News & Analysis as of September 22, 2024

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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 -

Out Of New York, But Still Being Taxed By New York? Look To The Source

Farrell Fritz, P.C. on 7/6/2020

New York Diaspora? Like most every other state in the Union, New York has experienced its share of fiscal stress over the last few decades. The source or cause of its problems? Well, that may depend upon the respondent to...more

The Active Business Owner And Passive Real Property

Farrell Fritz, P.C. on 3/12/2018

Why Real Property? It is not unusual for the owners of a closely held business to also own a number of real properties. For example, they may own real property that:- headquarters the business;- serves as a warehouse...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Real Estate and Construction Industry?

Schwabe, Williamson & Wyatt PC on 1/11/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Congress Passes Final Tax Reform Bill: U.S. Tax Reform: The Current State of Play

Sheppard Mullin Richter & Hampton LLP on 12/21/2017

With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected...more

2016 Year-End Tax Update: Okay, Now What?

Cozen O'Connor on 1/6/2017

In last year’s materials, loosely styled “Make America Great Again!,” we ruminated upon (and also thought about) what role, if any, federal income taxes might play in helping to make America great again, once the interminable...more

IRS Proposes Helpful Changes to "Fractions Rule" Tax Regulations

Holland & Knight LLP on 12/1/2016

Proposed income tax regulations published by the Internal Revenue Service (IRS) on Nov. 23, 2016, amend the current regulations regarding the application of the "fractions rule" to partnerships that hold debt-financed real...more

Green Tax Incentive Compendium - July 2016

Robinson & Cole LLP on 7/7/2016

Federal Tax Incentives for Renewable Energy and Energy Efficiency - A. GENERAL DESCRIPTION. The Federal Internal Revenue Code provides a business income tax credit in the amount of $0.023 (2015) per kilowatt hour of...more

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