Tax Law News and Insights

The 2022 Secure 2.0 Act signed into law, December 29, 2022, provides a onetime election for qualified charitable distributions (QCD) of $50,000 (increased annually for inflation) from one's IRA in return for an annuity. In essence it allows for a one-time election to a "qualified charitable entity" of a gift...

Read More

Tax Legal Update As we described here, earlier this year the Washington Supreme Court ruled that the state's capital gains tax is a constitutional excise tax, not an income tax, even though it is measured by net long-term capital gains allocable to Washington. Politicians and some press argued that the tax...

Read More

The EU has adopted a directive implementing the OECD global minimum tax rules ('Pillar 2'). Even though the US did not adopt the Pillar 2 rules, they can have a significant tax impact on US multinational enterprises ('MNEs'). Pillar 2 will apply to MNEs with annual global revenues exceeding €...

Read More