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Tax Updates

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

Applicable Federal Rates – February 2018

by Charles (Chuck) Rubin on

Please see charts below for more information. ...more

IRS Notice 2018-01: Passport Denial/Revocation for “Seriously Delinquent Tax Debts” to Begin

In 2015, the Fixing America’s Surface Transportation (FAST) Act contained a provision in which the IRS would interact with the State Department to deny or revoke the passports of taxpayers with “seriously delinquent tax...more

2018 Michigan Property Tax Review: Is Your Business Being over Assessed?

by Varnum LLP on

Michigan property values have been relatively stable in recent years. In certain cases, this type of stability will result in predictable and stable property tax assessments. However, there are many instances in which both...more

Will Tax “Reform” Affect Domestic M&A?

by Farrell Fritz, P.C. on

Perhaps the single most important day in the life of any closely held business is the day on which it is sold. The occasion will often mark the culmination of years of effort on the part of its owners....more

Should I Be A C Corp? Choice Of Entity After Tax Reform

by Cole Schotz on

The recently enacted 2017 Tax Act (originally called the Tax Cuts and Jobs Act – “Tax Reform”) made major changes to the US tax system. Because C corporations (“C corps”) are now taxed at a flat 21% federal income tax rate,...more

Federal Estate & Gift Tax Reform - What We Know Now

by Tonkon Torp LLP on

We now know that each individual has a $10 million estate tax exclusion (adjusted for inflation) under the new federal estate tax legislation (the Tax Cuts and Jobs Act). In 2018, the applicable exclusion amount will be...more

With Tax Season Fast Approaching, IRS Secures Guilty Plea In High-Profile Tax Case Involving Reality TV Star “The Situation”

by Fox Rothschild LLP on

The Internal Revenue Service has announced that the nation’s tax season will begin on Monday, January 29, 2018. As is typically the case, the annual opening of tax season is accompanied by well-publicized enforcement actions...more

New Tax Law Exerts Downward Pressure on Incremental Project Recourse Rates

by Davis Wright Tremaine LLP on

Pipeline expansion capacity is priced at the incremental cost of service of the new facilities to be constructed. This causes the incremental recourse rate to generally be higher than the otherwise applicable system recourse...more

A Plan Sponsor’s Guide To Selecting Retirement Plan Providers

by Ary Rosenbaum on

Since I was about nine and saw it on HBO, one of my favorite movies has been Caddyshack. I loved Caddyshack years before I even liked golf and years before I was mature enough to get all the jokes. One of my favorite scenes...more

Impact of US Tax Reform on Mergers and Acquisitions: New Opportunities and Pitfalls

On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA), which includes numerous changes that will significantly impact mergers and acquisitions (M&A). Although the TCJA has rightly been...more

Issues for Compensation Committees to Consider When Grappling With Changes to 162(m) and the Death of the Performance-Based...

As much has been written regarding the repeal of the performance-based exception to the $1 million dollar deduction limitation under Code Section 162(m) under the Tax Cuts and Jobs Act (the Act), we have highlighted certain...more

Wealth Transfer Tax Planning Implications of the 2017 Tax Act

by Williams Mullen on

On December 22, 2017, President Trump signed Public Law No. 115-97, formerly known as the Tax Cut and Jobs Act of 2017[1], into law (the “2017 Tax Act”). Increase of Gift, Estate, and GST Exclusions and Exemptions in 2018...more

Implication of Daishowa to Purchasers

by Bennett Jones LLP on

Since the decision of the Supreme Court of Canada in Daishowa-Marubeni International Ltd. v. Canada, 2013 SCC 29 [Daishowa], clarity exists for how a vendor treats abandonment obligations on the sale of resource...more

The Final Tax Reform Act: SALT Implications

by McDermott Will & Emery on

Now that the federal tax reform act has passed, state legislatures will have to consider the extent to which state statutes should be modified to reflect the act’s language and policy decisions. State revenue departments will...more

Washington Legislature Introduces Revised Uniform Unclaimed Property Act

by McDermott Will & Emery on

On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The...more

Compensation Season 2018: Section 162(m) and Related Considerations Post-Tax Reform

by White & Case LLP on

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act includes significant changes to the executive compensation deduction rules contained in §162(m) of the Internal Revenue Code (the...more

Donor-Advised Funds: IRS Proposes Rule Changes - A Review of IRS Notice 2017-73

IRS Notice 2017-73 (the “Notice”) provides advance notice of U.S. Treasury and IRS’ proposed rule changes for Donor-Advised Funds (“DAF’s”).[2] Comments are requested by March 5, 2018.[3] The Notice represents a significant...more

An In-Depth Look at the Impact of US Tax Reform on Mergers and Acquisitions

On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA), which includes numerous changes that will significantly impact mergers and acquisitions (M&A). Although the TCJA has rightly been...more

How the Tax Cut and Jobs Act Impacts Expensing and Depreciation (For the Better)

Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following discusses key changes made to the expensing and...more

Disposition of a Partnership Interest Now Subject to Tax Withholding

by K&L Gates LLP on

The new Tax Cut and Jobs Act of 2017 (the “Act”) contains a provision that is of great importance to any persons buying or selling an interest in a partnership. New Section 864(c)(8) of the U.S. Internal Revenue Code (the...more

What Is the Impact of Tax Reform on US Wind Tax Equity Deals?

A Word About Wind has published our article What Is the Impact of Tax Reform on US Wind Tax Equity Deals? in its blog (subscription required) and newsletter. ...more

Harvey Weinstein, Tax Reform, And Nondisclosures - Oh My!

by Roetzel & Andress on

There is no doubt that the movement known as #MeToo has brought workplace sexual harassment to the forefront of conversation and is both a top priority and concern for all employers. One of the many names associated with this...more

TTB Gives Initial Guidance on Excise Tax Cuts

by Sherman & Howard L.L.C. on

The Alcohol and Tobacco Tax and Trade Bureau (TTB) has set up a Craft Beverage Modernization and Tax Reform website to provide industry members more information on how the TTB will implement portions of the Tax Cuts and Jobs...more

Tax Delinquents Beware: Your Passport Is Now Officially at Risk

by Fox Rothschild LLP on

Individuals who owe more than $51,000 in back taxes are now at risk of losing their U.S. passports under a new law requiring the Internal Revenue Service to notify the State Department of taxpayers with “seriously delinquent...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects the senate’s newly-proposed tax bill. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax...more

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