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Tax Exemptions Income Taxes

Potential Impact of House Tax Reform Bill on Nonprofit Tax-Exempt Organizations

On November 2, 2017, Republicans in the U.S. House of Representatives unveiled their tax reform bill (the “Bill”), entitled the “Tax Cuts and Jobs Act.” The Bill proposes significant changes to the current U.S. federal income...more

Tax Reform Proposal Nixes Favorable Tax Treatment of Several Employee Benefits

by McNair Law Firm, P.A. on

On November 3, 2017, House Ways and Means Committee Chairman Brody began the legislative consideration of Tax Reform by releasing an amendment (in the nature of a substitute) to the Tax Reform and Jobs Act (H.R. 1 hereinafter...more

Effects of House Tax Reform Bill on Securitizations and Funds

On November 2, 2017, Republicans in the House of Representatives released their long-anticipated tax reform bill (the “Bill”). The Bill, which is entitled the “Tax Cuts and Jobs Act,” includes significant changes to the...more

The Proposed Tax Plan: What Public Agencies Should Know

by Best Best & Krieger LLP on

Earlier yesterday, we presented a webinar, “Tax Reform: What D.C.’s Actions Could Mean for Public Agencies,” that looked at how Congress’ actions in the next couple of months will impact such things as municipal bonds and...more

Puerto Rico Agencies Issue Employee-Related Guidance, Tax Relief In Wake Of Hurricane

by Jackson Lewis P.C. on

The passage of Hurricane María through Puerto Rico in September 2017 left catastrophic damages. In an effort to encourage employer assistance and provide temporary economic relief to employees in Puerto Rico, local government...more

Puerto Rico Department of the Treasury Grants Temporary Tax Exemptions for Employer-Provided Payments and Certain Benefits to...

by Littler on

On October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemptions for payments and certain benefits provided...more

Tax Court Broadens Foreign Earned Income Exclusion

by Fox Rothschild LLP on

The Tax Court’s recent decision in Linde v. Commissioner, T.C. Memo. 2017-180, brought good news to taxpayers working outside the United States. In Linde, the Tax Court held that Linde, who worked for a government contractor...more

Is a Business Tax Reform Game Plan Beginning to Take Shape?

by McDermott Will & Emery on

Substantial tax reform is underway and the business community is intently awaiting details of this activity with the aim of positioning themselves to maximize opportunities and minimize any costs or risks that reform may...more

Georgia Senate Special Tax Exemption Study Committee Holds First Meeting 

During the 2017 Legislative Session, Senate Resolution 222 created the Senate Special Tax Exemption Study Committee, which was tasked with examining the “costs and benefits” of all exemptions for Georgia sales and use taxes...more

Tax impact of the repeal of the foreign employment income exemption on South African professionals

by Hogan Lovells on

The Taxation Laws Amendment Bill 2017 (2017 TLAB) was published for public comment on 19 July 2017. One of the changes proposed is the repeal of the so-called foreign employment income exemption, contained in section...more

2017 Oklahoma Tax and Fee Legislation

by GableGotwals on

The following are some of the changes in Oklahoma law on state taxation and fees enacted by the Oklahoma Legislature in 2017. Income Tax - Oklahoma Standard Deduction Decoupled from Federal Standard Deduction. For...more

Tax Savings in the United States Virgin Islands – the Basics

by Garvey Schubert Barer on

When many people think of the United States Virgin Islands (“USVI”), they think of beautiful beaches on secluded islands. This is certainly correct, but many people do not know that the USVI is also home to some of the most...more

Alabama Tax Legislative Summary: 2017 Regular Session -- Some Unofficial Predictions For Upcoming Session(s)

The Alabama Legislature adjourned late Friday, May 19, with several tax bills crossing the finish line during the final week (and many on the last day). Both the Education Trust Fund and General Fund budgets were passed by...more

Tax basis: The key to reducing gain on sale or deducting asset purchases

by Thompson Coburn LLP on

This article discusses key ideas used in reducing or eliminating gain subject to tax when you sell an interest in your business or when your business sells part or all its assets. These ideas can also possibly help those who...more

Estate Planning Pitfall: You’re donating high-basis stock to charity

As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

The Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New Jersey?

by Cole Schotz on

On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: - The New Jersey Estate Tax repeal will be...more

SCOTUS Asked to Hear Appeal Involving Constitutionality of Retroactive Tax Legislation

by McDermott Will & Emery on

The Supreme Court of the United States has been asked to hear an appeal in a case involving the circumstances in which retroactive tax legislation will be constitutional. In Dot Foods, Inc. v. State of Washington...more

Changes to the principal residence exemption

by Dentons on

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

New Jersey Phases in Full Estate Tax Repeal

On October 7, 2016, the New Jersey Legislature adopted a comprehensive tax package with important tax cuts, including an end to the estate tax by 2018. Specifically, the legislation provides the following: - The...more

Employee Benefits Developments - September 2016

by Hodgson Russ LLP on

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House

by Nexsen Pruet, PLLC on

The House Tax Policy Review Committee held its second meeting on Tuesday, September 13th, to discuss income and sales tax issues and statistics. Gordon Shuford with the South Carolina Revenue and Fiscal Affairs Office made a...more

Taxation of termination payments – new government proposal will erode the scope of the £30,000 exemption

by Reed Smith on

In July 2015, the government published a consultation on proposals to reform the tax treatment of termination payments, which was widely discussed with stakeholders. Nine months after the end of that consultation, the...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

IRS Announces Major Qualified Plan Determination Letter Program Change

by GableGotwals on

The Internal Revenue Service has published very important new guidance on assuring employer sponsored pension and profit sharing plans qualify for tax exemption. Revenue Procedure 201637, 2016-29 Internal Revenue Bulletin,...more

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