16, 2025
Trump Eyes Trade Deal With Canada During G7 Summit Talks
President Donald Trump said at the G7 summit Monday that he would work with Canadian Prime Minister Mark Carney to reach a trade deal, raising the possibility that an agreement could be struck before the multilateral meeting concludes.
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June 16, 2025
Microcaptive Seller Agrees To Pay IRS Promoter Penalties
A California-based insurance provider agreed to pay the Internal Revenue Service penalties for setting up microcaptive policies between 2005 and 2012 that the U.S. Tax Court had ruled in 2019 were insurance arrangements that did not deserve a favorable tax treatment, the IRS announced Monday.
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June 16, 2025
ESOP Urges Court To Keep IRS Rule Challenge Alive
An employee stock ownership plan and its related parties urged a Wisconsin federal court Monday not to toss their case against the IRS alleging the agency targeted them with additional tax reporting rules, saying the lawsuit does not illegally stop the agency from collecting taxes.
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June 16, 2025
IRS Advisory Council To Meet In July
The Internal Revenue Service Advisory Council will hold its next meeting July 16, the agency announced Monday.
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June 13, 2025
State Dept. Layoffs Still Violate Injunction, Judge Says
A California federal judge said Friday that planned staff reductions at the State Department would violate her injunction blocking President Donald Trump's executive order directing layoffs at federal agencies, saying she's not persuaded by the government's assertion that the department's reorganization was underway before the order.
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June 13, 2025
US-China Trade Talks Resume, Draw Mixed Reviews
Despite the promise of new trade talks held this week by the U.S. and China, the long-term strategic view of many companies remains concern over the obstacles they continue to face, especially if they must diversify supply chains that heavily rely on China.
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June 13, 2025
Ex-Attorney Cops To Tax Evasion In Massachusetts
A former attorney pled guilty to tax evasion in a Massachusetts federal court Friday after prosecutors accused him of transferring money to his wife to hide his earnings and using his business accounts to pay for guns and jewelry.
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June 13, 2025
Ex-Ill. Speaker Madigan Gets 7½ Years For Bribery
An Illinois federal judge on Friday sentenced former Illinois House Speaker Michael Madigan to seven and a half years in prison and fined him $2.5 million for his conviction on bribery, conspiracy and wire fraud charges, saying his determination that Madigan perjured himself on the stand at trial impacted the stiff penalty.
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June 13, 2025
Israeli Businessman Found Liable For $3.2M Over FBARs
An Israeli businessman who was held in contempt of court for dodging discovery requests is liable for $3.24 million in penalties and interest for willfully failing to report his foreign bank accounts, according to a Washington federal court.
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June 13, 2025
Tax Credit Sales Would Be Difficult To Insure Under House Bill
House Republicans' sweeping budget bill proposes to promptly scale back the clean energy tax incentives established by the 2022 climate law, a move that would make it difficult for tax insurers to back project development deals that want to sell their tax credits for cash.
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June 13, 2025
IRS, Law Firm Settle $790K Worker Credit Refund Suit
The Internal Revenue Service settled a lawsuit seeking more than $790,000 in pandemic-era worker tax credits by a law firm that had claimed the agency was delaying paying out, according to a dismissal order Friday by a Pennsylvania federal court.
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June 13, 2025
Taxation With Representation: Debevoise, Latham, Paul Weiss
In this week's Taxation With Representation, Brown & Brown Inc. buys Accession Risk Management Group Inc., Allison Transmission Holdings Inc. acquires Dana Inc.'s off-highway unit, Qualcomm Inc. buys Alphawave IP, and Warner Bros. Discovery announced it will split into two publicly traded companies.
Expert Analysis
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Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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What To Make Of Dueling Corporate Transparency Act Rulings
Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.
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The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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How The 2025 Tax Policy Debate Will Affect The Energy Sector
Regardless of the outcome of the upcoming U.S. election, 2025 will bring a major tax policy debate that could affect the energy sector more than any other part of the economy — so stakeholders who could be affected should be engaging now to make sure they understand the stakes, say attorneys at Mayer Brown.
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This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.