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Tax Civil Rights

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

Ohio Still Slow to Adapt Cannabis Business After November 2023 Legalization of Recreational Use

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They call it the Green Mile on I-75 North, just 11 miles north of the Ohio border in Michigan where several dispensaries compete for out of state cannabis business, including Ohio’s....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Navigating Employee Retention Credit Denials and Delays

Employee retention credits (ERCs) have been a critical financial lifeline for businesses dealing with the effects of COVID-19. Designed to incentivize businesses to retain employees during the economic downturn caused by...more

Goulston & Storrs PC

Further Updates to the Massachusetts Estate Tax

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On October 4, 2023, the Massachusetts estate tax was updated for the first time in seventeen years (the “2023 Act”). Primarily, the 2023 Act created a $2,000,000 exemption from the estate tax for all decedents who died on or...more

Faegre Drinker Biddle & Reath LLP

Retirement Philosophy

As qualified retirement plan sponsors evaluate the various new distribution options available under SECURE 2.0 (read our overview here), it is worth asking: What is your company’s retirement philosophy? The answer to this...more

UB Greensfelder LLP

Deadline Approaching Under Corporate Transparency Act

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Have you filed your company’s BOI report? As announced in December 2023, under the Corporate Transparency Act (CTA), certain legal entities formed before January 1, 2024 have to file a Beneficial Ownership Information (BOI)...more

Eversheds Sutherland (US) LLP

Clarifying the federal tax classification of wholly owned tribal entities and the mechanics of the Section 6417 election for such...

On October 7, 2024, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) clarifying the federal tax classification of certain entities wholly owned by...more

Allen Barron, Inc.

Surprising IRS Tax Bracket Changes for 2025

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Have you come across the surprising IRS tax bracket changes for 2025? Yesterday, the IRS released the 2025 income tax brackets for U.S. taxpayers. The inflation adjustments to tax brackets were a pandemic-boosted 7% for...more

Cadwalader, Wickersham & Taft LLP

First Stand-Alone Crypto Tax Fraud Case Leads to Guilty Plea

On September 12, 2024, the U.S. Department of Justice (“DOJ”) announced that Frank Richard Ahlgren III pleaded guilty to filing a false tax return underreporting gains from selling $3.7 million in Bitcoin. As we discussed...more

Vinson & Elkins LLP

CAMT Count Me Twice: Determining CAMT AFSI in Mergers and Acquisitions

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On September 12, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) issued long-awaited proposed regulations (89 FR 75062) (the “Proposed Regulations”) on the application of the...more

Groom Law Group, Chartered

IRS Announces 2025 Health and Welfare Limits

On October 22, 2024, the IRS issued Rev. Proc. 2024-40, which announces the 2025 indexed limits for certain health and welfare benefits. This is in addition to the limits that the IRS announced on May 9, 2024 in Rev. Proc....more

Proskauer Rose LLP

Personal Planning Strategies - November 2024

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What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In...more

Locke Lord LLP

IRS Issues Guidance on Employer Matching Contributions for Student Loan Repayments

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The Internal Revenue Service (IRS) issued interim guidance on the SECURE 2.0 Act provision permitting employers to make matching contributions based on employees’ qualified student loan repayments (“QSLP”) under 401(k),...more

Woodruff Sawyer

​​​​​IRS Adjusts Health Flexible Spending Account and Other Benefit Limits for 2025

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On October 22, 2024, the Internal Revenue Service (IRS) released Revenue Procedure 2024-40, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,300 for plan years beginning in...more

Awatif Mohammad Shoqi Advocates & Legal...

Understanding Small Business Relief: Key Provisions of the UAE Corporate Tax Law

The introduction of the Small Business Relief under Article 21 of the UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022) aims to support small businesses by exempting them from corporate tax obligations, provided they...more

Holland & Knight LLP

CNBV propone obligaciones en materia de información de sostenibilidad en México

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La Comisión Nacional Bancaria y de Valores (CNBV) de México, el 13 de septiembre de 2024, publicó en el portal de la Comisión Nacional de Mejora Regulatoria (CONAMER) el anteproyecto de la resolución que modifica las...more

Holland & Knight LLP

Taxonomía Sostenible de México, sistema de clasificación y guía de actividades sostenibles

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La Secretaría de Hacienda y Crédito Público el 16 de marzo de 2023, publicó la primera edición del reporte de Taxonomía Sostenible de México (la taxonomía). La taxonomía no constituye un documento regulatorio con carácter...more

Baker Donelson

Deadline Nears for Tennessee Franchise Tax Refund Eligibility

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As originally enacted, 2024 Public Chapter 950 provides that if a taxpayer paid the franchise tax based upon the minimum measure tax base found at Tenn. Code Ann. Section 67-4-2108, then the Tennessee Department of Revenue...more

Cadwalader, Wickersham & Taft LLP

Charging Ahead or Stalling Out? Clean Energy Credits Await Key Guidance

The Inflation Reduction Act of 2022 (the “IRA”) allows firms to develop and sell clean energy tax credits. In our last update, available here, we discussed the release of the long-awaited guidance package on the new...more

Cadwalader, Wickersham & Taft LLP

Extracting Value

Establishing the timing of a corporate dividend can be an important feature in a number of transactions where value is being extracted from a company.  In the recent case of HMRC v Gould [2024] UKUT 00285 (TCC) (“Gould”), the...more

Bricker Graydon LLP

New IRS Guidance for Long-Term Part-Time Employees in ERISA covered 403(b) Plans at Private, Non-Profit Institutions of Higher...

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In potentially welcome news for public institutions of higher education, in Notice 2024-73, the Internal Revenue Service (IRS) confirmed that the new long-term part-time (LTPT) rules introduced by the SECURE Act and SECURE...more

DLA Piper

Navigating Clean Energy Tax Credits in Climate Tech Venture Lending

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Changes to the tax code have made it easier to monetize renewable energy tax credits, attracting interest from emerging growth companies looking to bolster their balance sheets amid the slowdown in venture capital funding....more

Womble Bond Dickinson

Can Republicans Repeal the Inflation Reduction Act (IRA)?

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With less than two weeks to go until the historic 2024 election, we take a closer look at the Inflation Reduction Act (IRA) and consider its possible fate following the high stakes 2024 Presidential Election. ...more

Alston & Bird

Plan in Advance: Deferred Revenue Tax Considerations in M&A Transactions

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Our Federal Tax Group discusses the tax treatment of deferred revenue or advance payments in M&A transactions. The tax treatment of deferred revenue differs from the treatment for financial accounting purposes....more

Blank Rome LLP

Departments Don’t Always Know Best

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Departments of Revenue are notorious for treating their guidance as the final and absolute word on an issue. However, that doesn’t mean that they are always right. The recent decision of the Oregon Tax Court in Microsoft...more

Blank Rome LLP

Kentucky Court Issues Permanent Injunction of Law Discriminating Against Interstate Commerce

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A U.S. District Court ruled that a Kentucky statute that requires the State’s Public Service Commission (“PSC”) to compute the reasonableness of the rates that utilities charge consumers by reducing fuel costs by any...more

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