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New Partnership Audit Regime Set to Take Effect in 2018, Proactive Planning Recommended

On November 2, 2015, Congress passed the new centralized partnership audit regime as part of the Bipartisan Budget Act of 2015 (BBA) which is set to take effect for the tax years beginning on or after January 1, 2018. The...more

Energy & Sustainability Connections Newsletter - July 2017

by Mintz Levin on

A Note from the Editors - Energy & Sustainability Connections brings the latest developments in energy investing, legal insights, company activity, and industry events straight to your inbox. This month’s Leader in the...more

Tax Reform Update: 4 Issues to Watch as Congress Nears Summer Recess

by Latham & Watkins LLP on

Administration and Congressional tax negotiators abandon border adjustment tax, but leave unanswered questions regarding rates, revenues, and taxation of US multinationals. As Congress heads toward its late summer 2017...more

Important changes proposed for the taxation of Canadian private corporations

by DLA Piper on

On July 18, 2017, the Canadian federal Finance Minister, Bill Morneau, announced the release of a consultation paper and draft legislation which, if enacted, will have a dramatic impact on the taxation of Canadian private...more

Marijuana Legislation Reaches Governor’s Desk for Approval

Surpassing a self-imposed deadline of July 1st to have compromise legislation on Governor Baker’s desk, the Massachusetts House and Senate reached an accord and voted to approve a reconciled recreational marijuana bill on...more

Georgia Senate Special Tax Exemption Study Committee Holds First Meeting 

During the 2017 Legislative Session, Senate Resolution 222 created the Senate Special Tax Exemption Study Committee, which was tasked with examining the “costs and benefits” of all exemptions for Georgia sales and use taxes...more

The Federal Government takes aim at private corporations and their shareholders

by Dentons on

On July 18, 2017, the Federal Government released a package of tax measures aimed to “improve fairness”, “close loopholes” and limit tax planning strategies that involve the use of private corporations. The suite of measures...more

Michigan Adopts New Incentive Tool for Economic Development

by Foley & Lardner LLP on

A new tax incentive program targeting large job providers passed the Michigan legislature last week with bi-partisan support, and is expected to be signed soon by Governor Rick Snyder, who strongly supported the legislation....more

The Law of Ukraine “On Amending Certain Legislative Acts of Ukraine regarding Use of Seals by Legal Entities and Individual...

by Dentons on

On 19 July 2017, the Law of Ukraine “On Amending Certain Legislative Acts of Ukraine regarding Use of Seals by Legal Entities and Individual Entrepreneurs” dated 23 March 2017 comes into force. The Law stipulates that the...more

Good News for Taxpayers: IRS Targets for Reform Burdensome Regulations on Partnerships, Corporations, REITs, Estates, and More

Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify regulations that impose an undue...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

2017 N.C. Legislative Session in Review

by Smith Anderson on

The N.C. General Assembly worked into the early morning hours on June 30 to finish its business for the 2017 legislative session. The session officially began January 11 and ran for six months for a total of 93 legislative...more

Treasury Identifies Significant Regulations Subject to Modification or Repeal

On July 7, 2017, Treasury identified eight significant regulations, including regulations under sections 385 (treatment of certain debt as equity), 752 (partnership liabilities), 367 (outbound transfers of property) and 987...more

Upcoming REITs in Poland

by Dentons on

In May 2017, the Polish Government published the second, improved draft bill introducing Real Estate Investment Trusts (“REITs”) in Poland, following the first one which was announced in October 2016....more

Tax Legislation Enacted During the Regular Session of the 2017 North Carolina General Assembly

by Smith Anderson on

A previous Tax Alert (June 20, 2017) summarized the tax provisions in the North Carolina 2017 budget bill (the Appropriations Act of 2017) as passed by the General Assembly. The Governor later vetoed the budget bill, but the...more

President Trump Loosens DOL Apprenticeship Qualifications

On June 15, President Trump signed an Executive Order streamlining the design and approval for apprenticeship programs funded by the Department of Labor (DOL). The Order is intended to entice more employers to begin...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

New York State 2017-18 Budget Legislation Contains Numerous Tax Changes

by McDermott Will & Emery on

In early April, the New York State Legislature passed its 2017-2018 budget legislation, which Governor Cuomo signed into law on April 10. This legislation contains numerous changes to the New York State Tax Law....more

The Oregon Corporate Gross Receipts May Be Dead – at Least for Now

by Garvey Schubert Barer on

For more than a year, I have been discussing the potential that Oregon lawmakers will pass a corporate gross receipts tax. On May 26, 2017, we discussed recent events that would lead a reasonable person to believe that the...more

New Incentive for Data Centers in Florida

by Bryan Cave on

This session, Florida approved legislation that provides for a sales tax exemption for data centers and goes into effect on July 1, 2017. The exemption eliminates sales and use taxes for infrastructure, equipment, personal...more

The Taxpayer Transparency And Fairness Act Is Anything But

by Allen Matkins on

Recently, I wrote about the stealth with which the California legislature enacted AB 102, which it ironically named the Taxpayer Transparency and Fairness Act of 2017. Having been birthed in opacity, AB 102 will operate with...more

The Scambler Case: Tax Law in Plain English?

A recent decision of the Upper Tribunal (Tax and Chancery Chamber) (UT) in Scambler and another v HMRC [2017] UKUT 1 (TCC) considers the question of when it is appropriate to look back to earlier versions of tax legislation...more

Tax Provisions in the 2017 Budget Bill

by Smith Anderson on

The General Assembly released today the Proposed Conference Committee Substitute (the “Conference Bill”) for Senate Bill 257, the state budget bill. The Conference Bill is expected to be approved by the General Assembly later...more

The Taxpayer Transparency and Fairness Act of 2017 – A Little Bill May Soon Make Big Changes

by Allen Matkins on

The talk of California tax practitioners over the last week has been all about the legislature’s passage of AB 102. This may be surprising to those who read the bill when it was introduced on January 10 of this year, for the...more

IRS Reissues Proposed Regulations for Centralized Partnership Audit Regime

by Morrison & Foerster LLP on

The new rules represent a complete overhaul of partnership audit, assessment, and collection procedures. Taxpayers should review and potentially amend partnership agreements before the new rules are scheduled to take effect...more

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