Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Hot Topics in Employer Health Benefits

As we start looking forward to 2017, and as many employers head into annual enrollment periods this fall, employers need to be aware of recent changes in the law that have a significant impact on health benefit plans. This...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Court Holds that Predictive Coding Does Not Change Discovery Standard (Federal Circuit)

Dynamo Holdings Ltd. P’ship v. Comm’r of Internal Revenue, No. 2685-11, 8393-12, 2016 WL 4204067 (T.C. July 13, 2016) - In this tax case, the respondent sought a motion to compel the petitioners to provide documents...more

Exclusion for Qualified Small Business Stock

The Protecting Americans from Tax Hikes Act, passed in December 2015, extended an often overlooked provision of the tax code with the potential to provide significant savings to small business owners and non-corporate...more

Global Tax News: Brazil amends lists of tax havens and tax privileged regimes, clarifies "substantial economic activity"

Earlier this month, Brazil’s Federal Revenue (RFB) released Normative Instruction RFB No. 1,658, which amended Normative Instruction RFB No. 1,037/2010 to...more

Global Tax News: Hard times in the oil patch: tax implications for investors in the era of price fluctuations

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having a great many unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas...more

Brexit: An Opportunity to Readjust UK Tax Policy?

The U.K. government mantra has for a number of years been: "Britain is open for business." This has been reflected in a number of areas relevant to U.K. domestic and foreign tax policy, including in a gradual reduction of the...more

How Can Employees Help Victims of Louisiana’s August 2016 Storms. . .Through an Employer Leave Donation Program or Leave Sharing...

Leave Donation - In mid-September, the IRS announced income tax relief for individuals who donate through their employers to aid victims of the Louisiana storms that began on August 11, 2016. See IRS Notice 2016-55...more

Three Restatements Conclude with SEC Enforcement Action

Following a restatement of its financial statements, many firms are investigated by the SEC and later named in an enforcement action. For Weatherford International PLC, three was the charm – following its third restatement in...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

While overall there is little activity in the General Assembly, the House Revenue Committee is meeting today for a hearing on an interesting piece of property tax legislation. The hearing is on HB4363, which would create the...more

N.C. Court of Appeals: Absent Notice to the Federal Government, Foreclosure for Unpaid Local Taxes Won't Extinguish Federal Tax...

North Carolina is a "pure race" state, for real estate title purposes. That is, “first to record an interest in land holds an interest superior to all other purchases for value, regardless of actual or constructive notice as...more

Third Circuit Deals Blow to Jersey City Ordinance Requiring PLAs on Privately Funded Projects in Exchange for Tax Abatements

Jersey City’s Municipal Code offers real estate developers generous tax exemptions that are designed to spur the City’s economic growth, but the tax incentives have strings attached. Specifically, to receive a tax exemption,...more

Proposed regulations will significantly impact the valuation of interests in many family-controlled entities

New rules have been proposed by the Internal Revenue Service (IRS) which would regulate the valuation of transfers of business interests between family members. Based upon recent interpretation, it appears that the IRS is...more

Out-of-State Taxpayers Can Reduce Pennsylvania Franchise Tax Under Wynne; Conduct Manufacturing? Your Franchise Tax Should Be Zero...

The Pennsylvania franchise tax has finally expired: 2015 is the last year that taxpayers are required to report and pay it. Because the tax rate has decreased over time, it can be little more than a nuisance for many...more

Proposed IRS Regulations Could End Most Valuation Discounts for Family Entities

On August 2, 2016, the Treasury Department issued proposed regulations under Section 2704 of the Internal Revenue Code. The proposed regulations, if adopted in their current form, essentially will eliminate all minority...more

Where Do Our Presidential Candidates Stand on Estate Tax?

Both presidential candidates have proposed changes to the estate tax regime. Coming as a surprise to nobody, the proposals are quite different....more

Heat Rises on Indicted Former Tax Court Judge Diane Kroupa as Husband-Codefendant Pleads Guilty

On September 23, 2016, Robert Fackler, the husband and now co-defendant of former Tax Court Judge Diane Kroupa, pleaded guilty to corruptly impeding the IRS, a felony that carries a maximum three-year prison sentence. It is...more

Hillary Clinton Advises of Changes She Would Make to the Estate Tax Rate

And its not downward – surprise! Last week, Hillary advised that she would like to move the highest estate tax rate from its current 40% to 65%. ...more

Jointly-Owned Property: Not Always the Right Plan

For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can...more

Final Regulations Define “Real Property” for REITs: Considerations for Renewable Energy and Transmission Assets

The recently released final regulations are generally consistent with the 2014 proposed regulations in their treatment of renewable energy and transmission assets, with several useful clarifications provided. ...more

Newsletter TAX – Transfer Pricing Ecuador

The Internal Revenue Service in Ecuador (hereinafter, “SRI” for its acronym in Spanish) established  regulations in regards to indirect expenses in order to apply a deductibility threshold for these expenses when calculating...more

Can Employees Commute Tax-Free on Uber or Lyft?

Uber, Lyft, and their competitors, offering handy apps, responsive drivers and competitive prices, are fast becoming a favored commuter option. Many employers either subsidize employee commuter expenses or allow employees to...more

Indiana Tax Court declines to bring hammer down on Taxpayer who failed to timely respond to Request for Admissions in Income Tax...

On September 23, 2016, an Indiana taxpayer escaped dismissal of its income tax appeal when the Tax Court allowed it to withdraw harmful deemed admissions. Thor Industries challenged the 2008 to 2010 adjusted gross income tax...more

How to Respond When ACA Electronic Reporting Triggers Notification of an Incorrect TIN

The Affordable Care Act’s (ACA) electronic reporting requirements for larger companies may inadvertently notify employers of employees using incorrect Social Security numbers. The ACA requires certain large employers with 50...more

Proposed Regulations Under IRC Section 2704 Seek to Eliminate Discounts on Transfers of Family Business Interests

On Aug. 2, 2016, the Treasury Department and the Internal Revenue Service released proposed regulations under Internal Revenue Code (Code) section 2704 (the “Proposed Regulations”). The Proposed Regulations, if finalized in...more

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