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Tax Reform Tax Relief

Goodwin

New Tax Measures Designed to Reinforce Luxembourg’s Attractiveness

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On 17 July 2024, the Luxembourg government introduced, under new Bill n° 8414, a comprehensive legislative package meant to modernise and enhance Luxembourg’s tax system. ...more

Woods Rogers

State and Local Tax Law Changes in Effect in 2024

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The Virginia Department of Taxation released its 2024 legislative summary detailing changes, effective July 1, 2024, to Virginia’s state and local tax laws. The following discussion focuses on a few of the changes you may...more

Wilson Sonsini Goodrich & Rosati

Changes to Notification Requirements for EMI Options Granted On or After April 6

Companies granting enterprise management incentive (EMI) options to their UK tax resident employees are reminded they must notify HM Revenue & Customs (HMRC) of the awards. Failure to do so means that the option is not EMI...more

Ballard Spahr LLP

Selected Business Provisions of the Proposed Tax Relief for American Families and Workers Act of 2024

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On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to...more

DarrowEverett LLP

The Brass Tacks: IRS Creates Process for Withdrawing ERC Claims

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The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims. This surely will come as a relief to taxpayers who...more

Verrill

2023 Massachusetts Tax Update

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Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be...more

Bowditch & Dewey

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

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The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

McDermott Will & Emery

Weekly IRS Roundup August 21 – September 1, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for August 21, 2023 – September 1, 2023....more

Bowditch & Dewey

Massachusetts Families and Seniors Left Waiting for Massachusetts Tax Reform

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On August 9, 2023, Massachusetts Governor Maura Healey signed a $56 billion Fiscal Year 2024 state budget that increases state spending by 6.2% compared to a year ago. However, what was missing from this budget was the highly...more

Brownstein Hyatt Farber Schreck

IRS Releases Long-Awaited Spending Plan for $80 Billion in New Inflation Reduction Act Funding

On Thursday, April 6, the Treasury Department and Internal Revenue Service (IRS) issued their long-term Strategic Operating Plan (SOP), outlining how the IRS intends to spend $79.4 billion in funding provided by the Inflation...more

Pierce Atwood LLP

Rhode Island Businesses Could Soon Receive Tax Relief

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Rhode Island Senate leadership is backing legislation that would exempt the first $100,000 of tangible property from property taxation by municipalities. The tangible tax is currently levied on businesses for property other...more

Pullman & Comley - Labor, Employment and...

IRS Provides Required Minimum Distribution Relief for 2021 and 2022

Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more

McDermott Will & Emery

Weekly IRS Roundup September 6 – September 9, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 6, 2022 – September 9, 2022...more

Bowditch & Dewey

Broken Promises: Massachusetts Legislature Fails to Deliver Estate Tax Reform, Relief for Low Income Residents and Seniors

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In a stunning about-face, after missing their July 31, 2022 midnight deadline, in the early morning hours of August 1, 2022, the Massachusetts legislature announced that they had failed to pass an economic development plan...more

Wilson Sonsini Goodrich & Rosati

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

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

Brownstein Hyatt Farber Schreck

Taxation & Representation, May 17, 2022

Replacing Reed? Rep. Tom Reed (R-NY), a member of the House Ways and Means Committee, resigned from Congress last week. As of this writing, Republicans have not indicated when—or whether—they will fill the vacancy left by...more

Proskauer Rose LLP

UK Tax Round Up - March 2022

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Welcome to the March edition of the Proskauer UK Tax Round Up. In his Spring Statement, the Chancellor focused on measures to alleviate the increasing cost of living and to boost investment in the economy but there were no...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, March 15, 2022

COVID Relief Package in Flux. Tax provisions were not the only items missing from the omnibus last week. Congress had to remove COVID-19 relief funding from the $1.5 trillion “omnibus” appropriations package that passed both...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Feb. 15, 2022

TAX TIDBIT - Race to Replace Brady: New Challenger. Rep. Jason Smith (R-MO) is the latest Republican seeking to replace the retiring House Ways and Means Committee ranking member and former chair, Kevin Brady (R-TX), as...more

Stinson LLP

Employee Retention Tax Credit Ended 2021 Q3

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On November 5, 2021, the House of Representatives passed H.R. 3684: Infrastructure Investment and Jobs Act. The Act currently awaits signature by President Biden. Prior to the Act, Section 3134 of the Internal Revenue Code...more

McDermott Will & Emery

Weekly IRS Roundup June 14 – June 18, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 14, 2021 – June 18, 2021... June 14, 2021: The IRS issued a news release unveiling updates...more

Proskauer - Tax Talks

UK Budget 2021

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The UK has now been in lockdown, on and off, for the best part of a year. With the COVID-19 vaccination programme now in full swing in the UK, and hopefully with light at the end of tunnel, attention has inevitably turned to...more

Pullman & Comley, LLC

Governor Lamont Restores Municipal Tax Relief Programs for January 2021

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On December 16, 2020, Governor Ned Lamont signed Executive Order No. 9R which adopts most components of tax relief programs he had previously created for the April 1 through July 1, 2020 installments, and restores those...more

Freeman Law

U.S. Digital Service Providers with Mexican customers: Avoid being ¨shut-down¨ in Mexico

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COVID times has brought us tough changes in our lives, and tax reform is one of them. In the U.S., the CARES Act provided relief to multiple sectors of the economy to alleviate the impact of the pandemic. However, the...more

ArentFox Schiff

House Democrats Propose Additional Tax Relief and Reform Measures in HEROES Act

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On May 12, the House Democrats introduced an aspirational tax package within the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act”), which lays out their starting point in negotiations with the...more

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