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Tax Updates

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

The New France-Luxembourg Double Tax Treaty: First Comments Relating to Investment in French Real Estate

by King & Spalding on

On 20 March 2018, the Governments of France and Luxembourg signed a new French- Luxembourg treaty (the “New Treaty”), which will have an impact for certain investments in French real estate. Several changes were...more

Section 163(j) Interest Expense Limitation

by McDermott Will & Emery on

The newly enacted version of section 163(j) limits deductions for business interest expense. Although the prior version of section 163(j) applied almost exclusively to US corporations with non-US parents, the new version of...more

Quick Hit: FY 2018 Omnibus

by McGuireWoods LLP on

After missing a series of self-imposed deadlines, GOP leaders have finally unveiled the FY 2018 omnibus spending legislation. The package, coming in at $1.3 trillion, will fund the federal government through the remainder of...more

Energy Companies Take Hit After FERC MLP Decision

by McGuireWoods LLP on

In a March 15 decision, the Federal Energy Regulatory Commission (FERC) disallowed certain tax benefits for master limited partnerships (MLPs), the predominant corporate structure for several energy companies....more

Futuristic Appeals

by McGuireWoods LLP on

With a shrinking pot of funding and workforce constraints, the IRS may have difficulties offering in-person appeals conferences at the taxpayer’s preferred location. As a result, the IRS appeals office is evaluating two pilot...more

Supreme Court Holds DOJ’s Feet to the Fire in Tax Crime Case

by McGuireWoods LLP on

In Marinello v. United States, an opinion released yesterday, the Supreme Court adopted a narrowing interpretation of the tax code’s broadest criminal provision, the “tax obstruction” statute 26 U.S.C. § 7212(a). The Court’s...more

NJ Tax Court: Foreign-Source Income Not Taxable

by Reed Smith on

In a decision released today, the Tax Court of New Jersey ruled that a foreign corporation was not subject to New Jersey corporation business tax (“CBT”) on its income from sources outside the United States....more

IRS Confirms Deduction Denial for Qualified Transportation Benefits

Under the Tax Cuts and Jobs Act (the “Act”) employers are no longer allowed to take a deduction for qualified transportation fringe benefits provided to employees (other than qualified bicycle commuting reimbursements which...more

Tariff On Imported Steel Will Mean Increased Construction Costs

by Carlton Fields on

As you probably know, President Trump recently announced a tariff on steel and aluminum imported into the United States, to take effect March 23. Imports from Canada and Mexico will be exempted from the tariff. Other...more

Utah Legislative Update - Part Three

by Holland & Hart LLP on

During the crush of the legislative session, the focus is typically on the bright, flashy bills that contain policies that tilt the scale on visceral issues. For instance, Rep. Karianne Lisbonee’s HB 205 Down Syndrome...more

US Solar Structures: Cash Equity Considerations

The solar financing market is maturing. You can tell because new money is crowding into the market, and the capital stacks are getting more complicated. Many of these funky structures even have names, like the “Double...more

Illinois Weighs In on Federal Tax Reform

by Morgan Lewis on

The Illinois Department of Revenue has published guidance on the impact of federal tax reform on Illinois taxpayers, including with respect to the repatriation transition tax, prepaid property tax, and small business...more

Three new acts change tax and employee benefit rules and might require employer action

by Hogan Lovells on

Congress and the Administration have been busy recently, enacting not only the "Tax Cuts and Jobs Act" or "TCJA" on December 22, 2017, but also a Continuing Resolution on January 23, 2018, and the Bipartisan Budget Act of...more

Federal Income Tax Consequences of State Economic Development Incentives After Passage of Tax Cuts and Jobs Act

by Nexsen Pruet, PLLC on

South Carolina has a rich mix of economic development incentives. These include income tax credits, sales tax exemptions, property tax exemptions and credits as well as withholding tax credits. Incentives also include cash...more

Carbon Dioxide Capture Credit Enhanced

by Pierce Atwood LLP on

The Bipartisan Budget Act of 2018 extended and enhanced a tax credit that incentivized carbon dioxide capture, storage, and utilization. The enhanced credit, known as the “45Q tax credit,” offers a tax credit of up to $50...more

UK Spring Statement - Updated position paper on taxation of the digital economy

by Dentons on

The UK government's Spring Statement, delivered March 13, 2018, includes an updated position paper on corporate tax and the digital economy, to address feedback provided during public consultation. Please see full Article...more

Revision of the Luxembourg-France tax treaty: a major impact on the structuring of French real estate investments

by DLA Piper on

The revised version of the new Luxembourg-France tax treaty was released today, and as expected, it has a significant impact on dividends distributed by French OPCIs....more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Costa Rica

1 .What role does the government of Costa Rica play in approving and regulating foreign direct investment? Costa Rica has long been recognized as a regional leader of social and economic development in Latin America. The...more

Life Sciences Quarterly: Tax Cuts and Jobs Act: Implications for Life Science Business

by Ropes & Gray LLP on

What is the impact of the Tax Cuts and Jobs Act and what provisions of the legislation are relevant to the life sciences industry? In this recap of our first quarter presentation of 2018, which includes video and an...more

Falsely Padding Deductions Garners Eighth Spot On IRS “Dirty Dozen” For 2018

by Fox Rothschild LLP on

As part of its annual “Dirty Dozen” list of tax scams, the Internal Revenue Service warned taxpayers to avoid falsely inflating deductions or expenses on tax returns. Common areas targeted by unscrupulous tax preparers...more

Gold Dome Report - March 2018 #9

Although the House and Senate floors were quiet today, legislators were at work throughout the Capitol with late efforts to get legislation through committees. Desperation is becoming palpable—with only four legislative days...more

FERC Acts to Address Decrease in Federal Corporate Income Tax Rate

by Alston & Bird on

The effects of the Tax Cuts and Jobs Act are rippling through the energy industry. Our Energy Group explores how the Federal Energy Regulatory Commission considers accounting for the new corporate tax rate and what it could...more

IRS Announces September 2018 End to Offshore Voluntary Disclosure Program

by Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced it will close the highly successful Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018, which presumably will be the final date for taxpayers to submit a...more

IRS Announces Five New Compliance Campaigns Focusing on Corporate Spin-Offs and Partnerships

by Ropes & Gray LLP on

On March 13, 2018, the IRS announced five new Large Business and International Division (“LB&I”) compliance campaigns, adding to the 24 campaigns announced last year and discussed in the Tax Controversy quarterly newsletter...more

U.S. Department of Commerce Provides Further Guidance Regarding the Process for Submitting Exclusion Requests to the Section 232...

by WilmerHale on

This morning, the U.S. Department of Commerce Bureau of Industry and Security (BIS) issued an interim final rule establishing the process by which organizations may submit requests for exclusions from the 25% duties on steel...more

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