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Financial Services Industry › Income Taxes › Tax Reform

Goodwin

UK Government announces update on new carried interest tax regime

Goodwin on

On June 5, 2025, the UK Government announced the result of their recent consultation process regarding their plans to bring carried interest within the income tax regime from April 2026, subject to an effective tax rate of...more

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

Troutman Pepper Locke on

Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Snell & Wilmer

House Bill Offers New Tax-Favored Savings Account

Snell & Wilmer on

By Matthew P. Chiarello On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the Act), a sweeping piece of legislation backed by President Trump. Among its many provisions is the...more

Katten Muchin Rosenman LLP

The Salaried Members Rules and the 'Significant Influence' Test – Does the BlueCrest Case Affect Me (As a Partner) or My Firm?

Katten Muchin Rosenman LLP on

Salaried Members Rules - Limited liability partnerships or "LLPs" are common corporate vehicles utilised by the financial services sector to establish UK investment management operations and other financial businesses and,...more

Levenfeld Pearlstein, LLC

Another Attack on Private Placement Life Insurance

Levenfeld Pearlstein, LLC on

The use of private placement life insurance (PPLI) by high-net-worth individuals has generated considerable controversy over the years, with proponents arguing that it is a proper use of existing laws that provide many of the...more

Kohrman Jackson & Krantz LLP

New Tax Rule Changes Reporting Requirements For Venmo, Paypal, Cash App

Kohrman Jackson & Krantz LLP on

A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per...more

Foodman CPAs & Advisors

IRS Puts Brokers On The Hot Seat for Crypto Tax Reporting

Foodman CPAs & Advisors on

Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry....more

Morgan Lewis

Congress Repeals Nonprofit Parking Tax and Modifies Private Foundation Tax on Net Investment Income

Morgan Lewis on

The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act) was signed into law on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020 (PL 116-94). The Act contained a number of changes...more

Proskauer - Tax Talks

IRS provides very modest relief from downward attribution resulting from the repeal of section 958(b)(4)

Proskauer - Tax Talks on

On October 2, 2019, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued Revenue Produce 2019-40 (the “Revenue Procedure”) and proposed regulations (the “Proposed Regulations”)...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more

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