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Firm Profile: Proskauer Rose LLP
Eleven Times Square
(Eighth Avenue & 41st Street)
New York, NY 10036-8299, United States
Phone: 212.969.3000
Fax: 212.969.2900
Areas of Practice
  • Taxation
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  • United Kingdom

Major Changes Proposed to UK Tax Regime for Non-resident Investors in UK Commercial Property

The UK Government has announced in today’s Budget (22 November) that it is launching a consultation on extending the scope of UK tax on real estate. Currently, non-UK residents who are investors in UK land and buildings are…more
 /  Business Organizations, International Law & Trade, Real Estate - Commercial, Taxation

House of Representatives Passes the Tax Cuts and Jobs Act (H.R. 1); Senate Finance Committee Approves Modified Version; Comparison of the Bill Passed by the House and the Modified Senate Bill

Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late…more
 /  Business Organizations, Finance & Banking, International Law & Trade, Nonprofit Law, Taxation

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways & Means

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the…more
 /  Business Organizations, Elections & Politics, Finance & Banking, International Law & Trade, Taxation

Tax Reform: Focus on the Sports Industry

Over the last several days, there have been significant developments relating to the Tax Cuts and Jobs Act, the pending tax reform legislation in Congress. On Thursday, a detailed summary of the Senate Finance Committee’s…more
 /  Art, Entertainment, & Sports Law, Education, Intellectual Property, Labor & Employment Law, Taxation

Tax Planning Under the Tax Cuts and Jobs Act: Flow-Throughs Are the Answer to Everything

The tax reform bills introduced in the House of Representatives and the Senate dramatically reduce the corporate tax rate from 35% to 20% and create added incentives for taxpayers to invest capital into U.S. businesses with…more
 /  Business Organizations, Commercial Law & Contracts, Education, Finance & Banking, Taxation

The Tax Cuts and Jobs Act

Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the…more
 /  Business Organizations, Commercial Law & Contracts, Elections & Politics, International Law & Trade, Taxation

IRS Eliminates Signatures on Section 754 Elections, Offering Tax Regulatory Reform Preview (and its Complexity?)

In a notice of proposed rulemaking issued on October 11, 2017 (the “NPRM”), the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) proposed an amendment to existing regulations (the “Proposed…more
 /  Business Organizations, Taxation

Tax Planning is Crucial to Achieve Potential Spin-Off Benefits

Today, the Wall Street Journal considers again, on its front page above the fold, the potential benefits of corporate spin-off transactions. The Journal article notes that the S&P Spin-Off Index has outperformed the S&P 500…more
 /  Business Organizations, Taxation

SEC Adopts Additional Guidance on CEO Pay Ratio Rule

On September 21, 2017, the Securities and Exchange Commission (the “SEC”) adopted interpretive guidance regarding Item 402(u) of Regulation S-K, which governs pay ratio disclosure. The interpretive guidance is intended to…more
 /  Business Organizations, Labor & Employment Law, Securities Law

Some Quick Thoughts on the “Big Six” Unified Framework

Yesterday, the Trump Administration, the House Committee on Ways and Means, and the Senate Finance Committee proposed a “unified framework” for tax reform. The members of the working group are House Speaker Paul Ryan (R-WI),…more
 /  Business Organizations, Elections & Politics, Taxation

IRS Resumes Issuing Transactional Spin-Off Rulings

On September 21, 2017, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2017-52 (the “Rev. Proc.”), introducing an 18-month “pilot program” in respect of corporate “spin-off,” “split-up” and “split-off”…more
 /  Business Organizations, Taxation

Looking Ahead to the 2018 Proxy Season: Preparing for CEO Pay Ratio Rules Disclosure Requirements

As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in July 2010, Congress directed the Securities and Exchange Commission (SEC) to adopt pay ratio disclosure requiring public companies to disclose…more
 /  Business Organizations, Labor & Employment Law, Securities Law

Zero Dividend Shares are Ordinary Share Capital

The Upper Tribunal (Tax and Chancery Chamber), the UK’s second level tax appeal court, have just published their judgement in the McQuillan case, which considered whether shares with no right to dividends or any other profits…more
 /  Business Organizations, Civil Procedure, Securities Law, Taxation

Failure to Prevent the Facilitation of Tax Evasion: New United Kingdom Corporate Criminal Offence

As mentioned in our July 2017 edition of UK Tax Round Up, the UK has enacted a new corporate criminal offence of failing to prevent the facilitation of tax evasion. The law comes into effect on 30th September 2017, and…more
 /  Business Organizations, Commercial Law & Contracts, Criminal Law, International Law & Trade, Taxation

Conservative Legislative Agenda Set Out in Queen’s Speech

Following the UK general election on 8 June 2017, at which Theresa May’s Conservative party won the largest number of seats but lost its overall majority, the Queen’s Speech setting out the now minority Conservative government’s…more
 /  Elections & Politics, Finance & Banking, International Law & Trade, Labor & Employment Law, Taxation
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