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Tax Updates

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

The 3 SECURE Act Issues Plan Sponsors Should Review First

by Foley & Lardner LLP on

Hundreds of articles have been published about the Setting Every Community Up for Retirement Enhancement, or SECURE, Act, which was signed into law on Dec. 20, 2019, as part of the late budget bill referred to as the Further...more

Littler

Puerto Rico Department of Treasury Grants Tax Exemptions for Employer-Provided Payments and Certain Benefits to Employees and...

by Littler on

On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter No. 20-08 (CC RI 20-08) granting employers temporary income tax exemptions over payments and certain benefits...more

Holland & Knight LLP

DIAN emite interpretación de Convenios para Evitar la Doble Tributación suscritos por Colombia

by Holland & Knight LLP on

El 13 de diciembre de 2019 entró en vigor el Convenio para Evitar la Doble Tributación entre Colombia y el Reino Unido e Irlanda del Norte y su aplicación en materia de retenciones en la fuente será a partir del 1 de enero de...more

Varnum LLP

QOZ Final Rules Part III: Additional Clarity for QOF and QOZ Business Qualifications

by Varnum LLP on

In this third installment of our series, we will discuss the new details provided to taxpayers regarding various tests to be met to qualify as a Qualified Opportunity Fund (QOF) and Qualified Opportunity Zone Business (QOZ...more

Miles & Stockbridge P.C.

Are Severance Benefits Subject to ERISA?

by Miles & Stockbridge P.C. on

Definitely maybe. Severance benefits are subject to ERISA if they comprise a “plan, fund or program.” The Supreme Court held that there is a plan, fund or program for severance benefits if (1) payment requires an “ongoing...more

Eversheds Sutherland (US) LLP

Videocast: Section 45Q Carbon Capture and Sequestration (CCS) credit

In this Bottom Line videocast, Susan Lafferty and Amish Shah discuss: Section 45Q Carbon Capture and Sequestration credit. Beginning of Construction Guidance—Notice 2020-12. Partnership Allocation Guidance—Revenue Procedure...more

Buckingham, Doolittle & Burroughs, LLC

The Secure Act | How secure are you in your estate plan?

In this brief video, attorneys Ron Wayne and Sarah Blank discuss the SECURE Act and the key provisions that may affect you....more

Dickinson Wright

IRS Memorandum a Reminder to Employers to Avoid a Tax Disaster by Keeping Copies of Signed Plan Documents

by Dickinson Wright on

In a recent Chief Counsel General Advice Memorandum (“Memo”), the IRS provides a helpful reminder that basic recordkeeping and organization techniques can avoid significant tax liability for employers and employees in the...more

Farrell Fritz, P.C.

Sometimes, You Want To Be “At Risk” – Even In Healthcare

by Farrell Fritz, P.C. on

Keeping It Real- Contrary to what has long been an all-too-popular belief,[i] there is a method to the Code. That is not to say that no part of it is arbitrary, or that none of its provisions are tainted by political...more

Faegre Drinker Biddle & Reath LLP

Indiana Tax Court affirms Voluntary Dismissals of Property Tax Appeals, where Assessor had not incurrred a “Substantial Expense”

Assessor had spent little time with limited discovery prosecuting case - Name: Marion County Assessor v. Stutz Business Center, LLC - Date Issued: August 30, 2019 - Property Type: Vacant land - Assessment Years:...more

K&L Gates LLP

Director Penalty Notice Regime Extended

by K&L Gates LLP on

From 1 April 2020, company directors will be personally liable for any unpaid GST, luxury car tax (LCT) and wine equalisation tax (WET), in addition to the pay as you go withholding (PAYGW) and superannuation guarantee...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - February 2020 #7

Seizing the opportunity to get out and enjoy an increasingly rare sunny day in Atlanta, both the House and Senate convened and moved quickly through their agendas today. The House passed both HB 487 and HB 780 unanimously...more

Locke Lord LLP

The Midstream REIT; New Private Letter Ruling Guidance from the IRS May Enhance REIT Investment Option for Midstream Energy Assets

by Locke Lord LLP on

Private letter ruling 201907001 (the “PLR”), recently issued by the Internal Revenue Service (“IRS”), indicates that a midstream energy company may be able to organize as a real estate investment trust (“REIT”) under Section...more

Littler

Puerto Rico Treasury Department Issues Post-Earthquake Rules for Qualified Retirement Plan and IRA Distributions and Loans

by Littler on

On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter Number 20-09 (CC RI 20-09) to provide special rules and procedures applicable to distributions from qualified...more

Charles (Chuck) Rubin

Basis in a Life Insurance Policy

by Charles (Chuck) Rubin on

Life insurance contracts may be sold for many reasons, including among family members as circumstances change, between trusts when it is desired to move a policy out of an irrevocable trust to one that has more desirable...more

Manatt, Phelps & Phillips, LLP

[Webinar] Banking and Fintech Transactions: 2020 Forecast - March 25th, 2:00 pm ET

Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more

Ary Rosenbaum

That 401(k) National Conference, Agenda, March 10-11, 2020, Walt Disney World Swan

by Ary Rosenbaum on

The tentative agenda for That 401(k) National Conference at Walt Disney World Swan on March 10-11, 2020....more

International Lawyers Network

Buying And Selling Real Estate In Greece (Updated)

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER GREEK LAW - 1. PROCEDURE – MAIN STEPS OF REAL ESTATE ACQUISITION UNDER GREEK LAW. Acquisition of a real estate property in Greece includes mainly the following steps: •...more

Akin Gump Strauss Hauer & Feld LLP

Carbon Capture Tax Credit Gets a Boost From IRS Guidance – A Practical Guide for Investors

The Internal Revenue Service (IRS) has issued the first round of guidance regarding the tax credit for carbon oxide sequestration under Internal Revenue Code Section 45Q. This guidance is divided between two documents:...more

Proskauer - Tax Talks

Cayman Islands added to the EU blacklist of non-cooperative jurisdictions for tax purposes

by Proskauer - Tax Talks on

On 18 February 2020, the ECOFIN committee of finance ministers of the EU resolved to add the Cayman Islands to the EU blacklist of non-cooperative jurisdictions for tax purposes. Their reasoning was short...more

Burr & Forman

SECURE Act Expands Eligibility for 401(k) Deferrals

by Burr & Forman on

A December 27, 2019 post to this blog by Jon Nason provided an overview of the many changes affecting retirement plans made by the SECURE Act, which was enacted as part of the Further Consolidated Appropriations Act of 2020...more

Bradley Arant Boult Cummings LLP

Legislative Task Force on the Impact of the Tax Cuts and Jobs Act Releases Its Final Report - SALT Alert: Alabama Edition

The Alabama Legislature was stymied last year over proposals to decouple from or conform with various provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). As a compromise, the Legislature formed a Joint Legislative Task...more

Varnum LLP

IRS Reminds Taxpayers Across All Income Categories to File Taxes; Issues Warning to Non-Filers With Income Over $100,000

by Varnum LLP on

With the 2019 income tax return filing deadline of April 15, 2020 looming, many taxpayers dread having to prepare their income tax return and fear owing money to the IRS. ...more

Laner Muchin, Ltd.

SECURE Act Brings Many Retirement Plan Changes

by Laner Muchin, Ltd. on

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law. The SECURE Act is one of the most significant pieces of legislation impacting retirement plans in...more

McDermott Will & Emery

Summary of Commuter Benefit Laws (Current as of Feb. 3, 2020)

by McDermott Will & Emery on

An increasing number of jurisdictions around the country, including parts of California, New Jersey and Washington, DC, are mandating that employers provide commuter benefit programs that allow employees to pay for commuting...more

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