New York Challenges Federal Government’s Tax Reform Bill as Unconstitutional Double Taxation
Posted on Jan 3, 2018
In his recent speech before the state legislature, New York Governor Andrew M. Cuomo stated that the reduction in the state and local tax deduction reflected in the new tax reform bill is unconstitutional double taxation. The governor further indicated that New York would challenge the provision. Cuomo also said that the state will undergo its own tax revision process, shifting away from its reliance on income taxes. Read more: In State of State speech, Cuomo vows to sue federal government over tax bill
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IRS Releases Guidance on the Transition Tax Provision
Posted on Jan 2, 2018
Last week, the IRS released Notice 2018-07 (the “Notice”), which provides guidance on calculating the so-called “transition tax” of the Tax Cuts and Jobs Act. While the Notice itself does not contain any specific regulations, it does describe the regulations that the IRS plans to issue at a later date, including guidance on the effects that the future regulations will have. The Notice also covers topics like the treatment of related-party transactions and hedging transactions, as well as the effective dates for the transition tax. Read more: Notice 2018-07
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Legal Alert: Insurance Industry Provisions in H.R. 1, the Final Tax Bill
Posted on Dec 29, 2017
View the Eversheds Sutherland Legal Alert discussing the modifications of importance to insurance companies in the Final Tax Reform Bill here.
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Legal Alert: Party Like it’s 1986: Business Impacts of the Bill Formerly Known as the Tax Cuts and Jobs Act
Posted on Dec 27, 2017
View the Eversheds Sutherland Legal Alert summarizing the principal provisions of the Final Tax Reform Bill impacting domestic and multinational businesses here.
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Legal Alert: Section 162(q) Raises Questions about Deductibility of Employment Settlement
Posted on Dec 27, 2017
View the Eversheds Sutherland Legal Alert discussing the impact of the Final Tax Reform Bill on the settlement of employment-related claims here.
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Legal Alert: SEC Staff Provides Disclosure and Accounting Guidance in Response to Recent Tax Reform Legislation
Posted on Dec 27, 2017
View the Eversheds Sutherland Legal Alert summarizing the guidance issued by the SEC Office of the Chief Accountant and the Division of Corporation Finance, in response to the recent tax reform legislation, regarding the information required to comply with ASC Topic 740, and the disclosure requirements under Item 2.06 of Form 8-K, which requires companies to reflect the impact of tax law changes in the quarter in which the law is enacted here.
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President Trump Signs Tax Bill into Law
Posted on Dec 22, 2017
President Trump signed the tax bill passed by the House and Senate this morning. The bill will be generally effective beginning January 1, 2018. Read the bill text here. Read more about the bill’s passage here.
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Legal Alert: The Tax Cuts and Jobs Act, Final Cut: A Methods-Based Review of the Tax Bill
Posted on Dec 20, 2017
View the Eversheds Sutherland Legal Alert discussing the particular provisions of the Final Tax Reform Bill that fall under the umbrella of income tax accounting and accounting methods, and the potential impact such reforms will have on corporate taxpayers, here.
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Title: Tax Bill Passes in House
Posted on Dec 20, 2017
House Republicans voted to pass the Senate’s revised version of the Tax Cuts and Jobs Acts today. Read More: House sends sweeping GOP tax bill to Trump’s desk
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Tax Bill Passes in Senate Wednesday Morning, House Expected to Vote (Again) Later Today
Posted on Dec 20, 2017
Senate Republicans voted to pass a revised version of the Tax Cuts and Jobs Acts early Wednesday morning. The House voted yesterday in favor of the legislation, however several minor provisions of the bill did not comply with Senate rules and had to be removed. The House is expected to vote on the revised version of the bill sometime today. Read More: Senate passes sweeping GOP tax bill, but House to vote again
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House Passes Revised Bill; Senate to Vote as Early as Tonight
Posted on Dec 19, 2017
The House has passed the Tax Cuts and Jobs Act, as revised by the Conference Committee, along party lines. The bill will now go to the Senate, who may vote as early as this evening. Should the bill pass both houses, it will be sent to President Trump to sign into law. Read more: House Passes Final Tax Bill; Senate Votes Next on Republican Plan
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Legal Alert: Tax Reform Provisions Affecting BDCs and Closed-End Funds
Posted on Dec 19, 2017
View the Eversheds Sutherland Legal Alert discussing important developments that may affect closed-end funds, including business development companies (BDCs), and the portfolio companies in which closed-end funds invest, in the Final Tax Reform Bill here.
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Legal Alert: Compensation and Benefits Provisions in the Final Tax Cuts Bill
Posted on Dec 19, 2017
View the Eversheds Sutherland Legal Alert focusing on key provisions affecting compensation and benefits in the Final Tax Reform Bill here.
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Legal Alert: Following the Senate’s Lead – The International Tax Provisions in the Final Bill
Posted on Dec 19, 2017
View the Eversheds Sutherland Legal Alert focusing on the international tax provisions in the Final Tax Reform Bill here.
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Legal Alert: Final Tax Reform Bill Released – What Does it Mean for the Energy Sector?
Posted on Dec 19, 2017
View the Eversheds Sutherland Legal Alert summarizing the principal provisions in the Final Tax Reform Bill that impact the energy sector here.
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