News & Analysis as of

Income Taxes State 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 -

Trump Administration Signs 2017 Tax Act

by Davis Wright Tremaine LLP on

On December 22, 2017, President Trump signed a tax bill that had been passed by the Senate and House called “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for...more

Deemed Repatriation of Foreign Deferred Income May Decrease State Taxable Income

by Stoel Rives LLP on

A revenue raising provision in the recently enacted federal tax reform legislation, the Tax Cuts and Jobs Act (the Act), may have an unintended consequence of decreasing a taxpayer’s state taxable income because of the way...more

Federal Tax Reform: Major Changes Impacting Individuals

by Cozen O'Connor on

The Tax Cuts and Jobs Act (the Act), signed into law on December 22, 2017, makes major changes to federal income and estate tax law. There are numerous changes in the Act that affect businesses, individuals, tax-exempt...more

New Tax Changes: The Tax Cuts And Jobs Act

by Roetzel & Andress on

The Tax Cuts and Jobs Act (“Act”) (P.L. 115-97) signed into law by President Trump on December 22, 2017 and effective for tax years starting January 1, 2018 reflects a compromise between the House and Senate Bills as...more

Tax Reform Is Going To Yield Some Real Estate “Blues”

by Fox Rothschild LLP on

Lots of electronic ink has been spilled this week on winners and losers coming out of the Tax Reform Act passed on December 20. Much of this is fairly speculative but some is simply common sense....more

The Territorial Tax System Under The Tax Cuts And Jobs Act

by Ifrah PLLC on

Last year, the Senate and House approved the Tax Cuts and Jobs Act along partisan lines; on December 21st, President Trump signed the bill into law. Nearly 1100 pages long, the Act makes a number of sweeping changes to the...more

State Tax Impacts of Federal Tax Reform — Pennsylvania Asserts That No Pennsylvania Depreciation

by Reed Smith on

As states begin to grapple with the implications of federal tax reform, the Reed Smith State Tax Group will be authoring a series of alerts discussing the state tax impacts of federal tax reform. In the first in the series,...more

How State Legislatures May Rock the World of Employee Compensation in Response to the Recent Federal Tax Law

Prior to the effective date of the tax bill recently signed by the President, Section 164 of the Internal Revenue Code permitted individuals who itemized deductions to deduct state and local income and other designated taxes...more

Effect of the Tax Cuts and Jobs Act on Trust and Estate Planning

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, includes significant changes to the U.S. federal gift, estate, and generation-skipping transfer (GST) tax laws, effective as of January 1, 2018. In addition,...more

Impact of the Tax Law on Estate Planning

President Trump signed sweeping tax legislation into law on Dec. 22, 2017, resulting in several significant changes to the wealth transfer tax system, effective as of Jan. 1, 2018....more

Tax Reform

On Dec. 22, 2017, President Trump signed into law tax reform legislation (“the Act”) that will have wide-reaching impact across all sectors of the economy. This Client Alert summarizes the following changes to the Internal...more

10 Steps to Take Now to Minimize Taxes under the New Tax Law

by Jaburg Wilk on

The overhaul of the Internal Revenue Code was passed by Congress on December 21, 2017 and signed into law by the President. Many changes become effective January 1, 2018. Although 2017 is almost over, the following are some...more

2017 Year-End Tax Planning in Light of Tax Reform

by Burr & Forman on

What a week for U.S. tax law! Last Friday, three days before the deadline he had set for himself and Congress, President Donald Trump put his signature to the Tax Cuts and Jobs Act of 2017 (“TCJA” or the “Act”), which enacts...more

IRS Issues Taxpayer Advisory on Prepayment of 2018 Property Taxes

by Proskauer - Tax Talks on

The IRS announced yesterday, in IR 2017-210 (the “Advisory”), that state property taxes must be “assessed” in 2017 in order for such taxes to be prepaid in calendar year 2017 and therefore deductible in 2017. The Advisory...more

President Signs Federal Tax Bill into Law – What You Need to Know Before the End of 2017

by Reed Smith on

On December 22, 2017, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act.” The Act, which the House and Senate both passed two days earlier, heralds the most expansive and significant tax legislation enacted...more

Tax Cuts and Jobs Act of 2017: Year- End Planning for Individuals

by Perkins Coie on

On December 22, 2017, the tax reform bill, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the Act), was signed into law, bringing sweeping changes to the U.S. Tax Code. The Act takes effect on January 1, 2018....more

2017 Tax Planning: Accelerate Deductible Expenses Before Year End

by Blank Rome LLP on

Blank Rome’s “2017 New Tax Law – Client Alert” is a special series on the Tax Cuts and Jobs Act and related changes to the tax code. In the series, Blank Rome’s lawyers share their analysis of different provisions in the Bill...more

The Tax Cuts and Jobs Act of 2017

by Lathrop Gage on

H.R. 1, better known as The Tax Cuts and Jobs Act of 2017 (the “Act”), passed both the House and Senate earlier this week and was signed by President Trump. Most of the relevant provisions of the Act will be effective for tax...more

Tax Reform Impact On Estate Taxes

by Seyfarth Shaw LLP on

This is the sixth issue in a planned series of alerts designed to provide an in-depth analysis on topics related to tax reform. Like all new things, new years typically welcome many changes, opportunities and new...more

State Tax Implications of the Repatriation Transition Tax and the GILTI

by McDermott Will & Emery on

While some of the international tax provisions set forth in the current federal tax bill are complex from a federal tax perspective, layering on state tax implications not only adds intricacy, but also a great amount of...more

Taxpayers May Not Prepay Income Tax to Avoid Cap on SALT Deduction

by McDermott Will & Emery on

The federal tax reform package recently approved by Congress (the Bill) contains a cap on the state and local tax deduction that may be claimed by individuals on their federal income tax returns. The Bill provides that an...more

The Tax Cuts And Jobs Act’s Impact On Domestic M&A Transactions

by Fox Rothschild LLP on

The Tax Cuts and Jobs Act, enacted on December 22, 2017, contains several provisions that significantly affect the federal income tax consequences of structures often used in domestic M&A transactions. While some are...more

Congress Passes GOP Tax Overhaul Legislation

by Baker Donelson on

Congress has now approved the final version of the Tax Cuts and Jobs Act (H.R. 1) on a party-line vote (51-48 Senate, 224-201 House), sending the GOP tax overhaul to President Donald Trump to be signed into law. The...more

Tax Advisory: Tax Cuts and Jobs Act – A Few Things You Can Do Now

by Sherman & Howard L.L.C. on

The Tax Cuts and Jobs Act (the “Act”) is headed to the President’s desk for signing into law. Many taxpayers are wondering what can be done (or avoided) before the end of 2017 to maximize their tax efficiency this year and...more

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

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

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