Federal Taxes

News & Analysis as of

Sustainable Development Update - July 2016 #2

Sustainable Development Focus - Money flows into batteries for buildings, power grid - Fortune - Jul 11 - Over the past half decade, the solar market has boomed thanks to falling solar panel prices. Now the...more

South Carolina Legislative Tax Update: Governor Signs Bill Amending South Carolina Tax Law to Conform With the Internal Revenue...

Differences in federal and state tax laws can cause taxpayer headaches, and often lead to incorrect state tax filings. While South Carolina’s tax code continues to treat certain items differently than the Internal Revenue...more

Taxing LLC Options (It’s Complicated)

Options, warrants, convertible equity and convertible debt are all familiar tools of corporate finance. Taxing LLC Options covers the federal income taxation of non-compensatory options (NCOs) issued by partnerships and LLCs...more

A Short Summary of Qualified Small Business Stock Tax Benefits and Requirements

Many startups, investors, clients and friends have recently asked about the tax benefits associated with having stock qualify as qualified small business stock (QSBS). This is an important issue that investors, founders and...more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

President Obama’s Administration Continues Its Quest to Limit the Ability to Defer Income Under IRC § 1031

As reported in my November 2014 blog post, President Obama’s administration wants to limit taxpayers’ ability to defer income under IRC § 1031. In response to former House Ways and Means Committee Chairman David Camp’s...more

[Event] Spring 2016 Tax Forum - May 12th, 8:00 am, Richmond, VA

Please join us for the Spring Tax Forum to be held at the Williams Mullen Center on Thursday, May 12, 2016. Topics Include: Contributions of Property to a Partnership: An Analysis of Section 704(c) Methods Part II:...more

Five Things Tribal Leaders Can Do in 2016 to Reduce Taxes on Tribal Members

Contrary to popular misconception, individual members of Indian tribes do pay federal income taxes on their income, including on most of the income derived from Indian tribal or reservation sources. Some also pay state income...more

Congress Passes Passport Revocation Bill Aimed At Large Tax Debtors

On December 4, 2015, the President signed into law HR 22, which requires the IRS to notify the State Department of any U.S. citizen who owes more than $50,000 in federal taxes. The State Department is then directed to revoke...more

What About New York State’s Federal Tax Audits?

A noteworthy determination was issued earlier this month by one of the Division of Tax Appeals’ administrative law judges. Judge Bennett found in Matter of Chery that the Division of Taxation improperly denied the petitioning...more

Tax Code Amendments Facilitate Foreign Investment in REITs and U.S. Commercial Properties; Increase FIRPTA Withholding Tax Rate

On December 18, 2015, the United States Congress enacted the Protecting Americans from Tax Hikes Act of 2015 (the Act). Among other things, the Act permanently extends many “popular” tax provisions (e.g., the research and...more

New Legislation Makes Sweeping Changes Impacting All Partnerships

All partnerships will be audited at the entity level unless they have 100 or fewer partners AND no partnerships as direct partners. The two-year budget plan passed by Congress on October 30, 2015, and expected to be...more

UK 2015 Summer Finance Bill Update: Proposed Taxation Changes for Carried Interest and DIMF

Further to our client alert in July this year, the UK Government recently proposed further changes to the UK taxation of carried interest and disguised investment management fees (DIMF). The UK Government proposed...more

IRS Issues Proposed Regulations to Accommodate Obergefell

On October 21, 2015, the IRS issued proposed regulations to clarify the treatment of same-sex spouses for federal tax purposes. By way of background, in 2013, the United States Supreme Court held in United States v. Windsor...more

Immigration and Taxation: Tools for Navigating Through Alien Territory

A client recently asked if a foreign national employee was subject to federal withholding taxes. Naturally, since the question involved the U.S. tax code the answer, like the code, is complicated. Fortunately, the IRS has...more

How Do an Estate's Debts Get Paid?

An executor is the person responsible for managing the administration of a deceased person's estate. One of the executor's main jobs is to pay people or institutions to whom the estate owes money -- the estate's creditors....more

ALJ Determines Taxpayer Settlement With the Internal Revenue Service Does Not Need to Be Reported to New York State

Taxpayers tend to face a difficult road when litigating tax disputes. We recently wrote about that here. It can be even more challenging, and costly, for taxpayers when they have to deal with more than one taxing authority on...more

Tax Law Blog: National Society of Accountants Proposes a Tax Practitioners Bill of Rights

With the approach of our nation’s independence day, we are reminded of the values on which our country was founded: basic freedoms provided to all under the first ten amendments of the Constitution. Life, liberty, and the...more

Innocent Spouse Relief and Recent Guidance

Generally, when you and your spouse file joint income tax returns, the law makes both you and your spouse responsible for the entire tax liability. This is called joint and several liability. Both spouses remain 100 percent...more

Don't be Fooled by the Name... The Small BREW Act Could Have a Big Impact on Craft Breweries

The Small Brewer Reinvestment and Expanding Workforce Act, known as the "Small BREW Act", is bipartisan legislation introduced to Congress in early 2015. The overall goal of the Small BREW Act is to revamp the federal excise...more

Coming to America (for Business) - Using the L1 Visa as an Alternative to EB 5

Overview - As a long term veteran of the financial services industry, I have learned that in many cases, people do not “buy” a product or service but instead are “sold”” the product or service that the advisor is...more

As Expatriations Increase, Potential Relief for “Accidental” U.S. Citizens

According to Treasury reports, 3,417 U.S. citizens relinquished their U.S. citizenship in 2014, which is more than the number of expatriations reported in prior years. As required by law, the Treasury publishes a quarterly...more

Obama Budget Proposal Would Provide Relief for Certain Accidental Dual Citizens

A provision contained in the Treasury’s green book explaining President Obama’s 2016 budget proposals may provide U.S. tax and reporting relief for certain dual citizens. An individual can become a U.S. citizen at birth...more

Morrison & Foerster Quarterly News Tax Talk - Volume 7, No.4 January 2015

In This Issue: - Congress Passes Year-End Tax Extenders Bill - House Adopts New “Dynamic Scoring” Rule - Foreign Fund Engaged in Lending and Stock Distribution Not Protected by “Trading in Stock or Securities”...more

Tax Alert: Three Critical Letters from the IRS - Why not to ignore them, what they mean and how to respond

All correspondence from the Internal Revenue Service should be taken seriously; however, some letters and notices have more legal consequences than others....more

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