News & Analysis as of

Trump Administration › Internal Revenue Code (IRC) › Reporting Requirements

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

It’s Official - No Tax on Tips, No Tax on Overtime Through 2028

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

One of President Donald Trump’s 2024 campaign messages was a promise to implement a no-tax-on-tips and no-tax-on-overtime law. On July 3, 2025, the U.S. Congress passed the “One Big Beautiful Bill,” and President Trump signed...more

McDermott Will & Schulte

Illinois Confirms Treatment of Deemed Repatriated Foreign Earnings Provisions

McDermott Will & Schulte on

On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...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

Burr & Forman

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

Burr & Forman on

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

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