News & Analysis as of

Income Taxes

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Seward & Kissel LLP

US and Global Crypto Tax Update

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Crypto tax policy continues to move forward, domestically and internationally. Domestically, the IRS seeks comments on the new Form 1099-DA. Internationally, the Organization for Economic Co-Operation and Development (“OECD”)...more

Foley & Lardner LLP

Unlocking the Power of Equity-Based Incentive Compensation: Basics of Profits Interests

Foley & Lardner LLP on

This article is the fifth in our series on equity-based compensation intended to assist employers with answering a common question: What type of equity compensation award is best for our company and our employees?...more

Foster Garvey PC

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part XII – A...

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In this Part XII of my multi-part series on some of the not-so-obvious aspects of S corporations, I explore a consistent theme – taxpayers lose fights with taxing authorities when they fail to maintain adequate records....more

Schwabe, Williamson & Wyatt PC

Considerations for Year-End Estate Planning and Business Transitions

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As we near the end of 2024, this is the perfect time to reexamine your tax and estate planning action items. There are plenty to address, and it’s wise to do so sooner rather than later. In reviewing year-end estate planning...more

McDermott Will & Emery

Weekly IRS Roundup September 30 – October 4, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 30, 2024 – October 4, 2024....more

Allen Barron, Inc.

IRS Revisions to the Voluntary Disclosure Program for 2024

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What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a...more

Ius Laboris

Tax Relief for Those Moving (Back)

Ius Laboris on

Many countries have special personal income tax regimes for individuals performing work on their territory and we will be covering some of these regimes in a series of articles. In this article we discuss Return Tax Relief...more

Mayer Brown

STF's Relevant Tax Decisions of the Week

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Last week, the Brazilian Supreme Court (STF) issued decisions on two relevant tax issues: (i) the effective reduction in percentage of the amounts reimbursed to exporters under the Special Regime for the Reintegration of Tax...more

Mayer Brown

Brazil Publishes Provisional Measure Introducing Additional CSLL to Adapt to OECD GloBE Rules

Mayer Brown on

On October 3, 2024, Provisional Measure (PM) No. 1,262/2024 was enacted, introducing an addition to the Social Contribution on Net Income (the “Additional CSLL”), in order to adapt to the Organisation for Economic...more

Fleurinord Law PLLC

Beyoncé vs. the IRS: The Surprising Details About Queen Bey’s $2.9 Million Tax Dispute

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Even global icons like Beyoncé, among the wealthiest entertainers on the planet, are not immune to IRS scrutiny. Recently, Queen Bey found herself entangled in a dispute with the Internal Revenue Service (IRS) over an alleged...more

Freeman Law

Is Your Business Subject to the Texas Franchise Tax?

Freeman Law on

As noted in a prior post, the Texas franchise tax is a tax imposed on any “taxable entity” that does business in Texas or that is chartered or organized in Texas. This begs the question – “Which entities are taxable, and...more

Proskauer - Tax Talks

No Money? No Problem: Recent IRS Favorable Guidance Regarding a REIT’s First Year

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On October 4, 2024, the Internal Revenue Service (the “IRS”) released Private Letter Ruling 202440007, which concluded that the lack of income and assets in the first taxable year of an entity that had elected to be treated...more

Fox Rothschild LLP

IRS Provides Additional Extensions for Taxpayers Affected by Terrorist Attacks in Israel

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In Notice 2024-72, the IRS provided relief for individuals and businesses affected by terrorism in the State of Israel beginning on September 30, 2024. The new notice provides additional relief to taxpayers in Israel, as well...more

Mintz - Tax Viewpoints

F-Reorgs: How Buyers’ and Sellers’ Favorite ‘F Word’ Optimizes M&A and Private Equity Transactions Involving S Corporations

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In M&A and private equity transactions, buyers and sellers are consistently looking for ways to maximize value, which requires a critical focus on structuring the transaction in a tax-efficient manner. This pursuit of tax...more

Barnea Jaffa Lande & Co.

Tax innovations in Israel during 2024

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Over the past year, alongside handling the economic repercussions of the war and issuing financial assistance to war victims and to evacuees, the courts, the legislative authority and the Israel Tax Authority continued their...more

Allen Barron, Inc.

The IRS Extension Deadline Is Next Week

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The IRS extension deadline is in one week, Tuesday, October 15, 2024. This is the last date for most U.S. taxpayers with extensions to file their 2023 federal income tax return without incurring late filing fees and other...more

Farrell Fritz, P.C.

Internal Revenue Service Warns of “Mills” Taking Advantage of Taxpayers With Offer in Compromise (“OIC”) Program

Farrell Fritz, P.C. on

In a recent news release (available here), the Internal Revenue Service (“IRS”) warned taxpayers about promoters claiming their services are needed to resolve unpaid taxes owed to the IRS....more

Pillsbury - SeeSalt Blog

California’s Market-Based Sourcing Amendments; Public Hearing Requests Due by Oct. 16

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The California Franchise Tax Board (FTB) announced it has initiated the formal rulemaking process to amend Regulation Section 25136-2, which governs the sourcing of receipts from services and intangible property.  The...more

McDermott Will & Emery

Weekly IRS Roundup September 23 – September 27, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 23, 2024 – September 27, 2024....more

DLA Piper

REIT Tax News - October 2024

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Welcome to the October 2024 issue of REIT Tax News. Below, we take a look at five developments to read about in less than five minutes. 1. Loper Bright standard takes hold in Varian Medical case - In the landmark case of...more

Groom Law Group, Chartered

Proposed Corporate Minimum Tax Rules Generally Exempt Income Under Tax-Favored Benefit Plans

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The Inflation Reduction Act of 2022 (“Act”) imposed a 15% corporate minimum tax on the “adjusted financial statement income” (“AFSI”) of taxpayers with more than $1 billion of AFSI, effective for tax years beginning after...more

Hinshaw & Culbertson LLP

Use It or Lose It: Federal Gift and Estate Tax Exemption Set to Sunset at the End of 2025

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The Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the federal lifetime gift and estate tax exemption. In 2024, this act currently allows individuals to transfer up to $13.61 million per person and $27.22 million per...more

Kilpatrick

4 Key Takeaways - Analyzing the Top Income Tax Cases in 2024

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Kilpatrick’s Jordan Goodman was recently a part of a distinguished panel at the 55th Annual Council on State Taxation (COST) Annual Meeting in St. Louis. This session analyzed the most impactful recent changes in state...more

Saul Ewing LLP

Legal Considerations for Esports Teams with International Players

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Unlike casual gaming, esports involves professional players, structured tournaments, and often large audiences, both online and in-person, akin to traditional sports events. With its own ecosystem of leagues, sponsors, and...more

Pillsbury - SeeSalt Blog

Arizona Court Shines (Sun)Light on Property Tax Treatment of ITCs

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The Arizona Court of Appeals held that an investment tax credit (ITC) deferred as a tax asset has “value” and therefore is properly excluded from the taxable original cost of renewable energy equipment for Arizona property...more

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