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Tax Cuts and Jobs Act Coronavirus/COVID-19 Partnerships

Ropes & Gray LLP

2025 Tax Legislation Update: One Big Beautiful Bill Act Narrowly Passes Senate

Ropes & Gray LLP on

The “One Big Beautiful Bill Act” (the “BBB”) was passed by the U.S. House of Representatives on May 22, 2025 (such version, the “House Bill”) as part of the Republican Congress’s reconciliation package. The BBB generally...more

Harris Beach Murtha PLLC

IRS Provides Certainty Regarding Deductibility of Connecticut Pass-Through Entity Tax Payments

Harris Beach Murtha PLLC on

One of the most controversial individual income tax changes enacted under the Tax Cuts and Jobs Act (“TCJA”) is the $10,000 cap on the deduction for state and local income and property taxes (“SALT”) for federal income tax...more

McGlinchey Stafford

CARES Act Updates Tax Act’s Depreciation Period – Act Fast

McGlinchey Stafford on

Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation...more

McDermott Will & Schulte

The CARES Act's Changes to Section 163(j): Partnership, International, and US State Tax Implications

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) relaxes the section 163(j) business interest expense limitation for tax years beginning in both 2019 and 2020. Intended to help taxpayers incurring...more

Allen Matkins

CARES Act Fixes Retail and Restaurant Tax Glitch - Refunds Might Now Be Available for 2018 and 2019 Tax Years

Allen Matkins on

Real estate companies may be eligible for more favorable tax depreciation of qualified improvement property (QIP) as the result of the CARES Act that President Trump signed into law on March 27, 2020. QIP generally includes...more

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