Congress is set to pass the Tax Cuts and Jobs Act, which includes the most comprehensive changes to the federal tax law in over thirty years. We will provide insight regarding the new law in the coming days and weeks. In the meantime, here is a chart summarizing salient provisions in…
Japan has long been one of the United States’ largest trading partners. Japan is also one of the United States’ longest-standing tax treaty partners. The first U.S.-Japan income tax treaty was concluded in 1954. Updated treaties were signed in 1971 and 2003, and a protocol in 2013 further modernized the…
An LLC taxed as a partnership with 128 partners failed to file its partnership tax return electronically, resulting in the IRS asserting a penalty of $224,640 under IRC section 6698(a)(1). Partnerships with more than 100 partners are required to file their tax returns electronically under IRC section 6011(e). Williams Parker…
Harvey Weinstein, Kevin Spacey, Michael Oreskes, Brett Ratner, Louis C.K., Charlie Rose, and Matt Lauer are a few well-known names that have already appeared on the naughty list for 2017. Although the Mad Men days of the sexy secretary sitting on Santa’s lap (the boss’s lap) with his arms wrapped…
While tax reform has a long march before becoming law, the amended House of Representatives bill passed yesterday swings an ax at lower-tax-rate-capital-gain-eligible “carried” partnership interests, though it swings a smaller ax—like a hand ax rather than a full-sized ax—than proposals in years past. This latest proposal focuses on limited…