On March 9, 2023, President Biden released his FY2024 budget (the “FY2024 Budget”), and the U.S. Treasury released the so-called “Green Book," which provides details related to the revenue provisions in the FY2024 Budget....more
The Corporate Transparency Act (CTA) was enacted to prevent money laundering and promote a “know your customer” policy by imposing new disclosure requirements on “reporting companies.” It requires entities to provide company...more
Senators Manchin and Schumer this week announced that the “Inflation Reduction Act of 2022” will be added to the FY2022 Budget Reconciliation bill. The bill includes changes to Section 1061 of the Code (which was added to the...more
On March 28, 2022, President Biden released his FY2023 budget (the “FY2023 Budget”), and the U.S. Treasury released the so-called “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget....more
4/12/2022
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Capital Gains ,
Depreciation ,
Federal Budget ,
High Net-Worth ,
LIHTC ,
Regulatory Agenda ,
Tax Credits ,
Tax Rates ,
Tax Reform
The U.S. House Ways and Means Committee released proposed budget reconciliation legislation on September 13, 2021. The bill still must complete many steps in the legislative process – including passage by the full House of...more
9/28/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Capital Gains Tax ,
Corporate Taxes ,
Estate Tax ,
Foreign Derived Intangible Income (FDII) ,
Gift Tax ,
GILTI tax ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Proposed Legislation ,
Qualified Business Income ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
Summary: Corporate Transparency Act and the Federal Entity Beneficial Ownership Reporting Requirement -
The National Defense Authorization Act that was enacted on January 1, 2020, overriding a presidential veto, includes...more
The massive Consolidated Appropriations Act, 2021 (the “Act”), providing year-end COVID-19 relief, was signed into law by President Trump on Sunday, December 27, 2020. Among other changes, the Act extends and makes clarifying...more
Summary -
On June 11, 2020, the Treasury Department released proposed regulations regarding like kind exchanges under Internal Revenue Code section 1031 (“1031 Exchange”). The regulations clarify a number of outstanding...more
Summary -
On April 8, 2020, the Internal Revenue Service issued two Revenue Procedures to make it easier for taxpayers to benefit from retroactive changes to the tax law that were included in the recently enacted...more
CARES Act (Coronavirus Aid, Relief, and Economic Security Act) -
Below is a summary of certain provisions of HR 748, the bill approved by the Senate on March 25, 2020. Please note that the legislation still requires...more
3/26/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Individual Retirement Account (IRA) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Minimum Distributions ,
Small Business ,
Tax Relief
The Treasury Department has now released a second round of proposed regulations on the Qualified Opportunity Zone (“QOZ”) provisions under Internal Revenue Code Section 1400Z-2....more
5/2/2019
/ Anti-Abuse Rule ,
Capital Gains ,
Carried Interest ,
Holding Periods ,
Opportunity Zones ,
Original Use ,
Partnerships ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Investments ,
REIT ,
Safe Harbors ,
Tax Cuts and Jobs Act
Real estate developers, fund sponsors, and property owners have been eagerly awaiting guidance on the new Qualified Opportunity Zone ("QOZ") provisions included in last December’s Tax Cuts and Jobs Act. ...more
10/29/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Investment Opportunities ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
New Market Tax Credits ,
Opportunity Zones ,
Proposed Regulation ,
Public Finance ,
Real Estate Development ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Reform ,
U.S. Treasury
On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to the United States tax regimes generally applicable to businesses. Most...more
On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”). The Act will have a significant impact on many sectors of the economy including the real estate sector....more
1/3/2018
/ Alternative Minimum Tax ,
Business Taxes ,
Carried Interest Tax Rates ,
Corporate Taxes ,
Income Taxes ,
Like Kind Exchanges ,
New Legislation ,
Pass-Through Entities ,
Real Estate Market ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to the United States tax regimes generally applicable to businesses. ...more
12/29/2017
/ Alternative Minimum Tax ,
Base Erosion Tax ,
Business Taxes ,
Carried Interest Tax Rates ,
CFCs ,
Corporate Taxes ,
Foreign Tax Credits ,
Income Taxes ,
Net Operating Losses ,
Pass-Through Entities ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to the United States tax regimes generally applicable to businesses. ...more
12/29/2017
/ Alternative Minimum Tax ,
Base Erosion Tax ,
Business Taxes ,
CFCs ,
Corporate Taxes ,
Foreign Tax Credits ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Pass-Through Entities ,
PFIC ,
Real Estate Market ,
Tax Cuts ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
This September, the Trump Administration, the House Ways and Means Committee and the Senate Finance Committee released a unified framework for a major tax reform effort. The framework is not a set of detailed legislative...more