Insights on Tax

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.

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.