Tax Law News and Insights

On December 27, 2022, the US Treasury Department and the Internal Revenue Service ("IRS") issued Notice 2023-2 (the "Notice"), which provides taxpayers interim guidance (until regulations are issued) on how the new 1% excise tax on stock-buybacks will be imposed and administered. The new 1% excise tax was enacted last summer...

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If you run or work for a not-for-profit organization or religious corporation that owns real property in New York City and Nassau County, you are most likely receiving a property tax exemption benefit that exempts a parcel or parcels of real property from paying property taxes to the municipality. Please...

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I. Introduction When a U.S.-based cash-basis law firm receives a contingency fee, the fee generally is subject to U.S. federal income taxation in the year the settlement occurs and the fee is paid out by the defendant or its insurer (Settlement Year). Some law firms have arranged for a third...

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