The Tax Cuts & Jobs Act: Implications for Banking

As 2018 gets underway, taxpayers are grappling with the provisions of the sweeping tax reform signed into law on December 22, 2017. Many of those provisions will have a significant impact on the banking industry, and while some banks are anticipated to face large charges in the short-term, in the long-term, the industry is expected […]

Senate Finance Committee Passes Tax Cuts and Jobs Act with Additional Changes

The GOP’s wide ranging tax reform, the Tax Cuts and Jobs Act (TCJA), has continued to progress through the legislative process. The Senate Finance Committee completed its markup of the TCJA and, on November 16, by a 14-12 margin, voted to advance the bill to the full Senate. On the same day, the House of […]

Senate Finance Committee Unveils its Version of GOP Tax Overhaul

On November 9, 2017, Senate GOP leaders unveiled their own version of the tax reform bill, following closely on the heels of the House GOP plan (the Tax Cuts and Jobs Act bill) that was released on November 2 and approved in amended form by the House Ways and Means Committee on November 9. Click […]

House GOP Unveils Tax Overhaul Details

On November 2, 2017, House GOP leaders unveiled their much anticipated tax reform bill, disclosing for the first time specific details that build off of the nine-page framework previously released in September. The legislation, titled the Tax Cuts and Jobs Act (TCJA), reduces the number of individual income tax brackets, eliminates many itemized deductions, eliminates […]

New York State Disallows Premium Payments to Captive Insurance Company

In a decision recently rendered, In the Matter of the Petition of Stewart’s Shops Corporation, the New York State Tax Appeals Tribunal upheld an Administrative Law Judge’s (ALJ) determination that the taxpayer was not entitled to tax deductions for premiums paid to its wholly-owned captive insurance company subsidiary for Corporation Franchise Tax purposes under Article […]

Treasury Report Details Efforts To Reduce Burden of Tax Regulations

On October 4, 2017, the United States Department of the Treasury released a report entitled, Second Report to the President on Identifying and Reducing Tax Regulatory Burdens, recommending actions to eliminate and/or modify eight regulations previously identified in a June 22, 2017 Treasury report as particularly burdensome for taxpayers (see our Tax Alert dated July […]