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

IRS Proposes Update and Streamlining of Public Approval Under TEFRA

by Miles & Stockbridge P.C. on

The Internal Revenue Service (the “IRS”) and The U.S. Department of the Treasury (the “Treasury”) proposed regulations on September 28, 2017 to update and streamline the public approval requirement applicable to tax-exempt...more

New Partnership Audit Rules – Plan Ahead Before the Tax Bill Arrives

by Carlton Fields on

A new set of rules for partnership audits (New Audit Rules), which generally take effect January 2018, fundamentally alter the manner in which the Internal Revenue Service (IRS) will conduct audits of partnerships,...more

Criminal Finances Act 2017 – New Criminal Offence Requires Preventive Procedures

by McDermott Will & Emery on

The UK Criminal Finances Act 2017 recently introduced a new corporate offence of failure to prevent the facilitation of tax evasion. Under the new law, a corporate body or partnership may be criminally liable if it fails...more

The Truth And Myth Over The 401(k) Investment Policy Statement

by Ary Rosenbaum on

When you go to kitchenware, you see so many different types of kitchen tools that you didn’t know existed. They sell pasta forks and cherry pitters and item you don’t really need, but you have to have. When you’re a 401(k)...more

IRS Ruling Provides Helpful Guidance on Normalization Proration Rules 

On September 29, 2017, the IRS issued a private letter ruling (PLR 201739001) providing helpful guidance on the application of normalization proration rules for the calculation of accumulated deferred federal income taxes...more

Section 2704 Regulations to be Withdrawn

by Williams Mullen on

On August 2, 2016, the Treasury Department issued proposed regulations under Internal Revenue Code Section 2704. The proposed regulations, through a web of dense rules and definitions, would have narrowed longstanding...more

FERC Holds Certain Passive Equity Interests in Public Utilities Are “Non-Voting Securities” for Purposes of Section 203 of the...

On October 4, 2017, in a decision with significant implications for the energy project finance community, the Federal Energy Regulatory Commission (FERC or the “Commission”) granted a petition for declaratory order filed by...more

How And Why Plan Providers Should Help Increase 401(k) Plan Assets

by Ary Rosenbaum on

Many years ago, I was an ERISA attorney working for a “producing” third party administrator (TPA) that was very successful because of its in-house registered investment advisory firm advising a good portion of the 401(k)...more

Retirement Plan Features Going The Way Of Bell Bottoms and Betamax

by Ary Rosenbaum on

The retirement plan business is like pieces of technology; there are features and concepts out there that are going the way of bell bottoms and Betamax. As a retirement plan sponsor, you need to be up to date with the changes...more

Investor-Friendly Tax Treaty Set for Mexico and Spain

by Jones Day on

The Situation: A Tax Treaty developed to avoid double taxation, negotiated between Mexico and Spain in late 2015, was just recently published in the official gazettes of both nations. The new protocols are effective September...more

Hong Kong releases Consultation Report on Measures to Counter Base Erosion and Profit Shifting: key topics

by DLA Piper on

The Hong Kong government, represented by the Financial Services and the Treasury Bureau (FSTB) and the Inland Revenue Department (IRD), has released its Consultation Report on Measures to Counter Base Erosion and Profit...more

The New Partnership Audit Rules Are Here: Are You Ready? - Construction and Procurement Law News, Q3 2017

The January 1, 2018 effective date of the new federal partnership audit rules is almost here, and we encourage all entities taxed as partnerships to consider addressing the issues posed by these new rules as soon as possible....more

Good Housekeeping Tips Every 401(k) Plan Sponsor Should Follow

by Ary Rosenbaum on

Good housekeeping isn’t just about keeping your house clean, it’s about keeping everything in order. When it comes to being a 401(k) plan sponsor, good housekeeping isn’t about dusting and putting baking soda in the...more

UK Tax Round Up - September 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Finance (No 2) Bill 2017 - The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from...more

IRS Issues Proposed Guidance on the Definition of Registered Form

by Dentons on

On September 15, 2017, the Internal Revenue Service (IRS) issued proposed regulations (REG-125374-16) amending the definition of obligations that are in registered form to take into account current market practices and...more

IRS and DOL issue retirement plan relief for hurricane victims

by Dentons on

The Internal Revenue Service (IRS) has provided welcome relief to individuals affected by Hurricanes Harvey and Irma. The relief permits plan sponsors to temporarily relax restrictions on hardship withdrawals, participant...more

What They Don’t Know As A 401(k) Sponsor May Hurt Them

by Ary Rosenbaum on

When I worked at a semi-prestigious law firm, one of the named partners (whose son is a Congressman who was kind enough to offer me a cannoli at a Knicks-Clippers game a few years ago) asked me what my practice was. I told...more

It’s the Taxes, Stupid

by Dechert LLP on

In this commentary we have talked about a lot of challenges facing commercial real estate finance and other capital market activities over the years. With more or less “pants on fire” anxiety, we’ve talked about Dodd-Frank’s...more

New guidance to register as “privileged” domestic or foreign investment fund under German investment taxation law

by Dechert LLP on

Pursuant to the new German investment tax act (GITA) that will take effect of 1 January 2018, domestic and foreign resident investment funds may become subject to German corporate income tax with various German source income...more

Focusing Just On Fees Can Make 401(k) Plan Sponsors Neglect Other Problems

by Ary Rosenbaum on

Thanks to regulations requiring fee disclosure, media coverage, and a lot of litigation, 401(k) fees are still a huge topic for plan sponsors. Retirement plan providers talk about fees all the time because it’s a huge...more

Hurricane Harvey and Tropical Storm Harvey: What Kind of Relief May Employers Offer to Affected Employees? What About Hurricane...

by Epstein Becker & Green on

Employers with employees and operations impacted by Hurricane and Tropical Storm Harvey are asking what type of compensation, employee benefits, and tax relief may be available to them and their affected employees. There are...more

Funds Talk: September 2017 - Tax Court Declines to Follow Rev. Rul. 91-32

In a recent decision, Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, the U.S. Tax Court declined to follow Revenue Ruling 91-32, and held that gain on the sale of an interest in an operating...more

Avoid Mistakes Other Plan Providers Make

by Ary Rosenbaum on

Being a retirement plan provider is tough. I know because as an ERISA attorney, I am one and I play on TV. There are many mistakes to be made as a retirement plan provider, so the point is to try to avoid as many mistakes as...more

Day 21 of One Month to More Effective Continuous Improvement-Code of Conduct

by Thomas Fox on

Continuous improvement also requires you to consider the backbone of your compliance program, your written Code of Conduct, policies and procedures. Under Prong 9, in the Department of Justice’s Evaluation of Corporate...more

Part Cash, Part Stock, 100% Taxable – New IRS Guidance on RIC and REIT Distributions

by Dechert LLP on

The U.S. Internal Revenue Service (“IRS”), on August 11, 2017, issued Revenue Procedure 2017-45 (the “New Revenue Procedure”).1 Pursuant to the New Revenue Procedure, the IRS will treat part cash and part stock distributions...more

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