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General Business Tax

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Executive Regulation on Value Added Tax in the UAE

by Bracewell LLP on

The United Arab Emirates (“UAE”) Federal Tax Authority has recently published the draft Executive Regulations of Federal Decree Law No. 8 of 2017 on Value Added Tax (the “VAT Law”) which introduces a 5% VAT on the import and...more

EU & Competition Law Update – November 2017

by Bryan Cave on

EU opens investigation into UK tax scheme for multinationals - The EU State aid rules are designed to stop Governments and local authorities giving companies a selective advantage, as doing so would create an unequal...more

Tax Alert Regarding The Impact Of The House And Senate Bills On Financing Transactions

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act, and later proposed amendments to the bill on November 3, November 6, and November 9,...more

Fifteen Provisions to Watch in the Tax Reform Proposals

On November 14, 2017, Senate Finance Committee Chairman, Orrin Hatch (R-Utah), released his modified tax reform plan (“Senate Bill”), which adopts some of the House Bill proposals (as amended) (“House Bill”), but also...more

Federal Tax Reform: How the Newly Passed House Bill Compares to the Senate Bill – A Side-by-Side Comparison, Plus the Big Picture

by Ballard Spahr LLP on

Last updated 11/17/2017 The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill, and...more

California Card Club Plagued By Allegations Of Criminal Activity Fined $8 Million For AML Violations

by Fox Rothschild LLP on

Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank Secrecy Act...more

U.S. Tax Reform: The Current State of Play

Yesterday the House of Representatives voted on and passed the Tax Cuts and Jobs Act. If passed by the Senate, the Act would significantly change the current federal income tax regime in the United States. ...more

Startups Have Much To Be Thankful For – Senate Amendments to New Tax Bill Remove Deferred Compensation and Stock Options from...

As discussed in our November 14, 2017 blog post, Thanksgiving Tax Frenzy – New Tax Bill Proposes Executive Compensation Changes That Could Derail Deferred Compensation and Stock Options, the evolution of the Tax Cuts and Jobs...more

States Urge Reversal of Physical Presence Rule That Bars Collecting Sales Tax From Online Retailers

by Bryan Cave on

Thirty-six state attorneys general, most recently joined by California and Hawaii, have filed an amici curiae brief urging the U.S. Supreme Court to reconsider the “physical presence test”. The test requires that a retailer...more

Sixth Circuit Not Willing to Relent that Business Owner Was Liable for Trust Fund Tax Penalty Despite Creditor's Control over...

by Baker Donelson on

In Robert Karban, Jr. v. United States of America, earlier this year, the Sixth Circuit ruled that Mr. Karban, the owner of a manufacturing company, was a responsible person for paying over trust fund taxes, which he...more

UK ‘Sugar Tax’ – Draft Regulations Published

by Hogan Lovells on

The UK tax authority HM Revenue and Customs (HMRC) has published draft Regulations setting out further details on the new UK ‘Soft Drinks Industry Levy’, which will apply from 6 April 2018....more

Tax Reform Proposals Would Have Significant Consequences for Foreign Multinationals Doing Business Through Affiliates in the...

by White & Case LLP on

Both the House and the Senate tax reform proposals were designed to move the United States toward a territorial tax regime and both proposals contain base erosion protections intended to prevent otherwise taxable income from...more

Comparison of Senate and House Tax Reform Proposals

by Hodgson Russ LLP on

On November 2, Rep. Kevin Brady (R-TX), Chairman of the House Ways and Means Committee, released a proposed bill, titled the “Tax Cuts and Jobs Act” (the “House bill”), which would make major changes to federal income...more

PilieroMazza Legal Advisor - Fourth Quarter 2017

by PilieroMazza PLLC on

Business and Corporate Special Issue - We are excited to bring you this special edition of The Legal Advisor focused on our Business & Corporate Group. The articles in this issue highlight the diverse array of matters...more

International Tax Issues Are A Major Focus of Newest Launch of IRS Compliance Campaigns in 2017

by M. Robinson & Company, P.C. on

Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On...more

Thanksgiving Tax Frenzy – New Tax Bill Proposes Executive Compensation Changes That Could Derail Deferred Compensation and Stock...

Congress has been in a frenzy to try and get new tax legislation passed by Thanksgiving, and members of the House and Senate would presumably rather be enjoying a feast rather than drafting and analyzing additional tax...more

Tax Planning Under the Tax Cuts and Jobs Act: Flow-Throughs Are the Answer to Everything

by Proskauer - Tax Talks on

The tax reform bills introduced in the House of Representatives and the Senate dramatically reduce the corporate tax rate from 35% to 20% and create added incentives for taxpayers to invest capital into U.S. businesses with...more

The Impact On U.S. Corporations If The House's "Tax Cuts And Jobs Act" Passes

We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the taxation of U.S. Corporations. The complete text of the alert is available here. Below is a brief summary of H.R....more

Tax Cuts and Jobs Act Update: Key Differences Between the House and Senate Bills

by Polsinelli on

The Senate Finance Committee Chairman’s Mark for the “Tax Cuts and Jobs Act,” released Nov. 9, describes in detail the Senate tax bill and is significantly different than the House bill, as it currently stands....more

Executive Compensation Legislative Whiplash

As we reported last week, the tax reform bill released by House Republicans (the "House Bill") would eliminate deferred compensation and stock options, and then on Tuesday, November 7, the House Bill was amended to restore...more

Top Five Takeaways from Hogan Lovells Sovereign Investment Conference and a Tax List

by Hogan Lovells on

On 26 October, Hogan Lovells hosted its inaugural Sovereign Investor Conference where investment professionals as well as deal and regulatory lawyers discussed the key issues facing government-sponsored investors. Topics they...more

The International Tax Impact Of The 2017 Tax Cuts And Jobs Act

We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the international corporate tax landscape. ...more

Proposed Senate Bill Revives Concern of Adverse Impact on Equity and Performance-Based Compensation

by Fenwick & West LLP on

The Joint Committee on Taxation released a description of the Senate Chairman’s Mark to the proposed Tax Cuts and Jobs Act on November 9, 2017, reintroducing adverse equity and performance-based compensation tax provisions...more

The Impact on Financing Transactions if the House’s “Tax Cuts and Jobs Act” Passes

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act (“H.R. 1”), and later proposed amendments to the bill on November 3, November 6, and...more

Does Repeal of the EV Tax Credit Really Matter?

by Foley & Lardner LLP on

Last week, Republicans in the U.S. House of Representatives released their first attempt at tax reform legislation. Buried in the proposed legislation is a repeal of the current tax credit of up to $7500 to purchasers of...more

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