News & Analysis as of

Trump Administration Tax Liability

Allen Barron, Inc.

Substantial Recent Reduction in the IRS Workforce

Allen Barron, Inc. on

What does the substantial recent reduction in the IRS mean for U.S. taxpayers and expatriates?  How will staff reductions affect the agency’s ability to audit and collect taxes owed by U.S. taxpayers around the world?  What...more

Amundsen Davis LLC

No Tax on Tips—But What About Overtime and Social Security?

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Earlier this year, many low-income taxpayers were elated to learn about the possibility that tipped wages could receive federal income tax relief under the No Tax On Tips Act. Under President Trump’s “One, Big Beautiful...more

Troutman Pepper Locke

Section 899 Implications for Foreign Banks Lending to US Borrowers through US Lending Offices

Troutman Pepper Locke on

In an earlier alert, we described the potential impact of the One Big Beautiful Bill on withholding taxes imposed on loans made by foreign banks to U.S. borrowers. ...more

Falcon Rappaport & Berkman LLP

The Wyoming DUNA and the Future of DAO Legal Frameworks

Choosing the right legal structure for a decentralized autonomous organization (DAO) can make or break a web3 project before it deploys. From tax efficiency and governance mechanisms to liability protection and regulatory...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Private Equity Funds and Their Portfolio Companies

Troutman Pepper Locke on

On May 22, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the BBB). The BBB proposes amendments to the Internal Revenue Code (the Code) that could have...more

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

Troutman Pepper Locke on

Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Eversheds Sutherland (US) LLP

The One Big Beautiful Bill – sports industry sweats the over/under

As the “One Big Beautiful Bill” continues its legislative path through Congress, it remains too close to call on how the final legislation will impact the sports industry. On May 22, 2025, the House of Representatives...more

Jones Day

Navigating Tariffs and Income Taxes and Transfer Pricing

Jones Day on

In this new trade landscape, it is more important than ever to coordinate customs and operational planning with income taxes and transfer pricing....more

DLA Piper

State and Local Tax Implications of Tariff Escalations by the Trump Administration

DLA Piper on

The Trump Administration’s prior announcement of a 10-percent universal tariff and 125-percent tariff on Chinese goods created a widespread impact on both businesses and consumers. In addition to the economic impact of the...more

Ankura

Navigating Change: How 2025 Tax Changes Could Affect M&A Dynamics

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In the merger and acquisition (M&A) landscape, it is crucial to consider factors beyond the transaction itself, as the 2025 calendar year is already underway. Evaluating how potential 2025 tax changes and any changes beyond...more

Cadwalader, Wickersham & Taft LLP

DeFi Off the Hook for Crypto Tax Reporting

Congress and President Trump have provided legislative relief to decentralized crypto exchanges (and DeFi protocols) from the tax reporting obligations applicable more generally to crypto ‘brokers.’ On April 10, President...more

Lathrop GPM

Is Your Environmental Nonprofit At Risk for Tax-Exempt Status Revocation by the President?

Lathrop GPM on

Recent press reports speculating that President Trump will take action to revoke the tax-exempt status of some environmental organizations – coupled with his public statements advocating for the revocation of Harvard’s...more

Fox Rothschild LLP

Harvard University’s Tax-Exempt Status Called Into Question

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On Tax Day, President Trump publicly advocated for revoking Harvard University's tax-exempt status because Harvard rejected an “agreement in principle” the Trump administration proposed to settle disagreements over the...more

Jones Day

Developments in Crypto Regulation: DeFi Tax Reporting Repeal and SEC Disclosure Guidance

Jones Day on

The Trump administration continues its efforts to relax digital asset regulation, including most recently by exempting decentralized finance ("DeFi") apps and wallets from tax reporting and through Securities and Exchange...more

Seyfarth Shaw LLP

Allocating the Risk of Tariff Price Increases

Seyfarth Shaw LLP on

As the Trump Administration’s tariffs are now in effect, owners, developers, and contractors managing pending construction projects face questions about who is ultimately responsible for impacts (both time and cost) resulting...more

Vinson & Elkins LLP

Congress Begins Taking Action to Nullify Biden-Era Tax Regulations

Vinson & Elkins LLP on

The opening days of the 119th U.S. Congress have been marked with congressional action under the Congressional Review Act (CRA) to potentially invalidate regulations that were issued by the Internal Revenue Service (IRS) in...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Tax Implications of Trump’s Recent Executive Actions

President Donald Trump has issued a series of executive orders with significant tax implications. The moves underscore the administration’s commitment to influencing tax policies, regulatory frameworks and trade practices as...more

Husch Blackwell LLP

Impending IRS Workforce Cuts Mean Taxpayers Should Act Now to Resolve IRS Issues

Husch Blackwell LLP on

The New York Times reported on March 4, 2025, that the Trump administration is aiming to cut half of the Internal Revenue Service’s workforce by the end of the year. The cuts are reportedly across all divisions of the IRS,...more

Fox Rothschild LLP

Trump May Revive Effort to Close Carried Interest Loophole

Fox Rothschild LLP on

President Trump is meeting with Republican lawmakers to discuss potential tax code changes, including a proposal to eliminate the carried interest tax break. White House Press Secretary Karoline Leavitt announced the...more

Miller Canfield

Trump Administration Opens the Door to Double-Tax-Rate Penalty on Foreign Companies and Individuals

Miller Canfield on

As part of its “America First Trade Policy,” the White House is exploring an arcane IRS provision that allows the United States to double the tax rates of foreign companies and individuals....more

Gerald Nowotny - Law Office of Gerald R....

Las Mañanitas

Recently (January 15th) I celebrated my sixty fifth birthday. Where did the time go? If my East German father Willy Wolfgang Nowotny were still with us, I could hear him say, “Too soon old, too late smart.” While I was never...more

Proskauer - Tax Talks

Trump Administration Disavows the OECD Global Tax Deal

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On January 20, 2025, the White House issued a memorandum (the “Memorandum”), announcing that the “Organization for Economic Co-operation and Development (OECD) Global Tax Deal” (the “Global Tax Deal”) has “no force or effect...more

Ruder Ware

New Guidance Regarding Deferral of Withholding of Employees’ Social Security Taxes

Ruder Ware on

On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more

Foster Garvey PC

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

Foster Garvey PC on

On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more

Bowditch & Dewey

Social Security Taxes Could Be Deferred for the Rest of 2020

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Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

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