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Dorsey & Whitney LLP

President Trump Seeks to End Carried Interest Tax Preference

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President Trump met with Republican lawmakers on Thursday, February 6, 2025, to outline his tax priorities, including extending the 2017 tax cuts and expanding the state and local tax deduction. Also included among the...more

Latham & Watkins LLP

Treasury Circulates Draft Regulations for Section 45Z Clean Fuel Production Credit

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A new tax credit is proposed to calculate a fuel’s emissions factor based on its full carbon life cycle of production. Notices 2025-10 and 2025-11 (Notices), released on January 10, 2025, outline the intention of the...more

Rivkin Radler LLP

Business Owner Borrows from Their Private Foundation – A Different Form of “For Profit Philanthropy”?

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Many successful business owners attribute some part of their success to their community. For some of these owners, it is not enough to simply acknowledge this “debt”; they feel an obligation to share some of their financial...more

McNees Wallace & Nurick LLC

Pennsylvania Act 122: Understanding Key Reporting Requirements and Deadlines for Businesses in 2025

As of January 1, 2025, new reporting requirements and annual filings under Pennsylvania Act 122 of 2022 have become effective. Under this new legislation, business entities and other organizations operating in Pennsylvania...more

Procopio, Cory, Hargreaves & Savitch LLP

Understanding Tariffs and Strategies for Mitigating Their Impact

In recent months, tariffs have become a significant concern for businesses importing goods, particularly in relation to trade agreements between the U.S., Mexico, and Canada, as well as with other countries. The U.S....more

Awatif Mohammad Shoqi Advocates & Legal...

The 2025 E-Invoicing Rollout in the UAE

The UAE government has taken steps to move towards a fully digitized tax system by adopting E-Invoices. The E-invoicing process will be mandatory for all business to business (B2B) and business to government (B2G)...more

Alston & Bird

Can Trump Replace Income Tax with Tariffs?

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President Trump has suggested using tariffs to lower the Federal Government’s reliance on income taxes....more

Freeman Law

Posts, Profits, & Penalties | Tax Law & Social Media | Part 2

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Cristiano Ronaldo was 2024’s highest-earning Instagram influencer, receiving approximately $3.23 million per post. This jaw-dropping number is not the typical amount that Instagram influencers earn. In fact, on average,...more

Groom Law Group, Chartered

IRS Provides Tax Guidance Related to State-Run Paid Family and Medical Leave Programs

On January 16, 2025, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2025-4 (the “Rev. Rul.”). The Rev. Rul. provides guidance on the federal tax treatment of contributions to and benefits paid under a state paid...more

Allen Barron, Inc.

The Appeal of an IRS Audit is Based Upon the Audit's Examination File

Allen Barron, Inc. on

Did you know the appeal of an IRS audit is based upon the IRS examination file record of the audit itself? When the IRS produces its "Notice of Determination" at the end of an audit, a very important door closes: the ability...more

Eversheds Sutherland (US) LLP

Proposed regulations explain the expansion of “covered employees” under Code Section 162(m)

On January 14, 2025, the Department of the Treasury and the Internal Revenue Service issued proposed regulations (Proposed Regulations) relating to the expansion of the definition of “covered employees” under Internal Revenue...more

Jones Day

President Trump's Executive Order on Unleashing American Energy: Potential Foreign Investors' Claims Against the United States

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On January 20, 2025, President Donald Trump issued the Executive Order on Unleashing American Energy, pausing the disbursement of grants and loans under the Inflation Reduction Act ("IRA") and the Infrastructure Investment...more

Pullman & Comley - For What It May Be Worth

Don’t Miss Out: Connecticut Property Tax Appeal Deadlines Are Looming

The deadline is fast approaching for Connecticut taxpayers to file an appeal with their local Board of Assessment Appeals (BAA) to challenge their property assessment on their municipality’s October 1, 2024 Grand List....more

Foley & Lardner LLP

Physician Practice Private Equity Transactions – A Refresher

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All indications appear to point toward a robust market for health care mergers and acquisitions (M&A) in the coming year. Inflation — finally — appears to be easing. With that, we may continue to see interest rate cuts from...more

Foley & Lardner LLP

Mexico's President Offers Opportunities for Local and Foreign Investors

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On January 13th, 2025, President Sheinbaum presented the Mexico Plan (MP), which details tax incentives, provides for greater efficiency in administrative processes, and outlines investment goals for infrastructure related to...more

Stikeman Elliott LLP

Tax Court of Canada Denies GST/HST Input Tax Credit Claims in Connection with a Settlement Payment

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In a general procedure hearing that was later moved under the informal procedure rules and rendered on December 17, 2024, the Tax Court of Canada (the “Tax Court”) dismissed 267 O’Connor Limited’s (the “Appellant”) appeal,...more

Littler

Puerto Rico Department of the Treasury Announces 2025 Limits on Qualified Retirement Plans

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On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more

Baker Donelson

Reconciliation Bill's Potential Impact on EV and Infrastructure Ecosystem

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The Republican-controlled Congress is poised to pass key legislative measures through budget reconciliation that will impact the EV industry this year. Speaker Johnson favors a single reconciliation bill with an ambitious...more

Latham & Watkins LLP

Treasury Finalizes Controversial Regulations on IRS Penalty Oversight, but Debate Continues

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Section 6751(b), designed to ensure supervisory oversight amid rising penalty assertions in settlement negotiations, has been contentious due its ambiguity, and the final regulations may not resolve the debate....more

Adler Pollock & Sheehan P.C.

Financial Power of Attorney -To Spring or Not to Spring?

A financial power of attorney (POA) can be a critical component of your estate plan. It appoints a trusted representative (often called an agent) to make financial decisions on your behalf in the event you’re unable to do so....more

Husch Blackwell LLP

Customs Confirms Scope of China IEEPA Tariffs and Removes, Then Reinstates, De Minimis Exemption for Most Low-Value Entries

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Following President Trump’s removal of the de minimis exemption earlier this week, on Friday, February 7, 2025, President Trump issued an amendment to his original Executive Order and temporarily reinstated the exemption...more

DLA Piper

Belgium - VAT: New Belgian Circular Letter on the VAT Implications of Credit Insurance - Monthly Indirect Tax Alert – January 2025

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Previously, for credit insurance covering the price of a supply including VAT, in so far as the credit insurer was subrogated in the rights of the insured supplier, the insurer was entitled to exercise the VAT refund right...more

Shook, Hardy & Bacon L.L.P.

Tax Considerations for Settlement Negotiations

Settlements in the employment law context can set up thorny tax issues for employers. In this alert, we will discuss two key issues companies should consider when working toward a settlement agreement: the deductibility of...more

DLA Piper

Brazil - VAT: Approval of the Supplementary Law on Tax Reform - Monthly Indirect Tax Alert – January 2025

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On 16 January 2025, the President ratified Supplementary Law No. 214/2025, marking a significant step in Brazilian tax reform. This new law outlines the framework for the IBS, the CBS, and IS, while also establishing the IBS...more

Barnea Jaffa Lande & Co.

Recognition of Undocumented Construction Costs for Capital Gains Tax in Israel

The Israel Tax Authority (ITA) recently published an addendum to the 1987 circular  with the goal of minimizing disputes with sellers of residential apartments. The addendum contains procedures addressing instances when...more

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