News & Analysis as of August 12, 2025

Property Tax

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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 -

Terminating a Trust? Don’t Forget to Consider This Tax Issue

Rivkin Radler LLP on 5/29/2025

Every conveyance of property or of an interest in property from one person to another is prompted, or at least influenced, by economic considerations. The parties to the transaction may swap properties, or one party may...more

The Critical Importance of Tax Due Diligence in Modern Business Transactions

Ankura on 2/25/2025

In today's complex and ever-evolving business landscape, tax due diligence has emerged as a critical component of financial analysis and risk management in mergers, acquisitions, and other significant business transactions....more

Colorado Religious Property Tax Exemption and UBI

Freeman Law on 2/3/2025

Property owned by qualified religious organizations in Colorado may enjoy an exemption from state property tax. To enjoy exemption, the real and personal property must be owned and used “solely and exclusively for religious...more

IRS Extends Deadline for 1031 Exchanges Affected by the 2025 Southern California Wildfires: Key Points You Need to Know

Greenberg Glusker LLP on 1/17/2025

As a result of the wildfires and straight-line winds that began in Southern California on January 7, 2025, the IRS issued an extension of the 45- and 180-day deadlines for IRC §1031 exchange transactions....more

Tax Relief and Recovery: Key Considerations for Los Angeles Residents Affected by Recent Wildfires

Buchalter on 1/15/2025

We at the Buchalter law firm understand that many have suffered greatly as a result of the recent wildfires. The loss of life, and the loss of homes with memories is, of course irreplaceable....more

The Source of Income from the Sale of Personal Property

Freeman Law on 4/15/2022

The Source of Income from the Sale of Personal Property Generally, income from the sale of personal property is “sourced” to the residence of the seller. If the seller is a U.S. tax resident the source of the income is deemed...more

Finance Provisions of the 2021 Budget Bill

Smith Anderson on 11/19/2021

On November 15, 2021, after months of negotiations and four and a half months into the new fiscal year, the North Carolina General Assembly released Senate Bill 105, its proposed budget bill (the "Bill"). Both Chambers...more

Like-Kind Exchanges Under IRC Section 1031: A Primer

Mitchell, Williams, Selig, Gates & Woodyard,... on 10/25/2021

Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware...more

US Treasury Issues Guidance on the ARPA Claw-Back Provision

McDermott Will & Schulte on 5/13/2021

Earlier this week, the US Department of the Treasury (Treasury) issued formal guidance regarding the administration of the American Rescue Plan Act of 2021 (ARPA) claw-back provision. The guidance (Interim Final Rule)...more

Tax Cuts and Jobs Act Taxes Some Incentives - ACREL News & Notes

Bradley Arant Boult Cummings LLP on 5/17/2018

Section 118 provides “[i]n the case of a corporation, gross income does not include any contribution to the capital of the taxpayer.” The regulations promulgated under Section 118 under prior law provide, with respect to...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Georgia Legislature enacts significant income, sales, and property tax legislation

Eversheds Sutherland (US) LLP on 4/5/2018

The Georgia legislative session concluded on March 29, 2018. In addition to two major bills relating to federal tax reform, Georgia enacted several other pieces of notable tax legislation....more

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2018

Holland & Knight LLP on 2/26/2018

• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years. • Although few of the enacted provisions are specific to Indian Country, several...more

The New Tax Law: Impact on Illinois Local Governments

Holland & Knight LLP on 1/10/2018

The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

Spotlight On Alabama: A Busy Tax Year in Review

Baker Donelson on 10/29/2015

It has been a busy year for developments in Alabama state taxation. In this tax alert we review many of the significant developments that have occurred over the last 12 months....more

North Carolina Tax Reform (2015 Edition)

Smith Anderson on 9/25/2015

North Carolina’s General Assembly is continuing the overhaul of the State’s tax system that it began in 2013. That year, the General Assembly slashed corporate and individual tax rates, eliminated many income tax deductions...more

Tax Changes Made by Maine's 127th Legislature

Pierce Atwood LLP on 8/24/2015

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

The Broad Reach of the Internal Revenue Code’s Taxing Power

Holland & Knight LLP on 3/4/2014

Two interesting stories coming out of California were reported in the media last week, both of which dealt with the issue of what constitutes taxable income. Generally speaking Internal Revenue Code Section 61 defines what...more

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