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Capital Gains Tax
United States
A common question we receive from founders is whether to organize their start-up business as a corporation or as an LLC[1]. While there are many non-tax related factors that need to be considered, this is often...
Lane Powell
There has been a lot of talk about Washington's new capital gains tax, levied at a rate of seven percent on Washington residents' long term capital gains in excess of $250,000.
Lane Powell
On Monday, August 21, Lane Powell filed a petition for certiorari to the U.S. Supreme Court (SCOTUS) asking the Court to review the Washington State Supreme Court decision in Quinn v. Dep't of Revenue.
One of the many questions that can arise after the death of a loved one regards the future ownership of their home — and how the transfer of that home can affect the tax liability of the new owner...
A common question we receive from founders is whether to organize their start-up business as a corporation or as an LLC.
Foley & Lardner
A Qualified Opportunity Zone (QOZ) is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment...
Lane Powell
As many of our readers know, the Washington Supreme Court recently validated the state's new excise tax on the sale or exchange of long-term capital assets (the LTCAET)...
Mayer Brown
With all due deference to the Bard, one perennial choice that bona fide residents of Puerto Rico1 face each tax filing season is whether to show items of Puerto Rico-source income...
Tannenbaum Helpern Syracuse & Hirschtritt LLP
In the last few decades, more and more U.S. families have been utilizing irrevocable trusts as part of their estate planning in order to protect their assets and manage their taxes in an efficient manner.
McGuireWoods LLP
With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid...
Perkins Coie LLP
The Washington Court of Appeals has held that investment funds are subject to Washington state business and occupation (B&O) tax on their investment income.
Taft Stettinius & Hollister
A taxpayer who invests an amount of capital gains in a QOF generally defers recognizing the gain until the earlier of (i) the date on which he or she disposes of the QOF interest and (ii) December 31, 2026.
While the value of virtual currency continues to fluctuate, the IRS' interest in it has only increased, as seen in Operation Hidden Treasure in 2021 and the Inflation Reduction Act in 2022.
Cadwalader, Wickersham & Taft LLP
On June 18, 2023, the New York State Bar Association Tax Section submitted a report (the "Report") in response to the IRS's request for comments in Notice 2023-27.
Mayer Brown
On July 21, 2023, the Internal Revenue Service ("IRS") released Notice 2023-55 (the "Notice") providing temporary relief from the final foreign tax credit regulations issued in 2022 (the "2022 Final Regulations").
Lane Powell
This checklist was prepared to address the Washington capital gains tax, effective January 1, 2022, for those taxpayers interested in changing their domicile from Washington.
Consider this fairly typical situation. Four years ago, employee Emma was granted an incentive stock option (ISO) to purchase 100,000 shares with an exercise price of $0.86 per share.
Falcon Rappaport & Berkman LLP
The Internal Revenue Service (IRS) recently issued a notice (the "Notice") regarding its intention to provide guidance related to determining when nonfungible tokens (NFTs)...
Cadwalader, Wickersham & Taft LLP
A recent pair of decisions by the California Office of Tax Appeals examined the tax treatment of special dividends paid in connection with the acquisition of a corporate target.
There is no one best way to invest. Every investment strategy offers potential rewards and poses certain risks. The appropriate strategy or strategies for you depends on your personal...
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