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Court of Appeals Reverses Tax Court’s Farhy Decision, But Opportunities Remain to Challenge Penalties for Failures to Report...

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

5/14/2024  /  IRS , Tax Code , Tax Court , Tax Liability

Opportunities Exist to Challenge Taxpayers’ Penalty Assessments for Failure to Report Large Foreign Gifts

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

2021 House Ways And Means Tax Proposals [Audio]

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

House Ways and Means Committee Proposes Tax Law Changes

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

Biden Administration Releases Treasury Green Book, Providing Detailed Explanation of Tax Proposals

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

Maryland's Controversial Tax on Digital Advertising Explained [Audio]

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

Maryland Enacts Controversial Tax on Digital Advertising

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 Biden Tax Plan [Audio]

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 Biden Tax Plan

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

New Stimulus Legislation Makes PPP-Funded Expenses Deductible and Provides Other Tax Benefits

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

Risks Remain Following the IRS’s Issuance of Guidance on the President’s Payroll Tax Deferral

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

Employers Face Risks If They Reduce FICA Tax Withholding as a Result of the President’s Executive Order

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

IRS Proposes Regulations that Define Real Property for Purposes of Like-Kind Exchanges, Providing Welcome Relief, But the Proposal...

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

Internal Revenue Code Section 139 Can Permit Some Employers to Make Tax-Free Payments to Employees Affected by Certain Disasters

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

IRS Declares That Expenses Funded With Forgiven Paycheck Protection Program Loans Are Not Deductible

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

Deadlines to Complete Some Section 1031 Like-Kind Exchanges Are Extended Due to COVID-19

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

CARES Act Provides Important Tax Benefits To Businesses

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

Proposed CARES Act Could Potentially Provide Important Tax Benefits to Businesses

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

New Developments on the Filing and Payment Extension for Federal Income Tax Returns and Payments Originally Due on April 15, 2020

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

90-Day Tax Extension Now Covers Filing of Federal Income Tax Returns Otherwise Due on April 15, 2020, But Questions Remain: Update...

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

90-Day Tax Extension Announced by Secretary of the Treasury Steven Mnuchin on March 17, 2020 Does Not Extend Tax Filing Deadline...

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

Oregon Tax Court, in Ooma, Inc. v. DOR, Rules that VoIP Provider with No Physical Presence Is Subject to E911 Tax for Pre-Wayfair...

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

3/17/2020  /  911 Calls , Telecommunications , VoIP

U.S. Supreme Court Rules Against Use of Bob Richards Rule to Determine Ownership of Tax Refund Within Consolidated Group:...

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

Telecommunications Service Providers May Be Impacted by the Supreme Court’s Wayfair Decision

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

U.S. Supreme Court Overrules Physical Presence Requirement for Substantial Nexus, but That Does Not Necessarily Mean That Remote...

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

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