Brass Tax

August 23, 2023

July 27, 2023

Congress Getting in on Barbenheimer Action, Goes for Crypto Tax Double Feature

NYSBA Tax Section Recommends Guidance on NFTs

IRS Publishes Final Regulations on IBOR Transition for Published Rate Elections

Is There Taxation Without Realization? Moore May Create More Questions Than Answers

June 28, 2023

IRS Releases Proposed Rules on Selling Energy Tax Credits

Playing the Waiting Game on Crypto Tax Reporting

IRS Takes Partnership Entity-Level View on FIRPTA’s Publicly Traded Stock Exception

Court of Justice Rules on UK Group Asset Transfer Rules

Pre-Closing Special Dividends: Distributions or Sales Proceeds?

May 24, 2023

Cryptocurrency Is Property Not Currency Even if Legal Tender, Per IRS

Tax Court Adopts Broad Reading of Profits Interests Safe Harbor

IRS Says Crypto Protocol Changes Are Not Taxable

Crammed Down but Not Out: HMRC Successfully Opposes Restructuring Plans

UK Tax Administration and Maintenance Day 2023 – Key Tax Consultations

April 27, 2023

Through the Looking Glass: Will a Look-Through Rule for Taxing NFTs Clarify or Further Distort?

No Need to Pretend – Just Extend – if Borrowers Ask to Delay Repayment

IRS Gets Serious About Digital Asset Reporting by Individuals

A Toothless Tax Avoidance Scheme: M Northwood v HMRC

March 21, 2023

Potential Constitutional Challenge: Biden Budget Proposes Mark-to-Market for High-Net-Worth Individuals

Airing Dirty Laundry: Biden Budget Targets Crypto Wash Sales

UK Budget 2023 – Key Tax Measures

Supreme Court Hands Taxpayers a Victory in FBAR Penalty Case

February 23, 2023

The States Come Marching In: Investors Ignore State Wealth Taxes at Their Peril

New Look-Through Rules Will Impact Foreign Investment in REITs

Case May Bring Clarity on Self-Employment Tax on Limited Partners

Saving Loans for REMICs

Good v HMRC – What Does ‘Entitled To’ Mean?

EU List of Non-Cooperative Jurisdictions Expanded

January 26, 2023

IRS Sheds Light on Harvesting Crypto Losses

Back to the Future ... Cryptocurrency Tax Reporting

Brakes Applied to a Speedy Reorganisation

Notice 2023-2 Provides Helpful Guidance Regarding the Stock Repurchase Excise Tax

UK Government Finalises Mandatory Disclosure Rules

Notice 2023-7 Provides Initial Guidance Regarding the Corporate Alternative Minimum Tax

December 15, 2022

FTX Tax Losses: The Land of Misfit Toys

On the Hunt for Financial Services (and Tax) Reforms

UK VAT Treatment of Fund Management Review Announced

UK Government Expands Assets within the Scope of the UK’s IME to Include Cryptoassets

Proposed Treasury Regulations Would Disallow Technique to Reduce Subpart F and GILTI Inclusions

Treasury Holds Fast on Centralized Partnership Audits

November 29, 2022

Cadwalader Attorneys Author Law360 Article on Crypto Staking Rewards Taxation Uncertainty

Update: OECD Crypto-Asset Reporting Framework

IRS’s Crypto John Doe Summons Expanded While Harper Fights Back

Getting the Fiats Straight: CJEU Annulled State Aid Decision against Fiat

October 20, 2022

Cadwalader Tax Attorneys Author Law360 Article on Tax Uncertainty Around Digital Assets

Sub-Participations Are VAT Exempt Under EU Law

Podcast: Tax Aspects of CRE CLO Transactions

Staking Rewards: Is IRS Digging In or Changing Its Mind?

September 22, 2022

Ethereum Merge – Soft Fork for Now?

UK Government Considers Changes to the Rules on Sovereign Immunity from Direct Taxation

Key Features and Ambiguities of the New Corporate Book Minimum Tax

Burlington Loan Management DAC: Treaty Shopping Provisions Did Not Apply

IRS Cries Uncle for the Fourth Time on the Section 871(m) Substantial Equivalence Test

August 18, 2022

Tax Provisions in the Inflation Reduction Act of 2022

Mini-Me Crypto Tax Legislation

HMRC v BlackRock Holdco 5 LLC Throws a Spotlight on UK Transfer Pricing and the ‘Unallowable Purposes’ Rule

BlueCrest Salaried Members Case: Who Is a Significant Influencer?

‘Covered Modifications’ and LSTA’s New SOFR Amendment Forms

To Elect or Not to Elect: U.S. Partners May Soon Have to Decide for Themselves Whether to File Passive Foreign Investment Company (PFIC) Elections

August 11, 2022

Senate Passes Inflation Reduction Act

July 21, 2022

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

UK Government Announces DeFi Lending and Staking Consultation

Looking Forward: The IRS Denies 40/60 Treatment for Over-the-Counter Foreign Currency Options under the Mark-to-Market Rules

EU Advocate-General Opined Sub-Participation Not within VAT Exemption for Granting Credit

June 23, 2022

The Crypto Industry Is Talking Tax, and the Senate Is Listening

UK Government Considering Expansion of Investment Transactions List to Include Crypto-Assets

European Commission Consultation on EU-wide Withholding Tax System

May 25, 2022

Crypto Trading Safe Harbor – We’re On Our Own

European Parliament Draft Report on Crypto

New Proposed NOL Regulations on the Horizon

A Step Forward for a Corporate Re-domiciliation Regime for the UK

April 21, 2022

A Pocket Guide to the 2023 Budget Proposals

President Biden’s Greenbook Provides Clarity on Digital Asset Taxation

OECD Cryptoasset Reporting Framework

NYSBA Tax Section’s Crypto Recommendations

Haworth: Residency Tie-Breaker Tests in a ‘Round the World’ Tax Scheme

March 24, 2022

Podcast: Tax Aspects of Litigation Finance

The UK Funds Review Response: Steps Forward But a Key Opportunity Missed

U.S. Executive Order on Crypto Assets Sets Policy Objectives

Measures Against Russia (Only)? UK Economic Crime (Transparency and Enforcement) Act 2022

February 24, 2022

EU’s Proposal on Implementing Pillar Two

Is Staking a Taxable Service?

UK Revenue Guidance on Cryptoasset Lending and Staking Using Decentralised Finance

Revenue Adjusted Lease Payments Are Not REIT Qualifying Income

January 28, 2022

Europe Adds Cayman Islands to 'High-Risk' List

EU Directive Targets 'Shell' Companies

Proposed Regs Affect PFIC Elections

IRS Publishes Final IBOR Transition Regulations

January 3, 2022

IRS Publishes Final IBOR Transition Regulations

December 14, 2021

Build Back Better Act: Comparison of Senate Finance Committee and House Tax Provisions

November 22, 2021

House Passes Build Back Better Act

November 10, 2021

Breaking Up: Case Study on GE’s Proposed Spin-Offs

October 28, 2021

Wyden’s Billionaires Tax

The UK’s Autumn Budget 2021 – Key Tax Measures

Practitioners Voice Concerns Over Grantor Trust Proposal

Representative Neal Proposes IRA Changes

Keep Your Eyes on Mark-to-Market

September 30, 2021

A Look at the House Ways and Means Committee’s Tax Proposals

Wyden Proposes Partnership Tax Reform

A Comparison of Recent Tax Proposals

August 27, 2021

Wyden’s Carried Interests Bill

August 24, 2021

REITs Reconfigure

Senate Democrats Pass Budget Resolution

Rationalizing Lending Authorities

Infrastructure Bill Includes Broker Crypto Reporting

Wyden Wants to Limit “Mega-IRAs”

July 27, 2021

An(other) OECD BEPS 2.0 Update

Nonresident Corporate Partner Subject to NYC Tax on Sale of Partnership Interest

Wyden Proposes Expansion of Pass-Through Deduction

A Look at the Biden Administration’s Fiscal Year 2022 Revenue Proposals

June 1, 2021

A Look at the Biden Administration’s Fiscal Year 2022 Revenue Proposals

May 26, 2021

RMTs Roll On: Case Study on AT&T’s RMT Deal with Discovery

EU’s Ambition Beyond BEPS 2.0

Legislative Crypto Proposals

IRS Announces 2021 Virtual IRS Nationwide Tax Forum

April 30, 2021

Biden Tax Proposals to Pay for the American Families Plan

A Look at the Tax Provisions in Biden’s Infrastructure Plan

IRS Issues Taxpayer-Favorable Debt Workout Ruling

Guidance Addresses BTC-to-BCH Hard Fork

Mixed Membership Partnerships: A Salient Reminder

Biden Administration’s Proposals on Pillars I & II Receive Praise and Critique Abroad

March 25, 2021

UK Proposes Securitization Tax Reform

Tax Changes in COVID-19 Relief Legislation

The Biden Administration: Key Treasury and IRS Positions

New York Proposes Stock Transfer Tax

February 25, 2021

Carried Interests in the Crosshairs (Again)

UK Asset Holding Companies: What Does the Future Hold?

Democrats Propose Mark-to-Market Tax and Increased Audits on High-Net-Worth Individuals

New York Assembly Sponsored Legislation Proposes New Tax on Mezzanine Debt and Preferred Equity

January 26, 2021

The Consolidated Appropriations Act of 2021

An About-Face on PPP Deductibility

A Peek Behind the Curtain: IRS Musings on Spinoff Ruling Procedures

IRS Finalizes Carried Interest Regulations

IRS Extends COVID-19 Forbearance Relief for REMICs and Grantor Trusts

HMRC Announces Unexpected Changes to DAC 6

January 14, 2021

IRS Extends COVID-19 Forbearance Relief for REMICs and Grantor Trusts

January 8, 2021

IRS Finalizes Carried Interest Regulations

December 22, 2020

Belgium as a New Springboard into the EU?

IRS Issues Final and Proposed PFIC Regulations

IRS Issues Final Like-Kind Exchange Regulations

IRS Finalizes Book-Tax Conformity Regulations

November 23, 2020

Bankruptcy Tax in the COVID Era

Biden’s Tax Plan

IRS Clarifies Nondeductibility of PPP Expenses

Taxing Virtual Currencies

IRS Finalizes UBTI Regulations

October 22, 2020

IRS Issues IBOR Fallback Safe Harbor for ARRC and ISDA Provisions

Caymans Removed from EU Blacklist

IRS Finalizes Foreign Partnership Withholding Regulations

IRS Finalizes T&E Expense Regulations

IRS Finalizes Inventory Sale Sourcing Regulations

October 13, 2020

IRS Issues IBOR Fallback Safe Harbor for ARRC and ISDA Provisions

October 8, 2020

Everything Old Is New Again: Bankruptcy Tax Issues from the 2008 Downturn to the 2020 Crisis

September 24, 2020

IRS Challenges Qualified Dividend Treatment

IRS Issues Final Regulations on Transfers of Partnership Interests

BEPS 2.0 – Part 4: Pillar Two

The Meaning of Words in Tax Contracts

August 25, 2020

IRS Issues Interest Barrier Regulations

Aladdin’s Magic Fails to Conjure VAT Exemption

IRS Proposes Carried Interest Regulations

BEPS 2.0 – Part 3: Pillar Two

August 4, 2020

IRS Proposes Carried Interest Regulations

July 23, 2020

IRS Proposes Like-Kind Exchange Regulations

Section 199A Guidance Benefits RIC Investors

BEPS 2.0 — Part 2: Pillar One

IRS Releases Updated Draft Partnership Return

Making the Most of Distressed Collateralized Loan Obligations

June 15, 2020

Cadwalader Cares

BEPS 2.0 — What Is It and Where Are We?

Helpful Guidance on Coronavirus-Related Trust Modifications

Saving Loans for REMICs

Loans Aren’t Securities

May 21, 2020

CARES Act: Slides Summarizing Key Tax Relief Provisions

COVID-19 Prompts DAC 6 Deferral Proposal

PPP Expenses Not Deductible

Relief for Mutual Funds and REITs

IRS Proposes UBTI Regulations

Final Debt-Equity Regulations Published

'Good' Loan Origination?

April 20, 2020

Securitization Guidance on Coronavirus-Related Forbearances

When Does a Loan Qualify for Inclusion in a REMIC in the Time of COVID-19?

Coronavirus and UK Tax

New NOL Carryback Guidance

Unrecorded Mortgages Pose Unique Issues for REMICs

The IRS CARES About Partnerships

Coronavirus Keeps Foreigners from Getting EINs

No Income, No Problem for Spinoffs

April 2, 2020

Tax Help in the CARES Act

CMBS Loan Modifications

Tax Filing Deadline Update

The Taxation of Distressed Mortgage Securitizations

March 23, 2020

#BrassTax: COVID-19 Edition

Tax Day Moved to July 15

A Look at the GOP's Tax Relief Proposal

Putting the Squeeze on Carried Interests

IRS Eases Some Foreign Trust Reporting Requirements

UK Budget 2020 — Key Tax Measures

Onshore CLOs May Make Sense for Insurer Investors

February 28, 2020

VAT Hits Dutch CLOs

The Taxation of Distressed Mortgage Securitizations

ICYMI: The EU “Blacklists” the Cayman Islands

#GotBrexitDone?

New Form 1040 Includes Virtual Currency Transactions

Significant Regulations Coming Soon

February 24, 2020

The EU Council’s Classification of the Cayman Islands as a “Non-Cooperative” Jurisdiction for Tax Purposes

January 22, 2020

IRS Issues Final Opportunity Zone Regulations

IRS Extends Delta-One Test for Withholding on Dividend Equivalents

IRS Adds Transition Relief for Proposed NOL Limitation Rules on Built-in Gains and Losses

A New Approach to VAT Recovery

December 11, 2019

IBOR Transition Update: The Fair Market Value Test

Guidance on Crypto Hard Forks and Airdrops

Direct Lending Under the Ireland-U.S. Tax Treaty

Close Your Eyes: Additional Thoughts on CFC Downward Attribution

Taxpayer Expectations: Legitimate or Not?

IRS Proposes Narrowing Debt Recast Rules

October 17, 2019

Transitions from IBOR to Alternative Rates Avoid Tax Under Proposed Regulations

Not Dead … But Not Quite Alive: The Resuscitation of the EU Financial Transaction Tax

New Guidance on CFC Downward Attribution Rules

U.S. Loan Origination through Irish Treaty Funds

October 10, 2019

Transitions From IBOR to Alternative Rates Avoid Tax Under Proposed Regulations

September 25, 2019

New NOL Limitations Proposed

Linda Swartz Named Influential Woman in Tax Law

Wyden Introduces “Mark to Market” Tax Bill

IRS Proposes Book-Tax Conformity Regulations

Brave New World: EU Mandatory Disclosure Rules for Cross-Border Arrangements

September 3, 2019

IRS Extends Deadline for Certain Partnership Tax Returns

IRS Continues Crypto Enforcement Efforts

Final Regulations on Partners' Shares of Creditable Foreign Taxes

UK Tax Decision Addresses Loyalty Payments

July 24, 2019

Proposed PFIC Regulations for Foreign Insurance Companies

Carried Interests Back in the Crosshairs

Jersey SPV = UK Tax Resident: The Development Securities Case

Proposed Regulations on Endowment Tax

June 27, 2019

Time Runs Out for Retroactive Rules on Tax Reform

IRS Narrows Look-Through Rule for Related CFCs

IRS Makes It Harder for Entities to Get a TIN

No Charitable Deduction for State Tax Payments

The Danish Cases on Beneficial Ownership and Abuse of Rights

May 23, 2019

The Disappearing Income Requirement for Spinoffs

IRS Issues Proposed Regulations on Transfers of Partnership Interests

New Proposed Regulations on Opportunity Zones

April 26, 2019

Is the Revenue Requirement Being Spun Away?

UK Real Estate Update

SFIG Sends LIBOR Tax Letter to Treasury

OZone Alert

March 21, 2019

IRS Eliminates TIN Disclosure Requirement for Partnership Representatives and Designated Individuals

Escape from New York? Not So Fast

'GILTI' Reprieve: Electing Individuals Owning CFCs Eligible for Deduction

There’s No Accounting for Choice: Smith and Nephew Overseas Limited and Others v HMRC

No Relief for RICs Wishing to Own Commodity-Linked Notes

February 14, 2019

Tax Breaks for Lending Businesses

Ripple Effect from Proposed Regulations for CFCs

Post-Tax Act Distress

Squeezing Until the Pips Squeak: The UK Government’s Reinstatement of Crown Preference

Got Crypto? IRS Ramping Up Enforcement Efforts

January 17, 2019

A One-Year Retrospective on Tax Reform

Have You Updated Your Partnership Agreement Yet?

New UK Rules on Hybrid Capital Instruments

In Case You Missed It: The Taxation of CRE-CLOs

IRS Proposes Regulations on Dispositions of Partnership Interests by Foreign Partners

December 12, 2018

Taxing Times: The Death of LIBOR

Treasury Proposes Interest Expense Regulations

Extension of a Derivative as a Taxable Exchange

Case Study: Zayo Taxable Spin-Off and REIT Conversion

Coming Soon: Proposed Partnership Withholding Rules

November 15, 2018

Welcome to BrassTax

Guarantees by CFCs

Debt Exchanges in Spin-Offs

Heard on the Street: Self-Employment Tax Audits

UK Budget 2018 — Key Tax Measures

Land of Opportunity