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Corporations

New York’s FY 2022 Budget Bill Crosses Finish Line

April 19, 2021 By Alston & Bird Tax Team

New York State’s budget bill is on the governor’s desk. Our State & Local Tax Group provides the most significant highlights for you and your business. Higher tax rates for the wealthy, lower tax rates for the middle classCorporations will see higher tax rates and a reinstated capital baseElective pass-through entity tax enactedSeveral tax credits were created, renewed, or extended Click here to read the full advisory. [...]Read more

Filed Under: State & Local Tax Advisory Tagged With: capital base, Corporations, New York, pass-through, pass-through entity, personal income tax, PIT, PTE, tax credits

Spin-Off Expenses

November 5, 2019 By Jasper L. (Jack) Cummings, Jr.

Last week, our Federal Tax Group considered whether corporations that have engaged in spinoffs should be aggressive in deducting expenses.

Read the full advisory here.

Filed Under: Federal Tax Advisory Tagged With: Corporations, deductions, expenses, IRS, large business and international division, LB&I, spin offs

Foreign-Derived Intangible Income

April 2, 2018 By Jasper L. (Jack) Cummings, Jr.

It’s probably the next-best part of the Tax Cuts and Jobs Act for multinationals. Our Federal Tax Group investigates the foreign-derived intangible income regime and how you can use it.

What is an export?
Getting the CFC involved
Selling a service

Read the full advisory here. [...]Read more

Filed Under: Federal Tax Advisory, Tax Policy, Tax Reform Tagged With: C corporation, CFC, controlled foreign corporation, Corporations, export, Foreign-Derived Intangible Income Deduction

The Tax Act’s New Business Interest Expense Limitation – Dear IRS: Some Guidance, Please?

March 15, 2018 By Edward Tanenbaum and Daniel Reach

The Tax Cuts and Jobs Act replaced the earnings stripping rules with a new limitation on deductions for business interest expense. Our International Tax Group examines the new law and what it means for interest expense deductions going forward.

Special rules for partnerships and S corporations
Rules for corporations
What the new limitation leaves out

Read the full advisory here. [...]Read more

Filed Under: International Tax Advisory, Tax Reform Tagged With: Corporations, IRS, partnerships, S corporations, S Corps, Section 163, Tax Act, Tax Cuts and Jobs Act, tax reform

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