This Week In Tax is your one-stop shop for the latest newsworthy tax highlights, giving you a head start on tax planning for the months ahead.
Week of August 4
The US is a top destination for crypto mining companies to start operations or relocate. Learn about tax implications and how to benefit from transfer pricing.
Week of July 28
Tax legislation at the federal and state level continue to evolve as we progress throughout 2022. Learn more about how these updates could impact you if passed.
Week of July 14
The US Treasury and IRS are expected to release proposed Treasury regulations regarding the exception for qualified foreign pension funds under FIRPTA.
Week of June 30
In the past two months, we have published four articles on various tax bills in Congress. The one furthest along is the America COMPETES Act, currently before a Conference Committee of 107 Senators and Representatives. While an official compromise bill has not been released, some information has been leaking out about the direction the conferees are taking on at least one provision.
Week of June 16
On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act (“RFIA”). If enacted, the RFIA will mark the first comprehensive federal legislation to include blockchain, cryptocurrency, and digital assets. Of particular significance is how the RFIA analyzes digital asset innovation as it relates to multiple disciplines, including banking, consumer protection, securities, and taxation.
Week of June 9
New foreign tax credit (“FTC”) regulations released in January 2022 have made it more difficult to obtain a “dollar-for-dollar tax credit” for foreign income taxes paid by US taxpayers with foreign business operations. In addition to the existing limitations and restrictions for claiming the elective foreign tax credit, there is now additional qualitative and technical analysis required to determine foreign tax creditability.
Week of June 3
Over the past few weeks there have been some new rulings on topics we have discussed previously. Given that Congress is on recess this week – observing Memorial Day and otherwise presumably spending time with constituents – we thought it was a good time for an update.
Week of May 27
They say nothing happens in Washington in an election year. Then again, every other year is an election year. The classic refutation is the passage of the Tax Reform Act of 1986 (”TRA86”) less than two weeks before that year’s mid-term elections. But then again, President Reagan’s job approval numbers were in the 60 percent range that year.
We don’t expect any legislation of that magnitude to emerge, but that hasn’t stopped the parade of tax bills in Congress – some meaningful, some less so – from being introduced. Here are some you may find interesting.
Discover even more, here.
