Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note. Each week we pull together the items we deem most important to...more
On June 16, 2025, the Senate Finance Committee released proposed text for tax provisions to be included in the Senate’s version of the One Big Beautiful Bill Act (OBBB). Our prior Alert addresses the House version of the...more
6/18/2025
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Bonus Depreciation ,
Business Taxes ,
Federal Budget ,
Proposed Legislation ,
Research and Development ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform
The House of Representatives narrowly passed the One Big Beautiful Bill along party lines. The proposed bill would terminate or otherwise make significant changes to several of the energy tax credits created or expanded by...more
On May 12, 2025, the Republicans from the House Committee on Ways and Means released an updated draft tax bill. Several of the provisions in the draft would affect tax-exempt organizations. The bill will almost certainly...more
5/19/2025
/ Charitable Deductions ,
Colleges ,
Excise Tax ,
Legislative Agendas ,
Private Foundations ,
Proposed Legislation ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
U.S. House ,
Universities ,
Unrelated Business Income Tax ,
Ways and Means Committee
On May 12, 2025, the Republicans on the House Committee on Ways and Means released a draft bill showing their tax plan for the budget reconciliation legislation. The legislation will likely undergo significant changes as it...more
5/15/2025
/ Amortization ,
Bonus Depreciation ,
Budget Reconciliation ,
Business Taxes ,
Corporate Taxes ,
EBITDA ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Legislation ,
Research and Development ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Ways and Means Committee
In mid-January, the House introduced the Tax Relief for American Families and Workers Act (Act). The Joint Committee of Taxation has released its explanation of the Act, and the House Ways and means Committee has released a...more
1/31/2024
/ Affordable Housing ,
Congressional Committees ,
Filing Requirements ,
FIRPTA ,
Foreign Corporations ,
Low Income Housing ,
Mortgage REITS ,
Proposed Legislation ,
Relief Measures ,
Taiwan ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Treaty
Businesses have entered 2024 facing the challenge of forecasting future tax obligations and preparing tax filings in a time of uncertainty, not the least of which is created by Congressional indecision on the future of a...more