Category Archives: Federal Tax Advisory

A New Theory of Code Definitions

▪ Written by
“Manifestly incompatible?” A new IRS Chief Counsel Advice features a disturbing interpretation of Section 7701’s definitions. Our Federal Tax Group parses out what taxpayers should beware of—or what could possibly be used to their benefit. Applying the abuse of entity regulation Discriminating against taxpayers singled out Statutory construction that doesn’t otherwise provide Read the full advisory here. [...]Read more

International Tax Regulations: The Road Ahead – Key Practitioner Concerns and Government Responses

▪ Written by , and
Our International Tax Group reflects on a few concerns that have cropped up in the wake of the Tax Cuts and Jobs Act and deciphers the government’s responses. Foreign-derived intangible income (FDII) Global intangible low-taxed income (GILTI) Base erosion and anti-abuse tax (BEAT) Read the full advisory here. [...]Read more

The Treasury’s New Guidance Policy

▪ Written by
What guidance has the “force and effect of law”? Our Federal Tax Group dives into an appeal of a court case involving Notice 2016-66, the Anti-Injunction Act, and a new Treasury policy statement that could upset the department’s applecart. A new transaction of interest: micro-captive transactions Policy Statement on the Tax Regulatory Process Eviscerating the premise of an argument Read the full advisory here. [...]Read more

Uncertain Tax Disclosures

▪ Written by

Whipsaws aren’t new, but corporations are using them in new ways. Our Federal Tax Group reviews how using whipsaws could create some interesting litigation.

  • SEC filings troubling to the IRS
  • King Enterprises v. U.S.
  • Problems for tax advisors

Read the full advisory here.

Another Chapter in the Effectively Connected Income Saga—IRS Issues Proposed Regulations on Sales of Partnership Interests by Foreign Partners

▪ Written by , and
The IRS gets granular on new Section 864(c)(8), created by the Tax Cuts and Jobs Act. Our International Tax Group examines the implications of the newest proposed regulations brought on by tax reform. How Section 864(c)(8) codifies longstanding IRS principles on effectively connected income The proposed regulations’ complex formula for deemed partnership asset sales Application to tiered partnerships and treaties Read the full advisory here. [...]Read more

Opportunity Zones

▪ Written by
Our Federal Tax Group examines the signature difference brought about by tax reform’s opportunity zone regime. Comparison to empowerment zones and enterprise communities How the new regime is being used. How seriously will the rules be enforced? Read the full advisory here. Join us for our Weekly Client Update where our attorneys will walk through key elements of the new IRS regulation packages addressing corporate and international issues and state tax matters. Click here to learn more and register. We will be covering opportunity zones on February 5. [...]Read more

Sales of CFCs Got Harder?

▪ Written by

Our Federal Tax Group gives a glimpse into the brave new world of selling foreign assets and stock in the wake of the Tax Cuts and Jobs Act.

  • Selling a U.S. sub versus selling a CFC
  • GILTI as a new option over Subpart F
  • Analyzing the options

Read the full advisory here.

GILTI Basis Adjustments

▪ Written by

Our Federal Tax Group explores how Treasury’s proposed regulations could have the global intangible low-taxed income (GILTI) regime operating in a way you might not expect.

Read the full advisory here.