News & Analysis as of

Tax Cuts and Jobs Act

NC Legislative Update - May 2018

by Nexsen Pruet, PLLC on

2018 SHORT SESSION - Nexsen Pruet is excited to announce that Michelle Frazier has joined the North Carolina Public Policy Practice. Michelle has successfully represented numerous clients before North Carolina’s...more

Section 1202 Post-TCJA

by McDermott Will & Emery on

Changes made by tax reform have caused companies to reevaluate their structures. This reevaluation extends to the most fundamental decision: choice of entity. The choice of entity decision now frequently hinges on two key,...more

States Designate Opportunity Zones

by Pierce Atwood LLP on

The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more

What Does the Tax Cuts and Jobs Act Mean For You?

by Sands Anderson PC on

On December 22, 2017 President Trump signed into law H.R. 1 (P.L. 115-97), the “Tax Cuts and Jobs Act,” which some consider to be the largest major tax reform in over three decades. This article summarizes some of the...more

Expansion of TTB Wine Excise Tax Credit “Alternate Procedure”

by Davis Wright Tremaine LLP on

This advisory is an update to DWT’s prior advisory on the Tax Cuts and Jobs Act of 2017 (the “Act”), dated March 7, 2018. On May 17, 2018 the TTB formally expanded the use of the “alternate procedure” or “transfer by...more

Window On Washington - Vol. 2, Issue 20

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Farm Bill Re-vote? Last week’s vote on the farm bill failed after the Freedom Caucus refused to support the measure. A roll call vote on the motion to reconsider was postponed...more

Tax Act Presents New Opportunity for Gain Deferral

by Baker Donelson on

The legislation commonly referred to as the Tax Cuts and Jobs Act (the "Act") that was signed into law in late 2017, ushered in significant changes to the Internal Revenue Code (the "Code"). Some of these changes are...more

From Settlement Disclosures to Retaliation: A Summary of Sexual Harassment Legislation in 2018

by Littler on

After a tumultuous 2017, federal, state, and local governments have spent the start of 2018 reconsidering their approach toward sexual harassment in the workplace. ...more

Democrat-Controlled PA PUC Touts Trump Tax Savings to Ratepayers, Denies Infrastructure Reinvestment

by Cozen O'Connor on

In a choice between infrastructure reinvestment and a direct pass-through of the tax savings to ratepayers, the Democrat-controlled Pennsylvania Public Utility Commission (PA PUC) has chosen a direct pass-through and claimed...more

Expense Apportionment to GILTI

by McDermott Will & Emery on

Following tax reform, domestic corporate taxpayers are required to include in gross income the amount of a CFC’s income in excess of its Subpart F income and 10 percent of depreciable tangible property (referred to as GILTI)....more

Governor Baker Submits List of 138 Opportunity Zones to U.S. Treasury

by Bowditch & Dewey on

On April 19, 2018, the Commonwealth’s Executive Office of Housing and Economic Development announced that Governor Baker submitted a list of Opportunity Zone designations to the U.S. Treasury. The full list of Massachusetts...more

TTB Extends Alternate Procedure For Excise Taxes Credits through 2019

Yesterday, May 17, 2018, TTB announced in Industry Circular 2018-1A that it is extending until December 31, 2019 the ”Alternate Procedure” under which wine producers can tax pay wine stored at bonded tax wine cellars (“BWC”)...more

IRS releases updated automatic changes in methods of accounting list

On May 10, 2018, the Internal Revenue Service (IRS) released Rev. Proc. 2018-31, which provides an updated list of automatic changes in methods of accounting. As was the case with its predecessor, Rev. Proc. 2017-30, the list...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for Wells Fargo, as news emerged yesterday that some employees in the company’s business banking wholesale unit “altered information on documents related to corporate customers” without customers’...more

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

by Foodman CPAs & Advisors on

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019...more

Tax Cuts and Jobs Act Taxes Some Incentives - ACREL News & Notes

Section 118 provides “[i]n the case of a corporation, gross income does not include any contribution to the capital of the taxpayer.” The regulations promulgated under Section 118 under prior law provide, with respect to...more

New Limitations on Deductions for Interest Payments May Impact Many Family Businesses

The new Tax Cuts and Jobs Act limits the ability of many businesses to deduct interest payments. Under prior law, any interest expense was generally deductible. Now, many businesses are prohibited from deducting any interest...more

Legislative Changes to the Connecticut Income Tax

by Murtha Cullina on

On May 9, 2018, the Connecticut legislature unanimously passed the “Act Concerning Connecticut’s Response to Federal Tax Reform” (the “Act”). The Act includes a series of Connecticut income changes that either diminish the...more

IRS Announces 2019 Increases For HSAS And Provides Relief For 2018 Reduction In Family Contribution Levels

by Fraser Trebilcock on

The IRS has just released its 2019 annual inflation adjustments for Health Savings Accounts (HSAs) as determined under Section 223 of the Internal Revenue Code. Specifically, IRS Revenue Procedure 2018-30 provides the...more

What's on the radar for real estate?

by Hogan Lovells on

In this short guide, we have highlighted some of the key legal changes that are on the real estate radar in a variety of international jurisdictions. Please see full Publication below for more information. ...more

Omnibus Spending Bill Makes Long-Awaited Technical Corrections to Several PATH Act Provisions

by Alston & Bird on

While the omnibus spending bill didn’t do much to clarify the Tax Cuts and Jobs Act, it did make some corrections to other tax laws. Our International Tax Group discusses some of those corrections for qualified foreign...more

Revenue Laws Study Committee Releases Revised Version of Draft Tax Bill

by Smith Anderson on

On Tuesday, May 8th, the General Assembly’s Revenue Laws Study Committee released a revised version of its draft tax bill intended for introduction in the legislature’s upcoming short session. The original version of the...more

Opportunity Zones: A Preliminary Examination

by Shearman & Sterling LLP on

The Tax Cuts and Jobs Act of 2017 (the “Act”) made significant changes to U.S. federal tax law. One of these changes was the establishment of a new tax regime relating to qualified opportunity zones (“Opportunity Zones”)...more

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

by Womble Bond Dickinson on

Individuals and businesses continue to evaluate the Tax Cuts and Jobs Act of 2017 (the “Tax Act” or “Act”) and, in particular, the specific effects on personal and business tax planning. Our clients are asking us daily how...more

2018 is a Unique Year for Taxes

by Womble Bond Dickinson on

You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more

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