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March 01, 2024 | Corporate Counsel

IRS Brings Aboard Chief Counsel Who Spent Quarter-Century at EY

"You don't earn those job titles without real expertise in tax law, down to the finest details that leave most of us scratching our heads," Senate Finance Committee Chairman Ron Wyden said of incoming IRS Chief Counsel Marjorie Rollinson.
2 minute read
January 16, 2024 | New York Law Journal

Staying On Top of Tax Law Changes and Guidance

Philip Wagman, chair of the Tax Section, writes: The Tax Section provides members with opportunities to research and learn more about these tax issues and a host of other current developments in the tax law.
3 minute read
June 15, 2023 | Law.com

State Appellate Court: Federal Law Permits States to Use Treasury Department 'Intercept Process' to Satisfy 'Covered Unemployment Compensation Debt'

"Because of the past mismanagement of Washington's Employment Security Department and the widespread confusion that was caused by new programs implemented in response to the COVID-19 financial crisis, this decision potentially effects tens of thousands of people in our state," said Weisman's attorney Timothy Ford. "It allows ESD to seize property without any kind of judicial process or court order whenever it decides that a person has been overpaid unemployment benefits—even if the overpayment was not their fault but ESD's. It does this by interpreting the words of a federal statute to mean something completely different from what the US Supreme Court has said they mean."
4 minute read
March 16, 2023 | New York Law Journal

US Supreme Court Gives Taxpayers an FBAR Win

On Feb. 28, the U.S. Supreme Court issued a 5-4 decision in Bittner v. United States that cut across ideological lines and, in a victory for taxpayers, limited the IRS to a single $10,000 penalty regardless of how many accounts should have been reported in a given year.
10 minute read
February 14, 2023 | National Law Journal

Tax Attorney David Foster's Move to Kirkland Marks Reaction to Better-Resourced IRS

"Even those of us who engage in controversies with the agency for a living prefer a well-resourced IRS to provide adequate services to taxpayers," said new Kirkland & Ellis hire David Foster.
3 minute read
February 12, 2023 | New Jersey Law Journal

New Jersey Tax Inequity Remains Unfixed

We agree with Sen. Shirley Turner: "The fact that our state treats certain retirement plans differently for tax purposes is not only confusing, it is unfair for educators and not-for-profit employees who are heavily impacted by this disparity."
4 minute read
November 29, 2022 | Law.com

Sixth Circuit: State's Challenge Against $195.3B ARPA Aid Is Moot

"In essence, Ohio said, by offering such a generous aid package during an economic crisis, the federal government left Ohio with 'no real choice' but to accept the funds," stated Judge John K. Bush. "And such coercion was especially egregious because of its intrusion upon Ohio's 'sovereign authority to set tax policy as it sees fit.'"
5 minute read
September 14, 2022 | New York Law Journal

Federal Tax Enforcement: Past, Present and Future

The Inflation Reduction Act, which was signed into law last month, reverses the trend of diminishing resources by including almost $80 billion in additional funding for the IRS over the next 10 years.
8 minute read
September 13, 2022 | Daily Business Review

M&A World Roiled by 15% Corporate Tax Threatening Split-Offs

Split-offs are where a publicly listed parent company hives off a unit and stockholders then choose whether to own shares in either the parent or the new company.
4 minute read
September 12, 2022 | Daily Report Online

US Corporate Transparency Act Reporting Requirements Poised to Impact Emerging Growth Companies, Saddle Startups With New Mandated Disclosures

Section 6403 of the Corporate Transparency Act (CTA) directs the Treasury to promulgate rules that require certain "regulated entities" to file information concerning beneficial owners and company applicants with the Financial Crimes Enforcement Network (FinCEN) so that the data can be aggregated in a confidential database available to law enforcement, the IRS, certain other agencies and select financial services companies.
7 minute read

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