educing perceived wealth disparity in the United States has become a major political goal of the Biden Administration and the Democratic Party.
Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the "Legislation") as part of Congress' ongoing $3.5 trillion budget reconciliation process.
As has been the case over the last couple of years, opportunity zone ("OZ") investments have been the subject much interest from taxpayers and investors during 2021.
Despite the record-high prices in real estate some homeowners and landlords have experienced financial hardships due to the COVID-19 pandemic.
If you were focused on the legislative proposals to make it even more difficult for private fund managers to achieve long-term capital gains from carried interests,...
Trusts are often used by successful families to provide for long term succession planning and centralized asset management.
As previously reported on May 7 and June 17 of this year, Washington state lawmakers enacted a new capital gains tax, set to go into effect on January 1, 2022...
Taft Stettinius & Hollister
For federal income tax purposes, a person may not be treated as both a "member" and an "employee" of a limited liability company (an "LLC").
As if another year of the COVID-19 pandemic was not enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill.
Schnader Harrison Segal & Lewis LLP
UPDATE (11/8/21). Welcome to the legislative roller coaster! For now, we can all breathe a collective sigh of relief.
Winston & Strawn LLP
On October 28, 2021, the House Rules Committee released a revised version of H.R. 5376, the "Build Back Better Act."
Foley & Lardner
You formed and financed an emerging growth company or startup, you hold unregistered shares of a private company not listed on a national securities exchange—but you need cash now.
The Democratic effort to enact President Biden's agenda has taken a rather convoluted path in terms of initiatives, price tag, and revenue-raising provisions.
For nearly a year, various proposals and so-called "frameworks" have been debated in Congress regarding changes to the federal estate and gift tax laws.
Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%.
"Prediction is difficult - particularly when it involves the future." Unfortunately for most businesses, however, being able to predict future prices of components (physical or financial)...
Starting January 1, 2022, the State of Washington will impose a seven percent tax on money earned from the sale or exchange of long-term capital assets, otherwise known as "capital gains."
As song writer and musician Bob Dylan said in his hit song, "The Times They Are A-Changin'"...
Negotiations continue in Washington, D.C., over the future of President Biden's agenda.
In May 2021, President Biden's administration released a $6 trillion budget proposal for the coming fiscal year (Budget), including $3.6 trillion of tax increases over 10 years and generous tax credits to incentivize clean energy and certain infrastructure projects.