On April 24, the Internal Revenue Service (IRS) issued final regulations (Final Regulations) regarding Section 897. In December 2022, the IRS issued proposed regulations under Sections 897 (the Proposed Regulations) and 892...more
2023 saw a number of key tax developments that may affect the private fund industry going into 2024, from key US Tax Court opinions and updates to Internal Revenue Service (IRS) Forms, to new regulations proposed by the IRS...more
Per recent transitional guidance, the IRS will not require taxpayers to report transactions involving receipt of digital assets under Section 6050I....more
The US Internal Revenue Service (IRS) has updated the Internal Revenue Manual (IRM) to specify which forms taxpayers can electronically sign and which types of electronic signatures are permitted, now on a permanent basis....more
The Internal Revenue Service (IRS) recently released proposed regulations regarding broker reporting for digital assets, including expansions of and additions to certain definitions, rules, and requirements. The IRS seeks...more
The Internal Revenue Service (IRS) recently ruled that if a taxpayer using a cash method of accounting stakes certain cryptocurrency and receives additional units of such cryptocurrency as rewards for staking, the taxpayer...more
Creating a financial technology (fintech) firm comes with a host of tax considerations and implications. Decisions about the business’s structure, along with the location of both the business itself as well as its employees,...more
A recent US Tax Court case upholds profits interest treatment for a taxpayer’s receipt of a partnership interest granted in exchange for services. The case highlights how properly structuring and documenting the grant of a...more
The IRS has effectively delayed the implementation of the new digital asset broker rules under Internal Revenue Code Sections 6045 and 6045A.
The US Treasury Department (Treasury) and Internal Revenue Service (IRS) recently...more
2021 was a banner year for non-fungible token sales, which are projected to climb even higher in 2022. Selected by Collins English Dictionary as the 2021 Word of the Year, non-fungible tokens (NFTs) are unique...more
2/23/2022
/ Art ,
Artists ,
Blockchain ,
Copyright ,
Cryptocurrency ,
Digital Assets ,
First Sale Doctrine ,
Investors ,
Non-Fungible Tokens (NFTs) ,
Online Marketplace ,
Patents ,
Popular ,
State Attorneys General ,
Trademarks
The US Internal Revenue Service has extended its temporary approval of accepting electronic or digital signatures on certain IRS forms until October 31, 2023, and has expanded the list of forms that may be signed...more
The US Internal Revenue Service (IRS) extended its temporary approval of accepting digital signatures on certain IRS forms until December 31, 2021 (see Memorandum NHQ-10-1220-000, the Memorandum). This Memorandum has also...more
The Biden-Harris administration on April 28 introduced the American Families Plan (AFP), a $1.8 trillion legislative framework including provisions to “grow the middle class, expand the benefits of economic growth to all...more
5/3/2021
/ Biden Administration ,
Capital Gains Tax ,
Carried Interest Tax Rates ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Like Kind Exchanges ,
Net Investment Income ,
Tax Credits ,
Tax Rates ,
Tax Reform
US President Joseph Biden and Vice President Kamala Harris have consistently framed their policies with what they call the four major “crises” facing the nation: COVID-19, the economy, climate, and inequity. ...more
4/30/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Climate Change ,
Electric Vehicles ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Immigration Reform ,
Labor Reform ,
Regulatory Reform ,
Relief Measures ,
Renewable Energy ,
Tax Reform
The Biden-Harris administration announced its American Jobs Plan, a legislative framework laying out an ambitious $2 trillion investment in physical and human infrastructure, on March 31. The bulk of the proposed spending is...more
4/5/2021
/ Anti-Abuse Rule ,
Biden Administration ,
Broadband ,
Clean Energy ,
Climate Change ,
Corporate Taxes ,
Drinking Water ,
Electric Vehicles ,
Energy Efficiency ,
Energy Policy ,
Independent Contractors ,
Infrastructure ,
International Tax Issues ,
Investment Tax Credits ,
Job Creation ,
Joint Employers ,
Legislative Agendas ,
Oil & Gas ,
Power Grid ,
R&D ,
Regulatory Agenda ,
Regulatory Reform ,
Tax Reform ,
Unions
With the recent passage of the COVID-19 stimulus package, President Joseph R. Biden, his administration, and Congress have turned their attention to long-term economic recovery, deficit reduction, and tax reform. ...more
President Joseph R. Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories, including additional support for vaccine distribution,...more
3/11/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Child Tax Credit ,
COBRA ,
Coronavirus/COVID-19 ,
Defense Production Act ,
Financial Stimulus ,
Infectious Diseases ,
Mortgages ,
Multiemployer Plan ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Tax Credits ,
Tribal Governments ,
Unemployment Benefits
The Internal Revenue Service and the US Department of the Treasury pre-released final regulations, T.D. 9945, under Section 1061 on January 7, providing guidance to the holders of certain carried interests. These rules are of...more
The US Internal Revenue Service (IRS) issued news release IR-2020-194 on August 28, approving the temporary use of digital signatures for certain IRS forms that must be filed with the IRS manually. ...more
The IRS has announced its intention to audit wealthy taxpayers and their associated business entities starting in mid-July. This LawFlash alerts sports owners, athletes, entertainers, and others in these industries to the...more
The economic outcome from the coronavirus (COVID-19) pandemic is still uncertain but is likely to remain catastrophic in many respects. Of late popular name brands and companies have filed for bankruptcy as stay-at-home...more
The Internal Revenue Service has released guidance allowing partnerships subject to amended return filing restrictions enacted under the Bipartisan Budget Act of 2015 to amend 2018 and 2019 partnership returns, including in...more
The US Internal Revenue Service (IRS) issued proposed regulations on May 7 that would expand tax withholding and reporting requirements in certain sales or exchanges of interests in partnerships engaged in one or more US...more
The Internal Revenue Service issued new instructions for the Employer Identification Number application process in December 2017. Unless an applicant is a government entity, the applicant’s “responsible party” must now be an...more
New tax provisions have significant impact on structuring mergers and acquisitions.
In light of the recent passage of HR 1 (the Act) and ensuing sweeping changes to tax law in the United States, certain tax-related aspects...more