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Tag: tax


Tax Code, Regulations and Guidance

Circling back on foreign tax credits

November 13, 2023

Via: POLITICO

A bipartisan crew of House members is urging the Treasury Department to give businesses a further break on new Foreign Tax Credit regulations. Treasury announced back in July that they were giving taxpayers a two-year reprieve from those rules, which […]


Tax Code, Regulations and Guidance

Mobile Employees: Tax Issues to Consider in Remote Working Policies

November 10, 2023

Via: JD Supra

As the U.S. transitions from the acute phase of COVID-19, the lasting impact of changes ushered in by the pandemic is becoming clear, most notably the shift toward remote work. While no longer a necessity, remote work remains extremely popular, […]


Tax Code, Regulations and Guidance

Washington’s Capital Gains Tax and Its Implications on the Transfer of Ownership Interests in Entities That Own Real Property

November 8, 2023

Via: LexBlog

In addition to Washington’s real estate excise tax (REET), transferors of ownership interests in entities that own real property in Washington must also factor in Washington’s capital gains tax when making such transfers. The Washington Supreme Court upheld the capital […]


Know Your Rights

Los Angeles ULA ‘Mansion Tax’ Survives Latest Bout

October 31, 2023

Via: National Law Review

A Los Angeles County superior court judge dismissed a lawsuit that sought to invalidate Measure ULA, also called the mansion tax. Measure ULA, which took effect in April 2023, significantly increased documentary transfer tax on all real estate sales or […]


Tax Code, Regulations and Guidance

Energy & Sustainability Legal Feature – Increased Opportunity for More Taxpayers to Access Clean Energy Tax Credits and Related Considerations and Limitations

October 26, 2023

Via: National Law Review

This past summer, the Treasury and Internal Revenue Service (IRS) published proposed Treasury Regulations (88 FR 40528 and 88 FR 40496) under two key provisions of the Inflation Reduction Act of 2022 (IRA) designed to enable taxpayers and tax-exempt entities […]


Business Law & Regulations, Finance

CFPB Announces Proposed Rules to Accelerate Open Banking

October 24, 2023

Via: LexBlog

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) announced its long-awaited proposed rule regulating “Personal Financial Data Rights” (the proposed rule). The proposed rule implements Section 1033 of the Dodd-Frank Act, which provides consumers the right to access […]


Tax Code, Regulations and Guidance

Digging into digital tax dollars

October 23, 2023

Via: POLITICO

WHAT KIND OF MONEY WE TALKING ABOUT? One of the questions still hanging over the global tax deal is what kind of impact it might have on the bottom line for the Treasury, and for American companies. Republicans in Congress […]


Tax Code, Regulations and Guidance

IRS Proposed Regulations Provide Guidance on New Inflation Reduction Act Prevailing Wage and Apprenticeship Requirements

October 17, 2023

Via: National Law Review

The Inflation Reduction Act of 2022 (IRA) incentivizes clean energy jobs by incorporating labor requirements and promoting workforce development within the United States. The IRA introduced proposed regulations (REG-100908-23) and frequently asked questions with guidance on how taxpayers can document […]


Tax Code, Regulations and Guidance

Privacy Tip #374 – FTC Warns Tax Preparation Companies About Use of Tax Information for Other Purposes

October 5, 2023

Via: National Law Review

The information you provide to your tax preparer is as sensitive as it gets. The assumption is that the tax preparation company is only using your data to prepare your taxes. In an enforcement action against Beneficial Corp., the FTC […]


Tax Code, Regulations and Guidance

Why Treasury’s tax powers may be in GOP crosshairs

October 2, 2023

Via: POLITICO

You would be forgiven for missing the development last week amidst all the drama over a government shutdown, but the Senate Finance Committee had a long-awaited hearing last week to take up President Joe Biden’s nominee to be the IRS’s […]


Tax Code, Regulations and Guidance

The state of play on an end-of-year tax bill

September 18, 2023

Via: POLITICO

The end of the year is closer than you think, and with that comes the possibility of an end-of year tax bill that could slide into the omnibus. Lawmakers are already gearing up to push for their favorite tax policies […]


Tax Code, Regulations and Guidance

New York State Judge Rules for Securities Broker-Dealer on Corporate Tax Sourcing, Investment Income, and Investment Tax Credits

September 8, 2023

Via: National Law Review

A New York State Administrative Law Judge has ruled in favor of a New York-based securities broker-dealer on multiple issues under the New York State corporate franchise tax. The judge held the Division of Taxation (the “Division”) was required to […]


Tax Code, Regulations and Guidance

Group of Bipartisan Senators Inquire Into the Oversight of Nonprofit Hospitals’ Tax-Exempt Requirements and Compliance

August 22, 2023

Via: National Law Review

Demonstrating that hospital finances and billing practices continue to be of interest to federal lawmakers, on August 7, a group of bipartisan senators sent letters to the Internal Revenue Service (IRS) and the Treasury Inspector General for Tax Administration (TIGTA) […]


Tax Code, Regulations and Guidance

The future of tax administration

August 14, 2023

Via: POLITICO

The future of what tax administration and enforcement will look like in the U.S. may very well hinge on IRS appropriations battles to be fought over the next couple years in Congress. Will the agency manage an overhaul to permanently […]


Business Law & Regulations, Employment & Labor

NLRB Proves Everything Old (And Clunky and Unworkable) Is New Again (US)

August 2, 2023

Via: LexBlog

In a much anticipated (yet thoroughly unsurprising) decision, on August 2, 2023, the National Labor Relations Board (NLRB or Board) again reversed precedent, crafting a what’s-old-is-new-again standard for evaluating – and easily invalidating – employer work rules. The long and […]


Tax Code, Regulations and Guidance

2024 and the global minimum tax

July 24, 2023

Via: POLITICO

TAXES AND GLOBALISM: It’s difficult to overstate just how influential the 2024 elections will be over U.S. tax policy for years to come. Whichever party gains the most power in Congress and the White House will have the biggest say […]


Tax Code, Regulations and Guidance

Can the Government Sue for Tax Debts Outside IRC Procedures?

July 21, 2023

Via: JD Supra

On June 1, 2023, in United States v. Liberty Global, Inc.[1], the US District Court for the District of Colorado held that the US Department of Justice (DOJ) can assert and seek judgment for federal income tax deficiencies using a […]


Business Law & Regulations, Finance

Joshua Smeltzer Quoted by Tax Notes on IRS Funding

July 19, 2023

Via: LexBlog

In a recent article by Tax Notes, tax experts expressed their concerns and hopes for the influx of funding granted to the IRS via the Inflation Reduction Act. Gray Reed Partner Joshua Smeltzer was one of the experts interviewed. Board […]


Tax Code, Regulations and Guidance

Is it time to tax the robots?

June 19, 2023

Via: JD Supra

For decades, technology and automation have catalysed massive economic growth and driven improvements in working conditions for many. At the same time, they have also been a source of pessimistic forecasts about the destruction of jobs. Still, history shows us […]


Tax Code, Regulations and Guidance

Mexico: Tax Incentives to Promote Nearshoring in the Isthmus of Tehuantepec

June 15, 2023

Via: National Law Review

On June 5, 2023, the “Decree to promote investment by taxpayers engaged in productive economic activities within the Development Hubs for the Well-being of the Isthmus of Tehuantepec” (Decree) was published in the Mexican government’s Official Gazette of the Federation […]