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Tag: tax


Tax Code, Regulations and Guidance

Making Sense of New York’s Estate Tax “Cliff”

June 11, 2024

Via: National Law Review

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 […]


Tax Code, Regulations and Guidance

A little Tax Court momentum

June 3, 2024

Via: POLITICO

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 […]


Business Law & Regulations, Employment & Labor

New Jersey Supreme Court Clarifies that Amendments to Wage Payment Law and Wage and Hour Law Are Prospective

May 30, 2024

Via: LexBlog

In Maia v. IEW Construction Group, the New Jersey Supreme Court decided a critical issue in employer’s favor regarding the “look-back” periods and availability of liquidated damages under New Jersey’s Wage and Hour Law (WHL) and Wage Payment Law (WPL). […]


Tax Code, Regulations and Guidance

What are the tax Aspects of Prenuptial Agreements in Israel?

May 28, 2024

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Around the Country: Recent Cases in Tax Penalty Abatement

May 24, 2024

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Energy Tax Credits – Final Regulations on Transferability and Guidance on Domestic Content

May 23, 2024

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

A tax vote incoming

May 20, 2024

Via: POLITICO

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 […]


Tax Code, Regulations and Guidance

Trying to move the tax bill to the runway

May 6, 2024

Via: POLITICO

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 […]


Tax Code, Regulations and Guidance

IRS Releases Final Tax Credit Sale Regulations

May 1, 2024

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

2024 Federal Budget: Selected Tax Measures

April 22, 2024

Via: JD Supra

On April 16, 2024 (Budget Day), the Government of Canada released its 2024 federal budget (Budget 2024). While the biggest headline item in Budget 2024 is a proposal to increase the capital gains inclusion rate from one-half to two-thirds, Budget […]


Tax Code, Regulations and Guidance

10 Common Allegations in IRS Tax Preparer Investigations in 2024

April 9, 2024

Via: National Law Review

The Internal Revenue Service (IRS) has long used investigations targeting tax preparers as a tool for combating fraud and closing the tax gap. By targeting tax preparers, the IRS is able to identify individual taxpayers who may have submitted false […]


Tax Code, Regulations and Guidance

Senate back to the grind on tax bill

April 8, 2024

Via: POLITICO

There was actually something that could be considered a development for the tax bill Friday. Senate Majority Leader Chuck Schumer wrote in a letter to his colleagues that the tax plan negotiated by Senate Finance Chair Ron Wyden (D-Ore.) and […]


Tax Code, Regulations and Guidance

Where’s a tax bill stand among Senate to-dos?

April 1, 2024

Via: POLITICO

Here’s another obstacle to add to the list for the bipartisan tax bill — the Senate’s to-do list. Our colleagues at Inside Congress recently ran down how they expected the Senate to use its expected 15 weeks of floor time […]


Tax Code, Regulations and Guidance

Summary of the Biden Administration’s Fiscal Year 2025 Green Book Tax Proposals

March 27, 2024

Via: LexBlog

On March 11, 2024, the Biden Administration released the Fiscal Year 2025 Budget, and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” which is commonly referred to as the “Green Book.” The Green Book summarizes the Administration’s […]


Business Law & Regulations, Privacy

Proposed State Privacy Law Update: March 25, 2024

March 25, 2024

Via: JD Supra

1. What’s New? The big news last week was three bills passing out of a state chamber. In Vermont, Representative Priestley’s H.121 unanimously passed the House on March 22. As we noted last week, this general consumer data privacy bill […]


Tax Code, Regulations and Guidance

Claiming Inflation Reduction Act Tax Credits and Deductions on Your 2024 Return? Make Sure You Complied with the Prevailing Wage and Apprenticeship Requirements

March 18, 2024

Via: LexBlog

Tax season is here. As a result, many companies may be seeking to claim the increased tax credits and deductions available under the Inflation Reduction Act (the “IRA”). As we discussed in previous posts you can read here and here, […]


Tax Code, Regulations and Guidance

Live Local Act ‘Glitch Bill’ Highlights Property Tax Exemption Risk

March 7, 2024

Via: National Law Review

On Feb. 28, 2024, the Florida Legislature passed Senate Bill (SB) 328, the Live Local Act “glitch bill,” amending and clarifying 2023’s Live Local Act affordable housing law,1 and the bill is on its way to Gov. DeSantis’ desk for […]


Business Law & Regulations, Workplace Safety & Health

Workplace Reform Rolls on… Again

February 26, 2024

Via: JD Supra

The Federal Labor Government (Government) has completed its third tranche of workplace relations reform with the recent passage through Federal Parliament of its Fair Work Legislation Amendment (Closing Loopholes No. 2) Bill 2023. Along with its ‘Secure Jobs, Better Pay’ […]


Tax Code, Regulations and Guidance

US Treasury Says IRS is Focused on Tax Evasion Targeting

February 26, 2024

Via: JD Supra

The US Department of the Treasury has recently reinforced the progress on enforcement, specifically how the IRS is focused on tax evasion targeting and the targeting of high-income individuals and entities. The IRS has deployed Artificial Intelligence (AI) and state-of-the-art […]


Tax Code, Regulations and Guidance

Tax Bill Expected to Spur Affordable Housing Development

February 2, 2024

Via: JD Supra

The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet demand. The $78 billion Tax Relief for […]