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Foley & Lardner LLP

IRS Releases Final Regulations Under Section 48 of the Code

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The Internal Revenue Service (“IRS”) and Department of the Treasury last week released final regulations (the “Final Regulations”) relating to investment tax credits under Section 48 of the (the “ITC”) of the Internal Revenue...more

Baker Donelson

Final Energy Credit Regulations Under Section 48

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Overview - The final regulations, scheduled to be published in final form by the Internal Revenue Service (IRS) and the Department of the Treasury on December 12, 2024, provide comprehensive rules regarding the energy credit...more

Stinson LLP

Trump's First 100 Days: Labor, Immigration, Employment & Employee Benefits

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President-elect Trump is expected to put forth his own nominee for Chair of the National Labor Relations Board (NLRB), swiftly replace General Counsel Jennifer Abruzzo and take aim at many Biden-era labor decisions. This will...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: North Carolina Updates

Remote Electronic Notary Act - As discussed in last year's advisory, the North Carolina Remote Electronic Notary Act (referred to as RENA or the Act) was enacted on July 8, 2022. This Act permanently codified remote...more

Buckingham, Doolittle & Burroughs, LLC

Ohio Sales / Use Tax: Financial authorization services found to be nontaxable, although appeal remanded for further consideration...

The Ohio Board of Tax Appeals held that certain financial authorization services, Debit Authorization as described below, are not taxable automatic data processing processing (“ADP) or electronic information services (“EIS”)....more

Hogan Lovells

Shaking up the Magic 8-Ball – What does the U.S. IRA Monetization Look Like in 2025?

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First, a quick and brief reminder on the IRA and the monetization techniques. The IRA expanded upon existing energy tax credits (and other tax incentives) and introduced new ones. And critically, the IRA also brought to life...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: Texas Updates

It has been a quiet year in Texas on the Private Wealth front as the Texas State Legislature enjoyed its biennial recess. Nevertheless, Texas' increasingly business-friendly environment saw some activity with its special new...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: Florida Updates

Several legislative proposals and new laws have been introduced in Florida affecting Private Wealth. A brief summary of the 2024 changes follows....more

Kilpatrick

5 Key Takeaways | National State Tax Cases, Issues, and Policy Matters to Watch

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Members of Kilpatrick’s prominent State and Local Tax Team (SALT) Sam Breslow, David Hughes, and Kylan Memminger recently spoke at the Chicago Tax Club Winter Meeting about “National State Tax Cases, Issues, and Policy...more

Adler Pollock & Sheehan P.C.

Address These Estate Planning Priorities First

It’s been said that there’s “no time like the present.” That’s especially true when it comes to your estate plan. Even though creating an estate plan may seem overwhelming, there are several “top priority” items you should...more

Alston & Bird

IRS Releases New Section 83(b) Election Form

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Our Federal Tax Group explains the new standardized Form 15620 that taxpayers can use when receiving property that is subject to a “substantial risk of forfeiture.”...more

Baker Botts L.L.P.

No Consent on MFN: The Svea Court of Appeal Annuls the Award in Zaza Okuashvili v. Georgia

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In an important decision regarding the scope of Most-Favored-Nation (“MFN”) clauses in investment treaties, the Svea Court of Appeal on 12 November 2024 annulled the Partial Award on Jurisdiction and Admissibility in Zaza...more

Troutman Pepper

IRS Issues Final Regulations on Energy Property and Rules Applicable to Energy Credit Under Section 48

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On December 4, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) released final regulations providing further guidance in determining whether property is energy property and eligible for the Investment...more

Bricker Graydon LLP

Did You Remember to Take Your RMD?

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If you are 73 or older, remember to take your Required Minimum Distributions from any retirement plan or IRA you may have. As discussed in prior blog posts, Required Minimum Distributions (“RMDs”) are taxable amounts that...more

Walkers

Annual Filings to be used for Corporate Income Tax Registration

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The operating provisions of Bermuda's Corporate Income Tax Act 2023 comes into effect on 1 January 2025. The Bermuda Government has now announced that the registration process for corporate income tax will be through a...more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Final Regulations on Section 48 Investment Tax Credits

On December 4, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) regarding the investment tax credit (ITC) under Section 48 of the...more

Pillsbury - SeeSalt Blog

California OTA Denies Credit for NYC Business Taxes in Precedential Opinion

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In the Appeal of Mather, the California Office of Tax Appeals (OTA) held in a precedential opinion that New York City’s (NYC) Unincorporated Business Tax (UBT) was not a tax “imposed by and paid to another state,” as required...more

Weber Gallagher Simpson Stapleton Fires &...

Ten Quick Thoughts On Gray Divorce

I have been seeing more and more articles on the concept known as “gray divorce,” a situation where more mature individuals resolve to get divorced in their sixties, seventies and even older....more

McDermott Will & Emery

Employee Benefit Plans: Important Considerations for Year-End and 2025

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For calendar-year plans, the 2025 plan year is right around the corner. And even for non-calendar-year plans, January 1, 2025, is a key implementation date for certain plan features. This is the ideal time for plan sponsors...more

Pullman & Comley - For What It May Be Worth

Solar PV Uniform Capacity Tax Study Released for Comment

Pursuant to Public Act No. 24-31, the Connecticut General Assembly required the Department of Energy and Environmental Protection (DEEP) in consultation with the Office of Policy and Management (OPM) to “conduct a study...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: Inflation-Adjusted Tax Figures

Federal Estate, GST and Gift Tax Rates The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can...more

Freeman Law

How to Compute the Texas Franchise Tax | Exceptions to Standard Computation

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In my most recent blog post, I finished going through the process for computing a taxable entity’s Texas Franchise Tax responsibility. That post can be found here. However, at the end of that post, I noted that there were...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: Important Planning Considerations for 2024 and 2025

The "big ticket" item of the Tax Cuts and Jobs Act (TCJA) is the significant increase to the lifetime gift, estate and generation-skipping tax (GST) tax exemptions. Under the TCJA, the exemptions were increased from $5...more

Katten Muchin Rosenman LLP

2024 Year-End Estate Planning: Legislative Proposals

President-Elect Donald Trump has not published a comprehensive tax plan as of the time of this writing, but he and Vice President-Elect J.D. Vance have made several proposals in campaign speeches, interviews and online....more

Miller Canfield

Consider Action Before Year End on Michigan Corporate Income Tax Refund Opportunity

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A potential refund opportunity under the Michigan corporate income tax may justify taking action before year end. The issue concerns the Michigan Department of Treasury’s position that the Internal Revenue Code (“IRC”) 163(j)...more

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