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How 401(k) Plan Sponsors Can Avoid Turning Their Plan Into A Disaster

by Ary Rosenbaum on

I’m a movie fan especially a fan of movies from the 1970s. One genre of movies made famous during the 1970s was the disaster movie. The Poseidon Adventure, Airport, and The Towering Inferno led to a great successful genre...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

On Eve Of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action To Mitigate Potential For Criminal...

by Fox Rothschild LLP on

Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial data will...more

Tax Reform Could Indirectly Eliminate Direct Pay Subsidy For Outstanding Tax Credit Bonds

by Bracewell LLP on

An article released by The Bond Buyer on November 14, 2017, reports that, if Congress were to pass the proposed legislation released by the Committee on Ways and Means of the U.S. House of Representatives on November 2, 2017...more

House Bill and Senate Republicans' Bill: Impact on Hedge and Commodity Fund Investors and Managers

by Katten Muchin Rosenman LLP on

The "official" House tax reform bill was released by the House Ways and Means Committee on November 9. For the most part, the provisions summarized in Katten's advisory, "Tax Reform: Hedge Funds/Commodity Funds/Fund...more

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways &...

by Proskauer - Tax Talks on

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the...more

The Impact of the Tax Cuts and Jobs Act on Executive Compensation

by Bracewell LLP on

On November 9, 2017, the House Ways and Means Committee approved the House’s version of the tax reform bill (the “House Bill”) and voted to report it to the House floor for a full House vote. On the same day, the Senate...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

Senate Tax Proposal Hits Hospitals, Other Exempt Organizations

by King & Spalding on

On November 9, 2017, Republicans on the Senate Finance Committee announced their plan for reforming the Federal tax code, including several provisions that target charitable hospitals and other tax-exempt organizations. Like...more

IRS announces 2018 retirement plan limits

by Ary Rosenbaum on

As 2017 nears its end, we already have the retirement plan limits set for 2008 by the Internal Revenue Service (IRS). For 401(k) plans, the 2018 limit for salary deferrals contributions is $18,500, up $500 from 2017’s...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

Federal Tax Reform: Senate Proposal Repeals Advance Refundings but Keeps Private Activity Bonds

by Ballard Spahr LLP on

The Senate Finance Committee unveiled a section-by-section description of its tax reform package on November 9, 2017, including municipal bond provisions that reject efforts by the House Ways and Means Committee to terminate...more

Leveraging SB1 Funding: Considerations for California Public Entities Entitled to Receive SB1 Revenues and their Financial...

In April 2017, the Road Repair and Accountability Act of 2017 was enacted in California (also known as California Senate Bill “SB1”). Key facts about SB1 are as follows...more

Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent...

by Littler on

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions...more

Senate Finance Committee Mark Eliminates Advance Refundings, Silent on Private Activity Bonds

by Bracewell LLP on

On November 9, 2017, the U.S. Senate Finance Committee released the Description of the Chairman’s Mark of the “Tax Cuts and Jobs Act” (the “Senate Finance Committee Mark”), which sets forth a summary of the proposed tax...more

No Deferral Cap, But Let’s Not Celebrate

by Ary Rosenbaum on

The Republicans in the House of Representatives unveiled their tax reform plan and there includes no substantial change to 401(k) plans. Everyone in the retirement plan industry and most individuals with common sense were...more

Tax Reform and Nonprofits: The Devil’s in the Details

by Morgan Lewis on

The Tax Cuts and Jobs Act, currently under consideration in the US House of Representatives and Senate, proposes fundamental changes to the US tax law affecting all sectors of the economy, including nonprofit organizations....more

The failure to prevent tax evasion

by WilmerHale on

The Criminal Finances Act 2017 (“the Act”)1 came into force on 30 September 2017. The Act contains a patchwork of new powers, and amendments to existing legislation, largely directed at combatting money laundering and...more

Senate Tax Overhaul Bill Slaps Tax-Exempt Organizations

by McDermott Will & Emery on

In what can only be described as a brutal attack on the nonprofit sector, the Senate has proposed sweeping changes that would have dramatic adverse effects on all tax-exempt organizations. Whereas the latest version of the...more

Public Finance Advisory: Senate Tax Plan Diverges From House Version

by Sherman & Howard L.L.C. on

On November 9, 2017, the U.S. Senate’s Joint Committee on Taxation released its Chairman’s mark of the “Tax Cut and Jobs Act,” a version of which was unveiled by the House of Representatives on November 2....more

Employer Mandate Penalty Notices Are Imminent

by McDermott Will & Emery on

The IRS has taken actions indicating that employer mandate penalties under the ACA are about to be enforced. The recently updated Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care...more

Proposed Changes for Estate, Gift and Generation-Skipping Taxes Introduced in Tax Cuts and Jobs Act - Update

by McDermott Will & Emery on

In Depth - UPDATE: On November 9, 2017, the Senate Finance Committee released “policy highlights” of its forthcoming version of the Tax Cuts & Jobs Act. Like the House bill, the Senate version doubles the “death tax”...more

Senate Tax Proposal Includes Comprehensive Business Tax Reform Measures

by McDermott Will & Emery on

The Senate Finance Committee Chairman’s Mark of the Tax Cuts and Jobs Act includes substantial proposed changes to the corporate and international business taxation rules. While this proposal will evolve further in committee...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

Indictment Of Day Trader For Hacking And Securities Fraud Demonstrates How Bitcoin Can Be Used For Money Laundering

by Fox Rothschild LLP on

Earlier this week, a federal grand jury in Brooklyn returned an indictment criminally charging a self-described “day trader” with various offenses in connection with an alleged computer hacking scheme involving more than 50...more

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