News & Analysis as of

Tax Updates

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

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

Guidance For North-South Spinoffs

by Farrell Fritz, P.C. on

The IRS continues to issue guidance in the much debated area of corporate spinoffs. A recently published ruling examined the federal income tax treatment of the two steps that comprise a so-called “north-south” transaction.”...more

U.S. Supreme Court Declines to Revisit Carlton, Retroactivity Doctrine

by Reed Smith on

On May 22, 2017, the U.S. Supreme Court denied to hear taxpayer challenges to the retroactive application of changes to tax laws in Dot Foods v. Washington Department of Revenue, and six cases challenging Michigan’s...more

Court Denies Motion For Preliminary Injunction Prohibiting The IRS From Enforcing The Micro-Captive Disclosure Requirements In...

by Fox Rothschild LLP on

On November 1, 2016, the IRS issued Notice 2016-66 imposing new reporting requirements on micro-captives and their material advisors (see prior post describing the Notice). On March 27, 2017, CIC Services, LLC and Ryan, LLC...more

Update on US Federal Tax Reform Proposals and Their Effect on the Renewable Energy Industry

by Shearman & Sterling LLP on

While tax reform has been a stated focus of the Trump administration and Congress, details remain elusive. The administration has recently reaffirmed its desire to enact comprehensive corporate and individual tax reform, but...more

IRS Budget Cuts Continue to Worsen

by Garvey Schubert Barer on

As I have reported in my previous blog posts, the IRS continues to get hit with severe budget cuts. The result is not pretty: (i) tax collections are on the decline; (ii) the Tax Gap is growing; (iii) taxpayer non-compliance...more

All Partnerships Need to Adapt to the New Partnership Audit Rules Now

by Hinshaw & Culbertson LLP on

Historically, partnerships and multiple-member limited liability companies ("LLCs") taxed as partnerships generally have not had to pay income taxes at the partnership level. As a result of federal tax law changes effective...more

Tax Reform Pushing Ahead

Despite the political controversy swirling around the firing of James Comey and the appointment of a special prosecutor, the White House and Republicans are determined to push forward with tax reform. Later this week,...more

Key Tax Changes in the American Health Care Act

by Dickinson Wright on

The American Health Care Act ("AHCA"), passed by the House of Representatives on May 4, 2017, repeals many of the taxes added by the Affordable Care Act ("ACA") and makes changes to other tax rules. Some of the notable...more

Insurance Proceeds Payable To Tenant Diverted To Pay For Property Owner's Back Taxes

The Third Circuit Court of Appeals sitting in Pennsylvania recently issued a precedential decision that interpreted the definition of a “named insured” under a tax delinquency statute to encompass tenants of a property even...more

Guidelines for Making Prudent Investment Decisions

by Moskowitz LLP on

When the creator of a trust is living, they can manage their trust and invest it however they wish. When a named trustee assumes control of a trust, however, they have a number of investment obligations and duties. A...more

Washington, D.C. Update – May 2017

by Baker Donelson on

April saw the debate in Congress heat up as Justice Neil Gorsuch was confirmed for a seat on the Supreme Court, House Republicans suspended, restarted and then ultimately succeeded in their effort to repeal and replace the...more

Minnesota Weekly Legislative Update: Budget Negotiations Continue, Conference Committees Focus on Policy

by Faegre Baker Daniels on

The legislative session is quickly coming to a close, but legislative leaders and Governor Dayton are not finished with their work. They are continuing to negotiate the state’s $46 billion budget and will need to come to a...more

Unpaid Real Estate Tax Can Become a Lien on All of a Property Owner’s Real Estate in Pennsylvania

The basic notion that unpaid real estate taxes may become a lien against property for which those taxes have been assessed and gone unpaid is commonplace to many. The framework for this process is contained in statutes such...more

News from Second and State

This week’s big news is not from the General Assembly, but from the Commonwealth’s judicial branch. Candidates in party primary elections squared off on Tuesday for a shot to run for positions on the Commonwealth, Superior...more

Applying Overpayments of Tax to Tax and the Offshore Penalty in the OVDP Program

by Charles (Chuck) Rubin on

The OVDP program allows taxpayers to remedy deficient disclosure filings relating to offshore accounts for a fixed penalty amount. As part of the program, taxpayers must file either original or amended tax returns which...more

Role of the Trustee

by Moskowitz LLP on

When Edna Sue Pate was appointed trustee of her 10 year-old grandson’s $100,000 college fund in 2003, it is unlikely that her relatives knew about her gambling addiction. Or perhaps they thought that her grandmotherly...more

Simple Advice to Retirement Plan Sponsors

by Ary Rosenbaum on

I don’t know about you, most of the advice I got growing up was usually wrong. Maybe some very unsuccessful people surrounded me when I was younger, but advice can be biased and self-serving at times. The best advice I would...more

Tackling Tax Reform – Part IV: What Can We Expect To See

by Garvey Schubert Barer on

On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more

Energy Update - May 2017

by Shearman & Sterling LLP on

We are pleased to release the latest issue of our client newsletter, Energy Update, designed to inform clients and friends of the firm about important developments affecting US and international energy markets. Please see...more

Italy passes new rules for carried interest

by Hogan Lovells on

The Italian Government has at last put an end to the controversy around the characterisation of 'carried interest' for tax treatment purposes. By Law Decree no. 50 of 24 April 2017, which is to be brought into law by 23 June...more

German Constitutional Court Declares Parts of Provisions Regarding Forfeiture of Tax Losses and Loss Carry Forwards...

by Shearman & Sterling LLP on

The German Constitutional Court held in its decision dated 29 March 2017 (published on 12 May 2017) Section 8c sentence 1 German Corporate Income Tax Act (KStG) (introduced in 2008 and replaced by the identical provision of...more

New Ruling Makes a Splash -- Fees to Use a Bathroom are not Subject to Sales Tax

by Hodgson Russ LLP on

A new advisory opinion issued by the New York State Department of Taxation and Finance should make all New York taxpayers flushed with pride – access to toilets is not subject to tax. The case involved a new software...more

Federal Tax Reform and the Oklahoma Income Tax

by GableGotwals on

Tax reform is being proposed in Congress and by President Trump to make major changes to the federal income tax imposed under the Internal Revenue Code. Oklahoma imposes a state income tax on individuals, corporations, and...more

IRS Criminal Investigation Division Announces New Priorities

by Blank Rome LLP on

At the ABA Section of Taxation’s 2017 May Meeting, Erick Martinez, the IRS Criminal Investigation Division’s Director of Field Operations – Northern Area, provided insight into the Division’s current priorities and...more

18,216 Results
|
View per page
Page: of 729
Cybersecurity

Follow Tax Updates on:

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.

Feedback? Tell us what you think of the new jdsupra.com!