On Dec. 21, 2023, the Internal Revenue Service (IRS) announced a new voluntary disclosure program (VDP) for taxpayers who have received an employee retention credit (ERC) refund for which they might not have been eligible. Eligible taxpayers wishing to participate in
California’s proposed legislation, Assembly Bill (AB) 886, aimed at imposing a tax on internet platforms for their use of digital journalism content, has been delayed in the Senate but may resurface in 2024 with potential amendments.
Key Details of AB
On Dec. 13, 2023, the San Francisco Superior Court of California, in American Catalog Mailers Association v. Franchise Tax Board, issued a ruling in favor of the plaintiff’s motion for summary adjudication that certain guidelines issued by the Franchise Tax Board
Please join Greenberg Traurig shareholders Kate Kalmykov, Barbara Kaplan, and Marc Selden for an informative discussion on the importance of pre-residency tax planning for foreign nationals in the United States applying for permanent residency. The panel will address:
A Los Angeles County superior court judge dismissed a lawsuit that sought to invalidate Measure ULA, also called the mansion tax. Measure ULA, which took effect in April 2023, significantly increased documentary transfer tax on all real estate sales or
Following their recent announcement regarding new partnership and global high wealth enforcement initiatives, the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the largest corporate taxpayers. Last week, IRS Commissioner Danny Werfel
Since 2004, New York has provided tax credits to encourage film and television productions located in the state. The credit is 30% of “qualified costs” incurred in the production. Legislation (S7422A) introduced in May 2023 would remove from “qualified costs”
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credit (NMTC) awards on Sept. 22, with the goal of economically revitalizing low-income communities across the country. A total of
On Sept. 14, 2023, the IRS announced an immediate moratorium on the processing of amended returns claiming Employee Retention Credits (ERC). The moratorium, which is set to run through the end of 2023, is a new IRS tactic to deal