Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
5/21/2025
/ Business Taxes ,
EBITDA ,
Employee Benefits ,
Employee Retention ,
Excise Tax ,
Legislative Agendas ,
New Legislation ,
Proposed Legislation ,
Reporting Requirements ,
Senate Committees ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Reform ,
U.S. House ,
Ways and Means Committee
On May 14, 2025, the House Ways and Means Committee approved the “One, Big, Beautiful Bill,” containing the tax provisions destined for the budget reconciliation package. Several of the bill’s provisions would affect...more
5/16/2025
/ Filing Requirements ,
Government Agencies ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Regulations ,
Proposed Legislation ,
Reporting Requirements ,
Tax Reform ,
Tax Returns ,
Ways and Means Committee
Notice 2023-11, issued in December 2023, provided limited relief to certain foreign financial institutions (FFIs) that were not fully in compliance with the terms of their Model 1 FATCA Intergovernmental Agreement (IGA)....more
On June 27, 2024, Switzerland and the United States executed the Agreement between Switzerland and the United States of America to Improve International Tax Compliance and to Implement FATCA (New IGA), which will take effect...more
On August 25, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (88 FR 59576) that detail the information reporting requirements with respect to brokers of...more
Certain companies will soon have to give the Financial Crimes Enforcement Network (FinCEN) a look behind the corporate veil. In December 2021, FinCEN issued a Notice of Proposed Rulemaking (NPRM) seeking comment on one...more
On May 24, 2021, Sen. Warren introduced Senate Bill 1788, the “Restoring the IRS Act” (the Proposed Legislation). The Proposed Legislation generally (1) imposes new information reporting obligations on financial institutions...more
6/1/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Elizabeth Warren ,
Enforcement ,
False Claims Act (FCA) ,
FATCA ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Legislation ,
Reporting Requirements ,
Tax Avoidance ,
Tax Penalties