Federal
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July 31, 2025
Wyden Demands Info On IRS Audits Of Epstein's Tax Planning
The Internal Revenue Service should hand over information about all investigations it conducted on transactions involving deceased financier and convicted sex offender Jeffrey Epstein, Senate Finance Committee ranking member Ron Wyden said Thursday.
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July 31, 2025
Mexico Gets 90-Day Tariff Extension As US Deadline Nears
President Donald Trump announced a 90-day extension of existing tariffs on Mexico on Thursday, a day before a pause on worldwide trade measures is set to expire.
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July 31, 2025
US To Impose 50% Tariff On Copper Products Starting Friday
The U.S. will begin charging a 50% tariff Friday on semifinished copper products and copper-derived products, but not on raw copper, and will have a domestic sales quota in 2027 based on a proclamation by President Donald Trump that exceeds the commerce secretary's recommended rate.
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July 31, 2025
Co. Pitches $33B Data Center Hub In Ariz. Opportunity Zone
One of the largest private landowners in Arizona on Thursday pitched a $33 billion project to build the biggest data center industrial park in the state on a 3,300-acre site in a federal opportunity zone.
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July 30, 2025
Senate OKs Kirkland & Ellis Partner For Commerce Trade Role
The U.S. Senate confirmed William Kimmitt on Tuesday to lead the U.S. International Trade Administration at the U.S. Department of Commerce.
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July 30, 2025
'Peace Promoter's' Bitcoin Sentencing Upheld At 1st Circ.
A church founder and self-described "peace promoter" must serve an eight-year sentence, the First Circuit affirmed, rejecting his argument that the U.S. Department of the Treasury overstepped its bounds by charging him with tax evasion and a slew of other crimes tied to a Bitcoin operation he founded in 2014.
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July 30, 2025
Justices Urged To OK Bankruptcy Courts As Tax Debt Venues
Bankruptcy courts are authorized to decide the amount and legality of nondischargeable tax claims, an Indiana couple told the U.S. Supreme Court in a bid to overturn a Seventh Circuit ruling to the contrary.
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July 30, 2025
US Adds 40% Tariff On Brazil, Sanctions Top Court Justice
President Donald Trump imposed a 40% tariff on Brazil on Wednesday, alleging in an executive order that the country's Supreme Court is "politically persecuting" former President Jair Bolsonaro, while the U.S. Treasury Department sanctioned one of the court's justices.
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July 30, 2025
Senate Panel Advances 2 Bipartisan Bills Boosting ESOPs
A key Senate panel advanced two bills Wednesday that would change federal benefits law related to employee stock ownership plans, or ESOPs, by providing businesses additional legal cover when they make company stock valuations and by adding ESOP representatives to a federal advisory board.
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July 30, 2025
Tax Overhaul Is Mixed Bag For Interest Expense Deductions
Companies that are eager to increase their interest expense deductions under the new federal tax overhaul may end up with a smaller tax break than expected due to how the law factors their foreign income into the deduction calculation.
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July 30, 2025
Groups Warn IRS Policy Shift Could Beget Dark Money Deluge
Leaders of national nonprofit organizations said Wednesday that the IRS' efforts to weaken a 71-year-old tax law banning churches from endorsing political candidates would lead to unlimited amounts of untraceable campaign contributions flowing through the nonprofit sector.
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July 30, 2025
Dechert Adds Tax Pro From PwC In DC
Dechert LLP has continued to grow its financial services platform in Washington, D.C., with the hire of a partner from PwC.
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July 30, 2025
Trump To Hit India With 25% Tariff, 'Penalty' Starting Friday
President Donald Trump said Wednesday that he planned to impose a 25% tariff on India beginning Friday, plus an additional "penalty," citing the country's energy and defense dealings with Russia as top concerns along with trade barriers.
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July 29, 2025
IRS To Permit Corp. AMT Top-Down Election For Partnerships
The IRS said Tuesday that revised proposed rules for the corporate alternative minimum tax will accommodate different approaches to calculating a partnership's investment income, including the top-down approach permitting a corporate partner to use figures that the partner reported in its own financial statement.
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July 29, 2025
Economists Decry Federal Budget's Looser Interest Deduction
It's regrettable that Congress loosened rules allowing companies to deduct interest costs from tax liabilities in its latest budget, which as a whole is poised to worsen the country's fiscal trajectory while prompting higher interest rates, a panel of economists said Tuesday.
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July 29, 2025
Refiners Seek Clarity From Treasury For Clean Fuel Credit
The U.S. Treasury Department should clarify at what points during the refining process an oil and gas mixture qualifies for the clean fuel production tax credit to be consistent with its preceding incentive for biofuels, an oil and gas refining association said in a letter released Tuesday.
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July 29, 2025
Ensure Energy Tax Credit Limit On Foreign Cos., Letter Says
The U.S. Department of the Treasury should publish guidance aimed at preventing foreign corporations from circumventing the new budget law's limits on energy tax credits by starting construction before the restrictions kick in, a solar technology and manufacturing company said in a letter Tuesday.
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July 29, 2025
Ex-IRS Acting Commissioner Joins KPMG's DC Office
A former senior Internal Revenue Service employee who served as the agency's acting commissioner this year has joined KPMG LLP's Washington national tax practice as a senior managing director, the firm announced.
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July 29, 2025
4th Circ. Rejects BofA's Claim Of Tax Offsets After Mergers
Bank of America cannot use its tax overpayments to offset interest on tax underpayments by Merrill Lynch just because the two companies later merged, the Fourth Circuit affirmed Tuesday in a $163 million case that affects more than 20 years' worth of tax adjustments.
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July 29, 2025
IRS Wrong To Fight Flexible Tax Court Deadline, 8th Circ. Told
A couple arguing for flexibility to the 90-day deadline for challenging tax bills in the U.S. Tax Court told the Eighth Circuit that the Internal Revenue Service is wrong in claiming that such leniency would upend tax collection.
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July 28, 2025
New IRS Chief Rejects 'Wizard Of Oz'-Style Leadership
New Internal Revenue Commissioner Billy Long vowed Monday to engage more directly with agency employees to improve taxpayer service, emphasizing that he does not want to be a "Wizard of Oz"-style leader hiding behind a curtain.
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July 28, 2025
SALT Cap Complexity Could Rewrite Tax Planning Strategies
The new $40,000 cap on state and local tax deductibility in the GOP's 2025 tax overhaul will likely prompt a new wave of strategic tax planning activity among wealthy business owners and individuals seeking to maximize their deductions and make use of state-level workarounds before the temporary relief expires.
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July 28, 2025
Fired Worker Owes Tax On $1.5M Settlement, Tax Court Says
A former PNC Investments LLC employee who won a defamation settlement after being fired must pay tax on the $1.5 million award, the U.S. Tax Court said Monday, rejecting the ex-worker's argument that the money didn't count as income.
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July 28, 2025
10th Circ. Says Carbon Group Can't Appeal Tax Assessment
An entity that owns interest in a carbon producer can't appeal a $2 million tax assessment made by a Colorado county on a carbon unit operator that the entity owns interest in because the federal court doesn't have jurisdiction, the Tenth Circuit said Monday.
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July 28, 2025
Trailer Maker's Bid To Escape $4M Excise Taxes Dismissed
A trailer manufacturer can't avoid more than $4 million in excise taxes, interest and penalties, a South Dakota federal court ruled, finding it couldn't rely on an exemption from a technical advice memorandum after Congress altered the definition of off-highway vehicles.
Expert Analysis
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We Must Allow Judges To Use Their Independent Judgment
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the law, says John Siffert at Lankler Siffert & Wohl.
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Preparing For Tariffs On Canadian Power In The Northeast
The on-again, off-again risk of import and export tariffs on energy transactions between the U.S. and Canada may have repercussions for U.S. energy stakeholders in the ISO New England and New York Independent System Operator electricity markets — but there are options that could help reduce cost impacts, say attorneys at Husch Blackwell.
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Making The Case For Rest In The Legal Profession
For too long, a culture of overwork has plagued the legal profession, but research shows that attorneys need rest to perform optimally and sustainably, so legal organizations and individuals must implement strategies that allow for restoration, says Marissa Alert at MDA Wellness, Carol Ross-Burnett at CRB Global, and Denise Robinson at The Still Center.
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Mitigating Tariff Risks For Healthcare In US And Canada
Healthcare stakeholders should take steps to evaluate the impact of cross-border tariffs, as the historically strong ties between Canada and the U.S. demonstrate the potential for real disruption and harm to the healthcare industry in both countries, say attorneys at Norton Rose.
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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Why NY May Want To Reconsider Its LLC Transparency Law
Against the backdrop of the myriad challenges to the federal Corporate Transparency Act, it may be prudent for New York to reconsider its adoption of the LLC Transparency Act, since it's unclear whether the Empire State's "baby-CTA" statute is still necessary or was passed prematurely, say attorneys at Pillsbury.
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IRS Scrutiny May Underlie Move Away From NIL Collectives
The University of Colorado's January announcement that it was severing its partnership with a name, image and likeness collective is part of universities' recent push to move NIL activities in-house, seemingly motivated by tax implications and increased scrutiny by the Internal Revenue Service, say attorneys at Buchanan Ingersoll.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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IRS Should Revise Overbroad Microcaptive Regs
Rather than seeking to curtail use of congressionally sanctioned microcaptive insurance programs by imposing burdensome disclosure obligations, the Internal Revenue Service should revisit its recently finalized regulations and implement rules tailored to address areas of specific abuse, say attorneys at Zerbe Miller.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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Texas Fraud Case Shows Dangers Of Faulty Crypto Reporting
The recent sentencing of a man who failed to properly report capital gains from bitcoin sales is a reminder that special attention must be given to the IRS' reporting requirements in order to stay out of the government's crosshairs, says Saverio Romeo at Fox Rothschild.