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Tax Updates

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

IRS Would Receive Slight Funding Boost Under House Appropriations Bill Released Today

by Fox Rothschild LLP on

The House Appropriations Committee today released the FY2019 Financial Services and General Government Appropriations bill, which provides annual funding for the Treasury Department, the Judiciary, the Small Business...more

IRS Cautions Taxpayers Regarding Efforts To Bypass New State And Local Tax Deduction Caps

by Fox Rothschild LLP on

Today the Internal Revenue Service notified taxpayers that it will soon be issuing regulations addressing the deductibility of state and local tax payments for federal income tax purposes. The IRS also reminded taxpayers that...more

Should You Rush to the Finish Line?

by Blank Rome LLP on

Stacy D. Phillips and Michelle Piscopo With news that the alimony deduction will expire at the end of this year, many clients are asking if they should rush to finalize their divorce. The answer to that question is, it...more

Missed opportunity - IRS releases narrow guidance for taxpayers seeking to correct accounting methods subsequent to ASC 606...

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of income recognition for...more

Income Tax Planning for Investment Management Expenses via a Family Office

by Lane Powell PC on

The Federal tax legislation enacted in December 2017 contained many changes that affect high net worth families and their investment and business activities. One change was to prohibit an individual’s deduction for...more

NC Legislative Update - May 2018

by Nexsen Pruet, PLLC on

2018 SHORT SESSION - Nexsen Pruet is excited to announce that Michelle Frazier has joined the North Carolina Public Policy Practice. Michelle has successfully represented numerous clients before North Carolina’s...more

Section 1202 Post-TCJA

by McDermott Will & Emery on

Changes made by tax reform have caused companies to reevaluate their structures. This reevaluation extends to the most fundamental decision: choice of entity. The choice of entity decision now frequently hinges on two key,...more

DOL Provides Clarity & Relief after 5th Circuit Vacates Fiduciary Rule

by Miles & Stockbridge P.C. on

For over two years, employers and financial institutions (specifically broker-dealers) that managed investments for retirement plans have been dealing with compliance and administration of the Department of Labor (DOL)...more

Selecting the Best Retirement Plan for Your Practice

by Williams Mullen on

An independent physician practice that does not have access to a hospital’s retirement plans has several retirement plan options to consider. Doctors who are employed by hospitals will usually be able to participate in the...more

States Designate Opportunity Zones

by Pierce Atwood LLP on

The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more

Navigating Withdrawal Procedures In Multiple Jurisdictions

by SmithAmundsen LLC on

If a corporation or LLC stops doing business in a state in which it was registered to do business as a “foreign” company, just walking away does not end its responsibilities in that state. State statutes apply different terms...more

Internal Revenue Service’s LB&I Division Announces Six More Compliance Campaigns

by Fox Rothschild LLP on

Yesterday the Internal Revenue Service’s Large Business and International Division announced that it was adding six more compliance campaigns to its previously-announced list of 29 such campaigns. The compliance campaigns...more

What Does the Tax Cuts and Jobs Act Mean For You?

by Sands Anderson PC on

On December 22, 2017 President Trump signed into law H.R. 1 (P.L. 115-97), the “Tax Cuts and Jobs Act,” which some consider to be the largest major tax reform in over three decades. This article summarizes some of the...more

VAT in Oman – Pondering the road ahead

by Dentons on

The anticipated introduction in Oman of Value Added Tax (VAT) in 2019 under the Framework GCC VAT Agreement has created an array of issues for businesses to consider so as to ensure adequate business continuity....more

ASIA: A Legal Guide for Business Investment and Expansion: China

1. What role will the government of China play in approving and regulating foreign direct investment? In the past, foreign investment in China was highly regulated. However, following China’s entry into WTO in 2001,...more

Connecticut Seeks a Part of the Wayfair Action

by Pullman & Comley, LLC on

A bill passed in Connecticut’s 2018 legislative session seeks to expand the conditions under which certain out-of-state retailers must collect and remit Connecticut sales tax....more

Cannabis Licensing Regulations Under Fire

by Moskowitz LLP on

The California Department of Food and Agriculture (CDFA) began issuing cannabis cultivation licenses on January 1, 2018, and the lawsuits have already commenced. ...more

TTB Announces Extension of Tax Credits for Wines Stored at Bonded Wine Cellars and Bonded Wineries

by McDermott Will & Emery on

On May 17, the Alcohol and Tobacco Tax and Trade Bureau (TTB) issued an Industry Circular, No. 2018-1A, clarifying that under the recently-enacted tax reform legislation (Tax Act), wineries may tax determine and tax pay wine...more

Access Denied: In Facebook, Federal Court Rejects Taxpayer Right to Appeals

by Morgan Lewis on

The US District Court for the Northern District of California on May 14 rejected Facebook’s argument that taxpayers have a right to be referred to the IRS Office of Appeals after a case has been brought in US Tax Court. The...more

IRS Guidance To Field: Deep Clean Equipment Used In Cannabis Businesses Before Selling

by Fox Rothschild LLP on

Attorneys representing cannabis businesses are often faced with questions about what happens when the cannabis business has not paid its taxes and the IRS is proceeding with collection actions. No one thinks the IRS will...more

Carajo – There’s Gold in Them Thar Hills!

by Gerald Nowotny on

The New Gold Rush- The Use of Private Placement Insurance Products for Managing Bitcoin and Other Crypto-Currency Trading - Overview - Someday when CNN creates a documentary of the early 21st century, the story of...more

Sentencing Court Must Provide Sufficient Reasons for Sentence Imposed to Determine if Factual Error Influenced Sentence

In United States v. Derek Armstrong, 18-368, the Second Circuit (Sack and Raggi, with Kaplan by designation) issued a summary order vacating a three-month prison sentence imposed on the defendant by the U.S. District Court...more

Expansion of TTB Wine Excise Tax Credit “Alternate Procedure”

by Davis Wright Tremaine LLP on

This advisory is an update to DWT’s prior advisory on the Tax Cuts and Jobs Act of 2017 (the “Act”), dated March 7, 2018. On May 17, 2018 the TTB formally expanded the use of the “alternate procedure” or “transfer by...more

Shifting Business Activities Between Related Entities?

by Farrell Fritz, P.C. on

Metamorphosis- By now, most readers have heard about the benefits and pitfalls of “checking the box” or of failing to do so. Of course, I am referring to the election afforded certain unincorporated business entities to...more

Window On Washington - Vol. 2, Issue 20

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Farm Bill Re-vote? Last week’s vote on the farm bill failed after the Freedom Caucus refused to support the measure. A roll call vote on the motion to reconsider was postponed...more

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