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Income Taxes › Excise Tax

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Fisher Phillips

How Will Non-Profits Be Impacted by the Big Beautiful Bill? Your Guide to Key Changes Affecting Charitable Giving, Excise Taxes,...

Fisher Phillips on

President Donald Trump signed a massive budget bill last month – the “One Big Beautiful Bill Act” (OBBBA) – and it significantly impacts non-profits and tax-exempt organizations. While some of the new changes may be...more

Whiteford

Client Alert: The Senate’s Other Big Beautiful Bill – Notable Changes to the House Version

Whiteford on

The House of Representatives previously passed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts...more

DLA Piper

Litigation Funding Tax and Retaliatory Tax: Top Points from the Latest JCT Scores

DLA Piper on

The Joint Committee on Taxation (JCT) on June 22, 2025, released tables providing revenue estimates for provisions of the recent Senate Committee on Finance bill language (JCX-29-25) as well as those of the comparable House...more

DLA Piper

Senate Tax Bill: Key Points for the Investment Funds Industry

DLA Piper on

The US Senate released a draft tax bill (Senate Tax Bill) on June 16, 2025. We explore five key takeaways for fund sponsors, investors, and the broader asset management community, with a focus on how the Senate Tax Bill...more

Seward & Kissel LLP

Proposed Tax on Certain Outbound Remittances

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In just under two weeks, the House of Representatives introduced, modified and passed the One Big, Beautiful Bill of 2025 (the “House Tax Bill”). This Memorandum addresses a new proposed tax on certain persons sending money...more

Jackson Lewis P.C.

Employers Who Administer PFML Programs Get Much-Needed Guidance from IRS

Jackson Lewis P.C. on

In response to taxpayer and state government requests, including a 2024 letter from governors of nine states imploring the Internal Revenue Service (IRS) to clarify the federal tax treatment of premiums and benefits under...more

Proskauer - Employee Benefits & Executive...

Down to the Wire: Will We Have HSA with Pre-Deductible Telehealth in 2025?

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The telehealth services safe harbor for high deductible health plans (“HDHPs”) will expire for plan years starting on or after January 1, 2025, absent Congress passing legislation extending or making the safe harbor...more

International Lawyers Network

Buying and Selling Real Estate in Ecuador (Updated)

International Lawyers Network on

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ECUADOREAN LAW - Real Estate acquisitions typically involve several key stages, ultimately leading to the transfer of ownership. The most common phases include: 1) Initial...more

Baker Donelson

Business Income and Sales/Use Taxes: What Constitutes a Manufacturer for Certain Tax Incentives

Baker Donelson on

Manufacturing, as often noted, is the backbone of the American economy. Manufacturers not only innovate and create products that contribute to the betterment of our way of life but are also critically fundamental to our...more

McDermott Will & Schulte

Weekly IRS Roundup August 5 – August 9, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 5, 2024 – August 9, 2024. August 5, 2024: The IRS released Internal Revenue Bulletin 2024-32,...more

McDermott Will & Schulte

Weekly IRS Roundup April 8 – April 12, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...more

Cadwalader, Wickersham & Taft LLP

Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals

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In President Biden’s recent State of the Union Address, he called on corporations and wealthy taxpayers to pay their “fair share” through proposals to end tax breaks for private jets, further limit deductions for executive...more

Baker Donelson

SALT Select Developments - February 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Blake, Cassels & Graydon LLP

Énoncé économique de l’automne de 2023 : Présentation de certaines mesures fiscales

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Le 21 novembre 2023, la ministre fédérale des Finances (la « ministre ») a publié l’Énoncé économique de l’automne de 2023 (l’« ÉÉA ») du Canada. L’ÉÉA porte principalement sur diverses mesures d’abordabilité à l’intention...more

Blake, Cassels & Graydon LLP

Key Tax Measures in the 2023 Fall Economic Statement

Blake, Cassels & Graydon LLP on

On November 21, 2023, the Minister of Finance (Minister) released Canada’s 2023 Fall Economic Statement (FES). The primary focus of the FES is on affordability measures for Canadians and increasing Canada’s housing stock,...more

Rivkin Radler LLP

Hospitals and Community Benefit: Senators See a Shortfall

Rivkin Radler LLP on

For many weeks, we’ve been hearing about the IRS’s plans to use the funding provided under the Inflation Reduction Act[i] to increase and expand its compliance and enforcement efforts with respect to the wealthy, high-income...more

DarrowEverett LLP

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

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In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

Fox Rothschild LLP

IRS Provides Extensions for Taxpayers Impacted by Hamas Terrorism in Israel

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In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023. Notably, this relief is not limited to eligible taxpayers in Israel,...more

McGuireWoods LLP

Reminder: Private Foundations Are Subject to 1.39% Excise Tax on Net Investment Income

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With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should...more

McDermott Will & Schulte

Weekly IRS Roundup May 30 – June 2, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 30, 2023 – June 2, 2023....more

Davis Wright Tremaine LLP

Who is Caring for WA Cares? Part 3: Unconstitutional Income Tax or Excise Tax?

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Constitutional question follows the Washington Supreme Court's recent capital gains decision - As discussed in Parts 1 and 2 of our advisory series, Washington State's Long-Term Services and Supports Trust Program ("WA...more

McDermott Will & Schulte

Weekly IRS Roundup April 17 – April 21, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023...more

Miller Nash LLP

Washington’s New Capital Gains Excise Tax: An Income Tax by Another Name

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The Washington State Supreme Court recently upheld an excise tax on the privilege of selling capital assets within the State of Washington. The Court upheld the new tax over concerns that the tax violated both the state and...more

Fox Rothschild LLP

Washington Supreme Court Upholds New Capital Gains Tax

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The Washington Supreme Court recently issued an important decision upholding the state’s new capital gains tax. Two dissenting justices agreed with the trial court’s conclusion that the tax is unconstitutional based on 90...more

McDermott Will & Schulte

Washington State Capital Gains Tax Upheld; Payments Due April 18

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The amount of taxes due this year for many Washington state taxpayers just increased following a 7-2 decision from the Washington Supreme Court in which it reversed a lower court’s ruling and held that the state’s new capital...more

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