Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Mexico 2017 Repatriation Tax Amnesty

A new amnesty program to incentivize the repatriation of funds kept abroad by Mexican taxpayers was launched. The program will be open until mid-2017 and participants would be obliged to comply with specific requirements,...more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Post-Inauguration Outlook: ACA, Fiduciary Rule and Retirement-Related Tax Provisions

President Donald Trump took the oath of office on Jan. 20, 2017, officially ushering in Republican control of the executive and legislative branches of government. With Republican control of both houses of Congress, and a new...more

Client Alert: New Revenue Procedure 2017-13 Provides Clarification of Safe Harbors for Management Contracts of Tax-Exempt Financed...

The Internal Revenue Service has issued Revenue Procedure 2017-13 that clarifies certain provisions of Revenue Procedure 2016-44. For a full explanation of the provisions of Rev. Proc. 2016-44, see our client alert of August...more

BEPS – Germany on the way to limit the tax deductibility of royalties

A new legislative approach of the German tax authorities leaked last December 19 will have a significant impact on the tax deductibility of royalties owed to related persons being subject to a preferential back end tax regime...more

[Webinar] Fiduciary Income Tax Refresher and Update - February 7th, 12:00pm CT

In the webinar the presenters will discuss tax-savings tools that can be used between now and March 6 when preparing 2016 returns. The presenters will provide a top-ten list of planning tips to help attendees save income tax...more

IRS Warns Tax Professionals to Be Alert About New Email Scam As 2016 Filing Season Begins

The Internal Revenue Service has warned tax professionals, as the 2016 filing season begins, to be alert to a new email scam by cybercriminals posing as clients soliciting their services. The scam is a variation of a...more

French Finance Act for 2017 and Amending Finance Act for 2016: the Most Important Changes Affecting Businesses

The French Finance Act for 2017 and Amending Finance Act for 2016 were enacted on December 30, 2016 (the “Acts”). The Acts introduce a progressive reduction of the corporate income tax rate (28% instead of 33.1/3%). The Acts...more

2017 California Estate and Tax Planning Newsletter

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2017 by our clients and friends. Transfer Taxes. The major changes made in 2010 in the...more

From Israel to Canada: New Tax Treaty to Help Structure Investments

On December 21, 2016, the new Canada–Israel tax treaty entered into force. The new treaty was signed on September 21, 2016 in New York, and replaces the existing treaty that dates from 1975. For most purposes, the provisions...more

Riverboat Review: New IRS Ruling on Floating Casinos

In PLR 201628009, the IRS determined that a dockside casino barge and a moored riverboat constituted “real estate assets” for purposes of the REIT qualification test. The taxpayer requesting the ruling owned, operated,...more

Is There a Doctor in the House?

Healthcare Options Following the Small Business Healthcare Relief Act and the Eventual Repeal of Obamacare - Overview - The presidential inauguration has come and gone. The House and Senate are already clearing the...more

SC Public Policy Update - January 2017 #2

What's New - SENATE - The Senate spent the week working at the committee level in an effort to move bills to the floor for debate. Members will return to meeting in regular session on Tuesday, January 24th....more

Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests

The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer (GST) tax treatment of gifts and bequests made before the Defense of Marriage...more

Estate Planning – When the Only Certainty is Unpredictability

Donald Trump is now the President, and both chambers of Congress are under Republican control. Thus, we appear to be poised for potentially substantial changes in the estate tax, gift tax, generation-skipping transfer tax,...more

Applicable Federal Rates - February 2017

Please see charts for more information....more

President Trump Has Been Inaugurated. What's Next for Tax Reform?

President Donald J. Trump has just been inaugurated as the 45th President of the United States and his proposals regarding tax reform played a key role throughout his entire presidential campaign. Because Republicans retained...more

2017-18 New York State Executive Budget Released by Governor Cuomo

On January 17, 2017, New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget. It contains several potentially important tax proposals, including the following...more

From ESA to Keystone to EPA, Changes Coming Fast

Few things are certain leading up to Donald Trump’s presidency. But there is no question that environmental and energy policy will take center stage in the days – perhaps hours – following his inauguration....more

Property Tax & Valuation Topics: Winter 2017

On September 30, 2016, the Connecticut Supreme Court heard oral argument in Nutmeg Housing Development Corp. v. Colchester. On the face of it, the ad valorem valuation of a garden variety property in the suburbanizing Town...more

Swart's Athwart California's Taxation of Out-of-State Corporations

The California Franchise Tax Board (“FTB”) started 2017 with a setback as the Court of Appeal for the Fifth Appellate District held in Swart Enterprises, Inc. v. Franchise Tax Board that the FTB could not impose California’s...more

Key Trade Appointees and President Trump’s Approach to International Trade Policy

President Trump has now appointed the senior members of his administration (some of whom remain subject to U.S. Senate confirmation) who will help him develop, coordinate and enforce U.S. trade policy. Examining the...more

NYC Administrative Law Judge Determines Long Distance Telecommunications Service Fees Exempt from Utility Tax

On December 29, 2016, a New York City administrative law judge (ALJ) determined that Sprint’s long distance telecommunications service fees were exempt from the City’s Utility Tax. The ALJ concluded that the Utility Tax...more

Border-Adjustable Taxes under the WTO Agreements

This client alert summarizes the World Trade Organization (WTO) disciplines on border adjustable internal taxes and provides a general framework for assessing any future United States corporate tax plan that incorporates a...more

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

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