John Woolley

Washington, D.C., United States

Reporter at Bloomberg Law

Litigation @BLaw • Hoya Saxa • 🎹👾✏️ • He/Him • Prev: @CBSNews @StreetSenseDC @GtownVoice

Articles

Utah Benefits Firm Sues IRS for Interest on Faulty Refund Check

2 weeks ago | news.bloomberglaw.com | John Woolley

COURT: D. UtahTRACK DOCKET: No. 2:25-cv-470 (Bloomberg Law subscription)A Utah-based employee benefits manager sued the IRS to recover interest it paid on an unsolicited, erroneous $4.68 million refund check the agency allegedly issued before rescinding.
Trump’s CTA Reporting Rule Rewrite Can’t Delay Suit, Court Told

2 weeks ago | news.bloombergtax.com | John Woolley

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Trump’s CTA Reporting Rule Rewrite Can’t Delay Suit, Court Told

2 weeks ago | news.bloomberglaw.com | John Woolley

Rule revisions significantly reduced corporate data collectionReporting rule may still exceed Treasury’s power, pair saysA legal challenge to the Corporate Transparency Act should continue pending regulatory revisions because no new rule can resolve the law’s underlying constitutional issues, two Texas business owners told a federal court.
Treasury Urges Further Freeze on Corporate Transparency Act Suit

2 weeks ago | news.bloombergtax.com | John Woolley

The US Treasury Department moved to freeze yet another constitutional challenge to the Corporate Transparency Act pending the finalization of a new rule for reporting a company’s beneficial ownership. The government’s motion sought to counter a request for summary judgment filed last month by Samantha Smith and Robert Means, who argue the CTA unconstitutionally encroaches upon state authority to regulate intrastate economic activity.
Connecticut Firm Beats IRS Bid to Toss Pandemic Tax Credit Suit

2 weeks ago | news.bloomberglaw.com | John Woolley

A Connecticut law firm survived the IRS’ bid to dismiss its lawsuit seeking more than $282,000 in employee retention credit funds the agency allegedly failed to disburse. Lemberg Law LLC urged the US District Court for the District of Connecticut to block the government from enforcing any collections against the firm and declare it’s entitled to its ERC refund, plus any award of damages for financial harm caused by the agency’s processing delays.
Connecticut Firm Beats IRS Bid to Toss Pandemic Tax Credit Suit

2 weeks ago | news.bloombergtax.com | John Woolley

A Connecticut law firm survived the IRS’ bid to dismiss its lawsuit seeking more than $282,000 in employee retention credit funds the agency allegedly failed to disburse. Lemberg Law LLC urged the US District Court for the District of Connecticut to block the government from enforcing any collections against the firm and declare it’s entitled to its ERC refund, plus any award of damages for financial harm caused by the agency’s processing delays.
Billionaire Fund Adviser Denied Deduction for Private Air Travel

2 weeks ago | news.bloombergtax.com | John Woolley

Billionaire investor Scott L. Schleifer wasn’t entitled to deduct $5.9 million in air travel expenses as a business loss, nor can he sue for that deduction as an unreimbursed partnership expense, a federal court ruled. Schleifer is a senior adviser and co-founder of the private equity investing arm of Tiger Global Management—an early investor in Facebook and Spotify—and he held his business travel assets through a separate entity he owned, called SLS Travel LLC.
Basis Caps Conservation Easement Deduction, Appeals Court Rules

3 weeks ago | news.bloombergtax.com | Tristan Navera |John Woolley

A land partnership’s adjusted basis in its donated conservation easement limits the size of its available tax deduction for charitably donating that easement, a federal appeals court said Friday. Glade Creek isn’t entitled to a deduction beyond its adjusted basis in the donated easement, the US Court of Appeals for the Eleventh Circuit said, rejecting its claim it was entitled to deduct the full fair market value of the easement, beyond its adjusted basis under IRC Section 170(e).
Captive Insurer Swell Seeks $5 Million From IRS Over Premium Tax

3 weeks ago | news.bloombergtax.com | John Woolley

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Captive Insurer Swell Seeks $5 Million From IRS Over Premium Tax

3 weeks ago | news.bloomberglaw.com | John Woolley

COURT: T.C.TRACK DOCKETS: Nos. 7956-25; 7957-25; 7958-25; 7959-25; and 7961-25 (Bloomberg Law subscription)Five captive insurance companies sued the IRS for $5 million in collective tax deficiencies and penalties after the agency denied that their income from premiums were actually received in exchange for insurance.