During its 2023 Session, the Virginia General Assembly passed legislation, H.B. 1456 and S.B. 1476, that removes some of the barriers for participating in Virginia’s elective Pass-Through Entity Tax (PTET)....more
On Tuesday August 16, President Biden signed the Inflation Reduction Act of 2022 into law (the “Act”). The enacted legislation contains several revenue-raising tax provisions detailed below. ...more
On Thursday March 11, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) into law. The $1.9 trillion Act includes COVID-19 relief, as well as broader stimulus, but also includes several revenue-raising...more
On April 9, 2020, the Department of the Treasury (Treasury Department) and the Internal Revenue Services (IRS) issued Notice 2020-23, announcing that certain additional tax return filing and payment deadlines have been pushed...more
4/15/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Popular ,
Relief Measures ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
The April 15 deadline for filing tax returns will be postponed until July 15, after comments from Treasury Secretary Steven Mnuchin and Notice 2020-18 posted March 20 by the IRS. This news follows Secretary Mnuchin’s...more
Individuals can delay payments of up to $1 million in taxes and corporations can get payments of up to $10 million deferred until July 15 without interest and penalties, according to a notice published Wednesday. “Americans...more
On Wednesday, December 20, 2017, the legislation previously known as the “Tax Cuts and Jobs Act” (the “Act”) passed the United States House and Senate. At this juncture, it appears President Trump will sign the Act into law...more
On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework (the Framework) with the stated goal of achieving pro-American,...more
On April 26, 2017, the Trump Administration announced a blueprint of tax reform principles that is described as “The Biggest Individual and Business Tax Cut In American History.” The Administration identified four goals for...more
In its recently issued opinion in the case of Route 231, LLC v. Commissioner, T.C. Memo 2014-30 (2/24/14), the United States Tax Court (the “Court”) held that a transfer of state tax credits to a 1% member who had contributed...more
4/22/2014
/ Conservation Tax Credit ,
Corporate Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Operating Agreements ,
Partnerships ,
Sale of Assets ,
State Taxes ,
Tax Credits ,
Transfer Taxes ,
Transfers
The United States Tax Court recently issued its opinion in Crescent Holdings, LLC v. Commissioner, 141 T.C. No. 15 (12/2/13), a ruling regarding allocations of income attributable to an unvested partnership interest. The...more