On Nov. 9, the IRS may have endorsed a workaround to the $10,000 cap on state and local taxes when it comes to state and local taxes paid by passthrough
Continue Reading IRS Endorses State and Local Tax Deduction Cap Workaround
On Oct. 22, 2020, the IRS announced it is offering a second time-limited settlement initiative to certain taxpayers who participated in abusive micro-captive insurance transactions and who currently are under
Continue Reading Second Round of Micro-Captive Insurance Settlements Provides Stricter Terms
Taxpayers are generally limited in their options for contesting state and local tax matters. The statutes imposing income, corporate, sales and property taxes prescribe the steps to be taken and
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.
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
Continue Reading 3-Year Holding Period Rule for ‘Carried Interests’ Addressed in IRS Proposed Regulations
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
Continue Reading California Voters to Decide Whether to Increase Property Taxes on Commercial and Industrial Properties
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
Continue Reading NYC Imposes Tax on Gain from Sale of an Intangible
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
Continue Reading Your Offshore Voluntary Disclosure May Be Long Over but the IRS May Be Looking at Your Ongoing Tax Compliance
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
Continue Reading Main Street Loans to Be Extended to Nonprofits
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
Continue Reading IRS Audit and Investigation Priorities Now That the IRS Is Back in Business