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Legacy Advisors

Dutch 2021 Tax Bill Presented

By Thomas van der Vliet & Paul Schouten

September 16, 2020

On Budget Day, 15 September 2020, the Dutch Ministry of Finance presented its 2021 tax plan. For the proposed bills to have effect, they first must be approved by Parliament. If approved, many of the proposed measures will have effect beginning 1 January 2021, with some beginning 1 January 2022. This GT Alert outlines current proposals and previous measures that are proposed to have effect beginning 1 January 2021. Read the full GT Alert, “…

Legacy Advisors

Webinar: Introduction to Qualified Opportunity Zones for Investors and the Benefits of Investing in Minnesota

By Greenberg Traurig

September 8, 2020

The Tax Cuts and Jobs Act of 2017 created an important economic development tool, qualified opportunity zones (QOZs), to incentivize private investment in businesses, projects and commercial property in economically distressed communities. Governors from all states, including Minnesota, have now designated areas as QOZs which are eligible for tax-advantages. IRC Sections 1400Z-1 and 1400Z-2 and the related regulations and guidance provide that real estate and other investors can defer current capital gains, increase basis in…

Legacy Advisors

Greenberg Traurig Tax & Private Wealth Services Attorneys Listed in the Best Lawyers 2021

By Greenberg Traurig

August 28, 2020

More than 20 attorneys from the Tax Practice and Private Wealth Services Practice of global law firm Greenberg Traurig, LLP were included in the 2021 edition of Best Lawyers in America. In addition, seven attorneys from the firm’s Tax and Private Wealth Services practices are recognized in the inaugural edition of Best Lawyers: Ones to Watch. This year, more than 400 Greenberg Traurig attorneys from across the firm’s U.S. offices are listed in the publication,…

Legacy Advisors

3-Year Holding Period Rule for ‘Carried Interests’ Addressed in IRS Proposed Regulations

By James A. Martin, Niya Tang, Erez I. Tucner & Jennifer H. Weiss

August 28, 2020

On July 31, 2020, the Department of Treasury and IRS issued proposed regulations that provide guidance to the “carried interest” rules under Section 1061 of the Internal Revenue Code. Long-term capital gains derived by individuals are subject to a preferential 20% US federal income tax rate (plus 3.8% “net investment income” tax after certain income thresholds are met). On the other hand, individuals are subject to US federal income tax on short-term capital gains at…

Legacy Advisors

California Voters to Decide Whether to Increase Property Taxes on Commercial and Industrial Properties

By Bradley R. Marsh, Cris K. O'Neall, C. Stephen Davis, Ruben Sislyan & Jennifer A. Vincent

August 27, 2020

In November 2020, California voters will decide whether to fundamentally change how real property is taxed in the state. Proposition 15, if approved, would establish a “split roll” property tax regime, whereby commercial and industrial properties would be taxed differently than residential properties. It would amend the California Constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their current market value, rather than purchase price subject only…

Legacy Advisors

NYC Imposes Tax on Gain from Sale of an Intangible

By Glenn Newman

August 19, 2020

On June 26, 2020, an administrative law judge in the New York City Tax Appeals Tribunal In the Matter of Mars Holdings, Inc. [TAT(H) 16-14 (GC)] held that the city could impose its corporate tax on the gain on the sale of a partnership interest in a partnership that did business in New York City, even though the taxpayer’s commercial domicile was outside New York. Read the full GT Alert, “NYC Imposes Tax on …

Legacy Advisors

Court Rules that Uber and Lyft Cannot Treat California Drivers as Independent Contractors

By Michelle Ferreira & Courtney A. Hopley

August 13, 2020

On August 10, 2020, the San Francisco Superior Court granted the State of California a preliminary injunction requiring Uber and Lyft to reclassify their drivers as employees. People of the State of California v. Uber Technologies, Inc. concerns the application of Assembly Bill No. 5 (A.B. 5), which targeted the gig work economy. Uber and Lyft have disputed the application of the legislation to their businesses, so the California Attorney General Xavier Becerra and the…

Legacy Advisors

Your Offshore Voluntary Disclosure May Be Long Over but the IRS May Be Looking at Your Ongoing Tax Compliance

By Barbara T. Kaplan, Jared E. Dwyer, Michelle Ferreira, Scott E. Fink, Courtney A. Hopley, Jennifer A. Vincent & Shira Peleg

July 31, 2020

In July 2019 the IRS identified post offshore voluntary disclosure program (OVDP) compliance as a campaign. The purpose of the campaign is to pursue those OVDP participants who fail to remain compliant with their foreign income and asset reporting requirements. The campaign said that the IRS would address this tax noncompliance through soft letters and examinations. OVDP participants have recently received such soft letters. Continue reading the full GT Alert, “Your Offshore Voluntary Disclosure …

Legacy Advisors

Protecting Your Potential Tax Refund Should the Affordable Care Act’s Individual Mandate Be Determined Unconstitutional

By Barbara T. Kaplan

July 29, 2020

The U.S. Supreme Court has taken up the case of whether the Patient Protection and Affordable Care Act (ACA)’s individual mandate is unconstitutional. A decision on this issue is likely not to occur until next year but protecting a possible tax refund cannot wait. A claim for a tax refund must be made no later than three years from the filing of the income tax return in question or the refund will be barred. Read…

Legacy Advisors

Main Street Loans to Be Extended to Nonprofits

By Claire Arritola & Harry J. Friedman

July 23, 2020

On July 17, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the terms of an expansion of the Main Street Lending Program to include loan facilities that would allow for nonprofit borrowers. The Main Street Lending Program opened on June 15, 2020, and is meant to increase access to capital for small- and medium-sized businesses that were in sound financial condition before the onset of the Coronavirus Disease 2019 (COVID-19)…

Legacy Advisors

Powered by GT Tax - A Greenberg Traurig Knowledge Product

Blog Authors

Dutch 2021 Tax Bill Presented

Webinar: Introduction to Qualified Opportunity Zones for Investors and the Benefits of Investing in Minnesota

Greenberg Traurig Tax & Private Wealth Services Attorneys Listed in the Best Lawyers 2021

3-Year Holding Period Rule for ‘Carried Interests’ Addressed in IRS Proposed Regulations

California Voters to Decide Whether to Increase Property Taxes on Commercial and Industrial Properties

NYC Imposes Tax on Gain from Sale of an Intangible

Court Rules that Uber and Lyft Cannot Treat California Drivers as Independent Contractors

Your Offshore Voluntary Disclosure May Be Long Over but the IRS May Be Looking at Your Ongoing Tax Compliance

Protecting Your Potential Tax Refund Should the Affordable Care Act’s Individual Mandate Be Determined Unconstitutional

Main Street Loans to Be Extended to Nonprofits

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