Tax Cuts and Jobs Act, Coronavirus/COVID-19, Taxable Income

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

Ropes & Gray LLP on 7/3/2025

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

New Final Regulations Revise Rules on the Application of Section 163(j) to CFCs

McDermott Will & Schulte on 1/27/2021

As amended by the Tax Cuts and Jobs Act (TCJA), section 163(j) of the Internal Revenue Code (the Code) provides that a taxpayer’s interest expense is deductible only to the extent of the sum of: (i) the taxpayer’s interest...more

New York’s Proposed “Billionaires’ Tax” – Bad Idea

Farrell Fritz, P.C. on 12/14/2020

Will They Leave? Over the years, the Democrats in Albany have regularly made noise about increasing the rates at which New York State taxes the income of its wealthier residents. With the election of Governor Cuomo in...more

NYC Real Estate: Post-Virus Tax Planning Can Help

Farrell Fritz, P.C. on 9/8/2020

NYC Real Estate on the Ropes- In March of this year, the Department of Homeland Security classified real estate as an “essential business.” I imagine that the person in Washington who suggested that real estate be added to...more

New Proposed Regulations Would Revise the Application of Section 163(j) to CFCs

McDermott Will & Schulte on 8/13/2020

As amended by the Tax Cuts and Jobs Act (TCJA), section 163(j) of the Internal Revenue Code (the Code) provides that a taxpayer’s interest expense is deductible only to the extent of the sum of: (i) the taxpayer’s interest...more

How Changes to Claiming Net Operating Losses Under the CARES Act Impact Businesses

Chambliss, Bahner & Stophel, P.C. on 4/14/2020

Under the CARES Act, taxpayers with 2018, 2019, and 2020 net operating losses (“NOLs”) may now be able to obtain tax relief by filing amended returns to claim tax refunds by offsetting taxable income from prior years. The...more