On Budget Day, 15 September 2020, the Dutch Ministry of Finance presented its 2021 tax plan. For the proposed bills to have effect, they first must be approved by Parliament.
3-Year Holding Period Rule for ‘Carried Interests’ Addressed in IRS Proposed Regulations
On July 31, 2020, the Department of Treasury and IRS issued proposed regulations that provide guidance to the “carried interest” rules under Section 1061 of the Internal Revenue Code. Long-term
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California Voters to Decide Whether to Increase Property Taxes on Commercial and Industrial Properties
In November 2020, California voters will decide whether to fundamentally change how real property is taxed in the state. Proposition 15, if approved, would establish a “split roll” property tax
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NYC Imposes Tax on Gain from Sale of an Intangible
On June 26, 2020, an administrative law judge in the New York City Tax Appeals Tribunal In the Matter of Mars Holdings, Inc. [TAT(H) 16-14 (GC)] held that the city
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Your Offshore Voluntary Disclosure May Be Long Over but the IRS May Be Looking at Your Ongoing Tax Compliance
In July 2019 the IRS identified post offshore voluntary disclosure program (OVDP) compliance as a campaign. The purpose of the campaign is to pursue those OVDP participants who fail to
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Main Street Loans to Be Extended to Nonprofits
On July 17, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the terms of an expansion of the Main Street Lending Program to include loan
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IRS Audit and Investigation Priorities Now That the IRS Is Back in Business
The Coronavirus Disease 2019 (COVID-19) pandemic caused the closure of Internal Revenue Service offices and service centers nationwide and the plummeting of new tax examinations. Although certain functions and ongoing
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IRS Provides COVID-19 Relief for Qualified Opportunity Funds and Their Investors
On June 5, 2020, the Internal Revenue Service (IRS) issued Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors (QOF investors), and clarified previously issued relief to
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Coping with the Increase in 401(k) Cyberattacks and Fraudulent Plan Distributions
Plan sponsor employers and employees participating in 401(k) or other retirement plans should be aware of cybersecurity breaches and unauthorized plan distributions. Vigilance may be even more critical because of
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Employee Retention Tax Credit for Employers under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees
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