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Tax Updates

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

Continuing Resolution Proposal to Extend Funding for the Federal Government

by Holland & Knight LLP on

Overview - On Jan. 16, Chairman of the House Appropriations Committee Chairman Rodney Frelinghuysen (R-N.J.) introduced a continuing resolution (CR), which would fund the federal government until Feb. 16. Congress has...more

IRS Issues Guidance for New Repatriation Tax

Many U.S. owners of foreign companies are surprised to hear that the new repatriation tax not only applies to “repatriated” foreign earnings, but also to foreign earnings that are not repatriated into the U.S. They are even...more

NYS Budget: The Impact of the Governor’s Proposals

by Harris Beach PLLC on

As New York state lawmakers prepare to learn details, schools and municipalities face impacts of Governor Andrew Cuomo’s 2019 spending plan. The State Budget, totaling $168.2 billion in spending calls for $100 billion in...more

Investment Services Regulatory Update - January 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - Division of Investment Management Staff Issues Liquidity Risk Management Program FAQs - On January 10, 2018, the staff of the SEC’s...more

Tax Planning Strategy Under the New Tax Cuts and Jobs Act

by Foley & Lardner LLP on

Late in 2017, the Tax Cuts and Jobs Act was passed. It will take effect in 2018. The Tax Cuts and Jobs Act eliminated or limited a number of different tax preference items...more

Retailers Anxiously Await Possible Changes to Taxation of Online Sales

by Bryan Cave on

Retailers will be closely watching the outcome of the U.S. Supreme Court’s decision to revisit a 26-year-old case which has limited states’ taxing authority over online sales. The Supreme Court, heeding calls from...more

Sexual Harassment Legal Settlements: What Employers Need To Know About The New Tax Act

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The new Tax Act prohibits employers from deducting payments to individuals alleging sexual harassment or sexual abuse if the settlement or payment requires the Claimant to execute a nondisclosure agreement....more

Second Department Upholds Loss of Religious Use Real Property Tax Exemption

by Farrell Fritz, P.C. on

On January 18, 2018, the Appellate Division, Second Department, upheld a decision denying an application for a religious real property tax exemption on the grounds that the property owner’s use of the main structure as a...more

¿Será la pregunta para el año 2017: ¿tiene cuentas financieras extranjeras?

by Foodman CPAs & Advisors on

Desde la crisis financiera mundial que comenzó en el 2007, los contribuyentes Estadounidenses e Internacionales han estado bajo un escrutinio creciente. El sistema financiero ha sido fuertemente regulado y monitoreado de...more

Will the question for the Year 2017 be: Do you have Foreign Financial Accounts?

by Foodman CPAs & Advisors on

Since the Global Financial Crisis that began in 2007, domestic and international Taxpayers have been under increasing scrutiny. The financial system has been heavily regulated and closely monitored. In addition, the US Tax...more

New U.S. Tax Law Leaves Non-U.S. Person Estate Tax Intact

by Jones Day on

Prior to the passage of the Trump Administration's new tax bill, many had speculated on two key possible impacts for non-U.S. person private wealth bank and brokerage clients—the elimination of the estate tax exemption...more

Tax Evasion in the Age of Bitcoin

by Sanford Millar on

The 21st Century could well become known as the “Age of Anonymity”. Why, because of crypto-currencies. Crypto-currency uses blockchain technology which is a fancy way of saying without that without the password it is forever...more

Smith v. Comm’r: Before You Take that Business-Related Tax Loss, Ask “Does My Business Have a Bona Fide Purpose?”

Last fall, the U.S. Tax Court decided the case of Smith v. Comm’r. It’s not a pivotal case, but it stands as a good reminder of the adage “you don’t get something for nothing.” At the heart of the case was a complicated tax...more

New Jersey Property Tax Appeal Time

by McCarter & English, LLP on

It is property tax appeal season in New Jersey. If you own or lease commercial, residential and/or investment property in New Jersey, now is the time to review whether you should file a 2018 appeal. If you own real...more

Governor Rauner Issues Executive Order Precluding State Legislators from Practicing Before Property Tax Appeals Board

by Franczek Radelet P.C. on

This past Friday, Governor Bruce Rauner issued Executive Order 2018-01 entitled “Executive Order to Eliminate Impermissible Conflicts of Interest at the Property Tax Appeals Board”. The Order states that the PTAB “shall...more

Tax Reform: Key Considerations for M&A, Private Equity & Venture Capital Transactions

by Morrison & Foerster LLP on

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Act”). The Act was ostensibly promoted as a means to encourage investment and to promote growth in the U.S. economy, while reducing harmful...more

Tax Reform and your Property-Related Deductions

by Miles & Stockbridge P.C. on

H.R. 1, originally known as the “Tax Cuts and Jobs Act,” makes certain changes to mortgage interest and property interest deductions. These changes will affect taxpayers who own real property, including homeowners and...more

A New Tax Season, but the Same W-2 Spear Phishing Scam

by BakerHostetler on

According to the IRS, the IRS saw the number of businesses, public schools, universities, tribal governments and nonprofits victimized by W-2 scams increase to 200 in 2017 from 50 in 2016. Those 200 victims translated into...more

Podcast - Chamber of Commerce v. Internal Revenue Service

by Ropes & Gray LLP on

In this Ropes & Gray podcast, tax associate Brandon Dunn is joined by tax partners Kat Gregor and David Saltzman to discuss one of the most notable tax decisions from the fourth quarter of 2017 and its implications for...more

Form 1023-EZ Revisions

by Bryan Cave on

The IRS revised Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions to help small charities apply for 501(c)(3) tax-exempt status....more

Applicable Federal Rates – February 2018

by Charles (Chuck) Rubin on

Please see charts below for more information. ...more

IRS Notice 2018-01: Passport Denial/Revocation for “Seriously Delinquent Tax Debts” to Begin

In 2015, the Fixing America’s Surface Transportation (FAST) Act contained a provision in which the IRS would interact with the State Department to deny or revoke the passports of taxpayers with “seriously delinquent tax...more

2018 Michigan Property Tax Review: Is Your Business Being over Assessed?

by Varnum LLP on

Michigan property values have been relatively stable in recent years. In certain cases, this type of stability will result in predictable and stable property tax assessments. However, there are many instances in which both...more

Will Tax “Reform” Affect Domestic M&A?

by Farrell Fritz, P.C. on

Perhaps the single most important day in the life of any closely held business is the day on which it is sold. The occasion will often mark the culmination of years of effort on the part of its owners....more

Should I Be A C Corp? Choice Of Entity After Tax Reform

by Cole Schotz on

The recently enacted 2017 Tax Act (originally called the Tax Cuts and Jobs Act – “Tax Reform”) made major changes to the US tax system. Because C corporations (“C corps”) are now taxed at a flat 21% federal income tax rate,...more

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