Tax Updates

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

Various components of the tax reform proposals that have been put forth by the Congress as well as the President could have significant impacts on REITs. In 2016, the Republican leadership and Republicans on the House...more

Mnuchin: Tax Overhaul by August

Treasury Secretary Mnuchin stated that his goal is to have an overhaul of the Internal Revenue Code by August. He recognized that this is an aggressive time table, and that reform may slip to later in the year....more

¿Qué Significa la Entrada en Vigor del Acuerdo de Facilitación del Comercio de la OMC?

El Acuerdo sobre Facilitación del Comercio (AFC) entró oficialmente en vigor el 22 de febrero de 2017, después de alcanzar el umbral de 110 miembros de la Organización Mundial del Comercio (OMC), o dos tercios de su...more

Practice Pointers: Anticipating and Addressing SEC Comments on Non-GAAP Financial Measures - February 2017

The use of non-GAAP financial measures by public companies continues to be an area of growing concern for the Securities and Exchange Commission (“SEC”). Since the staff of the SEC’s Division of Corporation Finance (the...more

WTO's Trade Facilitation Agreement Enters into Force and What It Means

The Trade Facilitation Agreement (TFA) officially went into effect Feb. 22, 2017, after reaching the World Trade Organization (WTO) members' ratification threshold of 110, or two-thirds of the WTO membership. The TFA is now...more

White House: Tax Reform Coming in March

The White House announced that President Trump’s tax reform plan will be coming soon (around March 13th)....more

Potential Repeal of the ‘Death’ Tax

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

Just When We Thought Measure 97 Was Dead—It May Be Back!

As I reported previously, Oregon Measure 97 was overwhelmingly defeated by voters in the state’s general election this past November. It certainly appeared that the voters spoke loudly and clearly on November 8, 2016, when...more

EO Update: e-News for Charities & Nonprofits

IRS makes approved Form 1023-EZ data available online - The IRS announced today that publicly available information from approved applications for tax-exemption using Form 1023-EZ, Streamlined Application for...more

Estate Tax Reform Predicted for 2017

A key goal for those of us who practice with Ward and Smith is to inform our clients and future clients of potential developments that may impact them.  With respect to Trust and Estate Law, the potential for repeal of the...more

BEPS – are you affected?

Over 100 countries and jurisdictions are collaborating through the OECD to implement measures to tackle base erosion and profit shifting (BEPS). The OECD have set out 15 actions points that aim to equip governments with the...more

Senegal's new Mining Code

In October 2016, the Senegalese Parliament passed a new Mining Code (the New Mining Code), which affects the way mining permits are processed, places additional social and environmental obligations on mine operators and...more

Supreme Court of California Set to Decide Documentary Transfer Tax Case

The Supreme Court of California is slated to review a 2014 decision by the California Court of Appeal for the Second District, which held in 926 North Ardmore Avenue, LLC v. County of Los Angeles that a change in ownership of...more

Why an Employer Should Sponsor A 401(k) Plan

As an employer, a big reason for setting up a retirement plan is because it’s an employee benefit and it can be used to recruit and retain top-level employees. Unlike health insurance, the costs of running a retirement plan...more

Trump Wants to “Tweak” NAFTA

After meeting with Prime Minister Justin Trudeau in early February, President Trump said he plans to “tweak” the North American Free Trade Agreement (NAFTA) with Canada. Before this announcement, it was unclear whether the...more

Philadelphia Beverage Tax - First Payment Was Due February 20, 2017

The Philadelphia Beverage Tax – or the so-called "Soda Tax" - took effect on January 1, 2017. As a result, the City of Philadelphia now imposes a 1.5 cents per ounce tax on the supply of "sweetened beverages." The tax has...more

Who Will Bear the Brunt of a NAFTA Renegotiation?

President Trump's plans to renegotiate the North American Free Trade Agreement (NAFTA) give rise to a number of questions about the future of trade between the United States, Mexico and Canada. While such a move might...more

Distressed M&A faces new tax challenge - German supreme tax court judged tax relief for recapitalization gain illegal

The German Tax Authorities' common instrument to grant relief from an taxable recapitalization gain - the Recapitalization Decree (Sanierungserlass) - violates constitutional rights according to a recent decision of the...more

Estate Plan Taxes | Estate Planning Attorney

What Does a Trump Presidential Victory Mean to My Estate Plan and Estate Taxes? Regardless whether you lean towards the political left or right, the results of the 2016 Presidential and Congressional elections will...more

Budget 2017

The 2017 Budget was presented by Minister Pravin Gordhan before Parliament on 22 February 2017. The 2017 tax proposals are projected to raise ZAR28 billion, and increase the tax burden from 26% of GDP in 2016/17 to 26.7%...more

Property Tax Exemption Application Deadline Approaches

March 1st is the deadline for filing all property tax exemption applications in the state of Florida. No matter in which of the 67 Florida counties you own property, please be certain that any property tax exemptions you may...more

LB&I to Closely Scrutinize Basket Transactions

The Large Business and International (LB&I) Division of the Internal Revenue Service (IRS) announced its first 13 issue-based campaigns on January 31, 2017. As discussed in a prior Eversheds Sutherland Legal Alert, these...more

Client Alert: Captive Insurance on 2017 IRS “Dirty Dozen” Listing

For the third consecutive year, “abusive micro-captives” make an appearance on the IRS’ annual “Dirty Dozen” list of tax scams in 2017. Last year’s information release on abusive tax shelters, found in IR-2016-025, included...more

Changing Your “Home” For State Tax Purposes – Not So Easy

It’s February, the middle of winter, and many of us are longing for warmer weather. Some with second homes in Florida or Arizona and the like start thinking about changing their primary residence for state income and estate...more

Tax Court Puts Brakes on Recent Trend Limiting Religious/Non-Profit Exemptions

In a recent tax court case, Holy Trinity Baptist Church v. City of Trenton (Docket No. 015909-2014, February 2, 2017), the court overturned the findings of the County Board of Taxation and upheld the tax exemption for...more

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