Category: Tax Code, Regulations and Guidance

July 22, 2024

The tax treatment of the income stemming from a carried interest is not clearly regulated in the German tax law and often subject to discussions with the tax authorities in Germany. A long-standing approach of the German tax authorities was […]

July 22, 2024

SO, IT HAPPENED: And then in a flash, President Joe Biden announced that he wouldn’t seek reelection, not even four months before the November elections. All signs currently point to Vice President Kamala Harris now being the Democratic nominee, and facing […]

July 19, 2024

In August 2023, the US Internal Revenue Service (“IRS”) proposed regulations to fulfill the Congressional mandate to require US tax reporting of digital asset transactions by brokers and other intermediaries.1 After evaluating more than 44,000 comments, the IRS has reworked […]

July 17, 2024

Last week, the Internal Revenue Service (“IRS”) proposed regulations (the “Proposed Regulations”) to treat certain basket contracts as listed transactions. Basket contracts were previously identified as transactions of interest in IRS Notice 2015-73 and IRS Notice 2015-74 (the “TOI Notices”). […]

July 17, 2024

The Washington, D.C. Office of Tax and Revenue recently published guidance on how the Transfer Tax on Real Property (“D.C. Transfer Tax”) and Recordation Tax on Deeds (“D.C. Recordation Tax”, and collectively with the D.C. Transfer Tax, the “Tax”) apply […]

July 15, 2024

Republicans enter their convention this week with a somewhat limited tax platform, calling for a full extension of the 2017 tax law and an expansion of tax-advantaged 529 education accounts. But most of all, when it comes to taxes these […]

July 10, 2024

The Virginia Department of Taxation released its 2024 legislative summary detailing changes, effective July 1, 2024, to Virginia’s state and local tax laws. The following discussion focuses on a few of the changes you may find significant and worth noting […]

July 8, 2024

Canada’s digital services tax is up and running, as our colleagues in Ottawa have noted. Tech companies south of the border have been waiting all year to see when Prime Minister Justin Trudeau’s government might implement the digital tax, which has drawn […]

June 24, 2024

During the 2024 regular session of the Connecticut General Assembly, seven bills were passed and signed into law that deal with a variety of property tax matters. Of these, the most significant is Public Act No. 24-151. This large omnibus […]

June 11, 2024

In addition to the federal estate tax, which may be levied upon a decedent’s estate, New York imposes a separate state estate tax regime. Generally a decedent’s estate is subject to the New York State estate tax if such decedent […]

June 3, 2024

Presidential administrations of both parties have made it a priority to fill vacancies up and down the judiciary in recent years. Except, maybe, when it comes to the U.S. Tax Court. As it stands, six of the Tax Court’s 19 […]

May 28, 2024

Contrary to popular belief, the purpose of signing a prenuptial agreement is not just to dictate the division of property in the event of divorce. Signing a prenuptial agreement can also provide significant tax advantages to a couple during their […]

May 24, 2024

Audits can be an incredibly frustrating ordeal. From initial contact with tax authorities to digging up old financial records to possibly increasing tax liability, there are few things to celebrate throughout the process. However, one aspect of an audit that […]

May 23, 2024

The Treasury Department and IRS recently issued final regulations on the transfer of certain credits to implement the transferability provisions of the Inflation Reduction Act (IRA), which take effect on July 1, 2024. Moreover, on May 16, 2024, the IRS […]

May 20, 2024

The House now is scheduled to vote on Tuesday on a measure that would give tax relief to disaster victims. If that seems quick — well, it was. Rep. Greg Steube (R-Fla.) just announced on Thursday that his discharge petition […]

May 16, 2024

A new Maryland law will significantly restrict employers from using non-competition agreements for many healthcare and veterinary professionals. Gov. Wes Moore signed the legislation into law on April 25 – just two days after the federal government announced a ban […]

May 15, 2024

Article 14, Section 12 of the California Constitution requires the Governor to submit a budget to the Legislature by January 10 of each year. The Constitution further required that the budget be accompanied by a budget bill, which the chairperson […]

May 6, 2024

Senate Finance Chair Ron Wyden (D-Ore.) is set to try to attach the bipartisan tax bill that he helped write to the upcoming FAA reauthorization measure, according to his office. Wyden is expected to officially propose the tax plan, which […]

May 2, 2024

On April 22, 2024, the Department of Housing and Urban Development (HUD) published its final rule regarding updated flood insurance requirements in certain areas of the country: Floodplain Management and Protection of Wetlands; Minimum Property Standards for Flood Hazard Exposure; […]

May 1, 2024

Late last week, the Internal Revenue Service (“IRS”) and Department of the Treasury released final regulations relating to transfers of certain tax credits pursuant to Section 6418 of the Code (the “Code” and, such rules, the “Final Tax Credit Sale […]