News & Analysis as of

Tax Deductions

Filing Your Own Return

by Moskowitz LLP on

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

Lavoro agile e riforma lavoro autonomo

In attesa della sua pubblicazione in Gazzetta Ufficiale, forniamo qui di seguito una breve panoramica delle novità introdotte dal disegno di legge (2233-B) denominato "Misure per la tutela del lavoro autonomo non...more

Update on Transaction Costs - 'Origin of the Claim' Analysis Will Decide Tax Allocations - Tax Update Volume 2017, Issue 3

by Pepper Hamilton LLP on

While the Internal Revenue Service (IRS) has continued to issue guidance addressing the ability to deduct transaction costs, the doctrine of "Origin of the Claim" (OOC) developed over 50-plus years of case law is still the...more

Tax Reform Pushing Ahead

Despite the political controversy swirling around the firing of James Comey and the appointment of a special prosecutor, the White House and Republicans are determined to push forward with tax reform. Later this week,...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

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

Trump Administration Proposes Significant Tax Overhaul

by Baker Donelson on

On April 26, Treasury Secretary Steven Mnuchin and Gary Cohn, director of the National Economic Council, presented the Trump Administration's tax reform proposal to the media. The proposal consisted of a one-page outline that...more

The Evolving Blueprint for Tax Reform: Candidate Trump vs. President Trump

by McNair Law Firm, P.A. on

On April 26, 2017, Treasury Secretary Steven Mnuchin and U.S. National Economic Council Director Gary Cohn, presented the blue print for President Trump’s tax reform proposal (referred to as the “2017 Tax Reform for Economic...more

IRS Extends Deadline to File Forms 8886 for Participants in Conservation Easement Transactions

by Taylor English Duma LLP on

Individuals investing in Conservation Easement Transactions have many questions. Why is the IRS attacking Conservation Easements? Why do I have to file these extra forms? When do I file the forms and what are the risks if...more

Taking stock

by Hogan Lovells on

In a recently published judgment handed down by the Supreme Court of Appeal, the court had to consider the interplay between the accrual of income and the ability to claim a deduction in circumstances where trading stock was...more

Trump Administration Proposes Tax Reductions

by Jones Day on

On April 26, 2017, the Trump Administration officially announced the President's tax reform plan in a one-page proposal calling for substantial business and individual tax cuts and the elimination of the AMT and many...more

Tackling Tax Reform – Part III: The Timing of Tax Reform

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 this blog post, we focus our attention on the likely timing...more

Federal and Pennsylvania Tax Deduction Limitations on Medical Marijuana Businesses

by Cozen O'Connor on

The growing, processing, dispensing, and use of medical marijuana became legal in Pennsylvania on May 18, 2016, under the Medical Marijuana Act, Act 2016-16 (S.B. 3), 35 P.S. § 10231.101, et seq. (the Act). Medical marijuana...more

BEPS Update – Germany on the way to limit the tax deductibility of royalties

by Hogan Lovells on

A new legislative approach of the German tax authorities, which had been leaked in December 2016, was passed on Thursday, 27 April 2017, as one of the very last laws of the current Bundestag prior to the elections in...more

Have Yourself a Very Trumpy Tax Plan

by Dechert LLP on

Well, we’ve had the big reveal and the administration’s new tax plan is out. This plan, announced with a great deal of fanfare, feels more like a campaign promise than an actual executable plan. At two hundred forty-six...more

Locke Lord Article: Tracking Tax Reform

by Locke Lord LLP on

On April 26, 2017, Treasury Secretary Steven Mnuchin and White House chief economic advisor Gary Cohn announced President Trump’s latest tax reform proposals, titled “2017 Tax Reform for Economic Growth and American Jobs” and...more

Update on US Federal Tax Reform Proposals

by Shearman & Sterling LLP on

On April 26, the Trump Administration made its much-anticipated release of several “core principles” of its tax plan. In doing so, the administration affirmed its desire to enact comprehensive corporate and individual tax...more

Deducting Cost of Assisted Living Facilities

by Dickinson Wright on

Assisted living facilities for elderly persons (“ALFs”) can be very expensive, but for many taxpayers, the cost can be fully deducted on federal income tax returns as a medical expense if the ALF resident’s health problems...more

Trump releases tax plan: now Congress takes its turn

by DLA Piper on

The release this week of the Trump Administration's tax reform principles, along with the disclosure by Speaker Paul Ryan (R-Wisconsin) of a letter from the Congressional Joint Committee on Taxation relative to the budgetary...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

Tax Reform – An Update Based on Recent Statements from the Trump Administration

by Latham & Watkins LLP on

The Trump plan released this week proposes a significant reduction of tax rates applicable to business income (including income earned through pass-through entities) and a territorial system (with a one-time tax on...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

Trump Administration Releases Tax Reform Framework

by Ropes & Gray LLP on

On April 26, 2017, the Trump Administration announced several key tax reform proposals. Broadly resembling the Trump campaign platform, the proposals furnish only a high-level aspirational framework for wide-ranging reforms,...more

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