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MAY 21, 2019
 
 
 
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Tax Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.
 
 
 
 
On April 17, 2019, the Treasury Department released its second round of guidance on opportunity zone investment in the form of proposed regulations (the “New Proposed Regulations”). These newly proposed regulations supplement and in some cases revise the proposed regulations issued in October 2018 (The “October Proposed Regulations”)...
 More on The Opportunity Zones Update Here>
 
 
 
Bracewell Law FirmSection 162(f) of the Internal Revenue Code of 1986 (the Code), as amended by the Tax Cuts and Jobs Act (the TCJA), limits the federal income tax deductibility of certain payments made to a government or governmental entity, including certain non-governmental self-regulatory entities (a Governmental Entity), in connection with a violation of law or an investigation involving a potential violation of law, and imposes consistent reporting requirements with respect to such payments.  Such changes to Code Section 162(f) are expected to impact the negotiation of settlements with respect to the characterization of payments made to Governmental Entities and taxpayers’ efforts to minimize the after-tax cost of such payments.  More on Deductions to Governmental Entities Here> 
 
 
 
On April 25, 2019, the United States Court of Appeals for the Federal Circuit decided that refundable state tax brownfield credits are taxable income for federal purposes. The court held in Ginsburg v. United States, “The excess amount of the brownfield redevelopment tax credit received by the Ginsburgs in 2013 is taxable gross income because it is an undeniable accession to wealth over which the Ginsburgs have complete dominion and control.” More on Refundable State Tax Credits Here>
 
 
 
Beginning April 1, 2019, Revenue Procedure 2018-52, modifies the IRS Employee Plans Compliance Resolutions System (EPCRS) and significantly changes how Voluntary Correction Program (VCP) applications must be submitted to the IRS. In particular, VCP submissions made on or after April 1, 2019, must be filed electronically through the IRS website, Pay.gov. From January 1, 2019, through March 31, 2019, a plan sponsor has the discretion to submit a VCP either electronically through Pay.gov or on paper forms. All VCP submissions made on paper forms submitted on or after April 1, 2019, will be returned unprocessed...  More on IRS Digital Voluntary Correction Program Here>
 
 
 
 

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