Searching Content indexed under Tax Authorities by Day Pitney LLP ordered by Published Date Descending.
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IRS Bars Attempts To Circumvent $10,000 Cap On Salt Deductions
In response, the IRS released final regulations on June 11 designed to prohibit taxpayers from circumventing this type of SALT limitation.
United States
31 Jul 2019
Connecticut Increases Gift And Estate Tax Exemption Amounts
Connecticut Increases Gift And Estate Tax Exemption Amounts.
United States
30 Jul 2019
IRS Expands Self-Correction Options For Plan Sponsors
On April 19, the Internal Revenue Service (IRS) released Rev. Proc. 2019-19, which provides an updated statement of the correction programs under the Employee Plans Compliance Resolution System (EPCRS).
United States
10 May 2019
IRS Releases Second Set Of Proposed Regulations Regarding Qualified Opportunity Funds
On April 17, the IRS issued proposed regulations that provide new guidance for investors seeking to invest in qualified opportunity funds (each, a QOF), a new investment program designed to incentivize long-term investment ...
United States
24 Apr 2019
IRS Revises EIN Application Process, Increasing Burden On Non-U.S. Taxpayers
On March 27, the IRS announced that taxpayers can no longer request an employer identification number unless the "responsible party" named on the application has a Social Security number.
United States
11 Apr 2019
Hospitals Should Note New IRS Notice On Highly Compensated Employee Excise Tax
The Tax Cuts and Jobs Act added Section 4960 to the Internal Revenue Code, which imposes an excise tax on remuneration paid to certain highly compensated employees of tax-exempt organizations.
United States
15 Feb 2019
Good News – Possible Tax Breaks For Nursing Homes And Other Facilities
The Internal Revenue Service (IRS) released final regulations on January 18, including new guidance under Section 199A for the 20% deduction for qualified business income (QBI).
United States
29 Jan 2019
Complementary Philanthropy Using Both Donor-Advised Funds And Private Foundations
Many investment firms and community foundations sponsor DAFs.
United States
3 Jan 2019
New Tax Law May Have A Chilling Effect On Charitable Giving
Only time will tell how the Act will change the charitable giving landscape.
United States
3 Jan 2019
IRS Updates VCP Submission Procedures
On September 28, the Internal Revenue Service (IRS) released Rev. Proc. 2018-52, which provides an updated statement of the correction programs under the Employee Plans Compliance Resolution System (EPCRS).
United States
3 Oct 2018
White Collar Roundup - August 2018
The National Cyber Security Centre—and yes, it's British—released a report titled "The cyber threat to UK legal sector."
United States
14 Aug 2018
Estate Planning Update July 2018 - Estate Planning In 2018
We continue to digest and act on the changes to federal tax law that were passed late last year. In a sense, the changes to the federal gift and estate tax just continue a trend of increasing exemptions that started 20 years ago.
United States
31 Jul 2018
The Art Of The Gift: IRS Finds Gift Of Artwork To Museums With Option To Revoke Is Still A Completed Gift
In a recently issued Private Letter Ruling (PLR 201825003), the IRS held that a donor's gift of works of art, in which the donor retained a life interest via a usufruct to two museums...
United States
20 Jul 2018
IRS Provides New Remedial Actions For Certain Tax-Exempt And Tax-Advantaged Bonds
With regard to direct pay bonds, prior to Rev. Proc. 2018-26 there had been no remedial action providing for the adjustment of the refundable federal tax credit for nonqualified uses.
United States
17 Apr 2018
Tax Planning Opportunities For Single Family Offices
In Lender Management, LLC v. Commissioner, a memorandum decision[1] issued on December 13, 2017, the U.S. Tax Court ruled that expenses incurred by a single family office were deductible...
United States
6 Mar 2018
You, Taxes And 2018: What To Expect From The Tax Bill
He said the result could be similar to what happened the last time there was uncertainty surrounding the estate tax.
United States
19 Jan 2018
Connecticut "Fresh Start" Voluntary Tax Compliance Program
The Fresh Start program applies to all taxes administered by DRS except for the motor carrier road tax.
United States
12 Dec 2017
NJ Tax Court Holds Freeze Act Does Not Apply Unless Assessment Is Adjudicated
The Tax Court found that the county board judgment was ambiguous on its face as to whether it constituted a determination of value or solely a determination of the exempt status of the property.
United States
31 Oct 2017
Tax Court Declines To Follow IRS Ruling On Foreign Partner's Redemption Gain
In a significant setback for the IRS, the U.S. Tax Court held in a July 13 opinion that a foreign corporation did not have to pay U.S. tax on gain realized from the redemption of a partnership interest.
United States
24 Jul 2017
Gov. Malloy Signs Legislation Changing The Structuring Of Municipal Bonds
The legislation makes noteworthy changes regarding the structuring of municipal bonds.
United States
13 Jul 2017
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