News & Analysis as of

Business Taxes Income Taxes

Senate and House Tax Bills Provide Support For Oil And Gas Industry

by Snell & Wilmer on

The tax reform bills that passed the U.S. Senate and House of Representatives may provide a windfall of potential tax benefits and breaks for some oil and gas infrastructure developers and operators. In addition to...more

Pass-Through Treatment: Don’t bite the hand that feeds most Americans!

by Foodman CPAs & Advisors on

According to the U.S. Bureau of Labor Statistics, the Professional and Business Services (PBS) industry sector accounted for 12.9% of jobs in the U.S. during 2016 as opposed to 7.9% for the Manufacturing Sector (MS). The...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

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

Sleeper Issue? Deferred Tax Assets under a Trump Administration

by Bass, Berry & Sims PLC on

Update as of December 6, 2017: Congress and the President are nearing the finish line for significant tax reform with the likelihood of passing by the end of the year. Since it has the potential to significantly change the...more

U.S. Tax Reform in Final Stretch

by Hogan Lovells on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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)

by Ballard Spahr LLP on

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

Tax Cuts and Jobs Act

by Kelley Drye & Warren LLP on

The U.S. Senate passed the “Tax Cuts and Jobs Act” early Saturday. The House of Representatives passed its version of this tax legislation on November 16th. The House and Senate will now begin the process of reconciling...more

Tax Cuts and Jobs Act Update: Senate Approval Moves Bill Forward

by Polsinelli on

The Senate passed a version of the Tax Cuts and Jobs Act that differs significantly from the House-passed bill but still contains several similar proposals that lower individual and business tax rates, completely revamp the...more

State Income Tax Implications of Base Broadening Components of House and Senate Tax Reform Bills

by McDermott Will & Emery on

While there are differences between the House and Senate tax reform bills that remain to be worked out between the two chambers, both bills are positioned to broaden the tax base and reduce the tax rate. This article...more

Final Senate Tax Bill: Outlook for Tax-Exempt Organizations

by McDermott Will & Emery on

The Senate’s final tax reform bill contains several troubling provisions for tax-exempt organizations but represents an improvement over last month’s proposed legislation, which caused concern across the nonprofit sector. ...more

NJ Tax Court: Extraterritorial Income Not Subject to Corporation Business Tax

by Reed Smith on

In a decision released today, the New Jersey Tax Court determined in Infosys Limited of India Inc. that a foreign corporation was not subject to New Jersey corporation business tax (“CBT”) on its income from sources outside...more

The Path to Tax Reform 2017: Pass-through Entities

by BakerHostetler on

On Nov. 16, 2017, the House passed its tax reform bill, the Tax Cuts and Jobs Act (“House Bill”). The bill materially changes taxation of pass-through income from partnerships, LLCs taxed as partnerships and S corporations....more

Tax Alert Regarding The Impact Of The House And Senate Bills On Financing Transactions

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act, and later proposed amendments to the bill on November 3, November 6, and November 9,...more

Federal Tax Reform: How the Newly Passed House Bill Compares to the Senate Bill – A Side-by-Side Comparison, Plus the Big Picture

by Ballard Spahr LLP on

Last updated 11/17/2017 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...more

Tracking Tax Reform: Comparison of the Tax Cuts and Jobs Act as Passed by the House and Approved by the Senate Finance Committee

by Locke Lord LLP on

On November 16, the House passed the Tax Cuts and Jobs Act (the “House Bill”) by a 227-205 vote. Also on November 16, members of the Senate Finance Committee voted 14-12 to approve their own tax bill (the “Senate Plan”). The...more

U.S. Tax Reform: The Current State of Play

Yesterday the House of Representatives voted on and passed the Tax Cuts and Jobs Act. If passed by the Senate, the Act would significantly change the current federal income tax regime in the United States. ...more

A Look At The Senate Tax Reform Bill

by Fraser Trebilcock on

Fraser Trebilcock continues to monitor the tax reform plans moving through the House and Senate. As we mentioned in our last post, the various proposals are a bit of a moving target and are in at state of flux. On November...more

The Impact On U.S. Corporations If The House's "Tax Cuts And Jobs Act" Passes

We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the taxation of U.S. Corporations. The complete text of the alert is available here. Below is a brief summary of H.R....more

Tax Cuts and Jobs Act Update: Key Differences Between the House and Senate Bills

by Polsinelli on

The Senate Finance Committee Chairman’s Mark for the “Tax Cuts and Jobs Act,” released Nov. 9, describes in detail the Senate tax bill and is significantly different than the House bill, as it currently stands....more

The International Tax Impact Of The 2017 Tax Cuts And Jobs Act

We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the international corporate tax landscape. ...more

Alert: Comprehensive Tax Reform: The House and Senate Proposals at a Glance

by Cooley LLP on

On November 9, 2017, the Joint Committee on Taxation (the "JCT") released a summary of the Senate's proposal (in the form of a description of the Chairman's Mark of the "Tax Cuts and Jobs Act," referred to in this alert as...more

Possible Favorable Impacts on Inbound U.S. Real Property Investments under the Proposed Tax Act

by Charles (Chuck) Rubin on

The proposed Act has provisions that will provide benefits to non-U.S. persons making investments into U.S. real property. For foreign persons investing individually (or through pass-through entities) in U.S. partnership...more

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