Tax Reform Slashes Deductions for Settlements Paid to Government Agencies for Violations and Investigations - IRS Requests Comments by May 18 - Businesses making payments to governments and governmental entities on or after...more
Secretary Mnuchin and Director Mulvaney have peaceably resolved their differences over the review process of tax regulations. Will greater OMB review of Treasury regulations be a positive or a negative for taxpayers? ...more
A New Digital Services Tax (…for now) - The European Commission is taking significant actions to address the taxation of the digital economy that would impose a 3% tax on digital services until a global and longer-term...more
The Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) are picking up the pace in releasing substantive guidance regarding implementation of the Tax Cuts and Jobs Act (“TCJA”), passed by Congress...more
Incentives for Investments in Low Income Communities - Deferred taxes on capital gains and elimination of taxes on gains from Opportunity Fund investments are intended to attract investors into the Opportunity Zone program....more
The tax reform bill signed into law by President Trump on December 22, 2017, taxes U.S. shareholders on their share of the previously untaxed deferred income of foreign corporations. Known as “deemed repatriation,” this tax...more
MOST SWEEPING TAX REFORM SINCE 1986
- Tax Cuts and Jobs Act signed December 22, 2017
- Generally effective for taxable years beginning after December 31, 2017
- Comprehensive tax reform affecting virtually all...more
The Tax Cuts and Jobs Act (“Act”) significantly changed U.S. tax federal law. Although the Act does not amend any of the provisions directly affecting the qualification or other taxation of a “regulated investment company”...more
When President Trump signed the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, it wasn’t the grand finale of the tax reform process — it was merely the end of the first act. Already, Congress has begun considering...more
On December 22, 2017, the president signed the Tax Cuts and Jobs Act (the “Act”). While the Act will impact many taxpayers, some of the more significant changes relate to how individuals and other non-corporate taxpayers are...more
House and Senate Republicans passed a comprehensive tax reform bill on December 20, 2017 that makes sweeping changes throughout the Internal Revenue Code affecting many educational institutions, as well as most individuals...more
On November 2, 2017, we alerted taxpayers that the House Ways and Means Committee had unveiled its much anticipated tax reform bill titled the “Tax Cuts and Jobs Act” (the “House Plan”). The House Plan includes substantial...more
The House of Representatives and the Senate are on a fast track to pass sweeping tax reform legislation that would have widespread implications for colleges and universities, their employees, and their donors.
As part...more
11/15/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Colleges ,
Covered Employees ,
Deferred Compensation ,
Educational Institutions ,
Excise Tax ,
Executive Compensation ,
Internal Revenue Code (IRC) ,
Net Operating Losses ,
Retirement Plan ,
Tax Reform ,
UBIT ,
Universities
On November 2, 2017, the House Ways and Means Committee unveiled its much anticipated tax reform bill titled the “Tax Cuts and Jobs Act” (the “House Plan”). The House Plan is a significant step by Republican lawmakers to...more
Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more
10/31/2017
/ Anti-Money Laundering ,
Bitcoin ,
Broker-Dealer ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Digital Currency ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
IRS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Virtual Currency
As cryptocurrencies such as Bitcoin and Ethereum become more prevalent in investment circles and acceptable for commercial transactions, the United States Internal Revenue Service (“IRS”) has said little other than to label...more
On June 30, 2017, we alerted stakeholders to the request by the Department of the Treasury (the “Department”) for public comments to assist the Department in its broad review of Department guidance that should be modified,...more
On June 14, 2017, the Department of the Treasury (the “Department”) issued a request for public comments to identify Department guidance that should be modified, eliminated, or streamlined in order to reduce compliance...more
K&L Gates' Global Tax Group has been monitoring the potential impact of the Border Adjustment Tax (BAT) across a number of jurisdictions.
In our 14 February 2017 update, we commented that issues regarding the legality of...more
The House Republicans have proposed sweeping changes to the U.S. tax system, specifically that income from the export of goods, services and intangibles will not be subject to federal income tax, and that the cost of such...more
A White House freeze on recently issued regulations has left proposed regulations on the new Centralized Partnership Audit Regime out in the cold. On January 20, 2017, a memorandum from Assistant to the President and Chief...more
Thanks to the Republican sweep of the White House and the Congress, all the talk in recent years about tax reform is on the verge of turning into action. What many dismissed as idle chatter before Election Day suddenly...more
While you’re thinking about that beach getaway this summer, Chairman Brady’s staff on the Ways and Means Committee is beginning the work of vetting the House Republican Tax Reform Blueprint (the “Blueprint”) with stakeholders...more
On July 21, the U.S. Treasury Department (“Treasury”) released temporary and proposed regulations denying a basis increase to equity holders of lessee partnerships and S corporations to account for mandatory income inclusions...more
As the nation continues to struggle with the retirement preparedness gap, policymakers are exploring proposals to require employers that do not offer retirement plans to automatically enroll employees in Individual Retirement...more