Tag: tax

April 22, 2024

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 […]

April 9, 2024

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 […]

April 8, 2024

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 […]

April 1, 2024

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 […]

March 27, 2024

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 […]

March 25, 2024

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 […]

March 18, 2024

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, […]

March 7, 2024

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 […]

February 26, 2024

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’ […]

February 26, 2024

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 […]

February 2, 2024

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 […]

January 29, 2024

The House returns to Washington today, after a week away — and, no, it’s not clear whether the chamber will vote on the bipartisan tax bill in the coming days. The official House schedule still has the measure that would […]

January 25, 2024

Similar to salaries, employee bonuses are subject to taxes—specifically, a bonus tax rate, which is typically a flat rate of 22%. This can change depending on the amount of the bonus and the method used to calculate the applicable bonus […]

January 22, 2024

Supporters of the bipartisan tax bill needed a statement vote out of the House Ways and Means Committee on Friday to help their cause — and they sure got one. Only three of the committee’s 43 members voted against the […]

January 9, 2024

On December 19, 2023, the Brazilian IRS published COSIT Answer to Advance Tax Ruling Request No. 308/2023 to clarify the Federal Tax Administration’s position regarding the levy of IRPJ, CSLL, PIS and COFINS on credits accrued from a court decision […]

January 2, 2024

Let’s be honest — negotiations over a tax bill are essentially in the same spot they were when lawmakers hightailed it out of Washington last month. People working on a potential deal, both in and out of government, are optimistic […]

December 27, 2023

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed entities to register with and disclose […]

December 18, 2023

Due to delays, in particular as a result of the ruling by the Federal Constitutional Court (BVerfG) of November 15, 2023, selected tax changes are now to be included in the Act on the Promotion of Orderly Secondary Credit Markets […]

December 14, 2023

On October 16, 2023, the Pennsylvania Supreme Court granted Tower Health’s Petition for Allowance of Appeal related to the Montgomery County hospital property. The Supreme Court is going to address the following two issues on appeal: Whether the Commonwealth Court […]

December 12, 2023

On Friday, December 1, 2023, the U.S. Department of Energy (DOE) and U.S. Department of Treasury concurrently released two long-anticipated Notices of Proposed Rulemakings regarding the “Foreign Entity of Concern” (FEOC) exclusion—a key provision relevant to electric (EVs) and other […]