Corporate Taxes, Revenue Rulings

IRS Targeting Partnership Basis-Shifting Transaction Schemes

DarrowEverett LLP on 7/9/2024

The Internal Revenue Service (“IRS,” or the “Service”) issued guidance on June 17, proposing new regulations and releasing a revenue ruling to challenge the use of basis-shifting transactions by complex partnerships. In...more

The Revenue Rule in the Cayman Islands and British Virgin Islands

Conyers on 8/27/2021

It is well established, under common law principles applicable in the Cayman Islands and the British Virgin Islands that claims for payment of foreign tax liabilities, or claims for the enforcement of foreign judgments for...more

Weekly IRS Roundup February 24 – 28, 2020

McDermott Will & Emery on 3/3/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 24 – 28, 2020. February 24, 2020: The IRS released final instructions to Form 8978,...more

Weekly IRS Roundup December 16 – 20, 2019

McDermott Will & Emery on 12/27/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 16 – 20, 2019. December 16, 2019: The IRS released a notice extending the phase-in...more

South Carolina Department of Revenue Announces Changes to County Tiers for 2020

Womble Bond Dickinson on 12/20/2019

The South Carolina Department of Revenue has released the 2020 county tier rankings for all South Carolina counties. The rankings are reassessed each year and are determined in part by per capita income and unemployment rate...more

Weekly IRS Roundup December 9 – 13, 2019

McDermott Will & Emery on 12/18/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 9 – 13, 2019. December 10, 2019: The IRS issued a notice providing that the requirement...more