Popular, Excise Tax

Federal Budget 2024: How It Impacts You and Your Business

Davies Ward Phillips & Vineberg LLP on 4/17/2024

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed...more

M&A in 2022 and Trends for 2023

Morrison & Foerster LLP on 1/23/2023

Following a year of unprecedented M&A deal activity, 2022 saw the global M&A market settle back into a more familiar pace. The year finished 38.8% lower than 2021’s record level, but only 9.3% lower than 2015-2019 averages,...more

Cannabis & the Mid-Terms: What Tax Policy?

Rivkin Radler LLP on 10/18/2022

On October 6, 2022, the President announced three changes in the Federal government’s policy toward cannabis: 1.He pardoned all prior Federal offenses of simple possession of marijuana; 2.He urged governors to do the same...more

State AG Updates: California, New York, Connecticut and Juul’s Settlement With 33 States and Puerto Rico

Faegre Drinker Biddle & Reath LLP on 10/11/2022

In this edition of Faegre Drinker’s State Attorneys General Update, we discuss: • The California AG’s: • Plea deal with a pipeline operator relating to a 2021 oil spill...more

General Overview of the Inflation Reduction Act of 2022

Bracewell LLP on 8/19/2022

On Tuesday, August 16, President Biden signed the Inflation Reduction Act of 2022 (the Act) into law, which includes material changes to various sections of the Internal Revenue Code of 1986, as amended (the Code). The...more

Inflation Reduction Act of 2022 - Signed into law: A summary of the energy tax provisions

Eversheds Sutherland (US) LLP on 8/17/2022

The Inflation Reduction Act of 2022 (the Act) was signed into law on August 16, 2022, and includes about $370 billon for American energy security and climate change. Those changes include very substantial extensions,...more

The Proposed Share Buyback Tax under the Inflation Reduction Act

McDermott Will & Emery on 8/10/2022

The Inflation Reduction Act of 2022 includes an excise tax that, if enacted, will make share repurchases by publicly traded companies more costly starting in 2023. The proposed tax is meant to be a significant revenue-raiser,...more

A Brief Status Report On COBRA

Jackson Lewis P.C. on 2/14/2022

The normal difficulties that employers have adhering to the technical requirements of COBRA have been exacerbated during the past two years as COBRA rules were changed to recognize the complications accompanying the COVID-19...more

M&A in 2021 and Trends for 2022

Morrison & Foerster LLP on 1/21/2022

2021 M&A smashed U.S. and global records. The year saw the arrival of a new U.S. administration, the release of COVID-19 vaccines, as well as continued questions regarding the impact of the pandemic, including the year-end...more

Cannabis Administration And Opportunity Act: What The Proposed Federal Cannabis Laws Would Mean For Hemp

Vicente LLP on 7/29/2021

On July 14, 2021, Senators Chuck Schumer (D-NY), Ron Wyden (D-OR), and Cory Booker (D-NJ) released the discussion draft of historic federal cannabis legalization legislation, the Cannabis Administration and Opportunity Act...more

NBAA, NATA Submit Comments to IRS on Excise Tax Exemption for Business Aircraft Management Services

Holland & Knight LLP on 10/1/2020

The National Business Aviation Association (NBAA) joined with the National Air Transportation Association (NATA) to submit to the Internal Revenue Service (IRS) and the U.S. Department of the Treasury on Sept. 29, 2020,...more

IRS Memo: Daily Fantasy Sports Are Wagers Subject To Excise Taxes

Fox Rothschild LLP on 8/21/2020

“Nothing can be said to be certain, except death and taxes.” ? Benjamin Franklin. This familiar phrase resonates for daily fantasy sports (DFS) operators following the release of a July 23, 2020 Internal Revenue Service...more

Splitting the Difference: IRS Applies Exempt Organization Excise Tax to Split-Dollar Life Insurance Policies

Alston & Bird on 7/10/2020

Our Federal Tax Group delves into proposed Treasury regulations addressing exempt organizations’ below-market loans used to pay for split-dollar life insurance premiums....more

Does an Excise Tax Apply When Company Employees Serve as Directors and Officers of the Company Foundation?

Foley & Lardner LLP on 7/9/2020

New proposed IRS regulations clarify that the tax will not apply in most cases when company officers/employees serve as directors and officers of the company foundation for no compensation from the foundation In a prior blog...more

Executive Compensation at Tax-Exempt Organizations Back in the Limelight – IRS Issues New Guidance

Seyfarth Shaw LLP on 6/12/2020

Seyfarth Synopsis: The IRS recently issued proposed regulations providing guidance under Internal Revenue Code (“Code”) Section 4960, which provides for an excise tax on tax-exempt organizations that pay certain executives in...more

IRS Issues Proposed Regulations for Tax on Nonprofit Executive Compensation

Cozen O'Connor on 6/11/2020

The Internal Revenue Service has issued proposed regulations describing the rules regarding the 21 percent excise tax on compensation over $1 million and excess parachute payments paid by tax-exempt organizations to certain...more

Is Washington's REET Affecting How Couples Hold Real Estate in a Family Business?

Davis Wright Tremaine LLP on 1/28/2020

In 2019, the Washington Legislature substantially revised and increased the tax on transferring real property with its real estate excise tax (REET). ...more

Year-End Spending Bill Includes Tax Extenders, Disaster Tax Relief

Brownstein Hyatt Farber Schreck on 12/18/2019

Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...more

Short-Term Rental Update: Airbnb goes luxe; The Plum Guide aims to become the Michelin Guide for the short-term rental...

Foster Garvey PC on 7/17/2019

Airbnb Goes Luxe - ("Airbnb dives into ultra-high-end rentals. Here’s what brokers think," Real Deal - LA Real Estate News on Jun 2, 2019) - Last week, Airbnb announced it was rolling out Airbnb Luxe, a vertical featuring...more

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