News & Analysis as of

Business Taxes Income Taxes

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

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

Trump’s Tax Reform Plan – When the Dessert Pays for Dinner

by Alston & Bird on

Doubling down on his promise to achieve monumental tax reform, President Trump on April 26 issued a tax reform plan outlining his Administration’s broad aims. Once again, he has made it clear that large-scale tax reform is a...more

Federal Tax Reform Legislation in 2017: Comments by Attorney Morris N. Robinson

Attorney Morris N. Robinson, the Managing Director of M. Robinson Tax Law in Boston, recently published an op-ed titled: Viewpoint: A 15 percent tax rate on business would maximize economic growth....more

2017 Pennsylvania Tax Amnesty Program

Pennsylvania’s 2017 tax amnesty program (“Amnesty Program”) is currently underway. Through June 19, 2017, qualifying taxpayers who satisfy their delinquent tax liabilities will receive abatement of all penalties and one-half...more

China's SAT launches enterprise income tax compliance risk notification system

by DLA Piper on

China's State Administration of Taxation (SAT) has announced the launch of an Enterprise Income Tax (EIT) compliance risk notification system by releasing The Public Notice on Matters Relating to Enterprise Income Tax...more

President Trump’s Tax Proposal

by Fraser Trebilcock on

President Trump recently released his tax reform plan. The proposal aims to drastically cut corporate and individual taxes. The goal is to create economic growth and American jobs, to lower the business tax rate to one of the...more

Trump Administration Releases One-Page Tax Plan

by Morrison & Foerster LLP on

On April 26, 2017, amidst much anticipation, the Trump administration released its tax plan, entitled “2017 Tax Reform for Economic Growth and American Jobs” (the “Plan”). The Plan was presented at a press conference by...more

President Trump’s Tax Plan

by Butler Snow LLP on

In rounding out his first 100 days in office, President Trump released an overview of his proposed tax plan. The one page bullet point plan consists of general taxpayer relief for individuals in the form of a simplified tax...more

White House Announces Tax Reform Proposals

by Roetzel & Andress on

On April 26, 2017, the White House distributed a one-page outline of its tax reform proposals entitled “2017 Tax Reform for Economic Growth and American Jobs” (Outline). The reforms in the Outline are set forth in general...more

The Path to Tax Reform 2017: The Intersection of President Trump's Plan and the House Blueprint

by BakerHostetler on

With a Republican President and GOP majorities in both chambers of Congress, there is a likelihood that Washington may pass comprehensive tax reform in 2017. The President has identified tax reform as one of his top three...more

Hodgson Russ LLP’s Report on the 2017-18 New York State Budget

by Hodgson Russ LLP on

On April 10th, the New York State budget for 2017-18 was signed into law. The highlights of the revenue provisions are summarized below....more

Two Important New International Tax Filings

by Charles (Chuck) Rubin on

While not the only international reporting changes that are occurring, there are two significant ones that apply for the current filing season for 2016 returns. First is the FBAR, which reports interests in foreign...more

An Overview Of The NYC Business Tax Environment

by Farrell Fritz, P.C. on

“If I can make it there, I’ll make it anywhere.” So begins one of the most iconic of musical tributes to New York City. It is sung at every Yankees game. It sums up the feelings of thousands of aspiring artists. As it turns,...more

2017 Federal Budget – Selected Tax Measures

On March 22, 2017 the Minister of Finance introduced Canada’s 2017 Federal Budget (2017 Budget). Despite persistent rumours, no change was proposed to the capital gains inclusion rate. The 2017 Budget does include a mix of...more

New Tax Filing Deadlines Affect Unsuspecting LLCs and Partnerships For 2017

Several tax bills passed by Congress late in 2015 changed the deadlines for filing federal income tax returns for partnerships and most limited liability companies, which are treated as partnerships for tax purposes. Other...more

Stay out of TROUBLE: Make sure your CPA is asking you the right QUESTIONS regarding Foreign Accounts!

by Foodman CPAs & Advisors on

US International tax is complicated. It often overwhelms US Taxpayers. That is why an international tax specialist CPA is the best choice for the work. Nonetheless, many Taxpayers seek the help of tax return preparers...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

N.Y.’s 2018 Budget Proposal: Tax Proposals To Watch

by Farrell Fritz, P.C. on

Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners....more

Tax Reform in 2017? What is in Store for U.S. Businesses

by Snell & Wilmer on

With Republicans in control of the White House and Congress, one of the top priorities is tax reform. President Trump’s tax reform proposal and the House Republicans’ tax reform “Blueprint” suggest many changes to business...more

Tax Planning in Uncertain Times

by McNair Law Firm, P.A. on

There is a long list of reforms that the Trump administration intends to tackle and one of the items on the list is tax reform. Although there are multiple proposals by various players and significant variations among the...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

Ryan Says Tax Reform Coming, But Later This Year

On Friday, House Speaker Ryan stated publicly that tax reform legislation will be included in one of two must pass budget resolutions this year, but it will be included in the fiscal 2018 budget resolution rather than in the...more

Change is Coming: A Look at Trump and Republican Tax Proposals

by Barley Snyder on

Tax reform is coming, and you better be ready. Regardless of how you voted in November, the United States will have a new president Friday and the Republican Party will be in control of both houses of Congress....more

For What Does It Profit A Man To Save His Partnership Yet Forfeit His Ability To Pay His Taxes?

by Farrell Fritz, P.C. on

According to statistical data released by the IRS earlier this year, the examination rate for partnership tax returns has been increasing significantly over the last couple of years; of course, this includes returns filed by...more

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