Press Room: Tax Releases

AICPA Rolls Out New Standard for Valuing Financial Instruments

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Seattle Approves Income Tax on High-Income Individuals and Trusts

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Tax Planning for Transactions or Investments in Virtual Currency

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August 18, 2017

Republicans Pitch Tax Reform to the American People

Former President Ronald Reagan signed the Tax Reform Act of 1986 on August 16, 1986. Now, over three decades later, Ways and Means Chairman Kevin Brady made his pitch for tax reform from Reagan’s  Read More

August 14, 2017

California Expands Partial Sales Tax Exemption for Purchases of Manufacturing or Research and Development Property

On July 25, 2017, in connection with Assembly Bill 398, California extended and expanded the partial sales and use tax exemption for purchases and leases of certain tangible personal property used in manufacturing or research and  Read More

August 09, 2017

Seattle Approves Income Tax on High-Income Individuals and Trusts

On July 10, 2017, the City of Seattle (City) unanimously approved Council Bill 119002 to create an income tax on high-income individuals and trusts. The tax is estimated to generate $140 million per year for Seattle which  Read More

August 04, 2017

AICPA Rolls Out New Standard for Valuing Financial Instruments

Reflecting an overall trend in the financial arena towards greater accuracy and transparency, the American Institute of CPAs (AICPA) has released a new proposed framework for the valuation of financial instruments and their  Read More

August 01, 2017

August Has Arrived, But Tax Reform Details Remain Scarce

After months of closed-door meetings on tax reform, the Big Six—a working group of Republican leaders that includes Secretary of Treasury Steven Mnuchin, National Economic Council Director Gary Cohn, Speaker of  Read More

July 28, 2017

Tax Planning for Transactions or Investments in Virtual Currency

Virtual currencies are becoming increasingly popular in today’s financial markets. What was once thought to be a fad has garnered much attention lately due to the extraordinary surge in values. The  Read More

July 24, 2017

Tax Court Rejects Controversial IRS Position in Rev. Rul. 91-32

The Tax Court in Grecian Magnesite Mining, Co. v. Commissioner rejected the controversial IRS position in Rev. Rul. 91-32 that a foreign partner’s capital gain from the sale of an interest  Read More

July 13, 2017

Illinois Passes Budget, Tax Rate Increases and Other Changes

For the first time since 2014, Illinois has passed a complete budget. The state seemed to be headed for a third straight year without a complete budget until the passage of a number of  Read More

June 15, 2017

California’s Gold Rush Continues - GO-Biz Approves Over $62 Million in Tax Credits

Applications for the Next Round Accepted Starting July 24, 2017 On June 15, 2017, the Governor’s Office of Business and Economic Development (GO-Biz) approved $62.8 million in California Competes Tax Credits (CCTCs) for 87 businesses expanding throughout  Read More

May 09, 2017

House of Representatives Passes Repeal of Obamacare Taxes

On May 4, 2017, the House of Representatives narrowly passed the American Health Care Act (AHCA) with a 217-213 vote, with 20 conservative and moderate House Republicans voting against the bill along with every House Democrat.  Read More

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