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Income Taxes › Tax Liability › Tax Rates

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Cadwalader, Wickersham & Taft LLP

Presidential Candidates’ Tax Proposals Diverge on the Road to November

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The outcome of the upcoming elections is likely to significantly impact future tax legislation.  Notably, many tax provisions enacted under prior tax legislation, commonly called the Tax Cuts and Jobs Act (the “TCJA”), will...more

Foster Garvey PC

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

Adler Pollock & Sheehan P.C.

It’s Time to Take Another Look at the Stepped-Up Basis Rules

Adler Pollock & Sheehan P.C. on

Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more

Burns & Levinson LLP

Death and Taxes – The Three Unavoidable Taxes in Estate Administration

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Death and taxes are often jokingly said to be two of the only unavoidable things in life. Unfortunately, taxes are also unavoidable when someone passes away. When administering an estate or trust after someone’s death, three...more

Allen Barron, Inc.

The High IRS Tax Rates on a Foreign Trust

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Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to evaluate the net value of...more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

Littler on

In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

Morgan Lewis

Dividend Taxation in Kazakhstan: Additional Condition to Apply Double Tax Treaty

Morgan Lewis on

Recent changes to the Kazakhstan Tax Code introduced an additional condition for applying a double tax treaty when paying dividends in Kazakhstan. To illustrate the current regime, consider the following scenario wherein...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, June 14, 2022

Brownstein Hyatt Farber Schreck on

Kustoff Joins Ways and Means. Rep. David Kustoff (R-TN) has been selected to replace former Rep. Tom Reed (R-NY), who resigned from Congress earlier this year, on the House Ways and Means Committee. He will sit on the Worker...more

Miller Nash LLP

Today in Tax: Model Global Minimum Tax Rules and Gain Exclusion for Software Companies

Miller Nash LLP on

Brief commentary on the past week’s cases, rulings, notices, and related federal tax guidance. Model Rules for a Global Minimum Tax Companies should start preparing for the implementation of the OECD’s global minimum tax...more

Bowditch & Dewey

Remote Work Tax and Compliance Considerations

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Many tax and compliance obligations apply when a company offers a remote work arrangement to employees in different states. STATE AND LOCAL EMPLOYEE TAX REQUIREMENTS - First, the company must work with its payroll provider...more

Proskauer - Tax Talks

Proposed Regulations Regarding the Aggregate Treatment for Pass-Through Owners of PFIC Stock

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On January 25, 2022, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) released regulations (the “Final Regulations”) finalizing provisions in prior proposed regulations which generally...more

Foster Garvey PC

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

Foster Garvey PC on

Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Kelley Drye & Warren LLP

2021 House Ways And Means Tax Proposals

Kelley Drye & Warren LLP on

On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

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In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposal on Domestic Businesses

Bowditch & Dewey on

On September 13, 2021, the Congressional House Ways and Means Committee introduced 880 plus pages of legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. Below are tax proposals relevant...more

Williams Mullen

[Webinar] M&A Webinar Series - Putting the Pedal to the Metal: Using Accelerated Gain For Your Next Deal - October 5th, 11:00 am -...

Williams Mullen on

As clients contemplate the potential for tax increases in the near future, many have asked us to develop strategies to accelerate taxable gain into 2021. Join Williams Mullen’s M&A Practice Chair, Larry Parker, as he...more

Foster Garvey PC

Maryland’s New Tax – The Nation's First State Tax on Digital Advertising

Foster Garvey PC on

Maryland recently enacted the nation’s first tax on digital advertising. The new tax, the Digital Advertising Gross Revenues Tax (the “Tax”), became law on February 12, 2021. The Tax has been surrounded by controversy from...more

Foster Garvey PC

Tax Planning Out of Fear Usually Doesn’t End Well

Foster Garvey PC on

It is not unreasonable to anticipate that there will be a federal tax policy transformation following a change in the political control of the White House, the U.S. Senate and the U.S. House of Representatives. What may be...more

Freeman Law

So You Made Money on GameStop, Now What? A Primer on Capital Gains

Freeman Law on

The GameStop stock saga will undoubtedly go down in history as one of the most mystifying market events Wall Street has ever seen. Indeed, the markets have seen a massive influx of new retail investors into the space. But...more

Bowditch & Dewey

GameStop, Taxes, and the Next Trade

Bowditch & Dewey on

It appears the wild ride for traders in GameStop (GME) stock has ended with shares trading at a fraction of what they were trading just a few weeks ago. Shares which once soared from around $20 a shares to a high of $380, as...more

Bowditch & Dewey

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

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Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...more

Coblentz Patch Duffy & Bass

2020 Tax Planning: Benefits of GRATs

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Now may be an opportune time to gift assets out of your estate, particularly through an estate planning technique known as the Grantor Retained Annuity Trust (“GRAT“)—a small silver lining of the alarming pandemic and down...more

McDermott Will & Emery

[Webinar] Virtual Tax Forum | GILTI and Subpart F High Tax Exception Regulations: Practical Aspects and Implications (New Guidance...

McDermott Will & Emery on

The final and proposed regulations under sections 951A and 954 of the US Internal Revenue Code contain certain rules that may present planning opportunities—or possibly onerous results—depending on a taxpayer’s specific fact...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

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