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Tax Finance & Banking

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

Massive Budget Deal Includes Important Changes To Hardship Withdrawal Rules

by Seyfarth Shaw LLP on

On Friday, February 9, 2018, the Bipartisan Budget Act of 2018 (the “Act”) was signed into law by President Trump, ending a brief government shutdown that began at 12:01 a.m. on Thursday, February 8, 2018. In addition to...more

Recent Legislation Impacts Qualified Retirement Plans

by Sherman & Howard L.L.C. on

On February 9, 2018, Congress passed and the President signed – the Bipartisan Budget Act of 2018, H.R.1892 (“BBA”). In addition to funding the federal government through March 23, 2018, the BBA contains a number of tax...more

Virtual Currency Tax Consequences

by Carlton Fields on

A growing number of startups are offering virtual currencies to investors through initial coin offerings (ICOs) as a way to raise capital, often with little or no awareness of the tax consequences of their actions....more

Congressional Leaders Focusing Sights on Nonprofit Hospitals

by King & Spalding on

On February 15, 2018, Senate Finance Committee Chairman Orrin Hatch and senior committee member Senator Charles Grassley sent a letter to David Kautter, acting commissioner of the Internal Revenue Service (IRS), requesting...more

Wire Transfer Audits and FATCA: What Every Taxpayer Needs to Know

FATCA: The Foreign Account Tax Compliance Act was signed into law by President Obama on March 18, 2010. There are two purposes for FATCA....more

Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

by Snell & Wilmer on

When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

Interagency Guidance on Accounting and Reporting Implications of Tax Cuts & Jobs Act

by Ruder Ware on

On January 18, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released guidance on the accounting implications of the...more

FERC Comes Under Pressure to Reduce Pipeline and Other Regulated Rates to Reflect Changes in the Corporate Income Tax Rate

by King & Spalding on

Late last year, Congress passed the Tax Cuts and Jobs Act of 2017, which the President signed into law on December 22, 2017. A central feature of the Act is the reduction of the maximum corporate income tax rate from 35% to...more

Under The Dome: Inside The Maine State House

by Pierce Atwood LLP on

Governor LePage Delivers State of the State Address - Governor LePage delivered his final State of the State address to the Legislature on Tuesday, February 13. The speech, which lasted nearly an hour and a half, focused...more

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

by Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

Private Activity Bonds Under President Trump's "Legislative Outline for Rebuilding Infrastructure in America"

by Ballard Spahr LLP on

The White House released a 53-page framework on Tuesday setting forth its legislative goals for rebuilding America's infrastructure (the Infrastructure Plan)....more

Cryptocurrency and Money Laundering

by Sanford Millar on

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One...more

New Legislation Relaxes 401(k) Plan Hardship Withdrawal Restrictions

The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018. Hidden within the legislation are several provisions that relax the restrictions on hardship withdrawals from 401(k) plans. These new provisions that...more

The Word On The Street On What 401(k) Plan Sponsors May Need

by Ary Rosenbaum on

The greatest thing about the Internet is the distribution of information that people used to have to rely on an Encyclopedia or other reference materials to find out information on a specific topic. This is so true of...more

Choices for Illinois Taxpayers in Implementing the 2017 Income Tax Rate Increase

by McDermott Will & Emery on

Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more

Bracewell Tax Report: Week of February 12

by Bracewell LLP on

The Tax Cuts and Jobs Act (TCJA) effected sweeping reform across the Internal Revenue Code. This report, and future installments, will discuss this legislation and other important tax guidance, including how such authorities...more

Tax Cuts and Jobs Act – New Compensation Tax for Non-Profit Organizations on Excess Compensation and Excess Parachute Payments

by Foley & Lardner LLP on

The Tax Cuts and Jobs Act passed late last year and became effective as of January 1, 2018. The Act includes a new provision that subjects certain “excess compensation” paid by exempt organizations (organizations exempt from...more

Impacts of Tax Reform on a Company's Financial Statement

by Bryan Cave on

Recent tax legislation, generally referred to as the Tax Cuts and Jobs Act (the “Act”), will have a significant impact on financial statement reporting. The Act was signed into law on December 22, 2017, and the financial...more

New Opportunity: Make Sure Your Communities Are Included

by Butler Snow LLP on

The 2017 Tax Cuts and Jobs Act, enacted December 22, 2017, offers a new tax incentive for the benefit of low-income communities with the creation of qualified opportunity zones. It is anticipated that the qualified...more

An Annual Retirement Plan “Check-Up” May be Just What the Doctor Ordered!

by Foley & Lardner LLP on

February is Heart Health Month, which always reminds me to schedule my annual doctor checkup. This got me thinking that the need for ongoing “checkups” and maintenance applies not just to our health, but to our homes, cars,...more

More Planning Tips for Individuals Under New Tax Act

by Ruder Ware on

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

2018 Federal and Maryland Legislation Changes Regarding Estate and Gift Tax

by Pessin Katz Law, P.A. on

An abundance of tax legislation was signed into law in the final days of 2017. In terms of estate and gift tax, here is what individuals need to keep in mind: Under the new law, which took effect on January 1, 2018, the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Nordstrom’s doing what it can to fight the seemingly inevitable decline of many retailers in the face of online competition. The family-run company has been revamping stores, amassing e-commerce companies, and launching new...more

IRS-Criminal Investigation Ramps Up Scrutiny Of Cryptocurrency Transactions

by Fox Rothschild LLP on

The Internal Revenue Service has assembled a specialized team of criminal investigators to build criminal tax evasion cases involving users of Bitcoin and other cryptocurrencies, according to a Bloomberg article entitled “IRS...more

The Bipartisan Budget Act’s Impact on Retirement Plans

On Friday, February 9, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). The Budget Act contains a number of provisions that affect qualified retirement plans. Plan...more

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