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Income Taxes › Reporting Requirements

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 -
Fox Rothschild LLP

House and Senate Overtime and Tip Tax Proposals: What Employers Need to Know

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Competing House and Senate bills have the potential to reshape how the IRS taxes tips and overtime wages. The Senate recently passed the “No Tax on Tips Act” while the House budget reconciliation bill proposes deductions for...more

Littler

Employers Are Obligated to Comply with Tax Law Despite Increase in Frivolous Tax Arguments

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In the recent United States Tax Court case O’Connor v. Commissioner of Internal Revenue, Judge Arbeit sanctioned the petitioner for advancing frivolous arguments contesting the authority of the IRS to assess tax....more

International Lawyers Network

Establishing a Business Entity in the Philippines (Updated)

International Lawyers Network on

I. Types of business entities - As a general rule, foreign equity is allowed to conduct and participate in business in the Philippines, through any of the following modes: 1. By investing in a domestic stock...more

Eversheds Sutherland (US) LLP

House tax bill proposes changes to information reporting rules

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On May 14, 2025, the House Ways and Means Committee approved the “One, Big, Beautiful Bill,” containing the tax provisions destined for the budget reconciliation package. Several of the bill’s provisions would affect...more

Cooley LLP

UK Reporting for Share Plans With UK Participants Due 6 July

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The deadline is approaching for the HM Revenue & Customs (HMRC) year-end reporting requirements for companies in the UK, US and elsewhere with share options and other share awards granted to – and share acquisitions by – UK...more

Bradley Arant Boult Cummings LLP

Mobile Workforce/Remote Worker Legislation Could Impact Your Business

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Well-respected House Ways & Means-Education Committee Chair Danny Garrett (R-Trussville) has introduced HB 379, a bill designed to provide guidelines and a safe harbor for employers who have traveling employees or remote...more

Paul Hastings LLP

Crypto Tax Update – April 2025

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In light of the approaching April 15 tax filing deadline, this week’s update highlights recent developments in U.S. federal tax policy that may impact crypto firms and crypto holders....more

Ballard Spahr LLP

IRS Changes Course on Income Tax Impact of Employee Retention Credit

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On March 20, 2025, the IRS updated its guidance to employers that claimed the employee retention credit (ERC). The updated guidance materially differs from prior IRS guidance of how and when employers should report the income...more

Bond Schoeneck & King PLLC

Employment of Out-of-State Telecommuters by Manufacturers in New York State

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For manufacturers located in New York State, the employment of out-of-state telecommuters can greatly expand the available talent pool. That said, there are a number of issues that need to be addressed when considering this...more

Amundsen Davis LLC

No Tax on Tips Act: How Taxpayers Can Prepare

Amundsen Davis LLC on

Tipping has been part of the modern-day American restaurant experience for decades. Like most forms of income, these tips are taxable and subject to income tax. But what if this income was free from income tax liability?...more

Williams Mullen

Newly Released Final Regulations on Partnership Basis-Shifting Transactions

Williams Mullen on

On January 10, 2025, the United States Internal Revenue Service (the "IRS") released final regulations (the "Final Regulations") under section 6011 of the Internal Revenue Code of 1986, as amended (the "Code"), that identify...more

Proskauer - Tax Talks

Final Regulations Issued for Certain Partnership Related Party Basis Adjustment Transactions

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On January 10, 2025, the Treasury Department and the U.S. Internal Revenue Service (the “IRS”) released final regulations (the “regulations”) classifying certain partnership related party basis adjustment transactions and...more

Jackson Lewis P.C.

Georgia Bill Introduced to Not Tax Overtime Compensation: 4 Employer Considerations

Jackson Lewis P.C. on

A bill introduced in the Georgia state legislature, if passed, would exclude overtime compensation from Georgia state income taxes starting in 2026. House Bill 375 (H.B. 375), introduced on Feb. 11, 2025, would exclude from...more

McNees Wallace & Nurick LLC

Did you know? IRS Form 1095-C

McNees Wallace & Nurick LLC on

Did you know that you do not need to mail Form 1095-Cs if a notice is posted by March 3, 2025? At the end of last year, a new law was enacted that would allow employers to provide Form 1095-C only if requested, so long as the...more

Womble Bond Dickinson

Micro-captive Insurance Reportable Transactions and the Reporting Requirements

Womble Bond Dickinson on

Certain micro-captive transactions are back to being reportable. On January 14, 2025, the Treasury Department and the Internal Revenue Service (“IRS”) published final regulations (the “Regulations”) that named some...more

Allen Barron, Inc.

Will You Recognize the Form 1099-K When You Receive it This Year?

Allen Barron, Inc. on

Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year?  A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps...more

Freeman Law

Posts, Profits, & Penalties | Tax Law & Social Media | Part 2

Freeman Law on

Cristiano Ronaldo was 2024’s highest-earning Instagram influencer, receiving approximately $3.23 million per post. This jaw-dropping number is not the typical amount that Instagram influencers earn. In fact, on average,...more

Groom Law Group, Chartered

IRS Provides Tax Guidance Related to State-Run Paid Family and Medical Leave Programs

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On January 16, 2025, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2025-4 (the “Rev. Rul.”). The Rev. Rul. provides guidance on the federal tax treatment of contributions to and benefits paid under a state paid...more

Littler

Puerto Rico Department of the Treasury Announces 2025 Limits on Qualified Retirement Plans

Littler on

On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more

DLA Piper

Italy - VAT: Italy Broadens Digital Services Tax Scope - Monthly Indirect Tax Alert – January 2025

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Company belonging to Euro 750 Mio Group, will pay DST regardless of their digital service turnover in Italy. ...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Issues Guidance on Federal Tax Treatment of State Paid Family and Medical Leave Contributions and Benefits

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The Internal Revenue Service (IRS) has released new guidance on the federal income and employment tax treatment of contributions and benefits paid under state paid family and medical leave (PFML) statutes. This guidance also...more

Seyfarth Shaw LLP

IRS Clarifies the Federal Income and Employment Tax Treatment of Contributions to and Benefits Paid from State Paid Family and...

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As mandatory State paid family leave and paid family and medical leave (collectively “PFML”) programs have significantly expanded and proliferated in recent years, participating employers and employees have been faced with a...more

Keating Muething & Klekamp PLL

Sale of QSBS and Installment Sale Reporting

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In recent years, the utilization of qualified small business stock (“QSBS”) has grown considerably. Many businesses are formed as corporations at conception, private equity investors calculate the tax benefits from Section...more

DLA Piper

What's New in 2025 for Global Equity Plans

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As we settle into 2025, companies granting equity compensation awards to their employees around the world are encouraged to monitor developments that affect compliance and administration across different jurisdictions. ...more

Morgan Lewis

SEC Disclosure and Taxation of Executive Security Benefits: Legal Requirements and Key Considerations

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Many companies are reevaluating their corporate security practices and considering enhancements to the security protections they provide to their executives and other senior leaders. Companies exploring such security...more

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