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Income Taxes › Exclusions

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 -
Baker Donelson

SALT Select Developments - July 2024

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Freeman Law

Tax Court Decision Shows Potential Pitfalls when Claiming Settlements Qualify for Federal Income Tax Exclusion

Freeman Law on

A recent Tax Court case illustrates the importance under current case law of thinking about the tax consequences of a potential verdict or settlement early on and attempting (if the facts allow) to establish a basis for...more

DarrowEverett LLP

‘As Such’: Soroban Case Puts Limited Partnerships Under Tax Scrutiny

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In Soroban Capital Partners, LP v. Commissioner, the U.S. Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended (the “Code”) ...more

Kohrman Jackson & Krantz LLP

Limited in Name but Not in Tax? U.S. Tax Court Increases Tax Liability for Limited Partners

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Certain limited partners in venture capital and private equity will likely see an increase in their tax liability due to a recent U.S. Tax Court decision. Generally, partners in a partnership and members in a limited...more

Woods Rogers

‘Tis the Season (For Charitable Giving)

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The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Levenfeld Pearlstein, LLC

Better Act Before The Build Back Better Act

Levenfeld Pearlstein, LLC on

It is said that two things are certain in life: death and taxes. True, but incomplete. What is missing from this short list is a third inevitable occurrence – tax law changes. We now have a new and pressing series of proposed...more

Bowditch & Dewey

More Key Tax Provisions from the Consolidated Appropriations Act

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On December 27, 2020, Congress passed the 5,593 page Consolidated Appropriations Act. The “Act” includes several provisions and extensions of previously expiring provisions relevant to individual taxpayers: MEDICAL EXPENSE...more

Foster Garvey PC

Curiosity Killed the Cat – Unfortunately the Oregon Legislature’s Curiosity Has Not Gone That Far With Respect to Our CAT: The...

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During the special session, the Oregon legislature passed House Bill 4202 (“HB 4202”), which Governor Kate Brown signed into law on June 30, 2020. The legislation, which makes several technical and policy changes to the...more

Foster Garvey PC

The Oregon Department of Revenue Held Its CAT Call as Scheduled – The Business and Tax Community Were Represented

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As we reported last week, the Oregon Department of Revenue (“DOR”) scheduled a public hearing on June 23, 2020 to discuss the second set of temporary administrative rules relative to the Oregon Corporate Activity Tax (the...more

Foster Garvey PC

A Pleasant Distraction Courtesy of the Oregon Department of Revenue – Two More CAT Rules Go From Draft to Temporary Status

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I hope our readers, their families and co-workers are safe and remain healthy during these trying times. As a distraction for tax geeks like us from the news about the Coronavirus that is permeating our lives these days,...more

Foster Garvey PC

The CAT Is Clearly Ruling the Roost in Oregon – It Is Occupying a Large Amount of Time for Tax Practitioners This Busy Season

Foster Garvey PC on

Temporary Rules Keep Rolling in - The Oregon Department of Revenue (the “Department”) recently issued four new temporary rules relative to the Oregon Corporate Activity Tax (the “CAT”). The new rules went into effect on...more

Schwabe, Williamson & Wyatt PC

Oregon CAT: First Round of Temporary Rules

Schwabe, Williamson & Wyatt PC on

Year-end was once again busy as we worked with clients to close transactions with December 31 deadlines. Adding to the hustle and bustle was the issuance of additional Oregon Commercial Activity Tax (“CAT”) guidance from the...more

Foster Garvey PC

Hold the Phone, but Not Your Questions – Recent Oregon CAT Updates

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In recent months, we have written extensively about Oregon’s new Corporate Activity Tax (the “CAT”). As discussed in our last post, the Oregon Department of Revenue (the “Department”) recently announced that it would hold a...more

Ward and Smith, P.A.

Lifetime Transfers of Family Business Interests: An Estate Tax Planning Opportunity in Uncertain Political Times

Ward and Smith, P.A. on

When a family business owner's goal is to ultimately pass ownership of the business on to the next generation, business succession planning and the owner's estate planning are inextricably linked. The most difficult issues...more

Stoel Rives LLP

Oregon Enacts New Corporate Activities Tax

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On May 16, 2019, Oregon Governor Kate Brown signed into law HB 3427 (the Bill), which creates a new Corporate Activities Tax. The tax is a gross receipts tax that will be used to establish the “Fund for Student Success,”...more

McDermott Will & Emery

Tennessee Joins Other States in Excluding GILTI and 965 Income from the Tax Base

McDermott Will & Emery on

On May 8, Governor Bill Lee (R) signed SB 558, which provides for the exclusion of 95% of Global Intangible Low-Taxed Income (GILTI) and foreign earnings deemed repatriated under IRC section 965 (965 Income) from the tax base...more

Chambliss, Bahner & Stophel, P.C.

Top 5 Tax Considerations Related to Your Estate Planning

Chambliss, Bahner & Stophel, P.C. on

It's time to start the conversation with your tax advisor. The 2019 filing deadline is Monday, April 15. Note the new tax brackets. The new law imposes a new tax rate structure with seven tax brackets for 2018: 10%, 12%, 22%,...more

Verrill

2018 Year-End Estate Planning Update

Verrill on

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Burr & Forman

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

Burr & Forman on

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

Fox Rothschild LLP

New Law Eases Requirements For Combat-Zone Contractors To Claim Foreign Earned Income Exclusion

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The Bipartisan Budget Act of 2018 eases the requirements for combat-zone contractors to claim the foreign earned income exclusion. A U.S. citizen is generally taxed on his worldwide income. ...more

Foodman CPAs & Advisors

“File before the IRS discovers that you failed to choose the Exclusion”: words of wisdom to US Taxpayers Living Abroad

Foodman CPAs & Advisors on

If you are a US citizen or a Permanente Resident and you live abroad, you are taxed on your worldwide income and you are considered a US Taxpayer. ...more

Hinshaw & Culbertson LLP

Estate Planning Newsletter - December 2016

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Hinshaw’s Estate Planning Newsletter includes reports on opportunities and challenges that may impact your estate plan. This publication is designed to keep our clients and friends aware of certain opportunities and...more

Pillsbury Winthrop Shaw Pittman LLP

100 Percent Exclusion for Qualified Small Business Stock Finally Made Permanent

Pillsbury Winthrop Shaw Pittman LLP on

Among the many “tax extenders” in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113, enacted December 18, 2015) is a permanent extension of...more

Miller & Martin PLLC

IRS Creates New Disregarded Entity Exclusion from Debt Cancellation Income

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The IRS has announced a new safe harbor from the discharge of debt income rules. Debt that is cancelled, discharged or forgiven is generally taxable as income, but there are exceptions. Under one exception, certain...more

Chambliss, Bahner & Stophel, P.C.

IRS Now Allows Caregiver Parents to Exclude Medicaid Waiver Payments From Income

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The Internal Revenue Service has reversed a long-standing policy and agreed to allow parents of people with disabilities who receive Medicaid waiver funds in return for caregiving services provided to their children to...more

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