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Corporate Taxes Income Taxes

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

Tax Alert Regarding the Impact of the Senate Bill on the Energy Industry

Early Saturday morning the Senate passed its tax bill by a vote of 51 to 49. The bill as passed included a large number of last-minute important changes that were needed to secure the votes for passage, including some so...more

Tax Alert Regarding The Impact Of The House And Senate Tax Bills On International Taxation

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: 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

Pa. Supreme Court Decision May Materially Shorten Time for Filing Tax Refund Claims

by Ballard Spahr LLP on

Pennsylvania taxpayers should be aware of the recent decision by the Pennsylvania Supreme Court in Mission Funding Alpha v. Commonwealth, in which the court held that a refund claim is timely only if it is filed within three...more

Senate Passes GOP Tax Cuts Package; House and Senate Bills Now Move to Conference Committee

by Baker Donelson on

After a week of frenzied debate and last minute deal making, the Senate approved a sweeping package of tax cuts by a vote of 51 to 49 with Senator Bob Corker (R-TN) and all Democrats voting in opposition. It remained unclear...more

Senate Passes Tax Bill - What Did They Change?

On November 9th, the Joint Committee on Taxation released the Description of the Chairman’s Mark of the Tax Cuts and Jobs Act, revealing the Senate’s version of proposed tax reform. On December 2, 2017, the Senate passed a...more

Tax Reform Bills Seek Largest Restructuring of Tax Code in More Than a Generation

On Nov. 16, 2017, the House of Representatives passed its version of the tax reform bill, the Tax Cuts and Jobs Act. The Senate Budget Committee voted on Nov. 28, 2017, to send the Senate version of the bill to the floor,...more

Do you know which Business Structure to choose when starting a New Business?

by Foodman CPAs & Advisors on

When opening a new business, electing a business structure is an important decision. The business structure elected can affect how much will be paid in entity income taxes, record-keeping requirements, how much personal ...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

Pennsylvania Supreme Court: Corporate Tax Refund Claim Must Be Filed Within Three Years Of Original Tax Return Due Date

by Fox Rothschild LLP on

In Mission Funding Alpha, the Pennsylvania Supreme Court recently held that the statute of limitations for a corporation to file a refund claim in Pennsylvania begins to run when the corporate tax return is due, not when the...more

Australian Tax Update

by DLA Piper on

Introduction and overview The Australian Treasurer, The Hon Scott Morrison MP, on Friday 24 November 2017, released exposure draft legislation to prevent entities that are liable to Australian income tax from avoiding...more

UK Tax Round Up - November 2017

by Proskauer Rose LLP on

UK Tax News and Developments - The OTS publishes its report "Value added tax: routes to simplification" - On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more

2017 Year-End Federal Tax Reform Proposals

by Burns & Levinson LLP on

The proposed federal tax reform now being considered in Congress would make many changes after this year, if passed into law. The following areas are under consideration as of November 27, 2017 for domestic businesses,...more

UK Budget 2017 – Key Tax Measures

The Chancellor of the Exchequer delivered the UK Budget for 2017 on 22 November 2017. Delivered against the backdrop of the UK’s ongoing negotiations to exit from the European Union, the Budget featured a significant...more

How Proposed Tax Reform Will Impact Private Equity

by Foley & Lardner LLP on

Both the House of Representatives and the Senate have proposed their own versions of tax reform (the “House Proposal” and “Senate Proposal”, respectively, and together, the “Proposals”) which will drastically change the...more

Federal Income Tax Alert - BIG Changes in IRS Partnership Tax Audit Rules Coming in 2018

by GableGotwals on

Changes in federal tax law taking effect in 2018 will change procedure and shift liability for federal income tax determined to be due in Internal Revenue Service (“IRS”) audits of partnerships. Partnership agreements,...more

Private Equity and Other Carried Interest Funds – Federal Tax Policy Tip Sheet: Issue 4

by Holland & Knight LLP on

The House of Representatives on Nov. 16, 2017, voted on and passed their tax reform bill, along party lines (227-205). Passage was expected in the House, where the GOP hold a significant enough majority needed to move the...more

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