Tax Deductions

News & Analysis as of

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

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

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

Oklahoma Tax Commission 2017 Proposed Rules Changes

The Oklahoma Tax Commission has published 2017 proposed changes and additions to its rules governing administration of Oklahoma taxes. Tax Commission rules are adopted and published as part of the Oklahoma Administrative...more

US: Proposed "Border Adjustment Tax” could kill foreign IP holding companies

With President Trump in the White House and a Republican majority in both the House and Senate, tax reform is once again high on the agenda. Several weeks ago, President Trump promised “a tax reform bill that will reduce our...more

Is a donor-advised fund right for you?

Those who make sizable gifts to charitable causes can realize personal rewards from their generosity and claim a deduction on their tax returns. One drawback is that, once the money or assets are contributed, they generally...more

Tax Planning in Uncertain Times

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

Insight on Estate Planning - February/March 2017

In This Issue: - Stretch out estate tax on business interests - Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust - Is a donor-advised fund right for you? - Estate planning...more

IRS Updates Golden Parachute Audit Guide

This is our first of many alerts during 2017 as the new administration signals the rollback of many regulations (e.g., fiduciary rules and pay ratio). We will keep you posted. In January 2017, the Internal Revenue...more

VAT deductions for active holding companies restricted by CJEU

On 12 January 2017, the Court of Justice of the European Union (CJEU) ruled that the VAT deductions on procured services by a holding company may be limited if such a holding company does not charge its subsidiaries for those...more

The (Border) Adjustment Bureau: Hold On to Your (Imported) Hats

Retailers would be wise to pay close attention to the upcoming tax-plan deliberations of the 115th U.S. Congress. A proposal currently being considered would adjust the U.S. corporate tax by making imports a non-deductible...more

Real Property Tax Alert - October 2016

Nassau County Class 4 Commercial Property – Disputed Assessment Fund (“DAF”) Started with October 2016 School Bill - All Class 4 commercial properties have been impacted by the increase in the school tax rate...more

Capital Markets & Public Companies Quarterly: 2016 Goes Out with a Bang

As 2016 drew to an end, the US Securities and Exchange Commission (SEC) kept up its pace to close out a busy year. In addition to issuing proposed rules for universal proxies, the SEC released several new Compliance &...more

Section 162(m) Compliance Reminder

Compensation paid by a publicly-traded corporation to its Chief Executive Officer and three other highest compensated officers (other than the Principal Financial Officer) is generally not tax deductible to the extent the...more

You Lost Your Case to the IRS: Are Accountant and Lawyer Fees Deductible?

Section 212(3) of the Internal Revenue Code [Code] provides in pertinent part: “In case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year...more

Is There a Doctor in the House?

Healthcare Options Following the Small Business Healthcare Relief Act and the Eventual Repeal of Obamacare - Overview - The presidential inauguration has come and gone. The House and Senate are already clearing the...more

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

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

Potential Implications to the ACA Under the Incoming Republican Administration – Part I: the Insurance Industry

In the uncertain atmosphere surrounding the process of ‘repealing’ and replacing the Affordable Care Act (ACA), there are some clues as to what we can expect to come next, at least with regard with the health insurance...more

Proposed Loss of Interest Deduction Would Boost Cost of PE Deals

Where asset acquisitions or deemed asset acquisitions are not available, the loss of the interest deduction would likely result in an increased focus on pure equity-funded transactions. Originally published on the Middle...more

Loans Between Related Entities

What Was Intended? Over the last thirty years, I have reviewed the income tax returns of many closely held corporations and partnerships. Quite often, on Schedule L (the balance sheet), I will see an entry for “other...more

Children, Taxes, and Divorce

In many family law settlements, whether they are obtained voluntarily through an agreement or the result of litigation ending in a court order, certain provisions are made for minor children, including the support of the...more

How HUD Secretary Carson Might Affect Mortgage Lenders

President-elect Donald Trump’s recent decision to nominate Dr. Ben Carson as Secretary of the Department of Housing and Urban Development (HUD) carries potential implications for mortgage lenders. In accord with Trump’s...more

Recent developments of court practice concerning the documentary support for deductibility of expenses attributable to a permanent...

On 21 December 2016 the Commercial Court of Moscow delivered the Decision in case No. ?40-121559/16-20-1035. In this case the court considered a dispute between ZAB Zementanlagenbau GmbH Dessau (Germany), which carries...more

UK tax deductibility of corporate interest expense

The 2016 Budget announced, and the UK government is currently consulting on, the biggest change in UK tax this century. Up until 1st April 2017, a tax deduction for interest costs of up to 100% of UK profits is (very broadly)...more

Trump Administration's Tax Reform Likely

Donald J. Trump defied the polls and much of the national media to win the US presidential election on November 8, 2016. President-elect Trump will be sworn in and will take office as the 45th president of the United States...more

2017 Standard Mileage Rates

The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2017, and the reduced rates reflect...more

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