OBBBA provisions require cross-functional coordination among payroll, benefits and finance teams, and employers should coordinate such efforts now to ensure that payroll and HRIS systems are ready for the transition before...more
In a move to bolster investment in small business, the “One Big Beautiful Bill Act” (“OBBBA”), signed into law on July 4, 2025 (the “Applicable Date”), introduced significant changes to the Qualified Small Business Stock...more
The recently proposed “Big, Beautiful Bill” (BBB), currently under preliminary markup in the Senate Finance Committee, includes a suite of tax provisions aimed at deficit reduction, corporate reform and base-broadening. Of...more
The IRS’s informal FAQs provide comfort that an acquirer, including affiliated companies treated as a single employer (employer group), will not lose its past or future employee retention tax credits (ERTCs) if it acquires a...more
UPDATE: On Friday morning, March 20, Treasury Secretary Mnuchin tweeted: “At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file...more
3/20/2020
/ Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Franchise Tax Board ,
Income Taxes ,
IRS ,
State Taxes ,
Tax Deferral ,
Tax Relief ,
Tax Returns ,
U.S. Treasury
Even with the bill still in Conference, here are some things businesses should follow closely.
Both House and Senate Bills call for deemed repatriation of accumulated foreign profits at reduced tax rates. ...more
12/8/2017
/ Acquisitions ,
Adjusted Gross Income ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Partner ,
Foreign Subsidiaries ,
Fringe Benefits ,
IRS ,
Like Kind Exchanges ,
Mergers ,
Partnerships ,
Reorganizations ,
Repatriation ,
Section 1031 Exchange ,
Share Buybacks ,
Shareholders ,
Subpart F
On July 13, 2017, in Grecian Magnesite Mining, Industrial and Shipping Co. SA v. Commissioner (149 T.C. No. 3 (2017), the U.S. Tax Court concluded that gain recognized by a foreign corporation upon redemption of its interest...more
A leak of 11.5 million documents from a law firm in Panama may implicate politicians, criminals, and celebrities in sheltering of fortunes in offshore tax havens through the use of shell companies. Called the “Panama Papers,”...more
In a search for financial records of a U.S. taxpayer who allegedly parked undeclared income offshore, the Internal Revenue Service (IRS) and the U.S. Department of Justice (DoJ) are seeking to enforce a summons against a U.S....more
Among the many “tax extenders” in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113, enacted December 18, 2015) is a permanent extension of...more