Press Room: Tax Releases

Short-Term Spending Bill Retroactively Suspends Medical Device Excise Tax

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Congress Approves Budget Deal Containing Disaster Area Tax Relief and Tax Extenders

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Seattle Approves Income Tax on High-Income Individuals and Trusts

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March 23, 2018

Congress Passes Spending Bill With Limited Tax Provisions

Congress has passed the $1.3 trillion spending bill that not only averts another government shutdown, but also fixes a technical glitch in the new tax reform legislation and provides funding necessary for Internal Revenue  Read More

March 09, 2018

Federal Tax Reform: Amended Sec. 163(j) Interest Expense Limitation and State Tax Conformity Issues

Recent federal tax reform legislation amended Internal Revenue Code (the Code) Sec. 163(j), effective for tax years beginning after 2017. Amended Sec. 163(j) generally limits a business’s annual interest expense deduction to 30%  Read More

March 09, 2018

The Impact of Federal Tax Reform on State and Local Taxes

In December 2017, President Trump signed into law the Tax Reform Act of 2017 (the Act) which made extensive changes to the Internal Revenue Code (the Code). Many of these changes will also have a  Read More

March 09, 2018

Supreme Court to Reconsider Internet Seller Sales Tax

The United States Supreme Court (the Court) has announced that it will hear a case that would allow states to require all remote sellers to collect sales taxes if they meet an economic  Read More

March 02, 2018

IRS and Treasury Issue Formal Guidance on New Carried Interest Provision

IRS and Treasury recently issued Notice 2018-18 (the Notice) to close uncertainty in the Tax Reform Act of 2017 (the Act) related to carried interest that could have allowed private equity and hedge fund  Read More

February 09, 2018

Congress Approves Budget Deal Containing Disaster Area Tax Relief and Tax Extenders

Following a second brief government shutdown in the last several weeks, Congress approved the Bipartisan Budget Act of 2018 to fund the federal government through March 23, 2018. The bill resolves many looming non-tax issues for  Read More

January 23, 2018

Short-Term Spending Bill Retroactively Suspends Medical Device Excise Tax

After a weekend-long government shutdown, Congress approved the Extension of Continuing Appropriations Act of 2018 (ECAA). The stopgap spending measure was approved by the Senate with 81 voting in favor and 18 voting against, and then  Read More

December 22, 2017

President Trump Signs Landmark Tax Legislation

On December 22, 2017, President Donald Trump signed the Republican tax bill to officially enact the legislation into law. This is the first major rewrite of the U.S. tax code in a generation and  Read More

December 20, 2017

Republicans Approve Tax Reform Bill; President to Sign First Major Tax Overhaul in Decades

Republican lawmakers are poised to fulfill their promise of final tax reform legislation and score their first major legislative victory of President Trump’s administration. The House and Senate voted to approve  Read More

December 15, 2017

Republicans Reach Deal on Tax Plan; Final Votes Expected Next Week

House and Senate Republicans have announced a compromise on tax reform. 509 pages of legislative text and 560 pages of technical explanation of the bill were released on Friday, December 15, 2017. Both the House and Senate  Read More

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