November 16, 2020 – Alerts
The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct
Continue Reading Partnerships and S Corporations Exempted From Limits on State and Local Tax Deduction
Internal Revenue Service’s LB&I Division Announces Compliance Campaign Focused on TCJA
The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest
Continue Reading Internal Revenue Service’s LB&I Division Announces Compliance Campaign Focused on TCJA
Internal Revenue Service Announces It Will Waive 2018 Estimated Tax Penalties for Many Taxpayers
The Internal Revenue Service announced today that it will waive the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of
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IRS Says Business Meals Remain Deductible, But Cannot Be ‘Lavish’ or Mixed With Entertainment Costs
Our colleague James W. Minorchio has written a client alert about recent Internal Revenue Service guidance that clarifies when meals or drinks will be allowed as a deductible business expenses
Continue Reading IRS Says Business Meals Remain Deductible, But Cannot Be ‘Lavish’ or Mixed With Entertainment Costs
States Sue Over Deduction Cap, But Midterms Are Coming
Four states have filed suit in U.S. District Court for the Southern District of New York, challenging the constitutionality of the new $10,000 cap on the federal tax deduction for
Continue Reading States Sue Over Deduction Cap, But Midterms Are Coming
Four States File Lawsuit Seeking to Invalidate New Federal Cap on State and Local Tax Deduction
The States of New York, Connecticut, Maryland, and New Jersey filed a federal court lawsuit this week challenging the constitutionality of the new $10,000 cap on the federal tax deduction
Continue Reading Four States File Lawsuit Seeking to Invalidate New Federal Cap on State and Local Tax Deduction
IRS Cautions Taxpayers Regarding Efforts to Bypass New State and Local Tax Deduction Caps
Today the Internal Revenue Service notified taxpayers that it will soon be issuing regulations addressing the deductibility of state and local tax payments for federal income tax purposes. The IRS
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Tax Reform’s Likely Impact On Domestic M&A
Our colleagues Stanley Barsky, Michael S. Bookbinder, and Eric J. Michaels have published an article for Law360 addressing provisions of the Tax Cuts and Jobs Act that significantly
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New Tax Bill Means Changes for Employers: What You Need To Know
Our colleague Tiana R. Seymore has authored a client alert addressing several provisions in the Tax Cuts and Jobs Act which directly impact the workplace, including one that gives some
Continue Reading New Tax Bill Means Changes for Employers: What You Need To Know
Changes to Estate and Gift Taxes in the New Tax Law
Our colleague Debra T. Hirsch has authored a client alert addressing estate and gift tax planning issues impacted by the Tax Cuts and Jobs Act, which took effect yesterday. You
Continue Reading Changes to Estate and Gift Taxes in the New Tax Law