News & Analysis as of

Local Taxes

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

PARCA Issues Updated Study: How Alabama Taxes Compare

The well-respected Public Affairs Research Council of Alabama (PARCA), the non-profit think tank headquartered at Samford University in Birmingham, recently published its periodic report, How Alabama Taxes Compare, which...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

MoFo New York Tax Insights - Volume 9, Issue 1

by Morrison & Foerster LLP on

THE TOP 10 NEW YORK TAX HIGHLIGHTS OF 2017 - As we look forward to an exciting new year, here is our annual list of what we viewed as the Top 10 New York Tax Highlights of 2017. 1. Appellate Division finds error in...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

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

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

IRS Issues Guidance Regarding Deductibility Of Prepaid Real Property Taxes

by Fox Rothschild LLP on

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number...more

Tax Reform: With Massive Overhaul Now Law, Prepayment Of 2018 Property Tax May Benefit New York Property Owners

by Akerman LLP on

On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (Act), which beginning in 2018 caps at $10,000 the allowable deduction for payment of state and local income, sales, and property taxes. While...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

The Final Tax Bill: A Thoughtful Analysis

by Ballard Spahr LLP on

Earlier yesterday, both the House and the Senate passed the Tax Cuts and Jobs Act of 2017 (the final bill). With the signature of President Donald J. Trump, it will become law. The tax legislation represents the biggest...more

“Tax Cuts and Jobs Act”

The “Tax Cuts and Jobs Act” has passed both chambers of Congress and is expected to be signed by President Trump soon. Details of the final agreement among House and Senate Republicans include rate cuts for “C” corporations,...more

Tax Cuts and Jobs Act – Final Legislation

by Kelley Drye & Warren LLP on

The U.S. Senate and the House of Representatives have just passed the “Tax Cuts and Jobs Act” (the “Act"). President Trump is expected to sign the bill into law later this week. Once enacted, the Act will be the most...more

Alert: Analysis of the Final Tax Reform Bill

by Cooley LLP on

On December 15, 2017, the Conference Committee released the final legislative text of HR 1, entitled "An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year...more

Republicans Release Final Tax Bill Agreement

by Baker Donelson on

On Friday, December 15, Republican House and Senate negotiators announced they had come to an agreement on a final tax bill that they expect to vote on this week and that may potentially be signed into law by President Trump...more

The Tax Cuts and Jobs Act

INDIVIDUALS - The “Tax Cuts and Jobs Act” contains numerous provisions that will have a significant impact on the tax liability reported by individuals and families. Some of the more important provisions are summarized...more

Tax Reform For REITs And Real Estate Businesses

by Seyfarth Shaw LLP on

This is the third issue in a planned series of alerts designed to provide an in-depth analysis on topics related to tax reform. Background On November 2, 2017, House Republicans introduced the Tax Cuts and Jobs Act...more

Not Fake News: Congress Shuts Down Pre-payment of 2018 State Income Taxes!

by Hodgson Russ LLP on

On Friday afternoon we emailed many clients and friends regarding the possibility of a “last chance” to claim a disappearing federal income tax deduction by paying 2018 state income tax estimates at the end of 2017....more

Tax Cuts and Jobs Act: The Conference Committee’s Bill

by McGuireWoods LLP on

The House-Senate Conference Committee released the revised “Tax Cuts and Jobs Act” on Dec. 15, 2017. This compromise bill made major changes to the separate bills that the House and Senate passed earlier this year. Both...more

Warning!!! Pre-paid State and Local Taxes are NOT DEDUCTIBLE in 2017 If they are due in 2018!

by Sanford Millar on

Assuming that the Tax Cuts and Jobs Act (“TCJA”) passes both Houses of Congress and is signed by the president, there will be monumental changes in the Internal Revenue Code on the individual and corporate tax levels....more

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