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SALT

The Final Tax Reform Act: SALT Implications

by McDermott Will & Emery on

Now that the federal tax reform act has passed, state legislatures will have to consider the extent to which state statutes should be modified to reflect the act’s language and policy decisions. State revenue departments will...more

2018 New York Legislative Session Preview

by Dentons on

New York State legislators made their annual return to Albany for the start of the 2018 legislative session with no shortage of issues to deal with. The state is facing its first major budget crunch since Governor Andrew...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Healthcare Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

The New Tax Law: Impact on Illinois Local Governments

by Holland & Knight LLP on

The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Agriculture Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

How State Legislatures May Rock the World of Employee Compensation in Response to the Recent Federal Tax Law

Prior to the effective date of the tax bill recently signed by the President, Section 164 of the Internal Revenue Code permitted individuals who itemized deductions to deduct state and local income and other designated taxes...more

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Private Client & Trust Tax Reform Advisory

by Goulston & Storrs PC on

On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to United States income tax regimes for individuals and businesses and...more

Real Estate and Land Use - New Trump Tax Plan’s Impact on Real Estate

On Wednesday, Dec. 20, 2017, Congress passed a sweeping $1.5 trillion tax reform of the Internal Revenue Code of 1986. Dubbed the “Tax Cuts and Jobs Act,” the bill next heads to the President’s desk to be signed into law,...more

The Impact of Tax Reform on Michigan Municipalities and School Districts

by Miller Canfield on

The U.S. House and Senate have approved the reconciled tax reform bill that was reported out of the House and Senate Conference Committee last week. The bill was passed on Dec. 20, 2017, and has been sent to the President for...more

New Tax Act

by Dorsey & Whitney LLP on

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act of 2017 (the “Act”). President Trump is expected to sign the Act into law soon. The Act generally will take effect on January 1, 2018 and will make important...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

GC Memorandum 18-02 “Remedies” – Board’s Approach To Remedies

by Seyfarth Shaw LLP on

Seyfarth Synopsis: On Friday, December 1, 2017, newly appointed NLRB General Counsel Peter Robb issued a memorandum containing a broad overview of his initial agenda as General Counsel. It previews many anticipated...more

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

New SALT Implications in Proposed House and Senate Tax Reform Bills

by McDermott Will & Emery on

The federal tax reform legislation is a work in progress, and its final form will undoubtedly be affected by political considerations and lobbying by interested parties. Both the House and Senate bills deserve careful study...more

How Proposed Tax Reform Will Impact Private Equity

by Foley & Lardner LLP on

Both the House of Representatives and the Senate have proposed their own versions of tax reform (the “House Proposal” and “Senate Proposal”, respectively, and together, the “Proposals”) which will drastically change the...more

SALT Implications of the House and Senate Tax Reform Bills

by McDermott Will & Emery on

Many provisions of the House and Senate tax reform proposals would affect state and local tax regimes. SALT practitioners should monitor the progress of this legislation and consider contacting their state tax administrators...more

Carried Interest and Other Tax Reform Highlights for Investment Funds and Asset Managers

• Significant corporate and potential individual tax rate reductions and a 25% individual tax rate on certain “qualified business income” would be introduced (although many fund investors and sponsors would not be eligible...more

SALT Alert: MTC Announces Online Retailer Voluntary Disclosure Program with No Tax Payment Required

by Williams Mullen on

Normally, voluntary disclosure programs require payment of tax, and perhaps interest and penalties, during a specified lookback period. On September 1, the Multistate Tax Commission (“MTC”) announced a limited-time voluntary...more

Finishing SALT: InsideSALT’s Monthly Recap

by McDermott Will & Emery on

May 16, 2017: Illinois Department of Revenue Affirms Cloud-Based Services Not Taxable - In two recent General Information Letters (GILs), the Illinois Department of Revenue (Department) reaffirmed that computer software...more

Indiana Revenue Forecast & Road Funding – Two Information Briefs from the Indiana Fiscal Policy Institute

by Faegre Baker Daniels on

The Indiana Fiscal Policy Institute this month released two informational briefs on topics that will be tackled by the Indiana General Assembly in its upcoming legislative session, where the legislature will craft a new...more

Focus on Tax Strategies & Developments - December 2016

by McDermott Will & Emery on

Significant Changes in US Tax System Likely - In the short time since the surprising election of Donald J. Trump as the 45th president of the United States, much already has been written about the likelihood and likely...more

SALT Implications of Final Section 385 Debt-Equity Regulations

by McDermott Will & Emery on

The recently released final regulations under Internal Revenue Code Section 385, addressing the circumstances under which related company debt will be classified as equity for federal income tax purposes, will have a...more

Videocast: Sutherland SALT Scoreboard – 2nd Quarter Highlights

Sutherland SALT tracks and tallies significant state and local tax litigation wins and losses in the quarterly Sutherland SALT Scoreboard publication. In this videocast, Charles C. Capouet and Elizabeth S. Cha share the...more

SALT Implications of Proposed Section 385 Debt/Equity Regulations

by McDermott Will & Emery on

Determining the difference between debt and equity is a problem that has bedeviled taxpayers and tax administrators for decades. Taxpayers, recognizing that there are tax advantages to financing a corporation with debt (e.g.,...more

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