House Votes Today On ‘Tax Reform 2.0,’ But Senate Action Unlikely Before Elections

The House today is likely to approve legislation to make permanent the individual and small-business tax cuts that Congress enacted in 2017, but the Senate won’t consider the measure before the November midterm elections.

Today’s vote is part of a three-bill package of tax relief dubbed “Tax Reform 2.0.” The House on Thursday approved legislation by Rep. Mike Kelly, R-Pa., that would expand retirement savings incentives and legislation by Rep. Vern Buchanan, R-Fla., to expand tax breaks for startups.

The House passed the retirement savings bill […]

By |October 4th, 2018|

Luxembourg – The Utter Digital Transformation Of Operational Tax Compliance

During the past 10 years, the banking and asset management sectors have gone through a restructuring phase, following the 2008 financial crisis which prompted major banking groups to redefine their strategies. As is well known, a huge increase in regulatory and tax compliance obligations followed the crisis, affecting banks and investment managers heavily.

In the same period, however—and not at all accidentally—the digital transformation reached a new stage of maturity, enabling new efficiencies and creating […]

By |October 2nd, 2018|

IRS Issues Guidance Affecting Tax-Exempt Investments In Private Equity Funds

Under the Tax Cuts and Jobs Act (TCJA, December 22, 2017), tax-exempt investors must now calculate unrelated business taxable income (UBTI) separately with respect to each trade or business. As a result, a deduction from one unrelated trade or business for a taxable year may no longer be used to offset income from a different unrelated trade or business for the same taxable year. The TCJA does not define “trade or business” for this […]

By |September 11th, 2018|