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Tax General Business

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

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

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

Breath of Fresh Air – Potential Tax Relief for California Cannabis Businesses

There may be a significant tax break on the horizon for California’s growing legal cannabis market. A bi-partisan group of Assemblymembers introduced a bill (AB 3157) that will temporarily cut the state excise tax from 15% to...more

Preparing for the New Partnership Audit Rules: Why It's Critical to Act Now

There are new, significantly changed audit rules that apply beginning with your 2018 tax return. Every entity taxed as a partnership (which includes most LLCs) will have to take some action with respect to these new rules....more

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

1 .What role does the government of Colombia play in approving and regulating foreign direct investment? Foreign direct investment (FDI) in Colombia is subject to registration with the Colombian Central Bank (Banco de la...more

Presidential Proclamations Impose Tariffs on Aluminum and Steel Imports

by Jones Day on

On March 8, 2018, President Trump signed proclamations imposing tariffs on aluminum and steel imports. The tariffs are being imposed pursuant to Section 232 of the Trade Expansion Act of 1962 following reports from the...more

What Might Wayfair Mean for Me? The Changing Landscape of State and Local Sales Taxes and Retroactivity Concerns

by Pullman & Comley, LLC on

The rise of the internet retailer has created significant loss of sales tax revenue for state revenue agencies due to the loss of revenue from sales and use tax collected in brick-and-mortar retail establishments....more

5 Steps to Obtaining an Exemption under President Trump’s Steel and Aluminum Tariffs

If your company is a U.S. consumer of imported steel or aluminum, the new tariffs announced by President Trump on March 8, 2018 are bad news. The good news is that you can petition the government for exclusions of certain...more

Internal Revenue Service’s LB&I Division Unveils Five More Compliance Campaigns

by Fox Rothschild LLP on

On March 13, 2018, the Internal Revenue Service’s Large Business and International Division announced that it was adding five more compliance campaigns to its previously-announced list of 24 such campaigns. The compliance...more

New Tax Law Limits Tax Deductibility of Government Settlement Payments

by Weiner Brodsky Kider PC on

The new tax law changes the tax deductibility of certain settlements, fines, and penalties paid to the government. In general, the new law, known as the Tax Cuts and Jobs Act (the Tax Act), prohibits defendants from...more

State Crackdown On “Zappers” Continues: Washington State AG Files $5.6 Million Criminal Tax Case Against Restauranteur

by Fox Rothschild LLP on

Calling it the largest sales suppression software case in state history, Washington State Attorney General Bob Ferguson announced the filing of criminal charges last week against the owner of six restaurants for allegedly...more

Status of Measures Targeting Private Corporations Following the 2018 Federal Budget

by Bennett Jones LLP on

The Federal Budget, released February 27, 2018, has clarified federal plans to change the tax treatment of private corporations and represents a substantial retreat from proposals announced in July 2017. In July 2017, the...more

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

1 .What role does the government of Chile play in approving and regulating foreign direct investment? No governmental prior approval is needed in Chile to initiate or continue an investment from abroad. Foreign...more

Deductions And W-4s: Early 2018 Responses To Tax Reform

by Jackson Lewis P.C. on

The Tax Cuts and Jobs Act signed into law on December 22, 2017 is prompting some prudent early tax 2018 actions by both employers and employees related to employee benefits. Many employers are electing to make additional...more

The Active Business Owner And Passive Real Property

by Farrell Fritz, P.C. on

Why Real Property? It is not unusual for the owners of a closely held business to also own a number of real properties. For example, they may own real property that:- headquarters the business;- serves as a warehouse...more

Wealth Management Update - March 2018

by Proskauer Rose LLP on

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

New Partnership Audit Rules are Effective This Year: Does Your LLC Operating Agreement or Partnership Agreement Need to be...

You have a great relationship with your partners, but would you want to pay for your retiring partners’ income taxes? Most partners would not. Without providing clear direction in your LLC operating agreement or partnership...more

2018 Legal Trends: Cannabis

As part of our quarterly series on current trends across different industries, we first take a look at what’s on the horizon for cannabis. As the Canadian Cannabis Act works its way through Parliament, the Canadian cannabis...more

Italy, Draft Regulation On Transfer Pricing And Corresponding Adjustments

by DLA Piper on

In April 2017, the Italian government issued a Decree with the aim, among the other, to: (1) amend the Italian transfer pricing legislation, in order to better align it with OECD’s arm’s length principle; and (2) provide the...more

2017 Tax Act: Choice of Entity

by White and Williams LLP on

We recently prepared an alert on the new 20% qualified business income deduction that was added by the 2017 Tax Act. We have received many questions from our clients and friends about whether, notwithstanding the QBI...more

Recent Legislation Limits Settlement Payment Tax Deductions

The recently enacted "Tax Cuts and Jobs Act of 2017" (P.L 115-97) (the "Act") made, among others, significant changes to the rules that govern whether taxpayers can deduct as business expenses certain settlement payments made...more

Saudi Arabia VAT Guide

by DLA Piper on

The Kingdom of Saudi Arabia (the "KSA") has introduced Value Added Tax (VAT) with effect from 1 January 2018, in accordance with the framework agreement among Gulf Cooperation Council (the "GCC") Member States, known as the...more

Avoiding Development Disasters: Land Inventory and 1031 Exchanges

The ability to defer taxes through a 1031 Exchange can make or break a real estate transaction. But federal tax law does not treat all real estate owners equally. Under IRC Section 1031(a)(2), real property held “primarily...more

New Three-Year Hold Requirement for Carried Interests, Updated Notice for S Corps

by Perkins Coie on

New development: The IRS has issued guidance that the exception to the new 3-year hold requirement for carried interests held by “corporations” does not apply to S corporations. As previously discussed, the 2017 Tax Cuts...more

The Tax Cuts and Jobs Act Impacts TTB Wine Tax Rates and Transfers of Excise Tax Credit

The Tax Cuts and Jobs Act (the “Act”) had significant impacts for the alcohol industry, including changes to tax credits and new taxpayer definitions. Because the Act became effective so quickly after passing, the TTB is...more

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