On 3 July 2025, the House passed the Senate’s version of H.R. 1, the budget reconciliation bill formerly known as the “One Big Beautiful Bill Act” (the Act). President Trump signed the Act into law on 4 July 2025. The...more
7/15/2025
/ Business Taxes ,
Corporate Taxes ,
Employee Benefits ,
Energy Policy ,
Estate Tax ,
International Tax Issues ,
One Big Beautiful Bill Act ,
Real Estate Investments ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform
On Monday, 16 June 2025, the Senate Finance Committee released its version (the Senate Proposal) of the Section 899 retaliatory tax provisions that also are included in the “One Big Beautiful Bill Act” (the Act) that was...more
6/27/2025
/ Budget Reconciliation ,
Cross-Border Transactions ,
Foreign Investment ,
Foreign Tax ,
International Tax Issues ,
Proposed Legislation ,
Retaliatory Tariffs ,
Senate Finance Committee ,
Tax Rates ,
Tax Reform ,
U.S. Treasury
President Trump used his 4 March 2025 address to the joint session of Congress to remind the American public and Congressional leaders that he is serious about adding his imprimatur to the tax code—and in the process adding...more
3/7/2025
/ Budget Reconciliation ,
Business Taxes ,
Corporate Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Legislative Agendas ,
Proposed Legislation ,
SALT ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
Depending on the results of the presidential and congressional elections in November 2021 could usher in major changes in tax policy. You should be thinking about those potential changes now for purposes of 2020 year-end tax...more
The Senate Finance Committee has launched a new effort to consider the fate of dozens of temporary tax provisions (or “extenders”) that have expired in recent years, as well as other provisions slated to expire in 2019 and...more
A new federal tax incentive enacted in the 2017 tax reform package may provide a boost to many new and used (when refurbished) facilities and equipment used in the agribusiness industry. This could include buildings, silos,...more
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
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
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 February 9, President Obama released the last budget request of his Administration. The FY 2017 budget incorporates many proposals from past years but also looks to cement the president’s legacy with a number of new fiscal...more
This alert provides an overview of various timber tax issues in play as part of the tax reform debate. The alert is drawn from several sources, including former House Ways and Means Committee Chairman David Camp’s tax reform...more
As we begin a new year and a new Congress, key players from one end of Pennsylvania Avenue to the other are on board for tax reform. President Obama, Vice President Biden, Senate Minority Leader Mitch McConnell (R-KY), Senate...more
On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released seven reports addressing certain aspects of the base erosion and profit shifting (“BEPS”) project. The seven BEPS reports...more