On March 11, 2024, the Biden Administration released the Fiscal Year 2025 Budget, and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” which is commonly referred to as the “Green Book.”...more
3/28/2024
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Digital Assets ,
Excise Tax ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Green Book ,
Liquidation ,
NIIT ,
Property Tax ,
Tax Policy ,
Tax Reform
On March 9, 2023, the Biden Administration released the Fiscal Year 2024 Budget, and the “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals,” which is commonly referred to as the “Green Book.”...more
On August 16, 2022 President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law.
The IRA includes a 15% corporate alternative minimum tax, a 1% excise tax on stock buybacks and a two-year extension of...more
On August 7, the Senate passed the Inflation Reduction Act of 2022 (the “IRA”). The tax provisions in the bill that was passed vary from the bill that was originally released on July 27, 2022 by Senator Joe Manchin (D-W.Va.)...more
On July 27, 2022, Senator Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.) released the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains only two non-climate and non-energy tax proposals –...more
Introduction and Summary -
On March 28, 2022, the Biden Administration proposed changes to the U.S. international tax rules.
In short, the Biden Administration proposed to:
Enact a 15% minimum “undertaxed profits...more
On January 25, 2022, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) released regulations (the “Final Regulations”) finalizing provisions in prior proposed regulations which generally...more
1/26/2022
/ Business Taxes ,
Corporate Taxes ,
Domestic Partnership ,
Foreign Corporations ,
Income Taxes ,
International Tax Issues ,
IRS ,
Pass-Through Entities ,
PFIC ,
Proposed Regulation ,
Regulatory Agenda ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform
Yesterday, on December 19, 2021, Senator Joe Manchin (D., W.Va.) said that he opposes the Build Back Better Act, which effectively prevents its passage. While there are no immediate prospects for the Build Back Better Act to...more
12/20/2021
/ Alternative Minimum Tax ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Business Taxes ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Proposed Legislation ,
SALT ,
Share Buybacks ,
Spinoffs ,
Tax Rates ,
Tax Reform
On May 28, 2021, the Biden Administration released the Fiscal Year 2022 Budget, and the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” which is commonly referred to as the “Green Book.” ...more
6/16/2021
/ Biden Administration ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Green Book ,
International Tax Issues ,
Like Kind Exchanges ,
NIIT ,
REIT ,
Section 1031 Exchange ,
Self-Employment Tax ,
Tax Credits ,
Tax Reform ,
U.S. Treasury
On March 31, 2021, the Biden administration released a factsheet for the “Made in America Tax Plan”. On April 5, 2021, Senate Finance Chair Ron Wyden (D-Ore.) and Senators Sherrod Brown (D-Ohio) and Mark Warner (D-Va.)...more
On March 31, 2021, the White House released a factsheet describing the “American Jobs Plan”, a $2.3 trillion proposal for infrastructure spending that also contains certain significant tax credits, and the “Made in America...more
This blog summarizes some of the tax proposals of President-elect Joe Biden and other prominent Democrats.
Biden’s Proposals -
Increased Individual Tax Rate -
Biden would increase the top marginal income tax rate...more
1/14/2021
/ Biden Administration ,
Business Taxes ,
Capital Gains ,
Corporate Taxes ,
Estate Tax ,
GILTI tax ,
Income Taxes ,
Publicly-Traded Companies ,
Tax Credits ,
Tax Planning ,
Tax Rates ,
Tax Reform
On June 24, 2020, the Internal Revenue Service (the “IRS”) and the U.S. Department of Treasury (“Treasury”) issued final regulations (the “Final Regulations”) on the application of the “passthrough deduction” under Section...more
6/30/2020
/ Capital Gains ,
Corporate Taxes ,
Foreign Tax Credits ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
Registered Investment Companies (RICs) ,
REIT ,
Section 199A ,
Tax Cuts and Jobs Act ,
Tax Reform ,
U.S. Treasury
Implements 2018 Proposed Regulations, ending most limitations on investments in U.S. property, as well as pledges and guarantees by CFCs wholly-owned by U.S. corporations – also provides PTI guidance for CFC...more
5/31/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Distribution Rules ,
Final Rules ,
Financial Guarantee Requirements ,
IRS ,
Multinationals ,
New Regulations ,
Section 956 ,
Stocks ,
Tax Cuts and Jobs Act ,
Voting Shares
On March 4, 2019, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed regulations (the “Proposed Regulations”) regarding the deduction for “foreign-derived intangible...more
4/23/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Corporations ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Tax Cuts and Jobs Act ,
Tax Reform
On December 20, 2018, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed “anti-hybrid” regulations (the “Proposed Regulations”) under sections 267A, 245A(e), and...more
1/28/2019
/ Anti-Abuse Rule ,
BEPS ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Dividends ,
Income Taxes ,
IRS ,
Parent Corporation ,
Proposed Regulation ,
Subpart F ,
Tax Reform
On December 13, 2018, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed regulations (the “Proposed Regulations”) with respect to the “base erosion and anti-abuse...more
1/2/2019
/ Banks ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Base Erosion Tax ,
Corporate Taxes ,
Federal Reserve ,
Foreign Corporations ,
Foreign Taxpayers ,
Insurance Industry ,
IRS ,
Net Operating Losses ,
Preamble ,
Proposed Regulation ,
Recordkeeping Requirements ,
REIT ,
S-Corporation ,
Securities Dealers ,
TLAC ,
U.S. Treasury
On August 8, 2018, the U.S. Department of the Treasury (the "Treasury") and the Internal Revenue Service (the "IRS") issued proposed regulations regarding the "pass-through deduction" for qualified trade or business income...more
This post outlines at a high-level certain provisions under the recently enacted 2017 tax legislation (Pub. L. 115-97, the “Tax Act”) that may affect M&A Transactions. Some of these rules are very complex, particularly in...more
2/12/2018
/ Acquisitions ,
Base Erosion Tax ,
Controlled Foreign Corporations ,
Corporate Taxes ,
EBITDA ,
Foreign Corporations ,
Foreign Subsidiaries ,
GAAP ,
GILTI tax ,
International Tax Issues ,
Mergers ,
Net Operating Losses ,
Pass-Through Entities ,
Section 956 ,
Subpart F ,
Tax Cuts and Jobs Act ,
Tax Reform
On Friday December 22, 2017, the President signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the US federal income tax laws in over three decades, and it will...more
1/17/2018
/ Base Erosion Tax ,
Carried Interest ,
Controlled Foreign Corporations ,
Corporate Taxes ,
EBITDA ,
Foreign Corporations ,
Foreign Taxpayers ,
Income Taxes ,
Pass-Through Entities ,
Tax Cuts and Jobs Act ,
Tax Deductions
The Internal Revenue Service (the “IRS”) has issued Notice 2017-75 (the “Notice”), which provides certain limited relief from the strict requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the...more
On Friday, December 15, 2017, the Congressional conference committee released a revised version of the Tax Cuts and Jobs Act (the "Tax Bill"). The Senate and the House are expected to vote on the Tax Bill this week. The Tax...more
12/21/2017
/ Alternative Minimum Tax ,
Carried Interest Tax Rates ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Educational Institutions ,
Excise Tax ,
Section 501 ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
UBTI
Effective for tax years beginning on or after January 1, 2015, pursuant to legislation enacted last year, income from "investment capital" is exempt from New York State franchise tax for corporate taxpayers otherwise subject...more
Some taxpayers have taken the position that an acquiring corporation and a target corporation, when the target corporation is joining the acquiring corporation's consolidated corporate group, can choose between taking certain...more