On April 16, 2015, the Internal Revenue Service ("IRS") released Notice 2015-34, its first guidance on general welfare since President Obama signed the Tribal General Welfare Exclusion Act (the "Act") into law in September...more
On Sept. 26, 2014, President Obama signed into law a measure that excludes from taxable income various general welfare payments to members of Indian tribes.
One of the last pieces of legislation agreed upon by the...more
For the second time in nine months, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery has publicly addressed FinCEN's increasing concerns regarding casino compliance with the Bank Secrecy Act...more
After receiving more than 120 written comments on how the IRS should apply the general welfare exclusion to Indian tribal government programs, the IRS has issued final guidance detailing how tribal programs may take advantage...more
Notice 2014-17 Is a Positive Development Because It Should Ultimately Result in Consistent IRS Treatment of Tribal Trust Resources, But Several Issues Remain Unresolved.
The Notice provides that the IRS and Treasury...more
On January 14, House Ways and Means Committee Chairman Rep. Dave Camp (R-Mich.) introduced legislation that would prohibit, for a period of one year, Internal Revenue Service guidance related to social welfare organizations...more
In 2013, courts were active in issues relating to Indian tribes, including ruling on state tax matters and the federal income tax aspects of Section 17 corporations.
The top 10 Indian tribal tax developments from 2013...more
On November 15, 2013, the Internal Revenue Service published a notice of proposed rule making (NPRM) along with proposed regulations regarding the treatment of certain income derived from Indian fishing rights-related...more
Recent legislative discussions concerning tax reform have included the potential elimination of several federal provisions long considered sacred to state and local governments and untouchable by federal policymakers. Those...more
On April 24 at 9:30 a.m. and 1:00 p.m., and on April 25 at 9:30 p.m., the House Appropriations Subcommittee on Interior, Environment, and Related Agencies will hold three separate American Indian and Alaska Native Public and...more
In This Issue:
- Fiscal Cliff Concerns: Impact of Expiring Tax Provisions and Rising Tax Rates
- General Welfare Tax Planning in the Wake of IRS Guidance Offering Safe Harbors
- New Developments in Income from...more
On December 5, 2012, the Internal Revenue Service proposed a revenue procedure that would address the general welfare exclusion from gross income as it applies to tribal government programs. It would also offer a safe harbor...more
On September 6, 2012, the Internal Revenue Service (IRS) issued Notice 2012-60, which addresses the federal income tax treatment of per capita payments made from the proceeds of settlements of certain Indian tribal trust...more
On July 16, 2012, the IRS released Notice 2012-48, which solicits applications for the allocation of available amounts of national bond issuance authority limitation (volume cap) for Tribal Economic Development Bonds (TEDBs)...more
On June 22, 2012, the Internal Revenue Service (IRS) released for publication in the June 26 Federal Register a proposed rule implementing several of the new requirements for tax-exempt organizations imposed under Section...more