With 2025 underway, the AFS Health Care team highlights some of the most pressing legal issues facing the health care industry this year....more
On February 6, Congressional Republican leaders met with President Donald Trump to address the Trump Administration’s 2025 budget and tax priorities. During that meeting, the Trump Administration proposed to eliminate capital...more
2/13/2025
/ Capital Gains ,
Carried Interest ,
Federal Budget ,
Income Taxes ,
Investment Funds ,
Investment Management ,
IRS ,
Private Equity Firms ,
Tax Planning ,
Tax Reform ,
Trump Administration
The ongoing Los Angeles, California, wildfires have caused widespread devastation, forcing residents to evacuate, and have destroyed homes and communities. President Joe Biden approved a Major Disaster Declaration in response...more
1/14/2025
/ Biden Administration ,
Charitable Organizations ,
Compliance ,
Disaster Relief Fund ,
Employee Benefits ,
Employee Rights ,
Internal Revenue Code (IRC) ,
IRS ,
Natural Disasters ,
Retirement Plan ,
Tax Planning ,
Wildfires
The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers. Beyond the election, there are other note-worthy developments, along with several highly anticipated tax law cases that...more
2/16/2024
/ Child Tax Credit ,
Employee Retention ,
Enforcement Actions ,
Green Energy ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
OECD ,
SCOTUS ,
Tax Code ,
Tax Credits ,
Tax Cuts and Jobs Act
Yesterday, the chairmen of the Senate Finance Committee and the House Ways and Means Committee introduced The Tax Relief for American Families and Workers Act of 2024 (the Act), which proposes changes to the child tax credit,...more
1/18/2024
/ Child Tax Credit ,
Employee Retention ,
Low Income Housing ,
Proposed Amendments ,
Regulatory Reform ,
Research and Development ,
Senate Finance Committee ,
Tax Credits ,
Tax Relief ,
Taxation ,
Ways and Means Committee
As we discussed in our September 25 alert, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the Internal Revenue Service (IRS) previously...more
As we discussed in our September 25 publishing, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the IRS previously stated that it was...more
The Inflation Reduction Act (IRA), enacted in August 2022, appropriated billions of dollars in additional funding to the Internal Revenue Service (IRS). The IRS has begun allocating funds, including investing in artificial...more
10/11/2023
/ Artificial Intelligence ,
Audits ,
Compliance ,
Enforcement ,
FBAR ,
GAO ,
Hedge Funds ,
Inflation Reduction Act (IRA) ,
IRS ,
Publicly-Traded Companies ,
Real Estate Investments
The IRS has announced an immediate moratorium on the processing of new employee retention credit claims and warns taxpayers of aggressive promoters and marketers “hustling to get a hefty contingency fee.”
On September 14,...more
The Internal Revenue Service (IRS) has issued guidance on the pharmaceutical excise tax that may apply to certain drug manufacturers, producers, and importers that fail to negotiate a drug-pricing agreement with the US...more
The Inflation Reduction Act (IRA), which recently celebrated its one-year anniversary, presents new opportunities for tax-exempt and other organizations to directly benefit from renewable energy tax credits, including...more
9/1/2023
/ Income Taxes ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
New Guidance ,
Overpayment ,
Production Tax Credit ,
Public Utilities Commission ,
Renewable Energy ,
Tax Credits ,
Tax Exempt Entities ,
U.S. Treasury
On June 22, 2023, the US Senate passed a resolution consenting to the ratification of the Income Tax Treaty between Chile and the United States (Treaty). The resolution opens the door for President Biden to formally ratify...more
On June 26, the US Supreme Court agreed to hear the appeal of Moore v. United States, a development that reverberated throughout the world of tax. The Moore case deals with the constitutionality of the transition tax under...more
On June 9, 2023, US House Ways and Means Committee Chairman Jason Smith introduced the American Families and Jobs Act, which would have major implications for several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and...more
USD LIBOR is the last step in the long and winding road that has been LIBOR’s slow demise over the last several years as all other LIBOR instruments worldwide have already substantially transitioned.
As taxpayers prepare...more
With the start of the new year, the ArentFox Schiff Metaverse Industry team reviews 10 of the most pressing legal issues for companies in 2023....more
1/31/2023
/ Blockchain ,
CFTC ,
Class Action ,
Compliance ,
Customer-Loyalty Programs ,
Data Privacy ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
DMCA ,
Enforcement ,
Federal Trade Commission (FTC) ,
ICANN ,
Metaverse ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Professional Development ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
On November 29, 2022, the Internal Revenue Service (IRS) and the Treasury issued a Notice of Initial Guidance (the Notice), which provides the first round of guidance with respect to the prevailing wage requirements and...more
On November 8, 2022, voters in several states considered whether to approve state income tax changes. Specifically, voters in Massachusetts voted to impose a 4 percent personal income surtax on income above $1 million; voters...more
Passed in August of this year, the Inflation Reduction Act (IRA) was heralded by many as a landmark piece of climate legislation in the United States. The IRA’s tax credits for electric vehicles were among its most...more
10/14/2022
/ Batteries ,
China ,
Climate Change ,
Electric Vehicles ,
Free Trade Agreements ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Manufacturers ,
MSRP ,
Tariffs ,
Tax Credits ,
Trade Relations ,
United States-Mexico-Canada Agreement (USMCA) ,
WTO
Following the enactment of the Inflation Reduction Act (IRA) on August 16, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) recently issued six notices (the “Notices”) requesting comments on...more
The Internal Revenue Service (IRS) recently published a new Technical Guide for tax-exempt 501(c)(6) trade associations, business leagues, chambers of commerce, real estate boards, and other organizations exempt from federal...more
While business owners wait to see whether Congress raises the U.S. long-term capital gains rate from 20 percent to 25 percent and enacts relief from the limitations on the deductibility of state and local taxes (SALT),...more
10/14/2021
/ Capital Gains ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Liability
The House Ways and Means Committee advanced key tax reform proposals on September 15 that would increase taxes for corporations and high-income individuals.
Several tax reform proposals are under consideration as part of...more
9/23/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Capital Gains ,
CARES Act ,
Carried Interest ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Net Investment Income ,
Qualified Small Business Stock ,
REIT ,
SALT ,
Surcharges ,
Tax Cuts and Jobs Act ,
Tax Increases ,
Tax Reform ,
Ways and Means Committee
The proposals in the Framework echo many of the themes set forth in the Made in America Tax Plan.
Last week, President Biden outlined an infrastructure spending plan (the American Jobs Plan) and a tax reform plan (the...more
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
The...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Anti-Corruption ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Environmental Protection Agency (EPA) ,
Foreign Derived Intangible Income (FDII) ,
Fossil Fuel ,
GILTI tax ,
Infrastructure ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Haven ,
Tax Increases