Tax Law and International Tax Law

Illinois has enacted a sweeping fiscal year 2027 budget that fundamentally reshapes state taxation for the digital economy, introducing new levies on targeted advertising, social media platforms, and digital asset transactions. The legislation also imposes volume-based taxes on fantasy contests and prediction markets while limiting corporate net operating loss deductions and expanding marketplace facilitator obligations to hotel booking platforms.

The PCORI fee for the 2025 plan year is due July 31, 2026, with the rate increasing to $3.84 per covered life. Understanding who must file—insurers for insured plans versus plan sponsors for self-insured arrangements—and which health plans are subject to this annual excise tax filing is critical for compliance. This guide clarifies the filing obligations, calculation methods, and special considerations for integrated HRA plans.

Federal courts are grappling with a fundamental question in partnership taxation: does the limited partner exception to self-employment tax depend on a partner's formal status under state law, or on whether they function as a passive investor? With the Fifth Circuit adopting a state law approach while the Tax Court applies a functional analysis, the stage may be set for a circuit split that could ultimately reach the Supreme Court.

The Financial Accounting Standards Board has proposed changes to how market-return cash balance pension plans are measured on corporate balance sheets. Currently, these plans can show liability measurements that significantly deviate from actual participant account balances, potentially misrepresenting a plan sponsor's true financial obligations. The proposed update aims to align accounting treatment with economic reality by allowing these plans to use their assumed interest crediting rate as the discount r

Viral success can transform a music career overnight, but without proper financial infrastructure, rapid growth often creates costly blind spots. Understanding how to manage complex income streams, plan for taxes, and evaluate opportunities becomes critical when momentum accelerates faster than systems can keep pace.

Connecticut has transformed into a trust-friendly jurisdiction through comprehensive statutory reforms, including the Uniform Trust Code, Directed Trust Act, and extended perpetuities period allowing trusts to last 800 years. How do these modern trust-planning tools balance with Connecticut's rigorous estate tax regime and the state's position as the only jurisdiction imposing both estate and gift taxes?

Cyber‑enabled cargo theft is a modern form of freight theft in which criminals use digital impersonation, stolen credentials and system manipulation to fraudulently obtain cargo...

The Autumn Budget contained a range of pensions-related announcements with implications for employers and trustees of all occupational pension schemes.

The Chancellor has today announced her highly anticipated autumn Budget.

As Cadwalader approaches its merger with Hogan Lovells on July 1, the firm reflects on eight years of BrassTax publication, which has provided clear insights on major tax developments from the 2017 Tax Cuts and Jobs Act to cryptocurrency taxation and energy tax credits. The publication will integrate into the combined firm's platform over the summer, promising expanded coverage with a broader group of contributors in the fall.

One message stood out during our Tax Symposium 2026 session, Tax controversy: What’s hot and what’s not: The Internal Revenue Service (IRS) is becoming more strategic...

Global families investing in U.S. real estate face critical tax structuring decisions at acquisition that can either preserve wealth or create decades of avoidable exposure. How should international investors structure their U.S. property purchases to minimize estate tax, FIRPTA obligations, and state tax compliance issues before closing the deal?