The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more
Municipalities issuing general obligation promissory notes under section 67.12 (12) of the Wisconsin Statutes may now take advantage of a statutory maximum maturity date of 20 years. 2023 Wisconsin Act 128 (the “Act”) took...more
The Internal Revenue Service on Friday opened the registration portal for taxpayers selling eligible tax credits, including investment tax credits and production tax credits. The portal also permits tax-exempt and other...more
Florida Senate Bill 102, commonly referred to as the Live Local Act (the Act), provides that certain developments will be eligible for a 75 percent or 100 percent ad valorem tax exemption (also known as the "Missing Middle"...more
On July 20, 2023, the new Federal Communications Commission (FCC) rules amending various Telephone Consumer Protection Act (TCPA) exemptions for artificial or prerecorded voice calls to residential telephone lines became...more
On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more
Section 529 college savings accounts are used for tax-free education investments. When considering whether to create a 529 account, there generally is some apprehension that the person you are saving for won’t pursue a...more
On October 11, 2022, the Florida District Court of Appeals, First District held oral arguments on State Farm Mutual Automobile Insurance Company v. Florida Department of Revenue, a case relating to the “add back” to...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 6, 2022 – September 9, 2022...more
Summary - ..Based upon a change of law as from 2021 German property companies are allowed to deliver electricity and earn income from contractual relationships with their tenants within certain thresholds without...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 4, 2021 – October 8, 2021... October 4, 2021: The IRS released a practice unit,...more
The recent introduction of Senator Bernie Sanders’s proposed tax reform bill, the “For the 99.5% Act,” brings the possibility of unprecedented changes to the tax and estate planning landscape by reducing existing federal...more
Tax-exempt organizations (including private foundations, which are subject to special additional disclosures) are subject to certain public disclosure rules. These rules require that the organization make its exemption...more
On June 14, the Iowa Legislature passed HF2641 which consists of multiple amendments to Iowa tax law. The bill was signed by Governor Reynolds on June 29 and takes effect July 1....more
Hospitals, health systems and other tax-exempt organizations are responding to a longer and deeper economic crisis by making or considering significant changes to their executive compensation and executive benefit programs....more
In IRS Notice 2020-32 issued on April 30, 2020, the IRS has clarified that no deduction is allowed for expenses paid with funds loaned to a business through the CARES Act’s Paycheck Protection Program if payment of the...more
COVID-19 has rightfully dominated the news over the last several weeks, leaving municipalities, nonprofit organizations and businesses scrambling to determine the impact of this pandemic on, among other things, their...more
Millions of Americans may potentially benefit from a disaster relief tax exemption following a declaration of a national emergency by President Donald Trump. On March 13, President Trump issued an emergency declaration in...more
1. GENERAL INTRODUCTION: In Ecuador, foreign individuals or corporations in general are permitted by law to invest, except in the so called “strategic sectors of the economy”: electricity, water and sewage, highways,...more
Executive Summary- A Supreme Court decision on state taxation of an Indian tribe turned on what a tax is “on.” Our Federal Tax Group parses the meaning of what is actually being taxed and the broader implications for...more
In Washington State Department of Licensing v. Cougar Den, Inc., the United States Supreme Court delivered its first Indian law decision of this term and since Justice Kavanaugh joined the Court in a highly fractured ruling...more
On March 19, 2019, the United States Supreme Court issued its decision in Washington State Department of Licensing v. Cougar Den, Inc., holding that the right to travel provision of the Yakama’s treaty with the United States...more
On March 19, 2019, the Supreme Court decided Washington State Department of Licensing v. Cougar Den, Inc., No. 16-1498, holding that an 1855 treaty between the U.S. and the Yakama Nation exempts a tribal-owned company from...more
A private foundation is a powerful tool for charitable giving. It is means of advancing your individual, family, or corporate mission and legacy through supporting those causes which you value the most....more
Both the Trump Administration and key leadership in the U.S. House of Representatives and Senate are continuing their focus on tax reform. Although details are being withheld until the Republican leadership in the House,...more