What Individuals and Businesses Need to Know About the American Taxpayer Relief Act
Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
Former Congressman Peter Roskam, who leads BakerHostetler’s Federal Policy team, provides listeners with a front-row seat to the most important policy debates in Congress. In this episode of “The Cloakroom with Peter Roskam,”...more
The Budget and Accounting Act of 1921 established the requirement that the President submit a budget to Congress for the upcoming fiscal year. Among other things, the proposed federal budget affords the President an...more
Last Thursday, New York State Senator Gustavo Rivera, who represents the 33rd District (basically, the northwestern quadrant of The Bronx), proposed legislation that seeks to collect more taxes from the State’s high-income...more
It was quite a week, wasn’t it?- Manchin- Senator Manchin continued to attract a lot of attention. To the dismay of his fellow Democrats, the West Virginian – who also chairs the Senate Energy and Natural Resources...more
The House Committee of Ways and Means (the “House”) has been busy the last few days. Indeed, the House continues to mark up and work through potential revenue raisers (i.e., tax increases) to help pay for recent legislative...more
Summertime in Washington- On August 11, the Senate passed the $3.5 trillion budget resolution for the 2021-2022 fiscal year – S. Con. Res. 14, as amended – by a vote of 50 to 49, strictly along party lines, including...more
Compare and Contrast- Have you spoken to anybody about the infrastructure bill on which the Senate is about to vote? I know I haven’t, except to explain that Speaker Pelosi has stated the House will not consider the bill...more
Not Good- As Mr. Biden settled into the White House, and as the Democrats began planning how to best utilize their slim Congressional majority to enact and pay for their sweeping legislative agenda, the principal concern...more
Tax Gap- In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more
Four months into the 117th United States Congress, the anticipated federal legislative proposals to restructure the federal estate tax are finally seeing the light of day. Senator Bernie Sanders and others recently...more
The Italian Digital Services Tax (DST) was introduced as part of the 2019 Italian Budget Law and then amended by the 2020 Italian Budget Law. Among other things, the 2020 Budget Law: (i) provided the applicability of the...more
Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured...more
Into the Fire- Let’s play a game of “Guess Who?” Here are the clues: •the legislature has called for an investigation into his mishandling of the crisis brought on by the pandemic, •he has stated that he doesn’t...more
Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more
New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5...more
The Situation: On December 24, 2019, the Italian Parliament approved the Budget Law for 2020. The Result: New favorable tax changes have been introduced, but also new taxes will be imposed on digital services and the...more
The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or...more
Governor Baker announced on Friday that, as part of his FY 2020 budget, he would be proposing to increase the real estate excise tax in order to fund the Global Warming Solutions Trust Fund. The Governor stated that, in the...more
The saga of Kansas income tax law changes concluded earlier this week when Kansas lawmakers overrode Gov. Sam Brownback's veto of a bill that dismantled the governor's signature tax cuts. With the state facing an estimated...more
The new tax law raises the gas tax to increase state revenue, but also includes provisions that are designed to reduce taxes for New Jersey residents. On October 14, New Jersey Governor Chris Christie signed into law...more
Summary - Governor Robert Bentley called a second special session of the Alabama Legislature on Tuesday, September 9 at 5 p.m. to address the FY 2016 General Fund budget and associated revenue measures. After meeting for...more
The IRS issued guidance on Tuesday dealing with first-year bonus depreciation. The Tax Increase Prevention Act of 2014 amended Section 168(k)(2) by extending the one year placed-in-service date for property that...more