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Tax Planning › Trump Administration › Reporting Requirements

McGlinchey Stafford

Tax Deductions on Tips and Overtime Under Trump Tax Plan

McGlinchey Stafford on

On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, 2025, through December 31,...more

Cadwalader, Wickersham & Taft LLP

For 2025, Crypto Taxpayers Can Get Their Ducks in a Row; But Senator Cruz Says “Nyet” to DeFi Regs

Cadwalader, Wickersham & Taft LLP on

Last year, the Treasury and IRS released two sets of final crypto reporting regulations. The first set, in July, imposed rules for custodial brokers. The second set, in December, imposed rules for DeFi. This piece provides...more

Bricker Graydon LLP

ACA update: Form 1095-C deadline extended and other relief

Bricker Graydon LLP on

You’ve been at this Affordable Care Act reporting for years and are cruising on autopilot, right? Regardless of your confidence level, all employers need to note the extended due date for furnishing Form 1095-C to individuals...more

Ballard Spahr LLP

A Little Extra: IRS Ups ACA Reporting Relief

Ballard Spahr LLP on

Once again, the IRS has extended the deadline for furnishing Forms 1095-B and 1095-C to individuals. Reporting penalties will not apply to those who meet the applicable deadlines and complete the forms in good faith....more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part III: IRC § 708 and the Partnership Termination Rules Have Changed

Foster Garvey PC on

BACKGROUND/PRIOR LAW - PartnershipUnder IRC § 708(a), a partnership is considered as a continuing entity for income tax purposes unless it is terminated. Given the proliferation of state law entities taxed as partnerships...more

Herbert Smith Freehills Kramer

SEC Releases Guidance on Near-Term Disclosure Regarding Effects of New Tax Law

Herbert Smith Freehills Kramer on

The tax reform signed into law by President Trump on Dec. 22 (the Tax Act) presents public companies with several accounting and disclosure challenges. Although companies are still evaluating how they will be affected by the...more

Stinson - Corporate & Securities Law Blog

New Tax Act Disclosures, Explanations and Examples

Stinson - Corporate & Securities Law Blog on

Disclosures regarding the new tax act, often referred to as the Tax Cuts and Jobs Act or TCJA, continue to be prominent in SEC filings. Set forth blow is an explanation of the often obscure GAAP accounting driving many of the...more

Cohen & Gresser LLP

The Tax Cuts and Jobs Act Meets Public Company Reporting

Cohen & Gresser LLP on

Accounting for income taxes can be complex and is seldom exciting. Suspense was added, however, by the passage of the Tax Cuts and Jobs Act shortly before year end 2017. Would public companies have enough time to analyze the...more

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