News & Analysis as of

Biden Administration Tax Liability

Vinson & Elkins LLP

Congress Begins Taking Action to Nullify Biden-Era Tax Regulations

Vinson & Elkins LLP on

The opening days of the 119th U.S. Congress have been marked with congressional action under the Congressional Review Act (CRA) to potentially invalidate regulations that were issued by the Internal Revenue Service (IRS) in...more

Troutman Pepper Locke

IRS Finalizes New Rules for DeFi Brokers: Challenge Immediately Filed in Texas Federal Court

Troutman Pepper Locke on

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final regulations that significantly impact the reporting requirements for brokers involved in digital asset transactions. The stated aim of...more

Groom Law Group, Chartered

Biden’s 2024 Budget Includes Familiar Health, Retirement Proposals

On March 9, 2023, President Biden released his budget for Fiscal Year 2024. Similar to proposals in its last budget, the Administration’s new budget proposes a number of major tax increases, including the following:...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, March 21, 2023

Senators Renew Efforts to Reverse R&D Tax Modification. Last Friday, a bipartisan coalition of 12 senators introduced the American Innovation and Jobs Act to increase incentives for businesses that invest in domestic research...more

Littler

Treasury Department’s Greenbook Discusses Tax Treatment of On-Demand Pay

Littler on

The U.S. Department of the Treasury has released a document to explain the revenue proposals included in President Biden’s FY 2023 proposed Budget.  For the second consecutive year, the General Explanations of the...more

Cadwalader, Wickersham & Taft LLP

The States Come Marching In: Investors Ignore State Wealth Taxes at Their Peril

As President Biden reminded taxpayers in his recent State of the Union address, the federal government continues to pursue new taxes on high-net-worth individuals. While such efforts have foundered in Congress, causing many...more

Proskauer - Tax Talks

A Summary of Inflation Reduction IRA’s Main Tax Proposals

Proskauer - Tax Talks on

On July 27, 2022, Senator Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.) released the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains only two non-climate and non-energy tax proposals –...more

Cadwalader, Wickersham & Taft LLP

President Biden’s Greenbook Provides Clarity on Digital Asset Taxation

The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals (the “Greenbook”), which elaborates on revenue proposals in President Joe Biden’s Fiscal Year 2023 Budget Proposal,...more

Polsinelli

President Biden’s Digital Revenue Proposals

Polsinelli on

On March 8, 2022, President Biden signed Executive Order 14067, “Ensuring Responsible Development of Digital Assets.” The order set national policy for digital assets emphasizing six priorities. Those priorities were consumer...more

Cadwalader, Wickersham & Taft LLP

U.S. Executive Order on Crypto Assets Sets Policy Objectives

On March 9, 2022, President Biden signed an executive order outlining the administration’s policy objectives with respect to cryptocurrencies and directs U.S. regulatory agencies to prepare various reports regarding...more

Braumiller Law Group, PLLC

Hot Topics in International Trade - February 2022: Understanding the America Competes Act of 2022 – What Upcoming Major Changes to...

The House Committee on Science, Space, and Technology recently voted to advance the America Competes Act of 2022 “the Act.” This comes after the Senate passed its version of the bill, the U.S. Innovation and Competition Act,...more

Burr & Forman

Corporate E-note - December 2021

Burr & Forman on

Resources - South Carolina Business License Reforms Go Into Effect January 1, 2022 - South Carolina businesses have historically been subject to business license taxes on their gross income that vary widely from...more

Polsinelli

The Proposed Build Back Better Act Moves Forward After the House Passes a Revised Version of the Bill

Polsinelli on

Overview - Over the past year, several tax law changes have been proposed by the Biden administration and, in September 2021, draft legislative language was circulated, which set forth proposed changes to the Internal...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 9

Top IRS Official Says Marijuana Banking Reform Would Help Feds ‘Get Paid’ - "IRS’s Cassidy Collins talked about the 'special type of collection challenge' that the agency faces when it comes to working with cannabis...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Rivkin Radler LLP

Cash In Hand, Tax Deferral, Monetized Installment Sales: No, You Can’t Have It All

Rivkin Radler LLP on

Ask the owner of a closely held business to describe their most recently recurring nightmare and you are likely to get an earful regarding the prospect of an increased federal income tax on their profits, an increased federal...more

Farrell Fritz, P.C.

Corporate Tax Hike On The Horizon: Using Reasonable Compensation To Withdraw Value

Farrell Fritz, P.C. on

Corporate Rate Increase? We begin this week with the Senate having passed the President’s $1.9 trillion coronavirus relief and economic stimulus plan (the “American Rescue Plan” following a marathon session during which...more

Bailey & Glasser, LLP

The IRS Signals It Will Continue to Challenge Cannabis-Dispensary Business Deductions Under the Biden Administration

Bailey & Glasser, LLP on

The IRS recently indicated that it does not plan to reevaluate its position which precludes cannabis dispensaries from taking deductions for business costs and expenses under Section 280E of the Internal Revenue Code. The...more

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