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Tax Updates

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

M&A, 401(k) & The Plan Sponsor: What You Need To Know

by Ary Rosenbaum on

Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined. M&A is an extremely important concept in the world of...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

Bracewell Tax Report - March 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act (TCJA), with emphasis on how such developments impact the energy,...more

Estate Planning Adjustments for Tax Year 2018 & Chained CPI Under New Tax Act

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service adjusts annually for inflation. On December 22, 2017,...more

IRS Announces End of Offshore Voluntary Disclosure Program

by Jones Day on

On March 13, 2018, the Internal Revenue Service ("IRS") announced that the Offshore Voluntary Disclosure Program ("OVDP") will end on September 28, 2018. The program has allowed taxpayers to avoid criminal prosecution by...more

The UK releases new guidance on Mutual Agreement Procedures

by DLA Piper on

Her Majesty's Revenue and Customs (HMRC), the UK tax authority, has published revised guidance on the Mutual Agreement Procedure (MAP) in its International Manual (INTM) (at INTM 423000 – INTM423130)....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

Trump Administration Signals Exemptions To Steel Tariffs Are A Long Shot

by Seyfarth Shaw LLP on

Builders and manufacturers who rely on imported steel as a major input may want to rethink their procurement strategy in light of an executive domestic preference decree issued last week. Under President Trump’s Proclamation...more

Practical Insights on Tax Reform: Impact on the Real Estate Industry

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

2017 Summary Of New Maine Laws & Carry Over Legislation - State of Maine 128th Legislature, 1st Regular Session

by Pierce Atwood LLP on

Overview - 2017 Summary of New Maine Laws & Carry Over Legislation - The new laws highlighted in this summary are those most relevant to our clients and does not include all laws enacted this past session. This summary of...more

The 2017 Tax Cuts and Jobs Act: A Pandora’s Box for Higher Education

The enactment of the Tax Cuts and Jobs Act of 2017 has raised a number of potential issues for institutions of higher education. Due to this significant impact, institutions need to study the Tax Act and plan appropriately....more

Important updates from the IRS for exempt organizations

by Bricker & Eckler LLP on

A recent Internal Revenue Service (IRS) Exempt Organizations Update included important reminders concerning updated exemption application forms and the IRS’ new user fee schedule. ...more

IRS OVDP Ending | Time Is Now for Coming into US Tax Compliance – Especially for Those with Willfulness Issues

by McDermott Will & Emery on

The IRS announced on March 13, 2018, that it will begin to ramp down the current OVDP and urged taxpayers with undisclosed foreign assets to apply for the program before it closes on September 28, 2018....more

IRS Is Closing Offshore Voluntary Disclosure Program; Deadline of September 28, 2018

The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in...more

The Tax Act’s New Business Interest Expense Limitation – Dear IRS: Some Guidance, Please?

by Alston & Bird on

The Tax Cuts and Jobs Act replaced the earnings stripping rules with a new limitation on deductions for business interest expense. Our International Tax Group examines the new law and what it means for interest expense...more

IRS to Terminate Offshore Voluntary Disclosure Program

by McGuireWoods LLP on

On March 13, 2018, the Internal Revenue Service announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will terminate on Sept. 28, 2018. This has important implications for U.S. taxpayers that have willfully...more

Florida Sets 120-Day Deadline on Tax Deed Sale Surplus Claims

by Baker Donelson on

Earlier this month, House Bill 1383, which amends Florida's tax deed statutes, was passed in both houses of the Florida legislature and now awaits the Governor's signature. While the amendments generally provide more guidance...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

The VAT increase and its implications for business

by Hogan Lovells on

In the Budget Speech delivered on 21 February 2018, Minister Malusi Gigaba announced the controversial increase in the VAT rate from 14% to 15% with effect from 1 April 2018. This is the first VAT increase in 25 years and is...more

IRS Announces End of FBAR Voluntary Disclosure Program

As I discussed in a prior blog post, if you have more than $10,000 in a foreign bank account, you are obligated to file Form 114 (commonly known as an FBAR). Failure to make this filing can result in significant civil...more

Criminal Tax Obstruction Case Argued Before the Supreme Court

by Moskowitz LLP on

This past December, the Supreme Court heard the first criminal tax case to be argued before it in a decade. The Court agreed to hear the case following a petition by Carlo J. Marinello, II, a freight service businesses owner...more

Tax debts

by Hogan Lovells on

It should be noted that SARS has appointed a number of additional debt collectors in order to collect outstanding tax debts. It prudent that taxpayers settle their debts with SARS to avoid disputes with SARS. ...more

U.S. Internal Revenue Service Cancels Offshore Amnesty Program

by Butler Snow LLP on

The U.S. Internal Revenue Service has just announced that it will end the Offshore Voluntary Disclosure Program (“OVDP”) on 28 September 2018. ...more

ERISA Audit Season: Is It Raining on Your Parade?

by Burns & Levinson LLP on

An employer is required to file an annual audit report of its retirement plan with the federal government if the plan has over 100 participants. Form 5500 submissions that omit a required audit report in any year invite...more

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