Income Taxes, Tax Deductions, New Legislation

Taxation & Representation, Jan. 3, 2023

Brownstein Hyatt Farber Schreck on 1/6/2023

Legislative Lowdown - Lawmakers Look to 2023 for Tax Priorities Following Omnibus Passage. On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the...more

Key Features and Ambiguities of the New Corporate Book Minimum Tax

Cadwalader, Wickersham & Taft LLP on 9/23/2022

The Inflation Reduction Act of 2022 imposes a 15% corporate Book Minimum Tax (“BMT”) for taxable years beginning after December 31, 2022. The BMT is a 15% tax on certain domestic corporations’ Applicable Financial Statement...more

Taxation and Representation, July 12, 2022

Brownstein Hyatt Farber Schreck on 7/13/2022

Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...more

Taxation & Representation, May 24, 2022

Brownstein Hyatt Farber Schreck on 5/26/2022

Tax Staffers Discuss State of Tax Policy. At a tax conference last week, top officials from the Biden administration and key congressional staffers discussed the latest in tax policy. One panel, which was focused on the...more

House Passes Build Back Better Act

Cadwalader, Wickersham & Taft LLP on 11/22/2021

Here's a summary of the tax provisions in the Build Back Better Act, as passed by the House. I. Introduction - On November 19, 2021, the House of Representatives passed the Build Back Better Act (the BBBA)....more

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/18/2021

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

The Disappearing Deduction for Colorado State Income Tax Purposes

Holland & Hart LLP on 8/9/2021

On June 23, 2021, Governor Polis signed Colorado House Bill 21-1311 into law. The Bill makes significant changes to a number of Colorado state income tax laws. One change of note is an amendment to C.R.S. § 39-22-104. The...more

Washington’s New 7% Capital Gains Tax Questions Answered

Perkins Coie on 5/3/2021

The Washington Legislature passed Senate Bill 5096 on April 25, 2021, the last day of the 2021 Washington legislative session. SB 5096 is a state capital gains tax on individual residents of the State of Washington. The state...more

IRS Announces Delay of Certain Periods for 1031 Transactions

Perkins Coie on 4/17/2020

In response to the ongoing coronavirus pandemic (COVID-19), the Internal Revenue Service (the IRS) has taken additional actions intended to provide immediate relief to taxpayers. Delay of Identification and Acquisition...more

IRS Issues Guidance Regarding Net Operating Loss Carryback Waivers and Refunds Under the CARES Act | Blogs | Coronavirus Resource...

Foley & Lardner LLP on 4/16/2020

On April 9, 2020, the IRS issued: Rev. Proc. 2020-24, which provides guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) relating to relinquishment of certain net operating loss (NOL)...more

An Electing Real Property Trade or Business can Revoke its Election on Account of the Change to Qualified Improvement Property...

Seyfarth Shaw LLP on 4/14/2020

On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 (the “Revenue Procedure”), which (1) permits an “electing real property trade or business” that elected not to be subject to the...more

NJ Passes New Workaround Rule for SALT Deductions

Flaster Greenberg PC on 1/30/2020

On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act” (the Workaround Act). The Workaround Act establishes an elective entity level tax on an individual’s...more

Pennsylvania 2019 Tax Bill Adds Opportunity Zone Conformity for Personal Income Tax, Adopts New Sales Tax Provisions, and Amends...

Ballard Spahr LLP on 7/17/2019

Act 13 of 2019 (Act 13), signed by Governor Wolf on June 28, 2019, made several changes to Pennsylvania tax laws, including the following significant changes. ...more

BREAKING NEWS: More States Opt Not to Tax GILTI

McDermott Will & Emery on 6/28/2019

This has been an eventful and exciting week for those interested in the states’ taxation of global intangible low-taxed income (GILTI). On Monday, taxpayers received the good news that New York Governor Cuomo signed S. 6615—a...more

Charitable Giving Options Under the New Tax Law

Chambliss, Bahner & Stophel, P.C. on 1/31/2019

The new tax law makes it harder to claim a tax deduction for charitable contributions. While charitable giving should not be only about getting a tax break, if you want to reap a tax benefit from your contributions, there are...more

Se publica en la Gaceta oficial el texto final de la nueva Ley de Financiamiento Colombia

Holland & Knight LLP on 12/26/2018

El pasado 21 de diciembre de 2018, se publicó en la Gaceta del Congreso bajo el código 1152, el texto definitivo de la Ley de Financiamiento Colombia por la cual se expiden normas de financiamiento para el restablecimiento...more

Divorce and the New Tax Law

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/7/2018

A change in the tax law will eliminate a tax break for alimony payments made pursuant to divorces that are finalized after December 31, 2018. For 2018, alimony (or spousal support or spousal maintenance) is tax deductible...more

IRS Issues Guidance on Section 162(m) Changes

Troutman Pepper on 8/29/2018

On August 21, the IRS issued Notice 2018-68 to provide guidance on changes to Internal Revenue Code Section 162(m), enacted by the Tax Cuts and Jobs Act of 2017 (TCJA). Section 162(m) generally limits the tax deduction...more

Future Connecticut Estate Tax Still Unclear after Two New Public Acts

Pullman & Comley, LLC on 8/24/2018

Following the passage of the Federal Tax Cuts and Jobs Act in late 2017, the Connecticut legislature attempted to modify Connecticut estate tax law and make it more consistent with the new, much higher $11.2 million federal...more

How Charities are Motivating Donors Under the New Tax Law

Stinson LLP on 6/26/2018

For charities, the Tax Cuts and Jobs Act enacted in December 2017 has sparked soul searching and creative solutions as concerns grow about giving challenges. ...more

Connecticut Reacts to Federal Tax Law Reform Changes

Verrill on 6/12/2018

The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more

Are Connecticut Income Taxes Now Tax Deductible For The Owners Of Pass-Through Entities?

Pullman & Comley, LLC on 6/6/2018

June 5, 2018 The Tax Cuts and Jobs Act, which was passed by Congress last year, imposed a $10,000 limit on state and local tax (“SALT”) deductions. ...more

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

Foodman CPAs & Advisors on 5/18/2018

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019...more

Focus on New Tax Law: Section 199A Pass-Through Deduction and Restrictions on Interest Deductions Tax Update, Volume 2018, Issue 2

Troutman Pepper on 5/11/2018

The Tax Cuts and Jobs Act (2017 Tax Act) significantly modified the treatment of certain deductions for many business taxpayers, including partners and partnerships....more

New Tax Law Eliminates 30-Day Safe Harbor Against CFC Status

Carlton Fields on 4/10/2018

The recent tax law changes have focused primarily on corporate income tax, and in the international context, mostly on outbound tax matters. However, certain less publicized changes to the Code’s controlled foreign...more

Income Taxes › Tax Deductions › New Legislation

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