Mondaq USA: Tax
Shearman & Sterling LLP
On December 22, 2017, H.R.1, commonly referred to as the Tax Cuts and Jobs Act ("Tax Act") was signed into law.
Carlton Fields
A growing number of startups are offering virtual currencies to investors through initial coin offerings (ICOs) as a way to raise capital, often with little or no awareness of the tax consequences of their actions.
Withers LLP
On December 22, 2017, President Trump signed into law the most sweeping changes to federal tax law in decades, including nearly doubling the basic exclusion amount (hereinafter referred to as the "exemption amount") for gift, estate, and generation skipping transfer (GST) tax for the next 8 years.
Holland & Knight
The Tax Cuts and Jobs Act (the Act) makes important changes to sales and other dispositions of partnership interests, which require immediate changes to purchase agreements.
McDermott Will & Emery
Determining financial statement impact from the state flow through of federal tax reform will be complicated by changes in state tax policy expected to be adopted.
Withers LLP
The Council on Foundations in the US has warned that the new US tax legislation changes will result in a decrease of $16 – $24 billion in charitable giving every year.
Stoll Keenon Ogden PLLC
The Kentucky Department of Revenue recently made significant changes regarding taxation of tangible personal property owned by telecommunications companies.
Dickinson Wright PLLC
If a child is under the age of 19, or, if a full-time student, under the age of 24 and has unearned income, then the "Kiddie Tax" is applicable to said unearned income. Examples of unearned income includes, but is not limited to, dividends and interest.
Arnold & Porter
Public boards and compensation committees will need to take action on this before proxy season.
McDermott Will & Emery
New York is the latest state to address certain state tax implications of the 2017 federal tax reform bill, the Tax Cuts and Jobs Act.
McDermott Will & Emery
Partners Judith Wethall and Finn Pressly discuss the impact of tax reform on popular fringe benefit programs including relocation costs and pre-tax transportation programs.
Shearman & Sterling LLP
On 22 December 2017, the President signed the Tax Cuts and Jobs Act into law, and, on the same day, the Staff announced publication of Staff Accounting Bulletin No. 118 ...
Foley & Lardner
The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases.
Butler Snow LLP
The 2017 Tax Cuts and Jobs Act, enacted December 22, 2017, offers a new tax incentive for the benefit of low-income communities with the creation of qualified opportunity zones.
Dickinson Wright PLLC
Tax Code Section 402(b) imposes annual limits on employee deferral contributions made to a 401(k) or 403(b) plan. For 2017, the limit is $18,000 if you were under age 50 ...
McDermott Will & Emery
Earlier this month, Connecticut Governor Dan Malloy released his Governor's Bill addressing the various state tax implications of the federal tax reform bill enacted by Congress in December 2017 ...
Foley & Lardner
The Tax Cuts and Jobs Act passed late last year and became effective as of January 1, 2018.
Dickinson Wright PLLC
Civil suits to collect property taxes as an in personam debt are now limited to the person who owned the property when the tax became due, but the Michigan act does not completely prevent collection of property taxes...
McDermott Will & Emery
Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from 5.25 percent to 7 percent.
Duff and Phelps
On January 12, 2018, the U.S. IRS Large Business and International ("LB&I") Division issued several new directives establishing procedural changes aimed at enabling the IRS to manage resources in transfer pricing audits.
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Ruchelman PLLC
Change driven by development of intellectual property ("I.P.") is now a constant. Whether the I.P. user is a tax adviser accessing a digital library, an auto mechanic interfacing with an engine...
Kramer Levin Naftalis & Frankel LLP
President Trump signed sweeping tax legislation into law on Dec. 22, 2017, resulting in several significant changes to the wealth transfer tax system, effective as of Jan. 1, 2018.
Caplin & Drysdale
The Bipartisan Budget Act of 2015 fundamentally changed the rules by which partnerships, and entities taxed as partnerships (such as limited liability companies), interact with the Internal Revenue Service in an audit or litigation.
Akin Gump Strauss Hauer & Feld LLP
Despite the headlines coming out of Washington, Congress continues to move forward in regular fashion, discussing and acting upon key issues, such as funding the government, addressing the need...
Reed Smith
On October 24, Crutchfield Corporation filed a declaratory judgment action challenging the Massachusetts Department of Revenue's "cookie" nexus regulation.
Ropes & Gray LLP
Despite continuing Internal Revenue Service budget cuts over the last several years and significant attrition among its most experienced special agents...
Ostrow Reisin Berk & Abrams
Be aware that some deadlines have been moved up or pushed back compared to previous years.
Ostrow Reisin Berk & Abrams
The Tax Cuts and Jobs Act (TCJA) enacted extensive changes to the deductibility of meals and entertainment (M&E) expenses for companies.
Reed Smith
This guidance appears to be inconsistent with legislative intent and prior Department policy.
Akin Gump Strauss Hauer & Feld LLP
The Tax Cuts and Jobs Act (the "Act"), which took effect on January 1, 2018, is the most comprehensive update to the Internal Revenue Code in decades.
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