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European Commission Introduces Bold New Tax Plan for the Digital Economy

A New Digital Services Tax (…for now) - The European Commission is taking significant actions to address the taxation of the digital economy that would impose a 3% tax on digital services until a global and longer-term...more

The Recent Spate of Tax Reform Notices Provides Openings for Taxpayer Input

The Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) are picking up the pace in releasing substantive guidance regarding implementation of the Tax Cuts and Jobs Act (“TCJA”), passed by Congress...more

Opportunity Zones - A Golden Opportunity?

Incentives for Investments in Low Income Communities - Deferred taxes on capital gains and elimination of taxes on gains from Opportunity Fund investments are intended to attract investors into the Opportunity Zone program....more

What Do You Think About…Deemed Repatriation?

The tax reform bill signed into law by President Trump on December 22, 2017, taxes U.S. shareholders on their share of the previously untaxed deferred income of foreign corporations. Known as “deemed repatriation,” this tax...more

Impact of Tax reform on Commercial Real Estate

MOST SWEEPING TAX REFORM SINCE 1986 - Tax Cuts and Jobs Act signed December 22, 2017 - Generally effective for taxable years beginning after December 31, 2017 - Comprehensive tax reform affecting virtually all...more

Tax Reform and Investment Management: Effect on Registered Investment Companies

The Tax Cuts and Jobs Act (“Act”) significantly changed U.S. tax federal law. Although the Act does not amend any of the provisions directly affecting the qualification or other taxation of a “regulated investment company”...more

Tax Reform: Finale or Intermission?

When President Trump signed the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, it wasn’t the grand finale of the tax reform process — it was merely the end of the first act. Already, Congress has begun considering...more

U.S. Tax Reform: A Golden Ticket for Partnerships and S Corporations?

On December 22, 2017, the president signed the Tax Cuts and Jobs Act (the “Act”). While the Act will impact many taxpayers, some of the more significant changes relate to how individuals and other non-corporate taxpayers are...more

Just-Passed Tax Cuts and Jobs Act Will Significantly Impact Higher Education

House and Senate Republicans passed a comprehensive tax reform bill on December 20, 2017 that makes sweeping changes throughout the Internal Revenue Code affecting many educational institutions, as well as most individuals...more

Senate’s Version of the “Tax Cuts and Jobs Act” Is Good News for Energy Renewables

On November 2, 2017, we alerted taxpayers that the House Ways and Means Committee had unveiled its much anticipated tax reform bill titled the “Tax Cuts and Jobs Act” (the “House Plan”). The House Plan includes substantial...more

Tax Cuts and Jobs Act Could have Far-reaching Effects on Higher Education

The House of Representatives and the Senate are on a fast track to pass sweeping tax reform legislation that would have widespread implications for colleges and universities, their employees, and their donors. As part...more

GOP’s “Tax Cuts and Jobs Act” Trims Renewable Energy and Other Tax Credits

On November 2, 2017, the House Ways and Means Committee unveiled its much anticipated tax reform bill titled the “Tax Cuts and Jobs Act” (the “House Plan”). The House Plan is a significant step by Republican lawmakers to...more

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

Tax-Free Cryptocurrency Transactions Could Come with Reporting Obligations

As cryptocurrencies such as Bitcoin and Ethereum become more prevalent in investment circles and acceptable for commercial transactions, the United States Internal Revenue Service (“IRS”) has said little other than to label...more

Department of the Treasury Issues another Invitation to Taxpayers to Comment on Department Regulations

On June 30, 2017, we alerted stakeholders to the request by the Department of the Treasury (the “Department”) for public comments to assist the Department in its broad review of Department guidance that should be modified,...more

Department of the Treasury Invites Taxpayers to Comment on Department Regulations to Reduce Compliance Burdens

On June 14, 2017, the Department of the Treasury (the “Department”) issued a request for public comments to identify Department guidance that should be modified, eliminated, or streamlined in order to reduce compliance...more

7/3/2017  /  FinCEN , IRS , OCC , Public Comment , U.S. Treasury

Prepared for the Border Adjustment Tax? A U.S. and Global Perspective

K&L Gates' Global Tax Group has been monitoring the potential impact of the Border Adjustment Tax (BAT) across a number of jurisdictions. In our 14 February 2017 update, we commented that issues regarding the legality of...more

Border Adjustment Tax

The House Republicans have proposed sweeping changes to the U.S. tax system, specifically that income from the export of goods, services and intangibles will not be subject to federal income tax, and that the cost of such...more

2/13/2017  /  Australia , Border Tax , Exports , Imports

The Trump Freeze Leaves New Proposed Regulations on Partnership Audit Rules out in the Cold

A White House freeze on recently issued regulations has left proposed regulations on the new Centralized Partnership Audit Regime out in the cold. On January 20, 2017, a memorandum from Assistant to the President and Chief...more

Waking Up from a Long Winter’s Nap … the Border Adjustment Tax is the Sleeper Issue in the House Republican Tax Reform Blueprint

Thanks to the Republican sweep of the White House and the Congress, all the talk in recent years about tax reform is on the verge of turning into action. What many dismissed as idle chatter before Election Day suddenly...more

Why You Should Care About the House Republican Tax Reform Blueprint

While you’re thinking about that beach getaway this summer, Chairman Brady’s staff on the Ways and Means Committee is beginning the work of vetting the House Republican Tax Reform Blueprint (the “Blueprint”) with stakeholders...more

New Temporary Regulations Deny Basis Increase in Partnership Interests in Lease Passthrough ITC Structures

On July 21, the U.S. Treasury Department (“Treasury”) released temporary and proposed regulations denying a basis increase to equity holders of lessee partnerships and S corporations to account for mandatory income inclusions...more

States Move Forward with Auto-IRA Programs: What’s Next for the Feds?

As the nation continues to struggle with the retirement preparedness gap, policymakers are exploring proposals to require employers that do not offer retirement plans to automatically enroll employees in Individual Retirement...more

7/25/2016  /  DOL , ERISA , HELP , IRA , Retirement Plan

Taking on the Retirement Gap: Bipartisan Interest Grows in Open MEPs

As the U.S. continues to grapple with the retirement preparedness gap, policymakers on both sides of the aisle are increasingly focused on facilitating access to retirement plans. In the last few years, policy proposals...more

IRS Sets Short Fuse for Comments, Guidance on New Partnership Audit Rules

As if it wasn’t going to be busy already, the Internal Revenue Service (“IRS”) has set Tax Day, April 15, 2016, as the due date for comments on significant new partnership audit rules. This new law, which was enacted as part...more

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