Feigenbaum Law

Tax Cuts and Jobs Act

#metoo- the capital building

Corporate Tax Planning

The Tax Cuts and Jobs Act and #metoo: Addressing Sexual Harassment in the Workplace Through Tax Reform

Last week, we blogged about the tax implications of Colin Kaepernick’s recent multi-million dollar settlement with the NFL. This week, we explore another aspect of legal settlement and tax: how settlements stemming from sexual harassment in the workplace (proliferating recently due to the massive #metoo movement) are being treated following recent tax reforms. #metoo and the Growing Awareness of Problematic Workplace Behaviours The #metoo movement exploded virally in October 2017, with millions of women… Read More

Close up of men's hockey skates

Sports & Entertainment

Tax Considerations for Professional Athletes in the U.S.

Professional sports are a multi-billion-dollar industry, propelled by major leagues including the NFL, NBA, MLB, MLS, among others, and made popular by players earning millions of dollars a year. It is also an area of tax complexity for athletes for a wide range of reasons. What are the biggest areas of concern for players in the U.S.? The Tax Cuts and Jobs Act We’ve previously blogged about the Trump administration’s Tax Cuts and… Read More

Gift tax

Personal Tax Planning

IRS Announces a “Use it or Lose It” Provision for Current Estate and Gift Tax Exemptions

Earlier this week, the IRS announced that taxpayers taking advantage of the increased gift and estate tax exclusion amounts in effect between 2018 and 2025 will not be adversely impacted when the exclusion amount is scheduled to decrease to pre-2018 levels  in 2025. Gift Taxes, Estate Taxes and the Exclusion Amount Gift and estate taxes apply to transfers of money, property, and other assets. These taxes are calculated using a unified rate… Read More

NAFTA

Corporate Tax Planning

Canadian Government Speaks to Washington About Thousands of Canadians Affected by U.S. Tax Reforms

CBC News reports that the Canadian government is in discussions with Washington about the impact of the Republican’s Tax Cuts and Jobs Act. Retroactive Repatriation Tax Part of the U.S’ $1.5 trillion tax overhaul package was a one-time retroactive Transition Tax, also known as the Repatriation Tax. This provision was intended to discourage U.S. multinational companies, such as Microsoft and Apple, from leaving their money in foreign subsidiaries. However, this provision is… Read More

Pass-through

Corporate Tax Planning

U.S. Treasury Department Introduces Guidance on “Pass-Through” Companies

Earlier today, the Treasury Department and the Internal Revenue Service (IRS) released long-awaited guidance on a key element of the Tax Cuts and Jobs Act, answering the many questions that were being asked by small business owners hoping to take advantage of major tax breaks included in the Republican tax reforms. Pass-Through Entities Today’s announcement was intended to provide additional clarity about the 20% deduction on income for owners and partners in… Read More

#metoo- the capital building

Personal Tax Planning

Democratic States Sue Federal Government Over Tax Reforms

Last month, New York, New Jersey, Maryland, and Connecticut sued the federal government, claiming that the Republican tax reforms brought in under President Trump unfairly single out high-tax Democratic states. The lawsuit, filed in the Southern District of New York, seeks to block the cap on deductions for state and local taxes and names the Internal Revenue Service and the U.S. Treasury Department as defendants. It seeks a court judgment ruling the… Read More

Tax fraud

Corporate Tax Planning

IRS Announces $291 Million Plan for Implementing Tax Reform

Earlier this year, Congress earmarked $320 million of the Internal Revenue Service’s (IRS) total $11.4 billion budget for implementing the reforms resulting from one of the largest overhauls of the U.S. tax code in many years. A recently disclosed document reveals that the IRS will spend almost $300 million to carry out necessary changes. Some Context In March 2018, Treasury Secretary Steve Mnuchin had… Read More

#metoo- the capital building

Corporate Tax Planning

Landmark Tax Reform in the U.S: The Tax Cuts and Jobs Act

The Republican’s Tax Cuts and Jobs Act (TCJA) was enacted into law last week, with timing intended to comply with the President’s promise to have a tax bill signed before Christmas of this year. The TCJA is a $1.5 trillion overhaul that will introduce the first widespread changes to the U.S. tax code in more than 30 years. After first receiving Senate approval with a 51 to 48 vote, the TCJA was passed by… Read More

Tax

Corporate Tax Planning

The Tax Cuts and Jobs Act: What You Need to Know

After months of discussion, the Republicans in the House of Representatives released the Tax Cuts and Jobs Act on November 2, representing a first attempt at legislating some of the previously proposed reforms. While the Act will likely go through several changes before it becomes law, this marks a significant step forward in attempting to enact tax reform prior to the end of 2017. The Tax Cuts and Jobs Act The Act, authored by… Read More