News & Analysis as of

Tax Updates

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

IRS Offers Tax Relief for Those Impacted by Irma, Including for 1031 Exchanges

President Trump’s declaration of a major disaster in Florida and Georgia as a result of Hurricane Irma provides important tax relief for those residing in these states. This declaration provides automatic relief for those...more

Proposed Massachusetts Tax Regulations for Online Vendors Effective October 1, 2017

by Bowditch & Dewey on

In response to public comments issued on September 8, 2017 that won’t be published in the Massachusetts Register until September 22, 2017, the Massachusetts Department of Revenue (“DOR”) will require online vendors to collect...more

Asset Management Regulatory Roundup - September 2017 - Issue 6

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on Brexit: Impact on cross-border financial services contracts; cryptocurrency: initial...more

I Owe Joint Taxes with My Spouse: What Do You Do? Innocent Spouse Relief (Part 8)

by McNair Law Firm, P.A. on

Married couples may file a joint federal income tax return together, reporting their joint income and expenses. The benefit of a joint return is that the overall tax rate may often be lower. However, if a joint return is...more

Does investing in a PFIC make sense given FATCA reporting?

by Foodman CPAs & Advisors on

Since FATCA’s implementation in 2010, investing in a Passive Foreign Investment Company (PFIC) is a questionable decision. PFICs are reportable investments and their tax regime is punitive. Under FATCA, US Taxpayers’...more

Major GST/HST changes affecting investment limited partnerships

by Dentons on

On September 8, 2017, the Department of Finance Canada released proposed amendments to the Excise Tax Act (“ETA”) that could deem certain payments from “investments limited partnerships” to its general partner (“GP”), which...more

French Elections Pave Way for Labor, Tax Reforms

In the months following the election of President Emmanuel Macron, who is perceived as pro-business, as well as a parliamentary election in which the new president’s party won the majority, companies and entrepreneurs have...more

IRS, PBGC and DOL Provide Additional Hurricane Relief

The IRS issued an announcement paralleling the relief granted to Hurricane Harvey victims to those in Florida affected by Hurricane Irma. Announcement 2017-13 (the “Announcement”) relaxes hardship distribution standards for...more

The Trump threat to 401(k) and the reality of it

by Ary Rosenbaum on

When Donald Trump was elected President last November, there were quite a few people who promised gloom and doom as if it was the end of our republic. Despite the tweets and the drama, that really hasn’t panned out yet. Many...more

Dealing with Disaster: Issues and Relief for Employee Benefit Plans

by Alston & Bird on

In the period following natural disasters such as Hurricanes Harvey and Irma, employer plan sponsors will be faced with any number of hardship-related employee benefit plan administration issues. Many of these involve...more

Responding To SCDEW: The Payoff For Employers

There are several ways that employers can keep their unemployment insurance (UI) tax rate down. First, it is beneficial to learn how the South Carolina Department of Employment and Workforce (“SCDEW”) determines the...more

Health Care Reform Returns to the Spotlight

by Foley & Lardner LLP on

Congress is now back in session and, once again, focus has turned to health care. With all eyes on returning health care reform to the forefront, a flurry of activity has sparked new legislative efforts including the...more

Section 4980H Large Employer Penalties – IRS Signals the Health Coverage Penalties Remain in Force

by Snell & Wilmer on

Many employers were hopeful that the Code Section 4980H penalties would be repealed now that Republicans control Congress and Trump is in the White House. To date, that has not happened, nor has the IRS announced it will not...more

Avoid Scams and Ensure Tax Deductions When Donating to Hurricane Relief

In the wake of Hurricanes Harvey and Irma, you may be looking to make a charitable donation to support relief efforts. With dozens of organizations accepting donations, it can be difficult to know (1) whether you are donating...more

SALT Alert: MTC Announces Online Retailer Voluntary Disclosure Program with No Tax Payment Required

by Williams Mullen on

Normally, voluntary disclosure programs require payment of tax, and perhaps interest and penalties, during a specified lookback period. On September 1, the Multistate Tax Commission (“MTC”) announced a limited-time voluntary...more

New Extra-Territorial UK Corporate Criminal Offence of Failing to Prevent Tax Evasion

by Goodwin on

A new corporate criminal offence of failing to prevent the facilitation of tax evasion takes effect on 30 September 2017. Corporates in both the UK and abroad will incur strict liability if their employees or other associated...more

Staying Out of Trouble: How to Avoid IRS and DOL Audits

by McDermott Will & Emery on

The Internal Revenue Service (IRS) and the Department of Labor (DOL) conduct different types of benefit plan audits, such as retirement plans and health and welfare plans, and for various reasons. In a presentation, Jeffrey...more

More Hurricane Relief & Expansion of DoL Relief to Hurricane Irma

by Winstead PC on

Leave donation program was extended to assist victims of Hurricanes Irma today. The new leave donation program permits an employee to donate his leave to a charitable organization that is eligible to receive charitable...more

Filing Season Reminder: Department Guidance Regarding Massachusetts Partnership and C Corporation Tax Return Filing Due Dates

by Reed Smith on

Effective for tax years beginning after December 31, 2015, the due date for filing federal tax returns for C corporations and partnerships were revised. See Public Law 114-41, the “Surface Transportation and Veterans...more

No Gifts in Proposed Partnership Audit Regulations

by Pepper Hamilton LLP on

New partnership audit and collection regime rules will soon go into effect, defining who can elect out and enabling the Internal Revenue Service to assess taxes directly against the partnerships it audits. Originally...more

IRS Challenges Ahead For Insurance Producers?

by Tonkon Torp LLP on

A 2017 Tax Court decision, Fleischer v. Commissioner, may call into question a tax planning strategy commonly used by commissioned brokers and salespersons in many industries. This Alert looks at the impact of the decision on...more

BNA Reports That Tax-Zapping Software Costs States $21 Billion In Taxes Annually

by Fox Rothschild LLP on

BNA’s Michael J. Bologna and Paul Shukovsky have written a comprehensive article about a pervasive problem facing state tax auditors: the use by restaurants and other cash-intensive businesses of electronic revenue...more

No Slam Dunk: Filings of New York Sales Tax Class Actions Continue Despite Dunkin' Decision

by Jones Day on

In May 2017, the Second Circuit rejected an attempted class action lawsuit that sought to hold a retailer liable for allegedly overcharging sales tax. In Estler v. Dunkin' Brands, Inc., the court upheld summary judgment in...more

Up, up and away: BC Court of Appeal dismisses unjust enrichment class action against international airlines

by DLA Piper on

On September 12, 2017, Mr. Justice Groberman, writing for the BC Court of Appeal, upheld the decision of the BC Supreme Court in Unlu v Air Canada, 2015 BCSC 1453 (“Unlu”), refusing to certify as class proceedings five...more

Desperate for Offsetting Tax Revenue, Trump looks to Tax your 401(k) and Remove your deduction for Mortgage Interest

by Bowditch & Dewey on

Desperate for an accomplishment in this first year of Republican control of the federal government, the Trump administration is floating two ideas that seem on their faces to be non-starters. One, taxing 401(k) contributions...more

19,044 Results
|
View per page
Page: of 762
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.