News & Analysis as of

Tax Benefits

Senate Releases Repeal and Replace Legislation on ACA: The Better Care Reconciliation Act of 2017

by Foley & Lardner LLP on

After weeks of secrecy, the Senate has released a discussion draft of legislation that is the counterpart of the American Health Care Act (AHCA) previously passed by the House. The Senate legislation, entitled the Better Care...more

Conservation Easement Opportunities: Protecting Natural Resources While Receiving Tax Savings

by Ward and Smith, P.A. on

Conservation easements may be a great example of "doing well by doing good." They help conserve fish and wildlife, clean water, natural habitats, historic properties, farmland, and timberland. They also provide other public...more

Sustainable Development Update - May 2017 #2

by Allen Matkins on

Sustainable Development Focus - How green infrastructure manages stormwater, enhances property values - Urban Land - May 3 - The growing involvement of the real estate industry in helping municipalities manage...more

LLC Membership Interest Purchase Treated As Asset Purchase

by Dickinson Wright on

A buyer of a business often will prefer to purchase assets rather than equity interests in order to, among other things, obtain a step-up in the tax basis of the assets of the business equal to its purchase price. The buyer...more

"Recent Court of Appeals Decision Provides Hope for Taxpayers Fighting for Congressionally Sanctioned Tax Benefits"

For the second time in just over a year, the U.S. Court of Appeals for the Sixth Circuit reversed the United States Tax Court and affirmed the right of a taxpayer to structure its affairs in a manner that takes into account...more

State + Local Tax Insights - Winter 2017

by Morrison & Foerster LLP on

A Year in Review: Client Victories Abound - The past year will be remembered as exciting for many tax, as well as non-tax, reasons. From the tax standpoint, we are happy to report that our clients had many victories. ...more

Proposed Bayer-Monsanto merger presents a charitable planning opportunity

by Thompson Coburn LLP on

The announcement of the Bayer-Monsanto transaction gives shareholders a great opportunity to think about taxes and charitable planning options. Shareholders have seen a $10-$15/share bump since May, and the current...more

The UK has voted to leave the EU: What now?

by Latham & Watkins LLP on

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

M&A Update: Treasury Announces Second Anti-Inversion Notice

On November 19, 2015, Treasury issued Notice 2015-79 (the “Notice”), which announces Treasury’s intent to issue regulations reducing the tax benefits available to inverted groups and making it more difficult for some U.S....more

Angola's New Private Investment Law

by King & Spalding on

On 11 August 2015, Angola's New Private Investment Law ("NPIL") came into force on its publication in Angola's Gazette, repealing the previous 2011 law. Like its predecessor, the NPIL sets out the rules applicable to...more

Possible Regulatory Changes Could Reduce Tax Benefits of Transfers of Interests in Family-Owned Entities

by Ballard Spahr LLP on

Historically, the Internal Revenue Service has closely scrutinized transfers between family members of interests in family-owned entities. Among other actions, the Service has sought to curtail the use of discounts to...more

Tax Law Blog: Health Savings Accounts: Beneficiaries and Taxes

by Davis Brown Law Firm on

As high deductible health insurance plans become more prevalent, so do health savings accounts (HSAs). While most participants are aware of the tax implications of an HSA during life (contributions are deductible from gross...more

Should You Abandon An Underperforming Partnership?

Good news for taxpayers who have, or who are considering, abandoning an interest in an underperforming partnership. Earlier this week the Fifth Circuit overturned the Tax Court’s 2013 decision in Pilgrim’s Pride, clearing...more

Abandonment Losses Back on the Table!

Several years ago, many taxpayers faced with underwater partnerships would abandon their partnership interests, thereby triggering an ordinary loss. This ordinary loss was often preferred over the capital loss that would be...more

Obama Releases Tax Proposals for 2015

by Hodgson Russ LLP on

The proposed U.S. tax changes highlighted in President Obama’s State of the Union address on January 20 fall far short of the broad U.S. federal tax reform that members of Congress believe is needed for fundamental fairness...more

New Treasury Regulations Target Corporate Inversions

Last week, the Internal Revenue Service and Treasury Department announced a number of new regulations intended to make it more difficult to qualify for tax advantages associated with inversion transactions and reduce certain...more

Treasury Announces Inversion Regulations; Reach Extends to Other Cross-Border M&A

by Latham & Watkins LLP on

New guidance seeks to curb the incidence of inversions and reduce the associated tax benefits, but also extends beyond inversions. On September 22, 2014, the US Department of the Treasury (Treasury) and the Internal...more

Treasury Takes Action Against Corporate Inversions

by Goulston & Storrs PC on

Earlier this week, the Treasury Department and the IRS announced that they would issue regulations that substantially limit the U.S. tax benefits of corporate inversions (and certain post-inversion transactions)....more

Summary of IC-DISC Tax Benefits

by Miller Canfield on

Interest-Charge Domestic International Sales Corporations (“IC-DISCs”) offer significant potential tax benefits for U.S. companies that export U.S. manufactured products or certain engineering or architectural services with...more

Captive Insurance: Feds Promote Tax Benefits, but Pay Attention to the Details

by Baker Donelson on

Recent IRS rulings and a U.S. Tax Court decision continue to lay a solid foundation for captive insurance companies. However, the tax requirements must be strictly followed. Below we provide an update to assist captives in...more

IRS Issues Guidance on Qualified Plan Amendments Regarding Same Sex Spouses

Employers have been considering the impact on benefit programs, including the qualified retirement plans, of the U.S. Supreme Court’s decision recognizing the validity of same sex marriages. In September, 2013, the IRS issued...more

IRS Guidance On Same-Gender Marriage - What Actions Should Plan Sponsors Take Now

by Poyner Spruill LLP on

Following the Supreme Court’s decision in United States v. Windsor, the IRS announced in Revenue Ruling 2013-17 that lawfully married same-sex couples would be treated as married for all Internal Revenue Code purposes. On...more

Treasury Department Issues Guidance on Application of Same-Sex Marriage Ruling to Retirement Plans

by Littler on

On April 4, 2014, the Department of the Treasury issued its long-awaited supplemental guidance on when and how tax-qualified retirement plans (including 401(k) plans) must comply with Windsor v. United States, in which the...more

Senate Finance Committee Passes Bill to Extend Certain Lapsed Tax Breaks

by McDermott Will & Emery on

The Senate Finance Committee passed the Expiring Provisions Improvement Reform and Efficiency Act (EXPIRE Act) on April 3, 2014. The legislation would renew through 2015 more than 50 tax incentives that either have lapsed or...more

IRS Announces Deadline to Amend Retirement Plans for Same-Sex Benefits

by Winstead PC on

On April 4, 2014, the Internal Revenue Service (the “Service”) published Notice 2014-19, in which it describes amendments required to be made to retirement plans qualified under Section 401(a) of the Internal Revenue Code of...more

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