A look at the latest developments affecting Pillar One and Pillar Two of BEPS 2.0 following the recent G7 and G20 meetings.
The New York City Tax Tribunal held that a partnership’s corporate partner was subject to the NYC General Corporation Tax on the partnership’s sale of an interest in an LLC that was doing business in NYC.
Senate Finance Committee Chair Ron Wyden has proposed to expand the 20% "qualified business income" deduction to health, law, accounting, performing arts, and consulting businesses.
On May 28, 2021, the Treasury Department released the Biden Administration’s Fiscal Year 2022 Revenue Proposals. This memorandum summarizes the tax proposals that are of the most interest to U.S. corporate taxpayers, financial institutions, insurance companies, hedge funds, private equity funds, and high-income individuals.