News & Analysis as of September 22, 2024

International Tax Issues

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The Alternative Minimum Tax is an aspect of the United States federal tax code that seeks to capture a minimum level of revenue from all taxpayers and to ensure that some earners are not escaping tax liability through certain tax breaks or deductions. Liability under the AMT is calculated by adding certain deductions back into an individual's adjusted gross income, subtracting the AMT exemption and then, paying a percentage of the remaining figure. less -

Senator Manchin Announces That He Will Not Support the Build Back Better Act – Where Things Stand Now

Proskauer - Tax Talks on 12/20/2021

Yesterday, on December 19, 2021, Senator Joe Manchin (D., W.Va.) said that he opposes the Build Back Better Act, which effectively prevents its passage. While there are no immediate prospects for the Build Back Better Act to...more

U.S. Tax Reform Has A Profound Impact On Inbound Investment

Orrick, Herrington & Sutcliffe LLP on 3/7/2018

The current focus of the international tax community is on the United States, and for good reason. In the midst of a contentious political landscape, months of anticipation, and a decidedly clandestine drafting process, U.S....more

U.S. Tax Reform – What It Means For The Gaming And Hospitality Industry

Dickinson Wright on 2/26/2018

Against all odds, Congress, on a straight party-line vote, enacted the most significant tax reform the U.S. has witnessed in more than 30 years. The tax reform legislation, known as the “Tax Cuts and Jobs Act,” significantly...more

The U.S. Tax Cuts and Jobs Act: Fundamental Changes to Business Taxation

Jones Day on 1/16/2018

Signed into law December 22, 2017, the "Tax Cuts and Jobs Act" represents the most comprehensive reform to the U.S. federal tax code in a generation. The Act's most notable provisions include significant reductions in both...more

Analysis of Key Provisions of the Tax Cuts and Jobs Act

Ballard Spahr LLP on 1/9/2018

As we are sure you know, H.R. 1, informally known as the Tax Cut and Jobs Act, became law on December 22, 2017. This new law will impact almost all taxpayers. Ballard Spahr's Tax Group has prepared a detailed summary of...more

Tax Reform

Kramer Levin Naftalis & Frankel LLP on 1/2/2018

On Dec. 22, 2017, President Trump signed into law tax reform legislation (“the Act”) that will have wide-reaching impact across all sectors of the economy. This Client Alert summarizes the following changes to the Internal...more

Summary of Tax Cuts and Jobs Act

Schwabe, Williamson & Wyatt PC on 12/29/2017

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

International Provisions in U.S. Tax Reform - A Closer Look

Orrick, Herrington & Sutcliffe LLP on 12/29/2017

On December 15, the U.S. Congress issued its final version of tax reform via the Conference Report Bill (the “Bill”), which was passed by both Houses of Congress. The Bill represents a compromise of two prior tax reform ...more

Tax Reform Advisory: International Provisions

Goulston & Storrs PC on 12/29/2017

On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to the United States tax regimes generally applicable to businesses. ...more

Sweeping U.S. Tax Bill Signed Into Law

Hogan Lovells on 12/27/2017

The provisions of the new tax law – almost all of which go into effect on January 1, 2018 – represent the most significant revisions to the U.S. tax code that have occurred in 30 years. The Act makes sweeping and major...more

Tax Reform Law’s Impact on Businesses and Their Owners

McGuireWoods LLP on 12/27/2017

On Dec. 22, President Donald Trump signed into law the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (H.R. 1). This...more

Congress Passes GOP Tax Overhaul Legislation

Baker Donelson on 12/22/2017

Congress has now approved the final version of the Tax Cuts and Jobs Act (H.R. 1) on a party-line vote (51-48 Senate, 224-201 House), sending the GOP tax overhaul to President Donald Trump to be signed into law. The...more

The Final Tax Bill: A Thoughtful Analysis

Ballard Spahr LLP on 12/21/2017

Earlier yesterday, both the House and the Senate passed the Tax Cuts and Jobs Act of 2017 (the final bill). With the signature of President Donald J. Trump, it will become law. The tax legislation represents the biggest...more

Tax Alert: "What Does New Tax Bill Mean for Individuals and Business Owners?"

Porter Hedges LLP on 12/21/2017

Tuesday night the Senate passed the Tax Cuts and Jobs Act (the “Tax Reform Act of 2017”). The House was expected to re-vote on it yesterday. Kevin Brady, Chairman of the House Ways and Means Committee, and Paul Ryan, Speaker...more

Tax Bill Passes in Congress, Off to President Trump for Signature

Lowndes on 12/21/2017

Congress has passed the Tax Cuts and Jobs Act, and President Trump is expected to sign it almost immediately. ...more

Alert: Analysis of the Final Tax Reform Bill

Cooley LLP on 12/21/2017

On December 15, 2017, the Conference Committee released the final legislative text of HR 1, entitled "An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year...more

Republicans Release Final Tax Bill Agreement

Baker Donelson on 12/20/2017

On Friday, December 15, Republican House and Senate negotiators announced they had come to an agreement on a final tax bill that they expect to vote on this week and that may potentially be signed into law by President Trump...more

BREAKING: House Passes Final $1.5T Tax Cut Bill

Lowndes on 12/20/2017

This morning, Congress passed the Republican’s tax reform bill, the Tax Cuts and Jobs Act (the “Act”). President Trump is expected to sign the Act into law almost immediately. The Act will drastically change the Internal...more

Tracking Tax Reform: The House and Senate Conference Committee’s Conference Report on the Tax Cuts and Jobs Act

Locke Lord LLP on 12/20/2017

On December 15, the House and Senate Conference Committee released the conference report on the Tax Cuts and Jobs Act (the “Conference Committee Report” or “Report”), containing the specific details on the tax plan they hope...more

Congressional Conferees Approve Long-Awaited Tax Reform

BakerHostetler on 12/20/2017

On Dec. 15, House and Senate Republican conferees agreed to final provisions of the Tax Cuts and Jobs Act ("Act) – the most sweeping United States tax reform changes in 31 years. The House is expected to vote on the bill...more

High-Level Summary of Conference Committee Version of the “Tax Cuts and Jobs Act” as Filed

Bradley Arant Boult Cummings LLP on 12/18/2017

Details of a final agreement among House and Senate Republicans emerged last week -- including rate cuts for “C” corporations, individuals and pass-through businesses. Here’s a summary of what the conferees have agreed to,...more

U.S. Tax Reform in Final Stretch

Hogan Lovells on 12/7/2017

This past week, on 1 December, the Senate voted 51-49 to advance its version of U.S. tax reform legislation. This sets the stage for a conference committee process to occur over the next two weeks, in which the Senate and...more

Federal Tax Reform: An Analysis of the House and Senate Bills

Ballard Spahr LLP on 12/7/2017

As we are sure you know, both the U.S. House of Representatives and Senate have passed their own versions of tax legislation, known as the Tax Cuts and Jobs Act. The two different bills will be reconciled in a conference...more

Federal Tax Reform: Side-by-Side Comparison of the Senate and House Approved Bills, Plus the Big Picture

Ballard Spahr LLP on 12/7/2017

Last updated December 5 - The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill,...more

Federal Tax Reform: The Current State of Play & The Big Picture (Updated 12/5)

Ballard Spahr LLP on 12/6/2017

The Senate Finance Committee released a detailed description of the Senate's tax reform bill, titled the Tax Cuts and Jobs Act, on November 9. The Committee has not released the text of the bill, and likely will not do so...more

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