Tax Law News and Insights

On September 10, 2019, the Internal Revenue Service ("IRS") and the U.S. Department of the Treasury (the "Treasury") issued proposed regulations (the " Proposed Regulations") on calculation of built-in gains and losses under Section 382(h) of the Internal Revenue Code of 1986, as amended.1 In general, the Proposed Regulations replace the existing...

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On August 28, 2019, the U.S. Department of Treasury submitted proposed regulations on the tax consequences related to the phased elimination of interbank offered rates (the “Proposed Regulations”) to the Office of Management and Budget for review by the Office of Information and Regulatory Affairs (OIRA).1 Many countries, including the United...

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In a news release, IR-2019-144, the IRS announced on August 14 that it will automatically waive estimated tax penalties for eligible taxpayers who have already filed their 2018 federal income tax returns. Eligible taxpayers include those individuals who paid at least 80% of their total 2018 tax liability through federal income...

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