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Tax Updates

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

Trust Fund Tax: Responsible = Liable (?)

by Farrell Fritz, P.C. on

Some shareholders are content with being wholly passive investors in a corporation. Others desire some degree of participation in the day-to-day management of the corporation’s business. Still others are willing to abstain...more

Employment Law This Week®: NLRB GC Memo, Third Travel Ban, Paid Leave Credit for Employers, ERISA Disability Benefits Rule Delayed

by Epstein Becker & Green on

We invite you to view Employment Law This Week® - a weekly rundown of the latest news in the field, brought to you by Epstein Becker Green. We look at the latest trends, important court decisions, and new developments that...more

Bipartisan House Bill Addresses Syndicated Conservation Easement Tax Shelters

by Coblentz Patch Duffy & Bass on

Last week, Representative Mike Kelly (R) of Pennsylvania and Representative Mike Thompson (D) of California introduced the Charitable Conservation Easement Program Integrity Act of 2017 as H.R. 4459. The Act is simple;...more

5 Key Takeaways: New York Corporate Tax Reform – Likely Audit Issues

At a recent New York tax conference, Jeffrey S. Reed, Chair of Kilpatrick Townsend’s State and Local Tax Group, discussed New York Corporate Tax Reform and likely audit issues. Takeaways from the speech include: Audits...more

Donor Advised Funds May Face New IRS Rules

by Faegre Baker Daniels on

On December 4, 2017, the Treasury Department and Internal Revenue Service (IRS) issued Notice 2017-73, new proposed guidance for donor advised funds (DAFs). The public has the opportunity to comment on the following proposed...more

News from Second & State

Back from this weekend’s Pennsylvania Society festivities, the House of Representatives were back to work on Monday morning, convening for their second to last session week of the year. On Monday, the House Appropriations...more

Retirement Plan Sponsors Can’t Afford To Be Cheap

by Ary Rosenbaum on

There is nothing wrong with being thrifty. You should never pay full price for something that you can get on a discount. Being thrifty is different from being cheap. Being cheap is about not wanting to pay for something just...more

American Indian Law and Policy: 10 Things You Need to Know - December 2017

Congress returned from the Thanksgiving holiday with an intense workload that must be completed by the end of the year. Tax reform remains a focus, and the Republican-controlled Congress is still committed to getting a final...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 4)

by McNair Law Firm, P.A. on

IRS Voluntary Worker Classification Settlement Program - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more

U.S. v. Coinbase: Virtual Currency Holders Not Outside the IRS’s Reach

by Dechert LLP on

The U.S. District Court for the Northern District of California, on November 28, 2017, ordered the international digital currency broker, Coinbase, Inc., to produce to the Internal Revenue Service (IRS) the records of...more

IRS Updates Employer Shared Responsibility Payment Information

by Ropes & Gray LLP on

Last month, the IRS provided guidance regarding the procedures it will use to propose and assess employer shared responsibility payments under the Affordable Care Act (“ACA”). More recently, the IRS issued sample Forms 14764,...more

France Announces Its First Deferred Prosecution Agreement

In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more

SLGS Window Closing; Tax Reform Continues to Threaten Public Finance

by Bracewell LLP on

On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday,...more

Five Things to Know about the Tax Cuts and Jobs Act

Even with the bill still in Conference, here are some things businesses should follow closely. Both House and Senate Bills call for deemed repatriation of accumulated foreign profits at reduced tax rates. ...more

Tax Reform: Nonprofits and their Executives Brace for Impact

The Senate voted yesterday to begin formal negotiations with the House of Representatives to reconcile their two versions of the Tax Cuts and Jobs Act, a bill that seeks to make sweeping changes to federal tax law....more

MoFo New York Tax Insights - Volume 8, Issue 12

by Morrison & Foerster LLP on

Appellate Court Holds That Furnishing of Pricing Information Is Not a Taxable Information Service - The Appellate Division has issued a potentially important decision regarding the sales tax exclusion for information...more

Updates for Tax-Exempt Organizations from the Senate Bill

Early on December 2, 2017, the Senate passed the Tax Cuts and Jobs Act (the “Senate Bill”). This blog entry describes certain provisions of the Senate Bill that would have the most significant impact on the nonprofit...more

Tax Reform – The Current State of Play

On December 2, the Senate passed its version of the Tax Cuts and Jobs Act. The House of Representatives earlier approved a competing version of the Act on November 16. The Senate and House entered into conference this week to...more

Reminder: The New Partnership Audit Rules Are Effective for Tax Years Beginning January 1, 2018

by Epstein Becker & Green on

The Bipartisan Budget Act of 2015 (“BBA”), enacted on November 2, 2015, provided for sweeping changes to the way partnerships are audited, including the ability of the Internal Revenue Service (“IRS”) to levy U.S. federal...more

Congressional Tax Reform Efforts May Impact Retirement Plan Sponsors

by McDermott Will & Emery on

On Saturday, the Senate passed its version of the Tax Cuts and Jobs Act. The process of reconciling the House and Senate versions of the bill has already begun in earnest. Currently, the retirement-plan-related changes...more

Final Senate Tax Bill Targets Health Care, Hospitals

by King & Spalding on

In the early hours of Saturday, December 2, 2017, the Senate approved its version of tax reform legislation, S. 1, the Tax Cuts and Jobs Act, by a vote of 51-49. All Republican Senators except Senator Bob Corker (R-TN)...more

Update: IRS Announces Employee Benefit Plan Limits for 2018

by McDermott Will & Emery on

On Monday, November 27, 2017, the Social Security Administration announced that the it is lowering the maximum amount of earnings subject to the Social Security tax for 2018 to $128,400. The Social Security Administration...more

More Scrutiny of Donor Advised Funds

by Bryan Cave on

Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

Florida Homestead Protections Against Forced Sale Under Threat of Dilution

by Charles (Chuck) Rubin on

Once every 20 years, Florida convenes a Constitution Revision Commission (CRC) to review and make recommended changes to the Florida Constitution. Proposed changes are then put to Florida voters for approval or disapproval. A...more

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