On November 15, 2023, the U.S. Tax Court held in YA Global Investments v. Commissioner that a non-U.S. private equity fund (YA Global) with a U.S. asset manager that bought equity and convertible debt of U.S. portfolio...more
Introduction and Summary -
On March 28, 2022, the Biden Administration proposed changes to the U.S. international tax rules.
In short, the Biden Administration proposed to:
Enact a 15% minimum “undertaxed profits...more
Yesterday, on December 19, 2021, Senator Joe Manchin (D., W.Va.) said that he opposes the Build Back Better Act, which effectively prevents its passage. While there are no immediate prospects for the Build Back Better Act to...more
12/20/2021
/ Alternative Minimum Tax ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Business Taxes ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
Proposed Legislation ,
SALT ,
Share Buybacks ,
Spinoffs ,
Tax Rates ,
Tax Reform
On May 28, 2021, the Biden Administration released the Fiscal Year 2022 Budget, and the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” which is commonly referred to as the “Green Book.” ...more
6/16/2021
/ Biden Administration ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
GILTI tax ,
Green Book ,
International Tax Issues ,
Like Kind Exchanges ,
NIIT ,
REIT ,
Section 1031 Exchange ,
Self-Employment Tax ,
Tax Credits ,
Tax Reform ,
U.S. Treasury
On March 31, 2021, the Biden administration released a factsheet for the “Made in America Tax Plan”. On April 5, 2021, Senate Finance Chair Ron Wyden (D-Ore.) and Senators Sherrod Brown (D-Ohio) and Mark Warner (D-Va.)...more
On December 20, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2019-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain...more
On October 2, 2019, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued Revenue Produce 2019-40 (the “Revenue Procedure”) and proposed regulations (the “Proposed Regulations”)...more
11/13/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Financial Services Industry ,
Foreign Corporations ,
Foreign Subsidiaries ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
IRS ,
Popular ,
Proposed Regulation ,
Revenue Procedures ,
Safe Harbors ,
Subpart F ,
Tax Reform
Recently, several of the presidential candidates and other prominent Democrats have suggested a number of different tax policy proposals, including wealth taxes, mark-to-market taxation, a VAT, additional taxes, increased...more
10/22/2019
/ Bernie Sanders ,
Capital Gains Tax ,
Elizabeth Warren ,
Estate Tax ,
Income Taxes ,
International Tax Issues ,
Kamala Harris ,
Legislative Agendas ,
Mark-To-Market ,
Political Candidates ,
Publicly-Traded Companies ,
Tax Cuts and Jobs Act ,
Tax Policy ,
Tax Reform ,
Value-Added Tax (VAT) ,
Wealth Tax
On June 7, 2019, the U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (“IRS”) released proposed Treasury regulations under Sections 897, 1445 and 1446 (the “Proposed Regulations”) regarding the exception...more
7/5/2019
/ FATCA ,
FIRPTA ,
Foreign Corporations ,
Foreign Governments ,
Foreign Taxpayers ,
International Tax Issues ,
Multi-Employer Pensions ,
New Regulations ,
Pensions ,
Proposed Regulation ,
Protecting Americans from Tax Hikes (PATH) Act ,
Real Estate Investments ,
REIT ,
U.S. Treasury
On May 13, 2019, the U.S. Internal Revenue Service (“IRS”) and Treasury Department published proposed regulations providing guidance on the rules imposing withholding and reporting requirements under the Code on dispositions...more
5/23/2019
/ FIRPTA ,
Foreign Persons ,
Income Taxes ,
International Tax Issues ,
IRS ,
K-1 ,
Partnerships ,
Proposed Regulation ,
Reporting Requirements ,
Shareholders ,
Withholding Requirements
n October 31, 2018, the U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (the “IRS”) proposed new regulations (the “Proposed Regulations”) that are likely to allow many controlled foreign corporations...more
11/15/2018
/ Acquisitions ,
Borrowers ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Dividends ,
International Tax Issues ,
IRS ,
Partnerships ,
Proposed Regulation ,
Section 956 ,
U.S. Treasury
On Friday, December 15, the U.S. House of Representative and Senate conferees reached agreement on the Tax Cuts and Jobs Act (H.R. 1) (the “Final Bill”), and released legislative text, an explanation, and the Joint Committee...more
12/19/2017
/ 501(c)(3) ,
Affordable Care Act ,
Alternative Minimum Tax ,
Base Erosion Tax ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Deferred Compensation ,
EBITDA ,
Excise Tax ,
Income Taxes ,
Individual Mandate ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
PFIC ,
REIT ,
Section 179 Property ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
UBIT
In the early hours of Saturday morning, the U.S. Senate passed the Tax Cuts and Jobs Act (H.R. 1) (the “Senate bill”), just over two weeks after the U.S. House of Representatives passed its own version of the same legislation...more
12/12/2017
/ 401k ,
501(c)(3) ,
501(c)(6) ,
Affordable Care Act ,
Alternative Minimum Tax ,
Base Erosion Tax ,
C-Corporation ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Deferred Compensation ,
EBITDA ,
Excise Tax ,
Income Taxes ,
Individual Mandate ,
International Tax Issues ,
Legislative Agendas ,
Pass-Through Entities ,
PFIC ,
Popular ,
Proposed Legislation ,
REIT ,
Section 1031 Exchange ,
Section 179 Property ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
UBIT
Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the...more
11/3/2017
/ 501(c)(3) ,
Alternative Minimum Tax ,
Charitable Deductions ,
Child Tax Credit ,
Corporate Taxes ,
Deduction Limitations ,
EBITDA ,
Educational Institutions ,
Estate Tax ,
FDAP ,
Foreign Corporations ,
Foreign Subsidiaries ,
Fringe Benefits ,
International Tax Issues ,
Like Kind Exchanges ,
Meal and Entertainment Expenditures ,
Medical Expenses ,
Multinationals ,
Net Operating Losses ,
Parent Corporation ,
Pass-Through Entities ,
PFIC ,
Private Foundations ,
Property Tax ,
Proposed Legislation ,
Religious Institutions ,
Retirement Plan ,
Roth IRA ,
Section 179 Property ,
Section 409A ,
Section 457A ,
Section 501 ,
Shareholders ,
Tax Cuts ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds