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Prepared for the Border Adjustment Tax? A U.S. and Global Perspective

K&L Gates' Global Tax Group has been monitoring the potential impact of the Border Adjustment Tax (BAT) across a number of jurisdictions. In our 14 February 2017 update, we commented that issues regarding the legality of...more

Border Adjustment Tax

The House Republicans have proposed sweeping changes to the U.S. tax system, specifically that income from the export of goods, services and intangibles will not be subject to federal income tax, and that the cost of such...more

2/13/2017  /  Australia , Border Tax , Exports , Imports

The Trump Freeze Leaves New Proposed Regulations on Partnership Audit Rules out in the Cold

A White House freeze on recently issued regulations has left proposed regulations on the new Centralized Partnership Audit Regime out in the cold. On January 20, 2017, a memorandum from Assistant to the President and Chief...more

Waking Up from a Long Winter’s Nap … the Border Adjustment Tax is the Sleeper Issue in the House Republican Tax Reform Blueprint

Thanks to the Republican sweep of the White House and the Congress, all the talk in recent years about tax reform is on the verge of turning into action. What many dismissed as idle chatter before Election Day suddenly...more

Why You Should Care About the House Republican Tax Reform Blueprint

While you’re thinking about that beach getaway this summer, Chairman Brady’s staff on the Ways and Means Committee is beginning the work of vetting the House Republican Tax Reform Blueprint (the “Blueprint”) with stakeholders...more

New Temporary Regulations Deny Basis Increase in Partnership Interests in Lease Passthrough ITC Structures

On July 21, the U.S. Treasury Department (“Treasury”) released temporary and proposed regulations denying a basis increase to equity holders of lessee partnerships and S corporations to account for mandatory income inclusions...more

States Move Forward with Auto-IRA Programs: What’s Next for the Feds?

As the nation continues to struggle with the retirement preparedness gap, policymakers are exploring proposals to require employers that do not offer retirement plans to automatically enroll employees in Individual Retirement...more

7/25/2016  /  DOL , ERISA , HELP , IRA , Retirement Plan

Taking on the Retirement Gap: Bipartisan Interest Grows in Open MEPs

As the U.S. continues to grapple with the retirement preparedness gap, policymakers on both sides of the aisle are increasingly focused on facilitating access to retirement plans. In the last few years, policy proposals...more

IRS Sets Short Fuse for Comments, Guidance on New Partnership Audit Rules

As if it wasn’t going to be busy already, the Internal Revenue Service (“IRS”) has set Tax Day, April 15, 2016, as the due date for comments on significant new partnership audit rules. This new law, which was enacted as part...more

President’s FY 2017 Budget Aims to Seal the Deal on Fiscal Legacy

On February 9, President Obama released the last budget request of his Administration. The FY 2017 budget incorporates many proposals from past years but also looks to cement the president’s legacy with a number of new fiscal...more

Winds of Change for Alternative Energy Tax Incentives in 2016

Congress has some unfinished business on alternative energy policy, which may provide unusual legislative opportunities in an election year. While tax credits for wind and solar power received long-term extensions in the...more

Tax Reform and the Timber Industry

This alert provides an overview of various timber tax issues in play as part of the tax reform debate. The alert is drawn from several sources, including former House Ways and Means Committee Chairman David Camp’s tax reform...more

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

Déjà Vu All Over Again? Tax Reform in the 114th Congress

As we begin a new year and a new Congress, key players from one end of Pennsylvania Avenue to the other are on board for tax reform. President Obama, Vice President Biden, Senate Minority Leader Mitch McConnell (R-KY), Senate...more

OECD/G20 Base Erosion and Profit Shifting Project

On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released seven reports addressing certain aspects of the base erosion and profit shifting (“BEPS”) project. The seven BEPS reports...more

Tax Policy Issues Prepare for a Rumble on the Gridiron

The clock is running out on the 113th Congress. While the calendar says we are not quite at the two-minute warning, with a truncated September congressional schedule and the campaign season taking up much of the fall, the...more

Wyden’s Previous Proposals Could Signal Tax Reform Priorities

Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more

Congress Turns Tax World Upside Down with New Focus on Corporate Inversions

Interest in corporate inversions has revived on Capitol Hill. Recent publicity surrounding pending deals has triggered comments and legislative proposals from tax writers and other members and stirred up the debate about...more

6/24/2014  /  Corporate Taxes , Inversion , Tax Reform

FATCA is Coming

At the end of May 2014, a bill was introduced to the Australian Federal Parliament to give effect to the United States' Foreign Account Tax Compliance Act (FATCA) and the intergovernmental agreement which was executed by...more

The First Dish is Served: Chairman Camp Unveils Comprehensive Tax Reform Discussion Draft

On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) unveiled his comprehensive tax reform proposal. Chairman Camp released his proposal in discussion draft form, and the bill was not officially...more

What’s on the Menu? How Will the Administration’s Smorgasbord of Tax Proposals Affect You?

Earlier this month, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2015 Revenue Proposals,” commonly known as the “Green Book.” This alert describes what the Green Book is, the...more

3/28/2014  /  Green Book , Tax Reform

Will Wyden Recharge the Batteries on the Finance Committee’s Energy Tax Reform Proposal?

In late 2013, the Senate Finance Committee released a tax reform staff discussion draft on energy (the “energy draft”) as part of a series of tax reform proposals. According to Committee staff, the energy draft “proposes a...more

2014: Turbulent Waters Ahead in Tax Policy

Although the prospect for comprehensive tax reform this year is dimming, debate on tax policy issues will continue to be prominent on Capitol Hill. Between election year dynamics, changes in committee leadership, the tax...more

The Cloak of Invisibility for Foreign Accounts Is Rapidly Unraveling: IRS and Foreign Banks Are Clamping Down on U.S. Tax Evasion

A global push for enhanced financial transparency means that United States owners of foreign accounts and assets will not be able to remain invisible forever. New rules and enhanced enforcement of existing rules will soon...more

Senate Finance Committee Makes Waves with Pooled Approach to Cost Recovery

The Senate Finance Committee released a tax reform staff discussion draft on cost recovery and accounting as part of a series of tax reform proposals in late 2013. The Cost Recovery and Accounting (“CR&A”) proposal completely...more

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