News & Analysis as of

Tax Benefits

Pending tax reform, prepaying 2018 real estate taxes could benefit Illinois individual taxpayers

by Thompson Coburn LLP on

In light of the tax reform bill pending in Congress, individuals throughout Illinois should give strong consideration to prepaying 2018 real estate taxes now to receive the largest possible benefit on their 2017 tax returns....more

Senate and House Tax Bills Provide Support For Oil And Gas Industry

by Snell & Wilmer on

The tax reform bills that passed the U.S. Senate and House of Representatives may provide a windfall of potential tax benefits and breaks for some oil and gas infrastructure developers and operators. In addition to...more

Fringe Benefits: What the Proposed Tax Bills Mean to the Employer

by McDermott Will & Emery on

Both the House and Senate versions of tax reform propose significant changes that may reduce or eliminate the tax benefits of many popular employer-provided fringe benefits, such as dependent care assistance programs,...more

Tax and Employee Benefits Policy Under the Trump Administration

by Hinshaw & Culbertson LLP on

What Employers Should Know - With any new presidential Administration comes new developments for employers to monitor on a wide variety of topics, and tax and employee benefits policy is no exception. The Trump...more

IRS Provides Relief for Bona Fide Residents of U.S. Virgin Islands, Puerto Rico

by Holland & Knight LLP on

• Because of the damage Hurricanes Irma and Maria inflicted on the U.S. Virgin Islands and Puerto Rico, the IRS has relaxed the stringent physical presence requirements that individuals typically must satisfy to qualify as...more

South Carolina Conservation Easements for Farm and Forestry Property

by McNair Law Firm, P.A. on

There are 12.9 million acres of commercial forestland in South Carolina. More than half of the forestland is family-owned, and 82% of private owners live on the land. The state also has about 25,000 farms, which encompass 4.9...more

Senate Releases Repeal and Replace Legislation on ACA: The Better Care Reconciliation Act of 2017

by Foley & Lardner LLP on

After weeks of secrecy, the Senate has released a discussion draft of legislation that is the counterpart of the American Health Care Act (AHCA) previously passed by the House. The Senate legislation, entitled the Better Care...more

Conservation Easement Opportunities: Protecting Natural Resources While Receiving Tax Savings

by Ward and Smith, P.A. on

Conservation easements may be a great example of "doing well by doing good." They help conserve fish and wildlife, clean water, natural habitats, historic properties, farmland, and timberland. They also provide other public...more

Sustainable Development Update - May 2017 #2

by Allen Matkins on

Sustainable Development Focus - How green infrastructure manages stormwater, enhances property values - Urban Land - May 3 - The growing involvement of the real estate industry in helping municipalities manage...more

LLC Membership Interest Purchase Treated As Asset Purchase

by Dickinson Wright on

A buyer of a business often will prefer to purchase assets rather than equity interests in order to, among other things, obtain a step-up in the tax basis of the assets of the business equal to its purchase price. The buyer...more

"Recent Court of Appeals Decision Provides Hope for Taxpayers Fighting for Congressionally Sanctioned Tax Benefits"

For the second time in just over a year, the U.S. Court of Appeals for the Sixth Circuit reversed the United States Tax Court and affirmed the right of a taxpayer to structure its affairs in a manner that takes into account...more

State + Local Tax Insights - Winter 2017

by Morrison & Foerster LLP on

A Year in Review: Client Victories Abound - The past year will be remembered as exciting for many tax, as well as non-tax, reasons. From the tax standpoint, we are happy to report that our clients had many victories. ...more

Proposed Bayer-Monsanto merger presents a charitable planning opportunity

by Thompson Coburn LLP on

The announcement of the Bayer-Monsanto transaction gives shareholders a great opportunity to think about taxes and charitable planning options. Shareholders have seen a $10-$15/share bump since May, and the current...more

The UK has voted to leave the EU: What now?

by Latham & Watkins LLP on

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

M&A Update: Treasury Announces Second Anti-Inversion Notice

On November 19, 2015, Treasury issued Notice 2015-79 (the “Notice”), which announces Treasury’s intent to issue regulations reducing the tax benefits available to inverted groups and making it more difficult for some U.S....more

Angola's New Private Investment Law

by King & Spalding on

On 11 August 2015, Angola's New Private Investment Law ("NPIL") came into force on its publication in Angola's Gazette, repealing the previous 2011 law. Like its predecessor, the NPIL sets out the rules applicable to...more

Possible Regulatory Changes Could Reduce Tax Benefits of Transfers of Interests in Family-Owned Entities

by Ballard Spahr LLP on

Historically, the Internal Revenue Service has closely scrutinized transfers between family members of interests in family-owned entities. Among other actions, the Service has sought to curtail the use of discounts to...more

Tax Law Blog: Health Savings Accounts: Beneficiaries and Taxes

by Davis Brown Law Firm on

As high deductible health insurance plans become more prevalent, so do health savings accounts (HSAs). While most participants are aware of the tax implications of an HSA during life (contributions are deductible from gross...more

Should You Abandon An Underperforming Partnership?

Good news for taxpayers who have, or who are considering, abandoning an interest in an underperforming partnership. Earlier this week the Fifth Circuit overturned the Tax Court’s 2013 decision in Pilgrim’s Pride, clearing...more

Abandonment Losses Back on the Table!

Several years ago, many taxpayers faced with underwater partnerships would abandon their partnership interests, thereby triggering an ordinary loss. This ordinary loss was often preferred over the capital loss that would be...more

Obama Releases Tax Proposals for 2015

by Hodgson Russ LLP on

The proposed U.S. tax changes highlighted in President Obama’s State of the Union address on January 20 fall far short of the broad U.S. federal tax reform that members of Congress believe is needed for fundamental fairness...more

New Treasury Regulations Target Corporate Inversions

Last week, the Internal Revenue Service and Treasury Department announced a number of new regulations intended to make it more difficult to qualify for tax advantages associated with inversion transactions and reduce certain...more

Treasury Announces Inversion Regulations; Reach Extends to Other Cross-Border M&A

by Latham & Watkins LLP on

New guidance seeks to curb the incidence of inversions and reduce the associated tax benefits, but also extends beyond inversions. On September 22, 2014, the US Department of the Treasury (Treasury) and the Internal...more

Treasury Takes Action Against Corporate Inversions

by Goulston & Storrs PC on

Earlier this week, the Treasury Department and the IRS announced that they would issue regulations that substantially limit the U.S. tax benefits of corporate inversions (and certain post-inversion transactions)....more

Summary of IC-DISC Tax Benefits

by Miller Canfield on

Interest-Charge Domestic International Sales Corporations (“IC-DISCs”) offer significant potential tax benefits for U.S. companies that export U.S. manufactured products or certain engineering or architectural services with...more

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