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Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

DC Council Introduces False Claims Expansion – Taxpayers Beware!

by McDermott Will & Emery on

Last month, a bill (The False Claims Amendment Act of 2017, B22-0166) was introduced by District of Columbia Councilmember Mary Cheh that would allow tax-related false claims against large taxpayers. Co-sponsors of the bill...more

Where Federal Tax Reform Goes, Will State Taxes Follow?

by Ballard Spahr LLP on

With Republicans in control of both the White House and Congress, comprehensive federal tax reform likely is on the horizon. Both the tax reform plan outlined by President Donald J. Trump during his campaign (the Trump Plan)...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The new administration is working on a tax plan that would slash corporate tax rates to 15 percent and doing so with a hastiness that could jeopardize House Republicans’ ability to make the cuts permanent....more

Window on Washington - This Week in the Nation's Capital - April 21, 2017 Vol. 1, Issue 5

by Clark Hill PLC on

White House Demands Disrupt Shutdown Negotiations: Congressional leaders' efforts to hatch a massive spending deal have been thrown off course by the Trump administration's 11th-hour intervention, leaving the bipartisan bill...more

Debit cards, Offshore Funds and a John Doe Summons

by Foodman CPAs & Advisors on

IRS remains committed to its priority efforts to stop offshore tax evasion wherever it occurs. It pursues cases in all jurisdictions of the world. Over the years, numerous individuals have been identified as evading US...more

OTA & Travel Distribution Update - April 14th, 2017

by Garvey Schubert Barer on

This week’s OTA & Travel Distribution Update for the week ending April 14, 2017 is below. Additional details regarding last week’s long-awaited report on online travel by the European Commission are featured in this week’s...more

We Need a License To . . . Be a Charity?

by Ward and Smith, P.A. on

Wait a minute! Haven't we done everything we're supposed to do? We've clearly defined our charitable mission. We formed our non-profit corporation. We got our 501(c)(3) determination letter from the Internal Revenue Service...more

Drafting In The Details

by Dickinson Wright on

The Fifth Circuit Court of Appeals recently affirmed that the devil really is in the details in a case that illustrates the importance of ensuring that deal documents accurately reflect the parties’ agreed upon terms with...more

The trials and tribulations of the NJSPCA

by Fox Rothschild LLP on

As recently reported, the NJSPCA has hefty legal fees, averaging nearly a quarter of a million dollars a year, as reported by Kane In Your Corner: NJSPCA refusing to show invoices for legal fees. But, following an OPRA...more

IRS Releases Updated Automatic Changes in Methods of Accounting List

On April 19, 2017, the Internal Revenue Service (IRS) released Rev. Proc. 2017-30, 2017-17 I.R.B. 1, which provides an updated list of automatic changes in methods of accounting. As was the case with its predecessor, Rev....more

IRS Announces Disagreement with Ninth Circuit’s Holding on Completed Contract Method of Accounting

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the Ninth Circuit’s ruling that, with respect to planned communities, the 95% test under the completed contract method of accounting applies on a development-wide basis rather...more

Pennsylvania Tax Amnesty Begins April 21, 2017

by Saul Ewing LLP on

The Pennsylvania Tax Amnesty Program begins on April 21, 2017, and continues through June 19, 2017. The amnesty period is open for 60 days. During the amnesty period, any taxpayer with existing tax liabilities owing to...more

IRS Issues Guidance Regarding Estate Tax Lien Discharge Process

by Charles (Chuck) Rubin on

When an individual dies, an estate tax lien attaches automatically to all of the property included in the gross estate. It arises prior to tax assessment, and is not recorded....more

IRS Targets Globally-Mobile Individuals and Businesses: The Importance of Proactive Planning

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from...more

Legal and Tax Conversions: Changing Your Company Structure Without Changing Your Company

by Varnum LLP on

Do you remember talking with your co-founders, your attorney and your accountant about what type of entity you should choose for your new company? And all of that discussion about limited liability, governance structure,...more

Get Over The Fear Of Hiring An ERISA Attorney

by Ary Rosenbaum on

As an attorney, I’ve heard a lot of lawyer jokes and some of them are amusing. I once said at law school that I now know why lawyers have terrible reputations because I met some of these lawyers at law school. While lawyers...more

More Items Subject to Individuals’ Mandatory Tax Reporting in Kazakhstan

by Morgan Lewis on

On January 1, 2017, amendments affecting individual income tax reporting came into force in the Republic of Kazakhstan. Amendments to the Tax Code of the Republic of Kazakhstan (Tax Code) became effective January 1, expanding...more

Focus on Tax Strategies & Developments - April 2017

by McDermott Will & Emery on

Impact of Country-By-Country Reporting on Multinational Enterprises - Perhaps the most challenging component of the Base Erosion and Profit Shifting (BEPS) initiative adopted by the OECD and G20 countries, Action 13...more

China updates special tax adjustment measures: new rules go into effect May 1

by DLA Piper on

China's State Administration of Taxation (SAT) has released the Administrative Measures on Special Tax Investigation Adjustments and Mutual Agreement Procedures in the Public Notice [2017] No. 6 (Bulletin 6). Bulletin...more

Business Tax Reform – the Current State of Play

by Ballard Spahr LLP on

President Donald J. Trump campaigned on a platform of large tax cuts for businesses. With President Trump in the White House and Republicans controlling both the House of Representatives and Senate, does it mean businesses...more

Pennsylvania Tax Amnesty Begins This Week

by Blank Rome LLP on

Action Item: Pennsylvania’s tax amnesty program begins this week and runs through June 19, 2017. Significant penalty and interest relief is available to all who participate, and taxpayers not known to the taxing authority can...more

Structuring A Parking Reimbursement Plan As A Taxable Or Tax-Free Fringe Benefit

by Dickinson Wright on

In Information Letter 2017-0007, the IRS analyzed an employer’s parking reimbursement arrangement and concluded that it was not a tax-free fringe benefit. ...more

Unexpected Risks of Early Exercise ISOs

by Dorsey & Whitney LLP on

Companies that permit the grant of early exercise incentive stock options (“ISOs”) do so primarily to limit the impact of the alternative minimum tax (“AMT”). However, due to fairly counterintuitive tax regulations,...more

ML Strategies Alert - FY2018 Massachusetts Budget Update: House Ways and Means Budget

On Monday, April 10th, the House Ways and Means Committee proposed a $40.3 billion budget for FY2018 that calls for increasing spending by 3.8 percent, or about $1.47 billion, above FY2017 levels. The spending increase is...more

IRS Releases 2017 Section 45 Production Tax Credit Amounts

On April 12, 2017, the Internal Revenue Service (IRS) published the 2017 inflation-adjustment factors and reference prices used in the calculation of renewable energy production tax credits under IRC section 45. That guidance...more

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