News & Analysis as of

Withholding Tax

A new double tax treaty about to be concluded between France and Luxembourg

by Allen & Overy LLP on

As recently announced, the French and Luxembourg governments are finalising a new double tax treaty between the two countries (the «DTT»). We outline below the key revisions and their potential impact. 1. Withholding...more

Three new acts change tax and employee benefit rules and might require employer action

by Hogan Lovells on

Congress and the Administration have been busy recently, enacting not only the "Tax Cuts and Jobs Act" or "TCJA" on December 22, 2017, but also a Continuing Resolution on January 23, 2018, and the Bipartisan Budget Act of...more

Foreign Partners Victims of Tax Reform - Tax Update, Volume 2018, Issue 1

by Pepper Hamilton LLP on

More than 25 years after the IRS announced its position that foreign partners were subject to tax on the gain from the sale of the partnership interests, the Tax Court decided in favor of taxpayers. ...more

Understanding Back-Up Tax Withholding

by McNair Law Firm, P.A. on

The IRS requires businesses to obtain a Form W-4 from each employee, and also a Form W-9 from contractors and others who may receive payments for services. If a business does not receive these forms, the business must deduct...more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Chile

1 .What role does the government of Chile play in approving and regulating foreign direct investment? No governmental prior approval is needed in Chile to initiate or continue an investment from abroad. Foreign...more

Singapore Budget 2018: How will the changes impact businesses and individuals?

by Dentons on

The 2018 Singapore Budget Statement, announcing various tax changes, was delivered by Finance Minister Heng Swee Keat on 19 February 2018 – highlighting a record budget surplus of S$9.61 billion for Financial Year 2017 and...more

A Quick To-Do List for “Tax Season”

The deadline for individuals to file and pay their 2017 taxes will be Tuesday, April 17, 2018, which is six weeks from now.  As we continue to work through “tax season,” I suggest that taxpayers add a withholding review to...more

IRS Announces Withholding Tax Changes for 2018

The Internal Revenue Service (IRS) announced on February 28, 2018 that it has updated its online withholding calculator and the W-4 form to comply with the new tax rates under the Tax Cuts and Jobs Act of 2017. Most...more

Employers Should Encourage Their Employees to Revisit Their Tax Withholding Elections in Light of the New Tax Law

by Blank Rome LLP on

Since January 1, 2018, the date changes to the tax law passed by Congress at the end of December (the “Tax Act”) became effective and provided new individual marginal tax rates and modified deductions, the Internal Revenue...more

Pennsylvania Department of Revenue Delays Implementation of New Non-Employee Withholding Requirements

by Ballard Spahr LLP on

After hearing from taxpayers about the significant burden of complying with new Pennsylvania rules requiring personal income tax (PIT) withholding from non-resident service providers who receive IRS Forms 1099-MISC, the...more

Lawsuit Seeks Repeal of 2017 Pennsylvania Tax Act

by Ballard Spahr LLP on

A group of Pennsylvania fireworks sellers recently filed a complaint in Commonwealth Court, challenging whether the Pennsylvania General Assembly properly enacted Act 43 of 2017 (the 2017 Tax Act). ...more

New Regulations on Withholding Income Tax for Overseas Investors in China

by McDermott Will & Emery on

To promote the growth of foreign investment, the “Notice on Policies concerning Temporarily Not Levying Withholding Tax on Distributed Profit used for Direct Investment by Overseas Investors” was jointly issued on December...more

Pennsylvania Imposes New Withholding and Reporting Requirements on Compensatory Payments to Non-Resident Directors

Pennsylvania businesses are now required to withhold and report on compensatory payments to non-employee Directors who do not reside in Pennsylvania (Non-Resident Directors). These changes went into effect on January 1, 2018....more

New Pennsylvania Personal Income Tax Withholding Requirements

by Cozen O'Connor on

Effective December 29, 2017, Pennsylvania imposes new Personal Income Tax (PIT) withholding obligations on certain lessees of non-residential real property and non-employer payors of Pennsylvania source compensation and...more

EU Court: (former) French and German tax anti-abuse rules not in line with EU law

by Dentons on

The Court of Justice of the European Union (CJEU) issued two important judgments regarding abuse presumptions in relation to dividend distributions by French and German companies to parent companies resident in other EU...more

Employee Benefits Developments - January 2018

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of January 2018. ...more

Court Rejects Short-Swing Profits Claim Relating to Share Withholding to Satisfy Taxes

by Hodgson Russ LLP on

On January 26, 2018, the United States District Court for the Northern District of Oklahoma granted summary judgment to WPX Energy, Inc. (the “Company”) and its CEO and general counsel in relation to a plaintiff’s claim that...more

Illinois Imposes Electronic Filing Requirements For Sales & Use And Withholding Taxes Effective January 1, 2018

by Akerman - SALT Insights on

The Illinois legislature recently mandated electronic filings for certain sales and use and withholding income tax filings as of January 1, 2018. H. B. 0821 was passed in both houses by May 2017 and signed into law on August...more

Payroll Department Impacts of the Tax Cuts and Jobs Act

by Taylor English Duma LLP on

Congress passed the Tax Cuts and Jobs Act (the “Act”), and it was signed into law in December 2017. Payroll department impacts from the new law are summarized below.  ...more

Information after completion: buyer reliance on a further assurance clause and implied terms

by Dentons on

The High Court has recently had to consider whether a further assurance clause in a share purchase agreement required the seller to provide the buyer with information after completion and whether, alternatively, there was an...more

Impact of New Tax Provisions on M&A Deals

by Lane Powell PC on

On December 22, 2017 President Trump signed into law H.R. 1 — a sweeping tax reform law that changes the tax landscape for many M&A deals. Congress initially labeled the bill as the “Tax Cuts and Jobs Act” but later removed...more

IRS Releases New Tables for Employee Income Tax Withholding

by Hinshaw & Culbertson LLP on

On January 11, 2018, the IRS issued its new withholding tables to assist employers with processing payrolls and withholding federal income tax under the new Tax Reform Act signed into law late last year (the “Act”). IRS...more

M&A and Tax Reform—New Tax Considerations with Wide-Ranging Implications

by Morgan Lewis on

New tax provisions have significant impact on structuring mergers and acquisitions. In light of the recent passage of HR 1 (the Act) and ensuing sweeping changes to tax law in the United States, certain tax-related aspects...more

China defers 10 percent withholding tax on dividend income reinvested into Encouraged Industries

by DLA Piper on

Prior to 2008, foreign investors were generally exempt from withholding income tax on dividend income derived from their investment in China under the prior PRC Enterprise Income Tax Law for Foreign Invested Enterprises and...more

Law Firm Shareholders Liable For Trust Fund Recovery Penalties

by Fox Rothschild LLP on

The Internal Revenue Code requires employers to withhold certain taxes in “a special fund in trust for the United States” (sec. 7501(a)). IRS regulations require employers to pay these trust fund taxes to the IRS quarterly....more

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