Tax Reform Insights: IRS Proposes Section 163(j) Regulations – New Business Interest Expenses Deduction Limit
By David Sherwood and Kevin Hall on Dec 26, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
On November 26, 2018, the Internal Revenue Service (IRS) issued proposed regulations (Proposed Regulations) pursuant to section 163(j). Public Law 115-97, the Tax Cuts and Jobs Act (TCJA), amended Internal Revenue Code (Code) Section 163 by modifying paragraph (j) to limit the amount of business interest a taxpayer may deduct for taxable years beginning after...
By Kevin Hall and Leigh-Alexandra Basha on Oct 30, 2018
Posted In Tax Reform, Uncategorized
Several changes in tax reform have a disparate impact on non-corporate US shareholders of foreign corporations compared with their corporate counterparts. Many such non-corporate shareholders face an expensive tax increase. They may attempt to mitigate this increase by transferring their shares to a US corporation or making a Section 962 election. This article examines the...
By Kevin Hall and Kevin Spencer on Jun 28, 2018
Posted In Appellate Courts, Court Procedure Matters, Trial Courts, Uncategorized
On June 27, Supreme Court Justice Anthony Kennedy announced his retirement, effective July 31, 2018. This announcement follows last week’s 5-4 decision in South Dakota v. Wayfair, authored by Justice Kennedy, which reversed the physical presence requirement originally established in National Bellas Hess and reaffirmed in Quill. Other important tax (and tax-related) cases have decided...
By Kevin Hall, Kevin Spencer and McDermott Will & Emery on Jun 22, 2018
Posted In Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
The US Tax Court (Tax Court), in a short opinion, provided a reminder to taxpayers that penalties for filing fraudulent returns cannot be avoided by subsequently filing amended returns. In Gaskin v. Commissioner, TC Memo 2018-89, the taxpayer admitted his original returns were fraudulent. While under criminal investigation, he attempted to cure the fraudulent filings...