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Corporate Tax
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Kelley Drye & Warren LLP
As noted in our prior advisory, U.S. citizens and residents who receive gifts exceeding certain thresholds from foreign persons must generally report such gifts to the IRS on Form 3520...
Jones Day
On April 9, 2024, the U.S. Treasury Department ("Treasury") issued proposed regulations (which can be found here) and reporting requirements (which can be found here) providing further guidance...
Morrison & Foerster LLP
In the Federal Budget released on April 16, 2024, it was announced that the capital gains inclusion rate will be increased from 1/2 to 2/3 effective June 25, 2024.
Cadwalader, Wickersham & Taft LLP
New York State recently issued final corporate franchise tax regulations for sourcing income (the "Regulations"), including specific sourcing rules for service fees paid by passive investment customers ("PICs") to investment managers operating in corporate form.
Greenberg Traurig, LLP
On April 9, the Treasury Department and Internal Revenue Service issued two sets of proposed regulations (the Proposed Regulations) regarding the application of the excise tax on repurchases of corporate stock and the reporting and payment of such taxes.
Ruchelman PLLC
In the realm of taxation, keeping abreast of changes can make a significant difference in how companies and individuals manage their finances.
Alvarez & Marsal
The Biden Administration's fiscal year 2025 budget submitted to Congress on March 11, 2024, is nearly the spitting image of last year's budget, with a few new twists...
K&L Gates
On Monday, 11 March 2024, the Biden administration released the president's budget request (PBR) for fiscal year 2025 (FY2025), as well as the "Greenbook" containing explanations of the various revenue...
Groom Law Group
On March 11, 2024, President Biden released his budget for Fiscal Year 2025. Hewing closely to proposals in its last budget, the Administration's new budget...
Duane Morris LLP
Since our previous Alert about the March 1, 2024, Alabama District Court decision declaring the Corporate Transparency Act (CTA) unconstitutional, the U.S. Justice Department...
Steptoe LLP
On Monday, March 11th, the Biden Administration released its fiscal year 2025 budget request to Congress along with the Treasury Department's General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals...
Taft Stettinius & Hollister
Since the beginning of tax time, the key distinction between a partnership and a corporation has been its ability to "pass-through" U.S. federal income tax1 liability to its partners.
Crowell & Moring LLP
Individual and corporate taxpayers that improperly reported personal aircraft use as business use may face increased taxable income and penalties and/or denial of deductions.
Alvarez & Marsal
On January 31, 2024, the U.S. House of Representatives overwhelmingly passed The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70...
Ankura Consulting Group LLC
The new corporate alternative minimum tax (CAMT) creates incentives for large companies to allocate more value to amortizing intangible assets...
Bennett Thrasher
On October 20, 2023, the Internal Revenue Service ("IRS") announced the launch of a three-pronged corporate tax compliance initiative as part of the Inflation Reduction Act of 2022...
Kaufman Rossin
Starting a tech company is an exhilarating journey filled with innovation, challenges, and growth.
Wood LLP
If they observe the formalities, contingent-fee lawyers can defer their legal fees, have them invested pretax, and have them paid and taxed later. They must implement those arrangements...
Partridge Snow & Hahn
Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules and regulations.
Kramer Levin Naftalis & Frankel LLP
On Dec. 19, 2023, Treasury announced the entry into force of the U.S.-Chile bilateral income tax treaty (the Tax Treaty). The Tax Treaty is the first new comprehensive...
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