Holland & Knight LLP

Biden Administration's Made in America Tax Plan: Procedural Aspects

Part 1: Buckle Up for the Impact on International Tax Reform

Contract Allocations and Judicial Doctrines

District Court Case Applies Strong Proof Test to Boxing Contracts to Address Puerto Rico Source Income

Biden Administration's Made in America Tax Plan: Interaction with OECD Inclusive Framework

Part 2: Buckle Up for the Impact on International Tax Reform

IRS Continues to Audit and Litigate Against Cannabis Businesses

As Congress continues to deliberate the federal legalization of marijuana, the cannabis industry continues to face scrutiny from the IRS under Section 280E of the Internal Revenue Code (Code).

Tax Liability Issues to Consider for High-Net-Worth Couples in Divorce

Divorce is not a topic most clients or tax advisors enjoy discussing.

Biden's American Families Plan Proposes Income Tax Hikes

The American Families Plan is the third part of the Biden Administration's Build Back Better agenda, addressing "human infrastructure" and containing proposals on free education, direct support to children and families, and the extension of tax cuts for families with children and American workers.

Large Corporations and Wealthy Taxpayers Beware: The Taxman is Coming

Internal Revenue Service (IRS) Commissioner Chuck Rettig on April 13, 2021, told a U.S. Senate panel that the tax gap1 in the U.S. may total $1 trillion per year.

Tennessee retains status as a leading trust jurisdiction

On May 12, 2021, Tennessee Governor Bill Lee signed into law a bill containing several revisions to Tennessee’s Uniform Trust Code (the “TN UTC”).

When IRS Penalty Assertions Are Unlawful

One of the most highly litigated issues in U.S. Tax Court is whether taxpayers are liable for certain penalties, additions to tax or additional amounts (each, a "penalty" and collectively, "penalties").

U.S. Supreme Court Decision May Pave Way for Future IRS Lawsuits

The U.S. Supreme Court recently rendered a unanimous opinion holding that the Anti-Injunction Act (AIA) did not block a lawsuit brought by CIC Services against the Internal Revenue Service (IRS), delivering an important victory to CIC and similarly situated taxpayers everywhere.

Biden Administration's FY 2022 Budget and Its Tax Increases for Corporations, Wealthy

By way of background, the budget that the president submits to Congress contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government.

Biden Administration's FY 2022 Budget and International Tax Changes

A previous Holland & Knight alert provided an overview of corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 "Green Book." (See "Biden Administration's FY 2022 Budget and Its Tax Increases for Corporations, Wealthy," June 3, 2021.)

The Green Book and Green Energy

Biden Administration's Budget Proposal Expands, Extends and Creates Tax Credits for Renewable Energy

Agreement on Global Tax Reform: What Happened and What's Next

Addressing the tax challenges arising from the digitalization of the economy has been a top priority of the Base Erosion Profit Shifting (BEPS) project of the Organization for Economic Cooperation and Development (OECD)/G-20 Inclusive Framework (IF)1 since 2015.

How Can the Same Right Create 2 Separate Property Interests?

A Closer Look at Taxpayers' Property Rights, State Laws and the Legitimacy of IRS Liens/Levies

IRS Promotes Use of Fallback Language to Assist with Libor, IBOR Transition

The Internal Revenue Service (IRS) released Revenue Procedure 2020-44 to assist the market's transition from the London Interbank Offered Rate (Libor) and other interbank offered rates (IBORs) to alternative reference rates by promoting the adoption of fallback language recommended by the...

U.K., U.S. Reach Competent Authority Agreement on "Equivalent Beneficiary" Status

The United Kingdom and the U.S. Competent Authorities published on July 28, 2021, a Competent Authority Agreement (the Agreement) under the bilateral U.K.-U.S. Income Tax Treaty (the U.K. Treaty).1

Offshore Lenders Targeted by IRS Audit Campaign

Since 2017, the Internal Revenue Service (IRS) Large Business and International Division (LB&I) has shifted its audit efforts to issue-based examinations, premised on strategically identified and prioritized areas of compliance risks to address taxpayer compliance.

IRS Extends Time Period of Telephonic Public Approval Hearings for Private Activity Bonds

The Internal Revenue Service (IRS) has released Revenue Procedure 2021-39, which extends the time period for telephonic Tax Equity and Fiscal Responsibility Act (TEFRA) hearings until March 31, 2022.

IRS Adds a Potential Self-Dealing Transaction to the No-Rule List

The IRS issued Revenue Procedure 2021-40, 2021-38 IRB 1 on Sept. 3, 2021, adding a private foundation issue to the list of those areas on which the IRS will no longer issue private letter rulings or determination letters: The IRS indicated that it is "currently reviewing" its prior ruling position..

Regulatory Changes Impact Leasehold Condominiums in New York

The leasehold condominium structure has become a popular way for landlords and nonprofit entities to establish or modify their relationship to permit space that the nonprofit would formerly lease to qualify for a real property tax exemption.

Regulatory Changes Impact Leasehold Condominiums in New York

The leasehold condominium structure has become a popular way for landlords and nonprofit entities to establish or modify their relationship to permit space that the nonprofit would formerly lease to qualify for a real property tax exemption.

NBAA Article Explains IRS Stance on Entertainment Disallowance for Sole Proprietors

The Internal Revenue Service (IRS) recently released Chief Counsel Advice (CCA) 2021-17-012 to explain that sole proprietor flights are generally not subject to the employer-provided aircraft rules in Internal Revenue Code Section 274

House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning

The House Committee on Ways and Means has proposed a tax plan intended to fund President Joe Biden's "Build Back Better" $3.5 trillion infrastructure program.

Maintaining Privilege with Non-Lawyer Experts Under Kovel

Holland & Knight Partners Abbey Garber and Denise Mudigere, along with Associate Kate Minnich, co-authored an article in the December 2021 issue of Headnotes, a publication of the Dallas Bar Association.

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax credit important to many employers struggling as a result of the COVID-19 pandemic.

Same Statute, Same Form, Different Penalties: Welcome to FBAR Litigation

The "Report of Foreign Bank and Financial Accounts" (FBAR) penalty has been the subject of much litigation.

Increased Hart-Scott-Rodino Thresholds Set to Take Effect Feb. 23, 2022

The Federal Trade Commission (FTC) has announced this year's revisions to the thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR), which will apply to all transactions closing on or after Feb. 23, 2022.

IRS Issues Favorable Tax Regulations on Management Company Exception to FET

Over the past few years, the Internal Revenue Service (IRS) has worked to issue final regulations that provide guidance to aircraft management companies and aircraft owners regarding their federal excise tax (FET) obligations.

Proposed Regulations Greatly Expand Guidance on Required Minimum Distributions

The Internal Revenue Service (IRS) issued expansive proposed regulations (the Proposed Regulations) on Feb. 24, 2022, reflecting the required minimum distribution (RMD) rules as set out in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and providing significant...