Income Taxes, Tax Reform, Excise Tax

Weekly IRS Roundup April 8 – April 12, 2024

McDermott Will & Emery on 4/16/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...more

Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals

Cadwalader, Wickersham & Taft LLP on 3/29/2024

In President Biden’s recent State of the Union Address, he called on corporations and wealthy taxpayers to pay their “fair share” through proposals to end tax breaks for private jets, further limit deductions for executive...more

Weekly IRS Roundup May 30 – June 2, 2023

McDermott Will & Emery on 6/6/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 30, 2023 – June 2, 2023....more

Weekly IRS Roundup April 17 – April 21, 2023

McDermott Will & Emery on 4/25/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023...more

Weekly IRS Roundup January 17 – January 20, 2023

McDermott Will & Emery on 1/24/2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 17, 2023 – January 20, 2023...more

US Inflation Reduction Act – Corporate Minimum Tax and Stock Repurchase Excise Tax

Mayer Brown Free Writings + Perspectives on 9/1/2022

If you thought the recent price increase at your neighborhood store was inflation’s last flop, think again. The Inflation Reduction Act (“IRA”), which was signed into law by President Biden on August 16, 2022, is estimated to...more

Tax Provisions in the Inflation Reduction Act of 2022

Cadwalader, Wickersham & Taft LLP on 8/18/2022

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022, after passage with majority Democratic support in the Senate and the House. The new legislation contains significantly fewer...more

The New One-Percent Excise Tax on Stock Repurchases and Its Potential Implications for Convertible Bond Hedge Transactions and...

Wilson Sonsini Goodrich & Rosati on 8/18/2022

On August 12, 2022, the U.S. House of Representatives approved H.R. 5376, the "Inflation Reduction Act" (the Act), which was signed into law by President Biden on August 16, 2022. The approval and subsequent enactment follow...more

Senate Passes Significant Tax Changes Over the Weekend

Jackson Walker on 8/9/2022

Over the weekend, the U.S. Senate passed H.R. 5376, the Inflation Reduction Act of 2022 (the “Act”) as part of the fiscal year 2022 budget reconciliation bill. The U.S. House of Representatives will consider the Act this...more

Revised U.S. Tax Proposals Will Affect Foreign Investment

Davies Ward Phillips & Vineberg LLP on 11/9/2021

The U.S. House Committee on Rules recently released an updated version of the Build Back Better Act (Act) to reflect the White House’s Build Back Better framework (Framework) announced on the same day (October 28, 2021). ...more

Weekly IRS Roundup May 10 – May 14, 2021

McDermott Will & Emery on 5/18/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021... May 10, 2021: The IRS issued Revenue Procedure 2021-25,...more

Weekly IRS Roundup February 8 – February 12, 2021

McDermott Will & Emery on 2/19/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 8, 2021 – February 12, 2021... On February 9, the Internal Revenue Service announced...more

Simplification of the Net Investment Income Tax for Private Foundations

Proskauer - Not for Profit/Exempt... on 1/27/2020

On December 20, 2019, President Trump signed into law changes to the private foundation excise tax on net investment income under Section 4940 of the Internal Revenue Code. For purposes of Section 4940, net investment...more

Alabama Legislature Passes Landmark Financial Institution Excise Tax Reform Bill and Forms Corporate Tax Reform Study Group - SALT...

Bradley Arant Boult Cummings LLP on 5/31/2019

On Tuesday night, May 28, Gov. Kay Ivey signed into law House Bill 419, the Alabama Financial Institution Excise Tax Reform Act of 2019 (FIETRA), which resulted from a collaborative effort between the banking community,...more

Proposed Updates to Alabama Business Tax Laws: Summary of the Financial Institution Excise Tax Reform Act of 2019 and Alabama...

Bradley Arant Boult Cummings LLP on 4/16/2019

Two landmark bills were introduced in the Alabama Legislature on April 11, potentially affecting numerous businesses in the state. Committees of the House of Representatives are expected to consider the Financial Institution...more

New IRS Guidance Throws a Pass to Certain Universities That Pay Coaches Compensation in Excess of $1,000,000

Snell & Wilmer on 1/18/2019

In Notice 2019-09 (“Notice”), the IRS provides relief from the new excise tax to certain colleges and universities that pay their “covered employees” more than $1 million per year or pay excess parachute payments....more

TCJA excise tax on excess executive compensation for nonprofits

Bricker Graydon LLP on 1/10/2019

Beginning with the 2018 tax year, nonprofit organizations that pay their top executives more than $1 million per year are subject to a new 21 percent excise tax. ...more

IRS Issues Interim Guidance On Certain 2017 Tax Act Changes Affecting Exempt Organizations: Excess Remuneration and Parachute...

Carlton Fields on 1/4/2019

The IRS issued Notice 2019-09, which provides interim guidance in a fairly lengthy Q&A format relating to Code Section 4960, enacted on December 22, 2017....more

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