News & Analysis as of September 25, 2024

Income Taxes › Tax Loopholes

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on 10/5/2023

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

Cryptocurrency Wash-Sale Loss Harvesting

Bowditch & Dewey on 6/14/2023

The IRS wash-sale rule does not currently apply to cryptocurrency because the IRS considers virtual currencies to be property rather than securities. In general, a taxpayer who exchanges cryptocurrency for goods, services or...more

UK Tax Round Up - September 2022

Proskauer Rose LLP on 9/30/2022

Welcome to September’s edition of the UK Tax Round Up. In addition to the headline-grabbing 2022 Growth Plan announced by the UK Chancellor, there have been a number of interesting cases this month including the First-tier...more

Large Corporations and Wealthy Taxpayers Beware: The Taxman is Coming

Holland & Knight LLP on 5/7/2021

Internal Revenue Service (IRS) Commissioner Chuck Rettig on April 13, 2021, told a U.S. Senate panel that the tax gap in the U.S. may total $1 trillion per year. In his view, the increase from prior estimates is due, in part,...more

MoFo New York Tax Insights - Volume 8, Issue 2

Morrison & Foerster LLP on 2/3/2017

Governor Cuomo Releases 2017-18 New York State Executive Budget - New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget, containing an assortment of potentially important tax proposals,...more

The Eye of the Beholder

Moore & Van Allen PLLC on 9/17/2014

“A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform.” – former U.S. Senator Russell B. Long (D – Louisiana). “The precise point at which a tax deduction becomes a ‘loophole’...more

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