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Husch Blackwell LLP

America First Trade Policy Announcement

Husch Blackwell LLP on

On January 20, 2025, within hours of taking the oath of office, President Trump signed an executive order (EO) entitled the America First Trade Policy. As anticipated, the EO directs the Department of Commerce, Department of...more

Offit Kurman

Maryland’s 2025 Budget Proposal: Changes to Estate Taxes and What They Mean for Estate Planning

Offit Kurman on

Recent Maryland proposed budget cause for close estate planning review before the sunset of the federal Tax Cuts and Jobs Act. This week, Maryland Governor Wes Moore released his proposed 2025 budget to the public and...more

Cozen O'Connor

New York Note: State of the State and NYC FY26 Preliminary Budget

Cozen O'Connor on

Last Tuesday, Governor Hochul delivered her 2025 State of the State address, laying out her vision for the year ahead. Highlights from the State of the State are below. The Governor will release her Executive Budget soon to...more

Orrick, Herrington & Sutcliffe LLP

Section 45V Clean Hydrogen Tax Credits: Final Regulations Released

The U.S. Department of the Treasury and Internal Revenue Service (IRS) have released final regulations or tax credits for the production of clean hydrogen under Section 45V of the Internal Revenue Code. The industry has...more

Allen Barron, Inc.

Foreign Corporate Ownership and Investments

Allen Barron, Inc. on

Are you involved in offshore or foreign corporate ownership and investments? Do you have real property, assets, or foreign bank or investment accounts? U.S. taxpayers with offshore business interests, holdings, investments,...more

Offit Kurman

Ethical Wills: The Heart of Your Estate Plan

Offit Kurman on

When most people think of estate planning, Trusts and Last Wills and Testaments usually come to mind. I have spent my career espousing the essential tools for ensuring an efficient transfer of assets from one generation to...more

Offit Kurman

The Hidden Cost of Failing to Plan

Offit Kurman on

Art and collectibles, while beautiful and culturally significant, can pose significant estate planning challenges. At the time of death, these assets are subject to estate taxes based on their fair market value. Without...more

Skadden, Arps, Slate, Meagher & Flom LLP

Possible Tax Reforms Could Run Up Against Deficit and Debt Concerns

Key Points - - Many of the tax reform suggestions President-elect Trump floated during the campaign would result in significant revenue loss, which could mean they will face resistance from Republicans concerned about...more

Stinson LLP

Less Paperwork, More Peace of Mind: New ACA Laws Lighten Employers' Reporting Load

Stinson LLP on

On December 23, 2024, President Biden signed into law two important pieces of legislation, the Paperwork Burden Reduction Act (Reduction Act) and the Employer Reporting Improvement Act (Reporting Act), that aim to ease the...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 5 - January 2025

As the world reacted to the shove heard round the world, the General Assembly kept a low profile on Friday. Convening an hour earlier than the Senate, the House gaveled in and out before senators even made it to their desks....more

Farrell Fritz, P.C.

When Trying to Discover Tax Returns in Business Divorce Litigation, Bring Your A Game

Farrell Fritz, P.C. on

In many, perhaps most New York business divorce lawsuits, tax documents play a key role. Equity holder status is essential for standing to sue – including to dissolve, to sue derivatively on behalf of the entity, to sue...more

Bowditch & Dewey

Major 2024 Changes for Individual Massachusetts Taxpayers

Bowditch & Dewey on

Due Date - The due date for Massachusetts Income Tax Returns is April 15, 2025. Income Tax Rate - The tax rate on most types of taxable income is 5%. The tax rate on long-term gains from the sale or exchange of...more

Freeman Law

National Taxpayer Advocate’s Annual Report Highlights Issues Plaguing the IRS

Freeman Law on

In her annual report to Congress for 2024, National Taxpayer Advocate (“NTA”) Erin M. Collins identified the processing of Employee Retention Credits (“ERCs”), the administration of civil penalties, and changes to the...more

McGuireWoods Consulting

Governor Brian Kemp’s 2025 State of the State: Resilience, Progress, and Strengthening Georgia’s Future

On Jan. 16, 2025, Gov. Brian Kemp delivered his 2025 State of the State address to the Georgia General Assembly, highlighting resilience and progress while outlining an agenda to strengthen Georgia’s economy and quality of...more

Kilpatrick

Approaching Deadline: Reporting for ISO Exercises and ESPP Stock Transfers Due Beginning January 31, 2025

Kilpatrick on

This alert is a reminder of the approaching deadlines for certain year-end reporting requirements applicable to corporations that issue stock to employees (including former employees) upon the exercise of certain stock...more

Groom Law Group, Chartered

IRS Issues Guidance on Mandatory Automatic Enrollment

On January 10, 2025, the Treasury Department and the IRS issued Proposed Regulations addressing one of SECURE 2.0’s signature requirements: that all newly established 401(k) plans and 403(b) plans with cash or deferred...more

Ballard Spahr LLP

January 2025 Multifamily Alert

Ballard Spahr LLP on

With the New Year under way, we wanted to provide updates on legislative activity and other developments affecting multifamily properties in the region and across the country, including Maryland Building Energy Performance...more

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

DOL Releases Final Rule for Self-Correction Under the Voluntary Fiduciary Compliance Program

On January 14, 2025, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released its long-awaited final rules regarding changes to the Voluntary Fiduciary Compliance Program (VFCP). The new...more

Fenwick & West LLP

IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers - January 2025

Fenwick & West LLP on

The IRS has issued two forms (along with accompanying instructions) that corporations must use to satisfy the return and information statement requirements under Section 6039 of the Internal Revenue Code of 1986, as amended....more

Cozen O'Connor

Virginia Viewpoint: Late Out of the Gate

Cozen O'Connor on

The 2025 General Assembly commenced its legislative business this week following an unexpected delay due to widespread water outages that impacted the city of Richmond last week. With only 46 days in this "short" session — as...more

Klein Moynihan Turco LLP

Sweepstakes Winner Affidavits

The culmination of every successful sweepstakes promotion involves the picking of a winner, or multiple winners, as applicable. Winner selection also provides the sweepstakes operator with the opportunity to generate positive...more

Allen Matkins

LA Wildfires Client Resources

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Allen Matkins takes great pride in our California roots and strong ties to the Los Angeles community, and we are profoundly saddened by the devastation caused by the wildfires in our state. We are deeply committed to...more

Wilson Sonsini Goodrich & Rosati

IRS Issues Final Digital Content and Cloud Transaction Regulations

On January 10, 2025, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations (the Final Regulations) regarding the classification of digital content transactions and cloud...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Announces Proposed 162(m) Regulations Defining the Scope of Expanded Covered Employees

On January 16, 2025, the IRS and the Department of the Treasury published proposed regulations relating to Section 162(m) of the Internal Revenue Code. The proposed regulations provide guidance on, and implement, the...more

ArentFox Schiff

IRA Developments to Watch in the EV and Battery Supply Chain for 2025

ArentFox Schiff on

The incoming Trump Administration’s approach to the Inflation Reduction Act (IRA) and tax policies is generating significant interest within the electric vehicle (EV) sector. Generally, reports indicate that some Republican...more

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