News & Analysis as of

Tax Reform

IRS Eliminates Signatures on Section 754 Elections, Offering Tax Regulatory Reform Preview (and its Complexity?)

by Proskauer - Tax Talks on

In a notice of proposed rulemaking issued on October 11, 2017 (the “NPRM”), the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) proposed an amendment to existing regulations (the...more

Ambitious Tax Reform Takes Center Stage

by Akerman LLP on

The Trump Administration and certain members of Congress recently released an ambitious, conceptual plan for tax reform that would drastically alter current U.S. tax law, affecting a wide array of taxpayers. The plan (called...more

Treasury Would Overhaul 2016 Regulatory Guidance

by Alston & Bird on

With tax reform on the horizon, Treasury takes aim at three sets of regulations with clear cross-border implications. Our International Tax Group explains the department’s recommendations to scrap much of Section 385 and...more

Infrastructure Insights: Issue #8

President Trump’s $1 trillion infrastructure investment plan will have to wait patiently in line behind tax reform before it gets its day in Congress, according to U.S. Transportation Secretary Elaine Chao. In the meantime,...more

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 30

by Clark Hill PLC on

House Passes Bill on Disaster Funding: House Republicans easily passed a supplemental spending bill that included $36.5 billion of disaster aid with a vote of 353-69 after some initial worries on Thursday afternoon that it...more

Tax Planning is Crucial to Achieve Potential Spin-Off Benefits

by Proskauer - Tax Talks on

Today, the Wall Street Journal considers again, on its front page above the fold, the potential benefits of corporate spin-off transactions. The Journal article notes that the S&P Spin-Off Index has outperformed the S&P 500...more

Congressional Republicans and White House Release Outline of Tax Reform Proposal

by Baker Donelson on

On September 27, the White House and its allies on Capitol Hill released the outline of their long-promised tax reform proposal. Generally, the outline seeks to create three individual income tax rates (12, 25, and 35...more

U.S. Tax Reform Proposal Highlights Potential Sweeping Changes

by Jones Day on

The Situation: The Trump Administration, in collaboration with the House and Senate, has introduced a Framework for tax reform legislation that could bring sweeping changes to U.S. tax laws....more

Framework for Tax Reform Released

by Williams Mullen on

On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework (the Framework) with the stated goal of achieving pro-American,...more

M&A Tax Aspects of Republican Tax Reform Framework

by McDermott Will & Emery on

The outline of pending tax reform provisions remain vague, but a significant impact on M&A activity is expected by way of corporate tax cuts, interest deductibility, changes to the expensing of capital investments, a...more

Beltway Buzz - October, 2017

Tax Reform Gets Under Way; Special Interest Groups Already Bustling.As soon as the Republican-controlled Congress cast aside (however momentarily) its attempts to repeal the Affordable Care Act (ACA) to focus on tax reform,...more

What’s New in Washington: 10 Things You Need to Know

Congress returned after Labor Day for a busy September and acted quickly to avoid a government shutdown by passing stop gap funding for Fiscal Year (FY) 2018 and raising the debt ceiling. The already crowded congressional...more

Window On Washington - This Week in the Nation's Capital - Issue 29

by Clark Hill PLC on

Hurricane Supplemental Includes $29B for Disaster Aid and Flood Insurance: Of the $29B, the National Flood Insurance Program will receive $16B to pay flood claims. The House plans to pass the bill next week and the Senate the...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects President Trump’s new tax plan. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax...more

Withdrawal of Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September and December of last year, we posted blog articles discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Ding, Dong, the Witch is Dead

by Charles (Chuck) Rubin on

--Here lies the remains of the Code §2704 Proposed Regulations. RIP, 2016-2017-- As part of President Trump’s mandated review of federal regulations, the Secretary of Treasury has issued a report specifically recommending...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

The Republican Tax Reform Framework: What It Says and What It Doesn’t

by Alston & Bird on

Tax reform is coming, and Republican leaders have published a framework that raises as many questions as it answers. Our Tax Policy & Regulation Team investigates what the Big Six reveal and—just as important—what they don’t....more

Continuing Battle Over Revenue Sources in PA

The Pennsylvania General Assembly continues to battle over revenue sources while the state remains without a complete state budget. And when it seems impossible, things actually continue to worsen with the House and Senate...more

Framework for Tax Reform Announced

by Hinshaw & Culbertson LLP on

On September 28, the Trump Administration and the Republican Congressional leadership announced their framework for tax reform. Many of the crucial details have been left for Congress to decide, but the major points of the...more

Tax Change Planning

by Alston & Bird on

With tax cuts likely coming, it might make sense to consider establishing a C corporation for some new businesses. Our Federal Tax Group offers tax planners several different ways of thinking....more

The White House Framework for Tax Legislation

On September 27, the White House released a document called the “Unified Framework for Fixing Our Broken Tax Code,” containing an outline prepared by the administration plus the senior Republican members of the tax-writing...more

Tax Changes On the Horizon: What To Expect In Federal Estate, Gift And Generation-Skipping Transfer Taxes

by Fox Rothschild LLP on

Since July 2016, there have only been incremental changes to the federal estate, gift and generation-skipping transfer taxes and related income tax rules, and to the Washington estate tax rules....more

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