Insights on Tax

As 2024 gets underway, the nonprofit sector will continue to face new challenges in addition to grappling with ongoing challenges that continue to impact the sector.

After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023.

The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers.

Yesterday, the chairmen of the Senate Finance Committee and the House Ways and Means Committee introduced The Tax Relief for American Families and Workers Act of 2024, which proposes changes to the child tax credit, low-income housing credit, deductibility of research and development expenditures.

The US Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) recently published proposed regulations under Section 4966 to provide additional guidance on several issues related to creating and administering a donor-advised fund (DAF).

As we discussed in our September 25 alert, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the Internal Revenue Service (IRS) previously indicated that it was finalizing details for a settlement program for repayments for those who received an improper employee retention credit (ERC) payment. On December 21, 2023, the IRS provided details of this new settlement program (the ERC Voluntary Disclosure Program).

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed entities to register with and disclose beneficial ownership information to the US government’s Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024.

ArentFox Schiff is pleased to announce the election of 16 new partners, effective January 1, 2024.

ArentFox Schiff has been awarded 62 top rankings in the 2024 edition of Best Law Firms® which recognizes firms for professional excellence based on consistently positive ratings from clients and peers.

As we discussed in our September 25 publishing, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the IRS previously stated that it was finalizing details for a special withdrawal option for taxpayers.

The Inflation Reduction Act (IRA), enacted in August 2022, appropriated billions of dollars in additional funding to the Internal Revenue Service (IRS).

The IRS has announced an immediate moratorium on the processing of new employee retention credit claims and warns taxpayers of aggressive promoters and marketers “hustling to get a hefty contingency fee.”

The Internal Revenue Service (IRS) has issued guidance on the pharmaceutical excise tax that may apply to certain drug manufacturers, producers, and importers that fail to negotiate a drug-pricing agreement with the US Secretary of Health and Human Services.

The Inflation Reduction Act (IRA), which recently celebrated its one-year anniversary, presents new opportunities for tax-exempt and other organizations to directly benefit from renewable energy tax credits, including investment tax credits (ITCs) and production tax credits (PTCs).

ArentFox Schiff is pleased to announce that 130 attorneys have been recognized by The Best Lawyers in America 2024, with an additional four attorneys highlighted as “Lawyers of the Year” and 69 attorneys listed as “Ones to Watch.”

On June 22, 2023, the US Senate passed a resolution consenting to the ratification of the Income Tax Treaty between Chile and the United States (Treaty). The resolution opens the door for President Biden to formally ratify the Treaty, which he is expected to do.

Partner Joanne Faycurry discussed the potential consequences of Detroit Mayor Mike Duggan’s proposed legislation that would raise tax rates on certain types of properties to reduce blighted properties and promote development.

Christopher Floss will participate as a co-panelist at the Family Wealth Alliance’s Elevating Women in Family Wealth summer event on July 20, 2023.

On June 26, the US Supreme Court agreed to hear the appeal of Moore v. United States, a development that reverberated throughout the world of tax.

Earlier this month, the DC Office of Tax and Revenue and the County Council of Montgomery County, Maryland, announced that on October 1, 2023, dramatic changes will be made with respect to transfer and recordation taxes on transfers of commercial properties.

On June 9, 2023, US House Ways and Means Committee Chairman Jason Smith introduced the American Families and Jobs Act, which would have major implications for several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and the Inflation Reduction Act of 2022 (IRA).

ArentFox Schiff is pleased to announce that 93 attorneys and 21 practices have been ranked by The Legal 500 United States 2023 guide, a nationwide analysis of law firms that provide cutting-edge and innovative advice.

Shira Helstrom will present on “Tax Updates and Planning Strategies” on May 18, 2023.

On May 8, 2023, the Michigan Sales and Use Tax Acts were amended to allow an industrial processing tax exemption for property used for the production, manufacturing, or recycling of “aggregate” materials.

Effective April 26, 2023, the Michigan Sales and Use Tax Acts were amended so that most delivery and installation charges are no longer subject to sales and use taxes in Michigan.