Tax Law News and Insights

Legislative Lowdown Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act (COMPETES, H.R.4521) and the Senate-passed U.S. Innovation and Competition Act (USICA, S.1260) will soon officially begin its work. First, the Senate must vote on...

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Under the doctrine of constructive receipt, a cash-basis taxpayer who has an unrestricted right to receive income is treated as though they actually received the income-even if they did not. Thus, even when a taxpayer has not received possession of the income, the taxpayer is generally subject to tax as though...

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Collateral Estoppel Collateral estoppel, also known as issue preclusion, bars the relitigation of identical issues of fact or law decided in a prior suit.  It applies when the party against whom it is asserted had a full and fair opportunity to litigate the issue in the prior suit. Offensive and Defensive Use Collateral estoppel can be applied offensively or defensively. Offensive collateral estoppel is used by a plaintiff seeking to estop a...

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