On July 4, 2025, President Trump signed into law the “One Big Beautiful Bill Act” (the “2025 Act”). The Act makes permanent some provisions originally enacted in 2017 as part of the Tax Cuts and Jobs Act (the “2017 Act”),...more
7/14/2025
/ Business Income ,
Business Taxes ,
Charitable Donations ,
Corporate Taxes ,
Estate Tax ,
GILTI tax ,
Income Taxes ,
New Legislation ,
One Big Beautiful Bill Act ,
Opportunity Zones ,
Over-Time ,
Qualified Small Business Stock ,
Research and Experiment Tax Credit ,
SALT ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Legislation ,
Tax Planning ,
Tax Reform ,
Tipped Employees ,
Trump Administration
U.S. citizens and residents who have received gifts (including bequests) exceeding certain thresholds from foreign persons must generally report such gifts to the IRS. Recipients of such gifts who do not report them in a...more
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more
The Biden administration (the “Administration”) last week released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” commonly called the Treasury Department’s “Green Book.” The Green Book...more
On March 17, 2020, Secretary of the Treasury Steven Mnuchin announced a 90-day extension for certain tax payments. On March 18, 2020, the U.S. Department of the Treasury issued Notice 2020-17, which clarified the scope of the...more