As part of its ongoing response to COVID-19, the Internal Revenue Service (IRS) released Notice 2020-49, which extends certain time criteria related to the New Markets Tax Credit (NMTC) program. Under the notice, any due...more
In the wee hours of December 2019, Congress revived the PCORI fee and filing obligations of employer sponsors of self-insured group health plans. In accordance with the requirements of the Affordable Care Act, employer...more
On Dec. 17, 2019, the U.S. House of Representatives reached an agreement on a year-end tax package, which would extend or renew certain expired or expiring tax credits and other tax incentives. Some tax credits that had...more
TAX TIDBIT - Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup - On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more
The Tribal Treasury Advisory Committee (TTAC) held its inaugural meeting on June 20, 2019, at the U.S. Department of the Treasury. The TTAC was established by the Tribal General Welfare Exclusion (GWE) Act of 2014 (Pub. L....more
In This Issue: - Tax Tidbit - Legislative Lowdown - RegWatch - 1111 Constitution Avenue - At a Glance - Brownstein Bookshelf - Regulation Station ...more
In This Issue - - Tax Tidbit - Legislative Lowdown - RegWatch - 1111 Constitution Avenue - 2020 Vision - At a Glance - Brownstein Bookshelf...more
MEET THE MEMBERS - Now just over a month into the 116th Congress, the tax writing committees have been formally announced, and we at Brownstein want to introduce you to all of the new faces. This week, we feature new House...more
The Bipartisan Budget Act of 2018, enacted on Feb. 9, retroactively renewed for tax year 2017 a number of tax extenders that expired at the end of 2016. In order for taxpayer to claim the benefits, the IRS has had to...more
The Protecting Americans from Tax Hikes Act of 2015, also known as the PATH Act, was enacted by Congress at the end of 2015. Below are the highlights from that legislation. TAX EXTENDERS - Tax extenders are...more
On December 18, 2015, the President signed the Omnibus Appropriations Act (the “Act”) into law. Among the numerous changes in tax law contained in the Act are five-year extensions of the 30% investment tax credit (“ITC”),...more
On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) after both houses of Congress voted to approve the budget measure and comprehensive spending bill. The PATH Act...more
Last Friday, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 ("PATH Act"), a permanent extenders package. Several provisions of the PATH Act are of particular importance to REITs. The...more
Earlier this year, I discussed the IRS’s recent no rule policy on spin-offs, and how that would likely have a chilling impact on spin-offs, particularly the common practice of businesses spinning off their real estate in a...more
It seems that this time every year, Congress struggles with whether it will pass temporary tax breaks referred to as “tax extenders”. As we count down the days to 2016, we once again find ourselves in this position. There...more
As in the 9 percent "amusement tax" that the city of Chicago recently extended to online streaming services like Netflix and Amazon Prime, triggering a series of lawsuits alleging that the newly expanded tax was illegally...more
The number of additional months of funding for transportation projects under a $8 billion bill introduced late last night in the House. Notably — as anyone on Sesame Street could tell you — the number 5 is not the same as the...more
NUMBER OF THE WEEK: 3,415. The number of people who renounced their citizenship in 2014 according to IRS data. This is one of the five highest totals on record since the U.S. Congress passed the Foreign Account Tax Compliance...more
NUMBER OF THE WEEK: 52 percent. The likelihood that tax reform will happen in 2017 or earlier, according to the tax experts that participated in the Tax Council (TTC) and Ernst & Young (EY) Tax Reform Business Barometer in...more