As noted in our prior advisory, U.S. citizens and residents who receive gifts exceeding certain thresholds from foreign persons must generally report such gifts to the IRS on Form 3520, and the IRS does not hesitate to impose...more
U.S. citizens and residents who have received gifts (including bequests) exceeding certain thresholds from foreign persons must generally report such gifts to the IRS. Recipients of such gifts who do not report them in a...more
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This Client Advisory discusses some of these proposals....more
The Biden administration (the “Administration”) last week released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” commonly called the Treasury Department’s “Green Book.” The Green Book...more
On February 12, 2021, the General Assembly of the State of Maryland enacted legislation imposing the Digital Advertising Gross Revenues Tax, overriding a prior veto of the legislation by Maryland Governor Larry Hogan. The Act...more
On February 12, 2021, the General Assembly of the State of Maryland enacted legislation imposing the Digital Advertising Gross Revenues Tax (the “Act”), overriding a prior veto of the legislation by Maryland Governor Larry...more
The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress...more
The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress...more
On December 27, 2020, following an unexpected delay, President Donald Trump signed stimulus legislation that legislatively overruled the IRS’s position that expenses funded with forgiven Paycheck Protection Program (“PPP”)...more
On August 28, 2020, the IRS issued Notice 2020-65, which was intended to provide guidance to employers on how to implement President Donald Trump’s August 8, 2020 memorandum directing the U.S. Treasury Department to defer the...more
On August 8, 2020, President Donald Trump signed an executive order directing the U.S. Treasury Department to defer the withholding, deposit, and payment of certain employment taxes that would otherwise be withheld and...more
On June 11, 2020, the Internal Revenue Service (the “IRS”) issued proposed regulations that define the term “real property” for purposes of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”)....more
As summer arrives and many employees return to their normal places of work, it can be easy to overlook the large numbers of employees who will remain unable to return to full-time work, as a result of social distancing or...more
On April 30, 2020, in Notice 2020-32, the IRS declared that expenses, including payroll expenses, are not deductible for federal income tax purposes if funded with forgiven Paycheck Protection Program (“PPP”) loans. Under...more
On April 9, 2020, the U.S. Treasury Department issued Notice 2020-23, which further expands the scope of the federal income tax extension that the Treasury Department had previously announced. Notice 2020-23 not only extends...more
The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act,” which was enacted on March 27, 2020, contains several tax provisions that are intended to alleviate business cash-flow problems and stimulate the economy....more
3/31/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
The version of H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security Act or “CARES Act,” that was passed by the U.S. Senate and House contains several tax provisions that are intended to alleviate business...more
3/30/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
Relief Expanded in Some Areas, Limited in Other Areas -
The Treasury Department has continued to issue guidance regarding the scope of the extension to July 15, 2020 for income tax filings and payments otherwise due on...more
UPDATE - On March 20, 2020, the Treasury Department issued Notice 2020-18, which further clarifies the scope of the 90-day tax extension first announced on March 17, 2020, and which supersedes earlier guidance issued on March...more
On March 17, 2020, Secretary of the Treasury Steven Mnuchin announced a 90-day extension for certain tax payments. On March 18, 2020, the U.S. Department of the Treasury issued Notice 2020-17, which clarified the scope of the...more
In Ooma, Inc. v. Department of Revenue, TC 5331 (March 2, 2020), the Oregon Tax Court ruled that Ooma, Inc., a provider of Voice over Internet Protocol (“VoIP”) services, could be subject to the Oregon E911 tax, despite the...more
On February 25, 2020, in Rodriguez v. Federal Deposit Insurance Corporation, No. 18-1269 (U.S. 2020), the U.S. Supreme Court effectively ruled that the so-called “Bob Richards rule” should not be used to determine which...more
3/3/2020
/ Affiliated-Business Arrangements ,
Appeals ,
Bob Richards Rule ,
Commercial Bankruptcy ,
Consolidated Tax Returns ,
Federal Common Law ,
Federal v State Law Application ,
IRS ,
Jurisdiction ,
Lack of Authority ,
Parent Corporation ,
Remand ,
Rodriguez v Federal Deposit Insurance Corp. ,
SCOTUS ,
State Law Claims ,
Tax Allocation Agreements ,
Tax Refunds ,
Vacated
On Thursday, June 21, 2018, the U.S. Supreme Court paved the way for states to collect sales or use taxes from sellers with no physical presence in the taxing state by declaring constitutional a South Dakota law requiring...more
6/27/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
On Thursday, June 21, 2018, the U.S. Supreme Court paved the way for states to collect sales or use taxes from sellers with no physical presence in the taxing state by declaring constitutional a South Dakota law requiring...more
6/27/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus