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Corporate Taxes New Legislation Trump Administration

Seyfarth Shaw LLP

An Electing Real Property Trade or Business can Revoke its Election on Account of the Change to Qualified Improvement Property...

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On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 (the “Revenue Procedure”), which (1) permits an “electing real property trade or business” that elected not to be subject to the...more

Troutman Pepper

IRS Issues Guidance on Section 162(m) Changes

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On August 21, the IRS issued Notice 2018-68 to provide guidance on changes to Internal Revenue Code Section 162(m), enacted by the Tax Cuts and Jobs Act of 2017 (TCJA). Section 162(m) generally limits the tax deduction...more

Pullman & Comley, LLC

Are Connecticut Income Taxes Now Tax Deductible For The Owners Of Pass-Through Entities?

Pullman & Comley, LLC on

June 5, 2018 The Tax Cuts and Jobs Act, which was passed by Congress last year, imposed a $10,000 limit on state and local tax (“SALT”) deductions. ...more

Foodman CPAs & Advisors

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019...more

Troutman Pepper

Focus on New Tax Law: Section 199A Pass-Through Deduction and Restrictions on Interest Deductions Tax Update, Volume 2018, Issue 2

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The Tax Cuts and Jobs Act (2017 Tax Act) significantly modified the treatment of certain deductions for many business taxpayers, including partners and partnerships....more

Troutman Pepper

IRS Withholding Tax Guidance Helpful, But Not Perfect

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As we previously reported, following the tax reform package passed in December, private equity limited partner investors based outside the United States are now subject to tax on gains from the sale of partnership interests. ...more

Carlton Fields

New Tax Law Eliminates 30-Day Safe Harbor Against CFC Status

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The recent tax law changes have focused primarily on corporate income tax, and in the international context, mostly on outbound tax matters. However, certain less publicized changes to the Code’s controlled foreign...more

Kramer Levin Naftalis & Frankel LLP

Tax Reform Act Changes to CFC Attribution Rules

The recently enacted tax reform act (the Act) significantly altered the U.S. taxation of foreign income. Perhaps most prominently, the Act allows U.S. corporations to fully deduct (and thus not pay tax on) dividends received...more

Troutman Pepper

Are the New Refundable AMT Credit Carryovers Subject to the Limitation of Section 383? - Tax Update, Volume 2018, Issue 1

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The recently passed Tax Cuts and Jobs Act eliminated the corporate alternative minimum tax (AMT). Before its repeal, a corporate taxpayer that was subject to the AMT was entitled to indefinitely carry forward the AMT taxes...more

Snell & Wilmer

New Tax Act: 2017 Trap for 10% U.S. Owners of Foreign Corporations

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The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) modifies Section 965 of the Internal Revenue Code (“IRC”) by expanding the definition of “subpart F income” of United States shareholders (“U.S. shareholder”) for the last tax...more

Orrick, Herrington & Sutcliffe LLP

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

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

Lowndes

Tax Cut and Jobs Act Limits Benefit of Carried Interest

Lowndes on

After many years of being the target of Congress and the IRS, the Tax Cut and Jobs Act finally succeeded in limiting the beneficial tax treatment of carried interests, at least for some taxpayers. This change will be of...more

Dickinson Wright

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

Dickinson Wright on

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

Pullman & Comley, LLC

ALERT: The Tax Cuts and Jobs Acts Provisions Apply to Colleges and Universities

Pullman & Comley, LLC on

Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more

Ruder Ware

More Planning Tips for Individuals Under New Tax Act

Ruder Ware on

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

Robinson+Cole Manufacturing Law Blog

Government Initiatives in Response to Wave of Harassment Allegations Challenges Manufacturers

Two recent developments, generated from the tidal forces of the #MeToo movement should get manufacturers’ attention. On December 22, 2017, Congress adopted a comprehensive tax reform law. Included in the statute is an...more

Lowndes

Tax Cut and Jobs Act Brings Important Changes to NOL Rules

Lowndes on

The Tax Cut and Jobs Act made several important changes to the net operating loss (“NOL”) rules. The following is a brief discussion of these changes. Businesses that generate significant NOLs, such as real estate companies...more

Burr & Forman

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

Burr & Forman on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

Foodman CPAs & Advisors

¿Sabía usted que la "Ley" tiene una Deducción por Dividendos Recibidos (DRD)?

La "Ley de Reducción de impuestos y empleos" (la "Ley") tiene el propósito declarado de que los EE.UU. se convierta a un sistema de impuestos “territorial". Antes de que se aprobara la Ley, la mayoría de las empresas de los...more

Pullman & Comley, LLC

Tax Cuts and Jobs Act

Pullman & Comley, LLC on

Although much of the reporting on the Tax Cut and Jobs Act recently enacted by Congress has focused on the deductions for individuals and businesses, the bill also includes several provisions that apply specifically to...more

Foodman CPAs & Advisors

Did you know that the “Act” has a Deduction for Dividends Received (DRD)?

The “Tax Cuts and Jobs Act” (the “Act”) has a stated purpose of converting the U.S. to a “territorial” tax system. Before the Act was approved, most U.S. companies were incentivized to keep their earnings offshore. In the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

The New Deduction for Pass-Through Income (or How Congress Failed at Tax Simplification)

One of the more significant changes in the recently enacted Tax Cuts and Jobs Act is new Internal Revenue Code Section 199A, Qualified Business Income. Although touted as providing tax simplification, the Tax Cuts and Jobs...more

Mayer Brown

The Impact of Tax Reform: What Equipment Leasing Companies Need to Know

Mayer Brown on

The Equipment Leasing and Finance Association has published our article The Impact of Tax Reform: What Leasing Companies Need to Know (subscription required). We are also pleased to be able to make the article available in...more

Pullman & Comley, LLC

Tax Reform Establishes Municipal Opportunity Zones for Investment

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Included in the recently enacted federal tax reform legislation is the Investing in Opportunity Act (the “Act”) which establishes the Opportunity Zones Program (the “Program”). The Program aims to spur private investment in...more

Orrick, Herrington & Sutcliffe LLP

FERC and the Tax Cuts and Jobs Act of 2017 – Natural Gas Pipelines

The Federal Energy Regulatory Commission (FERC) Staff has initiated inquiries involving numerous interstate natural gas pipelines, seeking information on the impact of the Tax Cuts and Jobs Act of 2017 (Tax Act) on those...more

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