The 2017 Tax Act added a new tax on US shareholders of controlled foreign corporations (“CFCs”), the tax on Global Intangible Low-Taxed Income (“GILTI”). GILTI often includes active business income and thus has a widespread impact.
For US C corporations, the regular 21% tax is reduced by a 50% deduction, which lowers the tax rate…
Last week, the IRS released proposed regulations regarding investing in Qualified Opportunity Funds (“QOFs”). Click here for a summary of the QOF regime that was enacted as part of the 2017 Tax Cuts and Jobs Act. The proposed regulations generally address three topics:
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On October 19, 2018, the IRS released Revenue Ruling 2018-29, an eagerly awaited ruling addressing real estate investment in Qualified Opportunity Zones (“QOZs”). In brief, the Revenue Ruling holds that, for purposes of measuring whether a real estate investment is “substantially improved” so that it will qualify as “QOZ business property” and therefore will qualify…
Beginning January 1, 2018, the IRS will begin implementing Section 7345 of the Internal Revenue Code to certify tax debt to the State Department. This will allow the State Department to revoke or withhold the issuance of passports to delinquent U.S. taxpayers.
To warrant IRS certification to the State Department, the IRS debt has to…
Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2018. Note that these are not the official figures to be released by the IRS, but should be used as a guide. The IRS will officially release the numbers later this year.
For an estate of any decedent dying…
