Federal
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February 20, 2026
Treasury, IRS Lay Out Eligibility For Depreciation Allowance
The U.S. Treasury Department and Internal Revenue Service released interim guidance Friday on what production property is eligible for the special depreciation allowance under last summer's federal budget law and announced plans to float official regulations on the provision.
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February 20, 2026
Up Next At High Court: Cuban Seizures & Removal Deadlines
The U.S. Supreme Court will kick off its February oral argument session by hearing cases that could expand or limit the availability of damages for U.S. victims of property seized by the Cuban government and a defendant's chance to remove state court cases to federal court.
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February 20, 2026
Full 8th Circ. Won't Revisit 3M's Win Against IRS
The full Eighth Circuit declined to rethink a panel's ruling that held the Internal Revenue Service lacked the statutory authority to allocate nearly $24 million in royalty payments that 3M Co. said it was blocked from receiving under Brazilian law.
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February 20, 2026
Cozen Adds One Big Beautiful Bill Tax Provision Designer
The architect of the tax provision in the One Big Beautiful Bill Act, who spent the past seven years on Capitol Hill and previously served as the top oversight counsel for the House Ways and Means Committee, has joined Cozen O'Connor Public Strategies, the group recently announced.
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February 20, 2026
Western Digital Wants Back $21M In COVID-Era Tax Interest
The IRS improperly charged hard drive maker Western Digital $21 million in interest on its tax debt during a period when interest was supposed to be suspended because of the COVID-19 pandemic, the company told the U.S. Court of Federal Claims in asking for a refund.
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February 20, 2026
Taxation With Representation: Freshfields, Simpson Thacher
In this week's Taxation With Representation, science and technology company Danaher Corp. acquires medical technology company Masimo Corp., Covetrus merges with a unit of fellow animal health technology company Cencora, and private equity firm Leonard Green & Partners LP buys outstanding Mister Car Wash Inc. shares not already owned by LGP affiliates.
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February 20, 2026
Partnership Defends $22M Donation Under 5th Amendment
A Georgia partnership raised arguments under the Fifth, Seventh and Eighth amendments in defending a $22.9 million conservation easement deduction for 2018, saying the denial of the deduction amounts to the government taking property for public use without just compensation.
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February 20, 2026
AICPA Urges IRS To Provide R&D Tax Break Guidance
The Internal Revenue Service should clarify the capitalization and amortization election as it applies to the tax break for domestic research and development costs enacted under July's budget law, the American Institute of Certified Public Accountants said in a letter released Friday.
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February 20, 2026
Weekly Internal Revenue Bulletin
The Internal Revenue Service's weekly bulletin, released Friday, included proposed rules clarifying how domestic transportation fuel producers can qualify for the clean energy fuel tax credit under changes made by the Republicans' 2025 budget law.
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February 20, 2026
Trump Imposes Maximum Tariff After Supreme Court Rebuke
President Donald Trump imposed a temporary global tariff with several exemptions hours after the U.S. Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, then announced that he would increase the duty to the 15% maximum.
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February 19, 2026
Takeaways From US-India Interim Trade Deal
Trade tensions between the U.S. and India have cooled off after a deal to reduce U.S. tariffs was reached this month, but questions remain about how the interim agreement will materialize and influence future negotiations. Here, Law360 examines several takeaways from the interim deal and efforts toward a broader deal arrangement.
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February 19, 2026
Coalition Asks Court To Back Probe Into IRS-ICE Data Sharing
More discovery is needed into the IRS' data-sharing agreement with Immigration and Customs Enforcement in light of the tax authority recently admitting to breaching its terms, a coalition challenging the agreement told a D.C. federal court in seeking a remand.
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February 19, 2026
Tax Court Slashes $115M Easement Deduction
A partnership is not entitled to a $115 million tax deduction for donating a conservation easement over rural farmland in Louisiana, the U.S. Tax Court ruled Thursday, saying the amount "grotesquely" exceeded the easement's actual value.
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February 19, 2026
Federal Gov't Overrides DC's Rejection Of Tax Breaks
President Donald Trump signed a resolution repealing a Washington, D.C., law that decoupled sections of the city's tax code from federal changes made as part of last summer's budget law.
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February 19, 2026
IRS Wins Dismissal Of FOIA Suit Over Business Tax Records
A man failed to show entitlement to tax records he sought related to his family printing company, a D.C. federal court found Thursday, granting the Internal Revenue Service's motion to dismiss his Freedom of Information Act suit.
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February 19, 2026
IRS Updates Corp. Bond Monthly Yield Curve For February
The IRS on Thursday updated the corporate bond monthly yield curve used in calculations for defined benefit plans for February, in addition to corresponding segment rates and the interest rate for 30-year U.S. Treasury Department securities.
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February 19, 2026
Arizona Partnership Adds To Disputes Over Solar Credit
An Arizona partnership is challenging the Internal Revenue Service's determination that it underpaid its 2020 tax by $32.6 million and owes more than $7 million in penalties for that year, in the latest of several related cases involving disputed tax credits for mobile solar generators.
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February 19, 2026
Woman Asks Justices For Relief From Tax Preparer's Fraud
A woman facing more than $300,000 in tax bills because her return preparer committed fraud on her filings decades ago asked the U.S. Supreme Court to overturn the Third Circuit's finding that she is responsible, saying it unfairly allows the IRS to bypass the statute of limitations.
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February 18, 2026
Jury To Get Goldstein Case After Clashing Closing Statements
The jury in SCOTUSblog founder Thomas Goldstein's tax evasion trial will finally begin to deliberate on a 16-count verdict form, after federal prosecutors on Wednesday recounted lies they said he admitted to, and the defense slammed what it described as a shoddy investigation into the charges.
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February 18, 2026
Corp. AMT Rules Will Likely Clarify R&D Break Interaction
Forthcoming corporate alternative minimum tax interim regulations will likely allow a modification to adjusted financial statement income, or AFSI, to account for research and development costs, according to guidance released by the U.S. Department of the Treasury on Wednesday.
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February 18, 2026
Varian Contests $1.5B IRS Bill In Tax Court
Varian Medical Systems does not owe $1.24 billion in additional taxes or $248 million in penalties the IRS assessed after the agency recharacterized the company's sales of subsidiaries in the Netherlands and Switzerland, the company told the U.S. Tax Court.
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February 18, 2026
Ga. Partnership Defends $78M Deduction For Land Donation
A Georgia limited liability company is challenging the denial of a charitable deduction for donated land it said was correctly valued at $77.9 million based on its potential use as a granite mine.
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February 18, 2026
IRS Asks Court To Deny Probe Of Improper ICE Data-Sharing
A coalition suing the IRS over its data-sharing deal with immigration enforcement authorities should not be allowed to investigate the agency's revelation that it shared some data improperly, the IRS told a D.C. federal court, saying it made the admission "in good faith."
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February 18, 2026
Tax Group Of The Year: Eversheds Sutherland
Eversheds Sutherland's tax practice advised on key deals in 2025, guiding Duke Energy in securing $20 million in investment credits and aiding Verizon in avoiding $12 million in corporate franchise taxes, earning it a spot among the 2025 Law360 Tax Groups of the Year.
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February 18, 2026
8th Circ. Misread Law In 3M's $24M Case, Tax Prof Says
The Eighth Circuit misconstrued the statute underpinning transfer pricing regulations when it blocked the IRS from allocating nearly $24 million of 3M Co.'s Brazilian income, a tax professor said in backing the agency's bid for a rehearing by the full court.
Expert Analysis
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Calif. Bar Exam Fiasco Shows Why Attys Must Disclose AI Use
The recent revelation that a handful of questions from the controversial California bar exam administered in February were drafted using generative artificial intelligence demonstrates the continued importance of disclosure for attorneys who use AI tools, say attorneys at Troutman.
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In 2nd Place, Va. 'Rocket Docket' Remains Old Reliable
The U.S. District Court for the Eastern District of Virginia was again one of the fastest civil trial courts in the nation last year, and an interview with the court’s newest judge provides insights into why it continues to soar, says Robert Tata at Hunton.
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How Attorneys Can Become Change Agents For Racial Equity
As the administration targets diversity, equity and inclusion efforts and law firms consider pulling back from their programs, lawyers who care about racial equity and justice can employ four strategies to create microspaces of justice, which can then be parlayed into drivers of transformational change, says Susan Sturm at Columbia Law School.
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Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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Opportunity Zone Revamp Could Improve The Program
If adopted, the budget bill's new iteration of the opportunity zone program could renew, refine and enhance the effectiveness and accountability of the original program by including structural reforms, expanded eligibility rules and incentives for rural investment, say attorneys at Pillsbury.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.
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The BigLaw Settlements Are About Risk, Not Profit
The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.
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House Bill Tax Tweaks Would Hinder Renewable Projects
Provisions in the budget reconciliation bill recently passed by the U.S. House of Representatives would rapidly phase out clean energy tax credits, constrain renewable energy financing arrangements and impose sweeping restrictions on projects with foreign ties, which may create compliance and supply chain issues for many developers, say attorneys at Paul Hastings.
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Power To The Paralegals: An Untapped Source For Biz Roles
Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
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How Trucking Cos. Can Keep Rolling Under Tariff Burdens
Recent Trump administration tariffs present major challenges for the transportation and logistics sector — and, in particular, trucking — but providers who focus on operational efficiency, cost control, customer relationships, creative contract structures and unique offerings will stand out from the competition, say attorneys at Benesch.
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Tariff Strategies For The US Renewable Energy Sector
The Trump administration's tariff actions over the last few months are challenging for the renewable energy industry — but there are strategies for contending with the uncertainty, including diversifying supply chains, seeking certification about equipment origins, and adding tariff-related language to supply contracts and offtake agreements, say attorneys at Sheppard Mullin.
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Ch. 7 Marshaling Ruling Rests On Shaky Legal Grounds
In its recent holding in a Chapter 7 bankruptcy case that marshaling may not be applied against the IRS, a Texas federal court misapplied a bankruptcy code section and case law, leaving a draconian decision that could limit the scope of a powerful equitable estate tool, says Brian Shaw at Cozen O'Connor.
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3 Tax Issues Manufacturers Should Watch In 2025 Budget Bill
As Congress works toward a budget reconciliation bill, manufacturing companies should keep a keen eye on proposals to change bonus depreciation, the qualified business income deduction and energy tax credits, which could have a significant impact on capital-intensive industries, say attorneys at Frost Brown Todd.