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Income Taxes › Trump Administration › Tax Cuts and Jobs Act

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 -
Farella Braun + Martel LLP

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...more

Womble Bond Dickinson

2020 Candidate Tax Proposals

Womble Bond Dickinson on

We’re a little less than 50 days from the 2020 presidential election and many people are wondering what effect a potential change in leadership could have on their tax bill. If the Democrats take the White House many of the...more

McCarter & English, LLP

Taxpayers That Paid The Net Investment Income Tax Or The Additional Medicare Tax Should Consider Filing Protective Claims For...

McCarter & English, LLP on

Individuals, estates, and trusts that paid significant amounts of the 3.8% net investment income tax or the 0.9% additional Medicare tax in 2016 or later years should consider filing protective claims for refund of those...more

Perkins Coie

IRS Announces Delay of Certain Periods for 1031 Transactions

Perkins Coie on

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

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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

Brownstein Hyatt Farber Schreck

Taxation & Representation - February 2020

Brownstein Hyatt Farber Schreck on

TAX TIDBIT - New National Taxpayer Advocate. The Internal Revenue Service (IRS) announced that a new National Taxpayer Advocate will likely be in place by April. According to an internal memo sent by IRS Commissioner...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - January 2020

Brownstein Hyatt Farber Schreck on

Welcome to 2020! Although we have enjoyed the time off, we have been itching to get back into the swing of things. Since you have not seen Taxation & Representation in your inbox since the previous decade, we thought it was...more

Proskauer - Not for Profit/Exempt...

Repeal of Unrelated Business Income Tax on Qualified Transportation Fringe Benefits

Proskauer - Not for Profit/Exempt... on

Late on Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax.”...more

Kramer Levin Naftalis & Frankel LLP

New Section 162(m) Proposed Regulations

Kramer Levin Naftalis & Frankel LLP on

The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to Section 162(m) of the Internal Revenue Code (Section 162(m)), expanding the scope of individuals and entities subject to Section 162(m), in addition to...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Investment Property Exception to $10,000 Cap on Itemized Deduction for State and Local Property Taxes?

Mitchell, Williams, Selig, Gates & Woodyard,... on

As it relates to individuals, one of the more controversial aspects of the 2017 revenue act (commonly referred to as the “Tax Cuts and Jobs Act") is the $10,000 cap on itemized deductions for state and local taxes. ...more

Akin Gump Strauss Hauer & Feld LLP

What's New in Washington - September 2019

Akin Gump Strauss Hauer & Feld LLP on

Congress returns to D.C. this week for a short three-week sprint to a series of important deadlines on September 30. Chief among them is funding the federal government for Fiscal Year (FY) 2020 which begins on October 1,...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - June 2019 #3

Brownstein Hyatt Farber Schreck on

TAX TIDBIT - Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup - On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - June 2019 #2

Brownstein Hyatt Farber Schreck on

Well, they did it. Despite lingering resentment between Democrats and Republicans after the passage of the Tax Cuts and Jobs Act (P.L.115-97), Congress was able to pass tax legislation that was overwhelmingly supported by...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - May 2019 #2

Brownstein Hyatt Farber Schreck on

Tax Tidbit - Regulators have until June 22 to finalize guidance on the Tax Cuts and Jobs Act (P.L.115-97). The 18-month mark since the legislation was signed into law is quickly approaching. The Treasury Department and...more

Cozen O'Connor

Changes to the Pennsylvania Support Guidelines in Response to the New Tax Law

Cozen O'Connor on

For the past several decades the “alimony deduction” has been available to all divorcing couples. This deduction provided that the spouse making alimony payments could deduct alimony payments from his or her income and the...more

Burns & Levinson LLP

Rethinking the Amount of Alimony

Burns & Levinson LLP on

As I wrote in a prior blog piece, under M.G.L. c. 208, sec. 53, the amount of alimony paid to support a former spouse should generally not exceed the recipient’s need or 30 to 35% of the difference between the parties’ gross...more

Foodman CPAs & Advisors

Unexpected Tax Bill and you Cannot pay the full amount of Taxes you Owe?

Foodman CPAs & Advisors on

Many Taxpayers might be faced with an unexpected tax bill during the 2018 Tax season. Many Taxpayers did not alter their tax withholding in their paychecks to reflect the changes in the Tax Reform. ...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - March 2019 #3

Brownstein Hyatt Farber Schreck on

IN THIS ISSUE - Tax Tidbit - - $43,060,000,000 Legislative Lowdown - - Extenders: Contenders or Pretenders? - Better Later Than Never - Democrats Budge on Budget ...more

Brownstein Hyatt Farber Schreck

State of the Union – Tax and Infrastructure

Brownstein Hyatt Farber Schreck on

On Tuesday, Feb. 5, President Donald Trump delivered the State of the Union address. The theme was “choosing greatness,” with President Trump discussing a range of topics from immigration and trade to foreign policy and space...more

Bradley Arant Boult Cummings LLP

Three Things You Need to Know: How Trump’s “Tax Cuts and Jobs Act” Will Impact State Incentives and Project Recruitment - Economic...

Bradley Arant Boult Cummings LLP on

As you may know, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), enacting broad reforms to the Internal Revenue Code. How your state implements these reforms may have an impact on project recruitment and...more

Cadwalader, Wickersham & Taft LLP

New IRS Guidance Regarding Section 162(m)’s Deduction Limitation for Executive Compensation – Increased Complexity and Reduced...

Cadwalader, Wickersham & Taft LLP on

The Internal Revenue Service (the “IRS”) recently issued Notice 2018-68 (the “Notice”) that provides guidance regarding the application of Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”)...more

Hogan Lovells

IRS issues initial guidance on application of Code Section 162(m) as amended by the Tax Cuts and Jobs Act

Hogan Lovells on

On August 21, the Internal Revenue Service (IRS) issued Notice 2018-68 containing much-awaited interpretive guidance on Section 162(m) of the Internal Revenue Code as amended by last year's tax reform act (Tax Act), including...more

Troutman Pepper

IRS Issues Guidance on Section 162(m) Changes

Troutman Pepper on

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

Stinson - Benefits Notes Blog

All Businesses, even if not Subject to 162(m), Should Consider Gathering Data to Support Future Deduction of Deferred Compensation...

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As mentioned in a previous blog, the IRS has issued its initial guidance on Code Section 162(m), as modified by the Tax Cuts and Jobs Act. One important aspect of the guidance is its discussion of preserving deductibility...more

Pullman & Comley, LLC

Future Connecticut Estate Tax Still Unclear after Two New Public Acts

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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

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