On January 18, 2019, the U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) released final regulations (the “Final Regulations”) regarding the “passthrough deduction” for qualified trade or...more
3/11/2019
/ Business Ownership ,
Final Rules ,
IRS ,
Pass-Through Entities ,
Proposed Regulation ,
Qualified Business Income ,
S-Corporation ,
Section 199A ,
Sole Proprietorship ,
Specified Service Trade Or Business (SSTB) ,
Tax Deductions ,
UBIA
On January 18, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury issued final regulations (the “Final Regulations”) on the “pass through” deduction under section 199A of the Internal Revenue Code...more
2/8/2019
/ Internal Revenue Code (IRC) ,
IRS ,
Leases ,
Pass-Through Entities ,
Recordkeeping Requirements ,
Rental Property ,
S-Corporation ,
Safe Harbors ,
Section 199A ,
Self-Employment Tax ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions
On December 20, 2018, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed “anti-hybrid” regulations (the “Proposed Regulations”) under sections 267A, 245A(e), and...more
1/28/2019
/ Anti-Abuse Rule ,
BEPS ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Dividends ,
Income Taxes ,
IRS ,
Parent Corporation ,
Proposed Regulation ,
Subpart F ,
Tax Reform
On December 31, 2018, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2019-09 (the “Notice”), which provides interim guidance under Section 4960 of the Internal Revenue...more
On December 13, 2018, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed regulations (the “Proposed Regulations”) with respect to the “base erosion and anti-abuse...more
1/2/2019
/ Banks ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Base Erosion Tax ,
Corporate Taxes ,
Federal Reserve ,
Foreign Corporations ,
Foreign Taxpayers ,
Insurance Industry ,
IRS ,
Net Operating Losses ,
Preamble ,
Proposed Regulation ,
Recordkeeping Requirements ,
REIT ,
S-Corporation ,
Securities Dealers ,
TLAC ,
U.S. Treasury
December 10, 2018 saw significant activity with respect to Section 512(a)(7) of the Internal Revenue Code (the “Code”), which requires tax-exempt employers to increase their unrelated business taxable income (“UBTI”) by...more
On December 13, 2018, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “Proposed Regulations”) addressing various aspects of the withholding...more
On November 26, 2018, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “Proposed Regulations”) under section 163(j) of the Internal Revenue...more
12/6/2018
/ Anti-Abuse Rule ,
Business Taxes ,
C-Corporation ,
Controlled Foreign Corporations ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
PFIC ,
Proposed Regulation ,
REIT ,
REMIC ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
Introduction.
On October 19,2018,the Internal Revenue Service (the“IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “proposed regulations”) under section 1400Z-2 of the...more
On August 21, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-67 (the “Notice”), addressing issues relevant to tax-exempt organizations arising under new Section 512(a)(6) of the Internal Revenue Code (the...more
9/5/2018
/ Controlled Foreign Corporations ,
GILTI tax ,
Income Taxes ,
IRS ,
NAICS ,
Partnerships ,
Public Comment ,
Reporting Requirements ,
Tax Exempt Entities ,
Tax Exemptions ,
UBTI
On August 8, 2018, the U.S. Department of the Treasury (the "Treasury") and the Internal Revenue Service (the "IRS") issued proposed regulations regarding the "pass-through deduction" for qualified trade or business income...more
Amanda Nussbaum, a partner in the Tax Department and a member of the Not-for-Profit Group at Proskauer, chairs a comprehensive seminar each fall for non-profits to discuss current developments and topics of interest related...more
1/18/2018
/ 403(b) Plans ,
501(c)(3) ,
501(c)(4) ,
Department of Labor (DOL) ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Investors ,
IRS ,
New Rules ,
Partnerships ,
Tax Audits ,
Tax Exemptions ,
Tax Reform ,
Tax-Exempt Bonds
The Internal Revenue Service (the “IRS”) has issued Notice 2017-75 (the “Notice”), which provides certain limited relief from the strict requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the...more
Over the last several days, there have been significant developments relating to the Tax Cuts and Jobs Act, the pending tax reform legislation in Congress. On Thursday, a detailed summary of the Senate Finance Committee’s...more
11/15/2017
/ 501(c)(3) ,
Colleges ,
Educational Institutions ,
Excise Tax ,
Highly Compensated Employees ,
IP License ,
IRS ,
Logos ,
Pending Legislation ,
Sports ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Reform ,
Tax-Exempt Bonds ,
UBTI ,
Universities ,
Ways and Means Committee
Over the last several days, there have been significant developments relating to the Tax Cuts and Jobs Act, the pending tax reform legislation in Congress. On Thursday, a detailed summary of the Senate Finance Committee’s...more
11/14/2017
/ Charitable Deductions ,
Colleges ,
Educational Institutions ,
Excise Tax ,
Football ,
Highly Compensated Employees ,
IP License ,
IRS ,
Logos ,
Sports ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Reform ,
Tax-Exempt Bonds ,
UBTI ,
Universities ,
Ways and Means Committee
On April 6, 2017, the Internal Revenue Service (the IRS) added three new frequently asked questions to its Foreign Account Tax Compliance Act (“FATCA”) compliance page, which is available only online. These additional FAQs...more
While speaking at the National Prayer Breakfast on February 2, 2017, President Trump reaffirmed his commitment to repeal the law that restricts organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue...more
On December 27, 2016, the Treasury Department (Treasury) and Internal Revenue Service (IRS) released final regulations regarding the determination of ownership of a passive foreign investment company ("PFIC") and regarding...more
1/20/2017
/ Business Ownership ,
C-Corporation ,
Final Rules ,
Foreign Corporations ,
IRS ,
Passive Foreign Investment Company ,
PFIC ,
Reporting Requirements ,
S-Corporation ,
Stocks ,
U.S. Treasury
On October 13, 2016, the Treasury Department and the Internal Revenue Service issued final and temporary regulations under section 385. The final and temporary regulations recharacterize certain debt instruments as equity for...more
10/27/2016
/ Asset Stripping ,
Bifurcation ,
Debt ,
Debt Instruments ,
Disregarded Entities ,
Equity ,
Internal Revenue Code (IRC) ,
Investment Funds ,
IRS ,
Publicly-Traded Companies ,
Section 385 ,
Securities ,
Stocks ,
U.S. Treasury
The U.S. Internal Revenue Service (“IRS”) released Revenue Procedure 2016-45 (the “Revenue Procedure”) on August 26, 2016, permitting taxpayers once again to seek private letter rulings on issues of “corporate business...more
On July 15, 2016, the U.S. Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) published proposed regulations that would modify the device and active trade or business requirements for tax-free...more
7/29/2016
/ Active Trade or Business Test ,
Device Test ,
Grandfathering Rules ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Section 355 ,
Shareholders ,
Spinoffs ,
Tax Avoidance ,
Tax-Free Transfers ,
U.S. Treasury ,
Yahoo!
As reported in our prior client alerts, the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), must be filed by a U.S. person that holds a financial interest in, or signature or other authority over, a...more
The Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) included a number of significant changes to the U.S. federal income tax rules related to real estate investment trusts (“REITs”) and investments by non-U.S....more
On December 18, 2015, President Obama signed into law an omnibus appropriations bill which included the Protecting Americans from Tax Hikes Act of 2015 (the "Act"). In addition to extending or making permanent a number of...more
Proskauer’s 20th Annual Trick or Treat Seminar was held on Friday, October 30.
The Seminar discussed:
- Non-Profit Revitalization Act of 2013: Recent Developments and Outstanding Issues
- Recent Developments in...more