News & Analysis as of September 22, 2024

Tax Planning

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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 -

Weekly IRS Roundup August 26 – August 30, 2024

McDermott Will & Emery on 9/6/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 26, 2024 – August 30, 2024. ...more

Weekly IRS Roundup August 19 – August 23, 2024

McDermott Will & Emery on 9/4/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 19, 2024 – August 23, 2024. August 19, 2024: The IRS released Internal Revenue Bulletin...more

The Pros and Cons of Parents Claiming College Students as Dependents

Fleurinord Law PLLC on 8/30/2024

As the back-to-school season kicks off and college students begin their fall semester, now is the perfect time to consider the financial implications of your child heading off to college. The decision of whether to claim them...more

Family Office Symposium 2024 | Key Takeaways

McDermott Will & Emery on 8/26/2024

McDermott’s Family Office Symposium 2024 gathered more than 275 family office executives to explore creative solutions to navigate complexity and gain fresh perspectives on the challenges they face. Over two days,...more

Weekly IRS Roundup August 5 – August 9, 2024

McDermott Will & Emery on 8/16/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 5, 2024 – August 9, 2024. August 5, 2024: The IRS released Internal Revenue Bulletin 2024-32,...more

Weekly IRS Roundup July 1 – July 5, 2024

McDermott Will & Emery on 7/12/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 1, 2024 – July 5, 2024....more

Weekly IRS Roundup June 17 – June 21, 2024

McDermott Will & Emery on 6/28/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 17, 2024 – June 21, 2024. ...more

Eight Essential Tax Insights For Arizona Residents Who Are Navigating Divorce

Jaburg Wilk on 6/24/2024

Divorce and legal separation can entail more than just emotional and legal complexities. They can also involve navigating intricate and complex tax implications. There are eight key considerations to consider relative to...more

Weekly IRS Roundup May 27 – May 31, 2024

McDermott Will & Emery on 6/7/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 27, 2024 – May 31, 2024. ...more

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on 6/6/2024

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

Weekly IRS Roundup May 6 – May 10, 2024

McDermott Will & Emery on 5/17/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 6, 2024 – May 10, 2024. ...more

Weekly IRS Roundup April 22 – April 26, 2024

McDermott Will & Emery on 5/3/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 22, 2024 – April 26, 2024. ...more

Weekly IRS Roundup April 15 – April 19, 2024

McDermott Will & Emery on 4/23/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15, 2024 – April 19, 2024. ...more

The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025

Allen Barron, Inc. on 4/19/2024

The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US...more

Some Research Credit Good News and Potentially Much Bad News

Miller Canfield on 4/12/2024

Over an objection by the IRS, the Tax Court recently ruled in Kapur v. Commissioner that it could limit discovery and permit statistical sampling of voluminous data related to a claimed research credit. The court refused,...more

Weekly IRS Roundup March 18 – March 22, 2024

McDermott Will & Emery on 3/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 18, 2024 – March 22, 2024. ...more

Bare Knuckle Conservation Easement Brawl Leaves Participants in Limbo

Polsinelli on 3/7/2024

Two recent tax court cases paint an ominous picture for professionals and investors who participated in listed syndicated conservation easement transactions. Coming on the heels of the Fisher conviction and his lengthy...more

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part IV – Suspended...

Foster Garvey PC on 3/7/2024

This fourth installment of my multi-part series on Subchapter S is focused on suspended losses of an S corporation. While the rules seem straightforward, their application can be tricky, especially given legislative changes...more

[Webinar] Tax Considerations for Foreign Rental Property: Holding Structures, Reporting Rental Income and Expenses, FTCs - March...

Strafford on 2/22/2024

This course will discuss the considerations and caveats of U.S. residents owning foreign rental property. Our seasoned panel of international tax experts will explore U.S. and foreign holding structures, residential and...more

Weekly IRS Roundup February 5 – February 9, 2024

McDermott Will & Emery on 2/14/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 5, 2024 – February 9, 2024. ...more

High-stakes Game: IRS ‘goes on the Offense’ Against Sports Industry Partnership Losses

Morgan Lewis on 2/7/2024

Sports industry partnerships are now on notice that the Internal Revenue Service (IRS) is initiating specialized, issue-based BBA partnership examinations focusing on their income and deductions....more

Weekly IRS Roundup January 8 – January 12, 2024

McDermott Will & Emery on 1/17/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 8, 2024 – January 12, 2024....more

Weekly IRS Roundup December 18 – December 22, 2023

McDermott Will & Emery on 12/27/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 18, 2023 – December 22, 2023. ...more

Changes to Massachusetts Tax Law – Charitable Contributions New for 2023

Bowditch & Dewey on 12/18/2023

Massachusetts taxpayers will be able to deduct charitable contributions on their state income tax returns for charitable contributions made after January 1, 2023. The deduction will be allowed even if the taxpayer does not...more

Christmas comes early for taxpayer seeking to include construction service costs as part of bonus depreciation eligible investment...

Eversheds Sutherland (US) LLP on 12/15/2023

In FAA 20234801F (FAA), the IRS determined that construction service costs relating to a third party turn-key contract were considered to be incurred upon transfer of the tangible property to the taxpayer, without taking into...more

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