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 -

Make the California Top 500 Delinquent Taxpayer List and Lose Your Professional License

by Sanford Millar on

In FRANCESCHI V. YEE, the Ninth Circuit Court of Appeals affirmed the right of the State of California to publish a list of the Top 500 Delinquent Taxpayers and to suspend their drivers and professional licenses....more

Beltway Buzz - April, 2018 #3

Ring Recusal Request. On April 16, management attorney John Ring was sworn in as chair and fifth member of the National Labor Relations Board (NLRB). But before Ring even had an opportunity to learn where the coffee and...more

Basis Consistency – Between Corporations And Shareholders?

by Farrell Fritz, P.C. on

Estates and Beneficiaries- I recently encountered a situation in which the so-called “basis consistency” rule was implicated. This rule requires consistency between the estate tax value of a decedent’s property – its fair...more

Ropes & Gray Podcast - Lender Management LLC v. Commissioner of Internal Revenue

by Ropes & Gray LLP on

In this Ropes & Gray podcast, Gabby Hirz, counsel in the tax controversy group, is joined by Loretta Richard, a partner in the tax and benefits group and co-founder of the tax controversy group, and Christi Lazo, counsel in...more

Minnesota Legislative Update: Movement Before Third Committee Deadline

by Faegre Baker Daniels on

The Minnesota House and Senate spent most of this week moving omnibus finance bills through committee. Committees held day and evening meetings to allow time for public testimony and amendments and to ensure that the third...more

Practical Insights on Tax Reform: Impact on Individuals

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Jamaica

1 .What role does the government of Jamaica play in approving and regulating foreign direct investment? The government of Jamaica (GOJ) is highly committed to facilitating a viable environment for businesses and...more

Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits

by Ropes & Gray LLP on

In this Ropes & Gray podcast, tax counsel Morey Ward is joined by tax partner Kendi Ozmon and tax counsel Gil Ghatan to discuss one of the key provisions for tax-exempt organizations from the Tax Cuts and Jobs Act (TCJA) –...more

Oregon Bars Use of Three Factor Apportionment Formula

by McDermott Will & Emery on

In Health Net Inc. v. Dep’t of Revenue, Docket No. S063625 (Apr. 12, 2018), the Oregon Supreme Court rejected a business taxpayer’s constitutional challenges to a 1993 Oregon statute that eliminated the right to utilize a...more

Domicile: It's More Than Where You Live

by Burns & Levinson LLP on

The terms “domicile” and “residence” are frequently used interchangeably, but for tax purposes, they are distinct legal concepts that carry different meanings and significance. Residence refers to a person’s place of abode....more

Tax Court Disallows Rental Loss Deduction To Taxpayer Who Failed To Qualify As A Real Estate Professional

by Moskowitz LLP on

In our last post, we explained how an architect proved to the Tax Court that he qualified as a real estate professional, and was subsequently permitted to deduct passive activity losses from his real estate activities. Here,...more

The Qualified Business Income Deduction (Section 199A): Interim Guidance

The Tax Cuts and Jobs Act (the “TCJA”) was signed into law by President Trump on December 22, 2017. The law generally goes into effect for taxable years beginning after December 31, 2017. One of the overriding purposes of the...more

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Tax Reform’s Changes To The Treatment Of Non-Shareholder Contributions To Capital

by Pierce Atwood LLP on

The 2017 tax reform act amended Section 118 of the Internal Revenue Code, to dramatically reduce the ability of a corporation to exclude from its gross income grants that the corporation receives from federal, state, or local...more

Energy Newsletter - April 2018

by King & Spalding on

FERC Initiates Sweeping Reform of Ratemaking Treatment for Income Taxes - On March 15, 2018, the Federal Energy Regulatory Commission (FERC) released a series of issuances intended to address the need to reflect the lower...more

IRS Computer Problems Give Taxpayers Extra Day to File 2017 Tax Returns and to Pay Taxes

by McNair Law Firm, P.A. on

The IRS announced on April 17, 2018 that, due to IRS computer problems, all taxpayers are being given an extra day to file their 2017 tax returns and to pay any taxes owed (see IR-2018-100, April 17, 2018). The IRS apparently...more

IRS Extends Tax Filing Deadline One Day Due To “Systems Issues”

by Fox Rothschild LLP on

The Internal Revenue Service announced today that it is providing taxpayers an additional day to file their tax returns following a computer problem that arose early in the morning on April 17, the tax filing deadline....more

The New Tax Law May Make Your Patents And Other IP Less Valuable

by Cole Schotz on

One little-publicized part of the new tax law (Tax Cuts and Jobs Act of 2017) may negatively affect the value of some patents and other intellectual property. It does so by changing the tax treatment of income from sales of...more

Bracewell Tax Report: April 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Tax Reform Could Increase Employer Relocation Costs

by Steptoe & Johnson PLLC on

The costs associated with employee relocation reimbursements may increase as a result of the Tax Cuts and Jobs Act (“Act”). This change affects both for-profit and nonprofit employers...more

Tax Court Allows Rental Loss Deduction to Architect Who Qualified as Real Estate Professional

by Moskowitz LLP on

Investors are limited in their ability to offset income with passive losses, and even real estate investors who “actively participate” in their rentals (through management, capital improvements, selection of tenants,...more

Iowa Statehouse Report - Week 14

by Davis Brown Law Firm on

This week, action began on tax reform plans. Both the House and the Senate worked on the governor’s proposal, including income tax reductions, but differ on federal deductibility....more

In Case You Missed It: Launch Links - April, 2018 #2

by WilmerHale on

Some interesting links we found across the web this week: You’ve Signed a Term Sheet for Your First Equity Financing. Congratulations!...Now What? - Most startup founders are searching for a financing from the inception...more

The 2017 Tax Cuts and Jobs Act – A Boon for the Commercial Real Estate Industry

by Moskowitz LLP on

The new tax law ( 2017 TCJA) is great news for the commercial real estate industry. Owners of pass-through entities may deduct up to 20 percent of their business income on their tax return, subject to certain limits, and...more

IRS Provides Some Relief for Post-Divorce Grantor Trust Rule Issues

by Charles (Chuck) Rubin on

During happy days, one spouse (call him or her the “Donor Spouse”) sets up an irrevocable trust for the benefit of the other spouse (call him or her the “Donee Spouse”)....more

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