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Tax Deductions

Ropes & Gray Podcast - Lender Management LLC v. Commissioner of Internal Revenue

by Ropes & Gray LLP on

In this Ropes & Gray podcast, Gabby Hirz, counsel in the tax controversy group, is joined by Loretta Richard, a partner in the tax and benefits group and co-founder of the tax controversy group, and Christi Lazo, counsel in...more

Practical Insights on Tax Reform: Impact on Individuals

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits

by Ropes & Gray LLP on

In this Ropes & Gray podcast, tax counsel Morey Ward is joined by tax partner Kendi Ozmon and tax counsel Gil Ghatan to discuss one of the key provisions for tax-exempt organizations from the Tax Cuts and Jobs Act (TCJA) –...more

Tax Court Disallows Rental Loss Deduction To Taxpayer Who Failed To Qualify As A Real Estate Professional

by Moskowitz LLP on

In our last post, we explained how an architect proved to the Tax Court that he qualified as a real estate professional, and was subsequently permitted to deduct passive activity losses from his real estate activities. Here,...more

The Qualified Business Income Deduction (Section 199A): Interim Guidance

The Tax Cuts and Jobs Act (the “TCJA”) was signed into law by President Trump on December 22, 2017. The law generally goes into effect for taxable years beginning after December 31, 2017. One of the overriding purposes of the...more

French Finance Bill for 2018 – Changes Impacting High Net Worth Individuals

by White & Case LLP on

The French finance bill for 2018 (the "Bill") enacts several tax changes announced by President Emmanuel Macron. While the Bill contains significant changes impacting corporate and individuals' taxpayers, this overview is...more

Tax Court Allows Rental Loss Deduction to Architect Who Qualified as Real Estate Professional

by Moskowitz LLP on

Investors are limited in their ability to offset income with passive losses, and even real estate investors who “actively participate” in their rentals (through management, capital improvements, selection of tenants,...more

New York State Budget Includes Optional Employer Payroll Tax As A Potential SALT Cap Work Around

by Jackson Lewis P.C. on

As part of the FY 2019 NY State Budget, lawmakers recently enacted a program to potentially circumvent the recent Federal Tax Law change that imposes a $10,000 cap on the State and Local Tax Deduction (SALT) for individuals...more

Trickle Down Guidance: Interim Notices Tackle Key International Reforms

by Alston & Bird on

On April 2, in quick succession, the IRS and Treasury announced notices addressing two provisions added by the Tax Cuts and Jobs Act (TCJA): the repatriation tax under Section 965 and withholding on non-publicly traded...more

Tax Reform: Insurance Company Provisions

by Carlton Fields on

Recent tax legislation, informally known as the Tax Cuts and Jobs Act (the “Act”) contains several changes that affect the insurance industry....more

The 2017 Tax Cuts and Jobs Act – A Boon for the Commercial Real Estate Industry

by Moskowitz LLP on

The new tax law ( 2017 TCJA) is great news for the commercial real estate industry. Owners of pass-through entities may deduct up to 20 percent of their business income on their tax return, subject to certain limits, and...more

Tax Law’s Impact on Real Estate Industry

by Moskowitz LLP on

This GlobeSt.com article features an interview with Moskowitz Attorney Steve Moskowitz. The new tax law promises to have a significant impact on owners, investors and the real estate industry as a whole. In this exclusive,...more

Notice 2018-28 Regarding Limitations on Interest Deductions under Amended Section 163(j)

by McDermott Will & Emery on

Section 163(j), as recently amended, may limit a taxpayer’s interest expense deduction. Notice 2018-28, in very general terms, provides interim guidance on the application of Section 163(j). Importantly, the Notice...more

Three Key Federal Income Tax Issues Raised by Cryptocurrencies

Cryptocurrencies – the original, and most famous of which, Bitcoin, was “designed” in 2009 by Satoshi Nakamoto (a pseudonym) – give rise to a number of tax issues, three of which we discuss in this article: (1) the effect of...more

Avoid this while filing your taxes

by Foodman CPAs & Advisors on

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. ...more

#MeToo Movement Creates Change in Tax Code

During the height of the #MeToo movement and in the wake of the Harvey Weinstein scandal, Congress enacted a sweeping tax reform bill containing a provision intended to penalize businesses who settle claims involving sexual...more

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

Tax in the City - A Women's Tax Roundtable - Tax Reform Changes to Employee Compensation and Benefit Deductions

by McDermott Will & Emery on

Qualified Transportation Benefits - ..Includes transit pass, qualified parking, van pooling, or bicycle commuting ..Prior law – employer deduction for both – Employer subsidy (all four) – Employee pre-tax payment...more

New Tax Law Eliminates 30-Day Safe Harbor Against CFC Status

by Carlton Fields on

The recent tax law changes have focused primarily on corporate income tax, and in the international context, mostly on outbound tax matters. However, certain less publicized changes to the Code’s controlled foreign...more

#MeToo Movement’s Impact on Nondisclosure Agreements or Clauses Covering Sexual Harassment

by Hogan Lovells on

Employers and employees entering into separation or settlement agreements have traditionally agreed to nondisclosure clauses that prohibit disclosure of the agreement or the circumstances leading to its execution. ...more

Decoding the Tax Cuts and Jobs Act – Part IX: Impact on M&A Transactions

by Garvey Schubert Barer on

The Tax Cuts and Jobs Act (“TCJA”) will significantly impact merger and acquisition (“M&A”) activity. Although billed as tax reform, the TCJA did not reform or simplify the Internal Revenue Code (“Code”). Virtually none of...more

Impact of New Tax Laws on Estate Planning

by Polsinelli on

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by the President on December 22, 2017, and represents one of the most significant rewritings of the federal tax code since 1986. ...more

Party to a suit or agreement with respect to actual or potential violations of law?—Take notice: IRS issues transitional reporting...

On March 27, 2018, the Internal Revenue Service (IRS) issued Notice 2018-23 (the Notice), providing transitional guidance for parties to suits and agreements covered by sections 162(f) and 6050X of the Internal Revenue Code...more

Practical Insights on Tax Reform: Impact on Employee and Fringe Benefits

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States Internal Revenue Code (the “Code”) in 30 years. In...more

Bracewell Tax Report: March 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act (TCJA), with emphasis on how such developments impact the energy,...more

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