News & Analysis as of August 21, 2025

Internal Revenue Service

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. 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

Announcements on Tax Relief Relating to Los Angeles County Wildfires

Faegre Drinker Biddle & Reath LLP on 2/19/2025

The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) have extended to October 15, 2025, the tax filing and payment deadlines that occurred or will occur from January 7, 2025, through October 14,...more

2025 California Wildfire Tax Relief

Lewitt Hackman on 1/17/2025

The following summarizes some of the available tax relief procedures for taxpayers affected by the Palisades, Eaton, Hurst, and other Los Angeles County wildfires. Answers to commonly asked disaster-related tax questions are...more

Federal and State Tax Relief Resulting from California Fire

Pillsbury Winthrop Shaw Pittman LLP on 1/17/2025

The Internal Revenue Service (IRS) has provided broad tax relief to taxpayers in Los Angeles County impacted by the recent winds and wildfires. Other counties may be added later....more

Is there a Target on Short-term Rental Homes for New Taxation?

Allen Barron, Inc. on 1/25/2024

Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable?...more

Valuation of Conservation Easement Determined by U.S. Tax Court

Pullman & Comley - For What It May Be Worth on 10/27/2022

A trial before the United States Tax Court recently determined the value of a conservation easement imposed on a Georgia golf course which was being contested by the Internal Revenue Service. Relying on the “before and after”...more

Every action has a reaction, even in the tax world - Gavel to Gavel

McAfee & Taft on 10/17/2019

The Tax Cuts and Jobs Act of 2017 limited the state and local taxes paid deduction available to individual taxpayers to $10,000. The deduction is most notably taken by Oklahomans on their federal tax return to deduct state...more

Bracewell Tax Report - September 2018

Bracewell LLP on 9/12/2018

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Connecticut Reacts to Federal Tax Law Reform Changes

Verrill on 6/12/2018

The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...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

Warning for Taxpayers Prepaying Real Property Taxes in 2017

Clark Hill PLC on 1/2/2018

Under a new law enacted as part of the Tax Cuts and Jobs Act of 2017, effective January 1, 2018, individuals’ combined federal income tax deduction for state and local income, sales, and property taxes is limited to $10,000....more

IRS Announces Property Tax Prepayments May Not Be Deductible

Lowndes on 12/29/2017

One of the outstanding questions from the new tax bill is whether individuals can prepay their 2018 property taxes in advance to claim the full deduction in 2017. The IRS announced in an advisory late Wednesday that prepaying...more

IRS Issues Taxpayer Advisory on Prepayment of 2018 Property Taxes

Proskauer - Tax Talks on 12/28/2017

The IRS announced yesterday, in IR 2017-210 (the “Advisory”), that state property taxes must be “assessed” in 2017 in order for such taxes to be prepaid in calendar year 2017 and therefore deductible in 2017. The Advisory...more

Perspectives - August/September 2016

Benesch on 9/2/2016

We’ve all heard about India’s rape crisis, but not everyone knows that it’s the result of the larger problem of gender inequality. According to UNICEF, India is the worst place to be born a girl. The birth of a baby girl is...more

Complying With The Tangible Property Regulations – Procedural Guidance Provides Favorable Rules That Require Immediate...

Troutman Pepper on 3/31/2014

Late last year, the IRS and Treasury Department released final and proposed regulations that affect the tax treatment of costs associated with plants, buildings, equipment, and machinery. These rules affect the costs...more

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