Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
News & Analysis as of

"Key Takeaways: Lessons Learned From Tax-Related Whistleblower Litigation and Shareholder Actions"

On March 8, 2017, Skadden hosted a webinar titled “Lessons Learned From Tax-Related Whistleblower Litigation and Shareholder Actions.” The Skadden panelists were tax partners Nathaniel Carden and Armando Gomez, and litigation...more

"Key Takeaways: Corporate Governance Series — Key Trends in Executive Compensation, Employment Law and Compensation Committee...

On February 28, 2017, Skadden hosted a webinar titled “Key Trends in Executive Compensation, Employment Law and Compensation Committee Practices.” The Skadden panelists were labor and employment law partner David Schwartz,...more

Recycling Infrastructure Assets to Spur Infrastructure Investment

The Trump Administration has the admirable goal of encouraging infrastructure investment. One policy it may want to consider is promoting the recycling of existing municipal infrastructure assets. This policy was developed...more

The Future of the Affordable Care Act Week 7: The American Health Care Act

On March 6, 2017, after years of promising, GOP lawmakers in the House of Representatives introduced the “American Health Care Act” (AHCA), the first concrete legislative proposal detailing the initial provisions designed to...more

Friends and Family and Criminal Forfeiture

One of the many potential consequences of a criminal conviction is that the government may seize assets held by the defendant’s family to satisfy a criminal forfeiture order against the defendant himself. In United States v....more

Court Orders Administrator To Elect Portability

When the IRS enacted the portability election provisions in 2011, which allowed estates of married taxpayers to pass along the unused part of their estate and gift tax exclusion amount to their surviving spouse, it remarked...more

What’s New in Washington: 10 Things You Need to Know

The Trump presidency is halfway through its first 100 days. The legislative and executive branches are under a unified Republican government for only the second time since the Eisenhower administration, and the GOP is seeking...more

IRS Releases April 2017 Federal Interest Rates

The 7520 rate for April 2017 has increased to 2.6%. The April 2017 Applicable Federal Interest Rates can be found here. Please see full Table below for more information....more

Indonesian feed-in tariffs – New rules may under-power the renewables sector

Indonesia's new feed-in tariffs (FITs) for renewable energy present a conundrum. Will renewables flourish or fade in the new revenue environment? Investors will not welcome the lower tariffs under the new regime, but state...more

Ukraine ratifies the Double Tax Treaty with Luxembourg and a Free Trade Zone Agreement with Canada (Ukrainian)

On 14 March 2017 the Ukrainian Parliament passed two laws for On 14 March 2017 the Ukrainian Parliament passed two laws for ratification of two important international treaties...more

Ukraine ratifies the Double Tax Treaty with Luxembourg and a Free Trade Zone Agreement with Canada

On 14 March 2017 the Ukrainian Parliament passed two laws for ratification of two important international treaties...more

Italy introduces a 'New Resident' regime to attract high net worth individuals

On March 8, 2017, Italian tax authorities released the implementation rules to the newly introduced Italian “new resident” regime to attract high net worth individuals to Italy. The primary benefit of the regime is an annual...more

Can the IRS Revoke Your Passport?

Executive Order 13769, President Trump’s notorious travel ban that caused mass confusion and chaos in airports throughout the country, is being revamped following multiple federal court challenges. That travel ban, however,...more

IRS Notice: Conservation Easements for Charitable Giving

In Notice 2017-10, the Internal Revenue Service recently issued guidance on syndicated conservation easement transactions presumed to be used as tax shelters. This addition to the “listed transactions” under Section...more

Tightening the Tax Screws on International IP Structures

For many years prudent international tax planning for multinational enterprises has included structures designed to minimize global taxes by developing or holding intangible property (IP) in foreign subsidiaries located in...more

The American Health Care Act – A Side-by-Side Comparison to Existing Law

As reported in our January 23, 2017 Clients & Friends Memorandum entitled “Status of the Affordable Care Act Repeal Efforts,” on January 12 and 13, 2017, the Republican-controlled Congress took the first step toward repealing...more

Reporting Foreign Income: Four Common Misconceptions

The U.S. government has stringent reporting requirements when it comes to foreign assets and income, but many people are still not coming into compliance based on some mistaken beliefs. Here are four common misconceptions...more

February 2017: Client Alert

Tax Calendar - February 28 - Payers must file informational returns with the IRS. (Except certain Forms 1099-MISC with non-employee compensation payments in box 7, which are due before February 1. Excluding...more

Update on 2704 Proposed Regulations and Impact on 2016 Gift Tax Reporting

Following the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and accounting communities...more

A Buyer’s Guide to Acquiring Target’s Assets With A Stepped-Up Basis

The last few posts have focused upon the “tax-free” contribution of property to a partnership. Today, we’re “doing a 180,” as they say (whoever “they” are), and considering how the acquisition of assets may be structured so...more

NJ Guidance on State Tax Addback: Refund Opportunity for Taxpayers Adding Back Capital Stock or Bank Taxes

For purposes of computing New Jersey corporation business tax, the statute requires a taxpayer to add back any taxes paid to other states on or measured by profits or income, or business presence or activity. Yesterday, the...more

2017 Allegheny County Real Estate Tax Assessment Appeal Deadline Approaching

The deadline to file real estate tax assessment appeals for the 2017 tax year in Allegheny County is March 31, 2017, which is rapidly approaching. If you are an owner of commercial property, factors to consider in...more

A “Thriller” in Tax Court: The Estate of Michael Jackson and IRS Dispute Valuation of Pop Star’s Image

How much were the late King of Pop’s name and image worth when he died? His estate put the figure at $2,105 but the IRS believes the value is at least $434 million. That’s a huge discrepancy and with penalties and interest...more

Applicable Federal Rates - April 2016

Please see charts below for more information....more

The Blueprint: Assessing Potential Plans for Major Federal Infrastructure Spending

In his recent address to a joint session of Congress, President Trump echoed one of his major campaign pledges and emphasized the need for a massive investment in America’s infrastructure. Elected officials from both parties...more

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