The Virginia Historic Rehabilitation Tax Credit (HRTC) program (see Virginia Code § 58.1-339.2) has played a significant role in stimulating Virginia’s economy and preserving thousands of historic properties throughout the...more
Join Williams Mullen partners for our in-person Winter Tax Forum on Wednesday, January 31, 2024. Our speakers, Farhad Aghdami, Jenny Connors, Conrad Garcia and Beth Hungate-Noland will present on partnership aggregators and...more
Join our seasoned tax and estate planning attorneys on Wednesday, May 17th in Norfolk for the Williams Mullen Spring Tax Forum. Breakfast will be provided.
This program will dig into complex private equity structures, how...more
4/21/2023
/ Business Entities ,
Business Losses ,
Business Taxes ,
Continuing Legal Education ,
Convertible Debt ,
Estate Planning ,
Events ,
Partnerships ,
Private Equity ,
Safe Harbors ,
Tax Planning ,
Wealth Management
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
The Virginia Department of Taxation (Department) recently published Virginia Pass-Through Entity Tax Frequently Asked Questions for Taxable Years 2022 and After (FAQs). As summarized below, the FAQs provide helpful guidance...more
On October 31, 2022, the Virginia Department of Taxation (the “Department”) released draft guidance (the “Draft Guidelines”) on Virginia’s elective pass-through entity (PTE) tax, addressing how to make a PTE tax election for...more
The IRS recently issued Revenue Procedure 2022-19 (“Rev. Proc. 2022-19” or “the Revenue Procedure”), offering taxpayers clarification and new simplified procedures for resolving certain issues related to S corporation...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
During the 2022 General Assembly Session, legislation was enacted that allows a qualifying pass-through entity (PTE) to make an annual election for Taxable Years 2021 through 2025 to pay income tax at a rate of 5.75% at the...more
Virginia recently enacted legislation that provides an opportunity for the owners of a qualified pass-through entity (PTE) to reduce their federal income tax liability if the PTE makes an election to pay Virginia taxes at the...more
As clients contemplate the potential for tax increases in the near future, many have asked us to develop strategies to accelerate taxable gain into 2021.
Join Williams Mullen’s M&A Practice Chair, Larry Parker, as he...more
Please join us for the Fall Tax Forum virtually on Tuesday, September 28. Register to join Farhad Aghdami, Conrad Garcia and Adam Farnsworth for recent updates in tax and wealth planning including a discussion on the use of...more
On April 28, 2021, President Biden announced a plan to expand benefits for lower- and middle-income Americans under his “American Families Plan” (the “Plan”). To pay for the Plan’s benefits, President Biden has proposed...more
5/11/2021
/ Biden Administration ,
Income Taxes ,
Infrastructure ,
Internal Revenue Code (IRC) ,
Legislative Agendas ,
Like Kind Exchanges ,
Property Owners ,
Real Estate Development ,
Regulatory Agenda ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Urban Planning & Development
On March 1, 2021, the Virginia General Assembly approved legislation creating the Virginia Opportunity Tax Credit Program (Program), a new state low-income housing tax credit (LIHTC) that contributes an amount to a qualified...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
Williams Mullen partners Larry Parker, M&A Practice Chair and Tax Section Chair, Conrad Garcia, discuss the joint venture structure, common issues and pitfalls that may arise.
2020 threw a wrench in just about every plan,...more
2020 threw a wrench in just about every plan, including transactions. Understandably, to balance the desire to pursue transactions with the need to mitigate pandemic-related and other risks, parties to transactions are coming...more
The U.S. Department of Treasury and the Internal Revenue Service recently issued final regulations (“the Final Regulations”) regarding certain aspects of so-called carried interest under Section 1061 of the Internal Revenue...more
2/9/2021
/ Bona Fide Purchaser ,
Capital Gains ,
Carried Interest ,
Final Rules ,
Holding Periods ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
REIT ,
Related Parties ,
Tax Cuts and Jobs Act ,
U.S. Treasury
Please join us for the Winter Tax Forum to be held virtually on Wednesday, January 27, 2021.
...join Anna Derewenda, Jenny Connors, Farhad Aghdami, and Kyle Wingfield for our virtual tax forum where they will cover recent...more
Earlier this year, the IRS revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions, to help charities apply for 501(c)(3) tax-exempt status.
In...more
Companies with a history of consistent revenue growth and adjusted EBITDA make attractive acquisition targets for strategic and private equity buyers. Unlike a strategic buyer, which may have on hand a management team capable...more
Insights and Ideas to Expedite Your Business Recovery in 2021 -
Join us for the COVID-19 Comeback Convention, a virtual convention comprised of brief presentations tailored to meet the needs of senior executives and...more
11/18/2020
/ Borrowers ,
Business Development ,
Business Losses ,
Business Strategies ,
Business Taxes ,
Capital Raising ,
Coronavirus/COVID-19 ,
Corporate Branding ,
Corporate Executives ,
Employee Benefits ,
Employer Liability Issues ,
Insurance Claims ,
Risk Management ,
Strategic Planning ,
Tax Planning ,
Webinars
2020 has been an uncertain year on many fronts. As we head towards year-end, we’ve seen an uptick of questions and concerns from our clients on navigating potential rate changes that could occur pending the outcome of the...more
Do you often find yourself amid transactions that require a decision to sell a business to a private equity or other strategic buyer who are offering different consideration packages? Are you aware of the creative tax...more
The IRS has released 26 CFR Part 1, resolving questions regarding the five-year period to claim rehabilitation credits for qualified rehabilitation buildings (QRBs). Prior to the proposed regulation, practitioners were...more