Insights on 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.

USD LIBOR is the last step in the long and winding road that has been LIBOR’s slow demise over the last several years as all other LIBOR instruments worldwide have already substantially transitioned.

The Inflation Reduction Act, which was signed into law on Aug. 16, 2022, created a new 1% excise tax on certain repurchases of the stock of publicly traded corporations.

Partner Andrew Katzenberg was featured on current tax legislative moves and how advisors can help their clients take advantage of estate tax exemption, which are “historically high.”

Tom Abendroth, Stephen Liss, and Kevin Matz will present the “Highlights of Heckerling” for the Trusts & Estates webinar on February 1, 2023.

The Inflation Reduction Act of 2022, which was signed into law on August 16, 2022, enacted a new 1% excise tax on certain repurchases of the stock of publicly traded corporations, codified in Section 4501 of the Internal Revenue Code of 1986 (the Excise Tax).

ArentFox Schiff is pleased to announce that eight attorneys have been named to Washingtonian magazine’s 2022 Top Lawyers, which features the “top legal talent” in Washington, DC.

Partner Gene Magidenko to Speak at American Bar Association Webinar on January 19, 2023.

Kevin Matz, Stephen Liss, and Tracy McLaughlin will speak at the NYSSCPA 2022 Annual Private Wealth Conference on Dec. 7, 2022.

ACTEC Fellow Christine Quigley will present at the ACTEC ALI CLE on Dec. 6, 2022.

On November 29, 2022, the Internal Revenue Service (IRS) and the Treasury issued a Notice of Initial Guidance (the Notice), which provides the first round of guidance with respect to the prevailing wage requirements and apprenticeship requirements introduced in the Inflation Reduction Act (the IRA).

On November 8, 2022, voters in several states considered whether to approve state income tax changes. Specifically, voters in Massachusetts voted to impose a 4 percent personal income surtax on income above $1 million; voters in Colorado voted to further limit federal itemized deduction amounts.

Americans woke up on Wednesday, November 9, immediately realizing something was different. On their televisions and other devices, they only saw commercials for products, vacation spots, and reality shows.

ArentFox Schiff has been recognized with 53 top rankings in the 2023 edition of US News – Best Lawyers® “Best Law Firms.”

ArentFox Schiff is pleased to announce that Partner Kristen Hosack Pace was one of 25 recipients of the Family Wealth Alliance’s 2022 Young Professionals in Family Wealth Awards, which honor professionals under 40 who have demonstrated early career success and contributions to their industry.

Following the enactment of the Inflation Reduction Act (IRA) on August 16, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) recently issued six notices.

Knowing who owns legal entities is essential to stopping terrorism, money laundering, and other sophisticated criminal enterprises. For entities formed in the United States there has never been a requirement to disclose ownership. But that’s about to change.

ArentFox Schiff is pleased to announce the addition of Partner Shira M. Helstrom to the firm’s Tax practice. Based in the Washington, DC office, she brings extensive experience advising tax-exempt organizations on a wide range of tax, transactional, and governance matters.

The US Internal Revenue Service (IRS) recently released Notice 2022-36, in which the IRS announced that it is automatically waiving (and automatically abating, refunding, or crediting, as appropriate) penalties for failure to timely file specified tax returns for the 2019 and 2020 tax years.

Join Matthew Nolan for the 12th SIPS Symposium on Sustainable Development.