Summer Newsletter 2021

Senate Finance Committee Democrats unveiled a “discussion” draft bill that would implement certain international tax proposals included in the Biden Administration’s Made in America Tax Plan and generally follows the Senate framework for international tax reform proposed on April 5, 2021. Among other key proposals, the discussion draft revamps the U.S. subpart F rules and

On Tuesday, August 10, 2021, in a bipartisan vote, the Senate passed H.R. 3684, the Infrastructure Investment and Jobs Act (“Infrastructure Act”). The Infrastructure Act will be considered by the House in September. The Infrastructure Act is the result of the Bipartisan Infrastructure Framework (“Infrastructure Framework”) previously announced on June 24, 2021. See Ropes &

On August 5, 2021 Senate Finance Committee Chairman Ron Wyden and Senator Sheldon Whitehouse introduced proposed legislation (the “Ending the Carried Interest Loophole Act,” or the “Proposal”) that would substantially change the U.S. federal income tax treatment of partnership interests issued in exchange for services, commonly known as carried interests, and potentially other types of

A recent Tax Notes article covers a Women of IFA Network International Fiscal Association USA (WIN-IFA) webinar that examined the details of the IRS’s latest compliance campaign on financial services entities engaged in a U.S. trade or business. The article includes insights from Kat Gregor, tax partner and tax controversy group co-founder. To read the

Update on LB&I Campaigns: Hear the Latest from the IRS–Northeast WIN Webinar. Northeast regional WIN-IFA chapters co-organized a webinar on August 10. The webinar provided an overview of LB&I campaigns focused on international and partnership issues, including the recently-announced campaign looking at “whether foreign investors were subject to U.S. tax on effectively connected income

Fraudulent tax refunds issued as a result of identity theft occur when an individual steals a victim’s personally identifiable information (PII), such as a Social Security number (SSN), and files a tax return claiming to be the victim. More than 89,000 Americans filed complaints with the Federal Trade Commission (FTC) reporting tax fraud linked to

In this sixth episode of our Ropes & Gray podcast series addressing emerging issues for fiduciaries of 401(k) and 403(b) plans to consider as part of their litigation risk management strategy, Doug Hallward-Driemeier, chair of Ropes & Gray’s appellate and Supreme Court practice, and Josh Lichtenstein, a benefits partner and head of the ERISA fiduciary

On Thursday, June 24, 2021, President Joseph R. Biden announced support for a $1.2 trillion Bipartisan Infrastructure Framework (“Infrastructure Framework”), created by a bipartisan coalition of 21 senators, including eleven Republicans, nine Democrats, and one independent. The White House released a fact sheet outlining the Infrastructure Framework. The Infrastructure Framework focuses on traditional infrastructure improvements,

In this fifth episode of our Ropes & Gray podcast series addressing emerging issues for fiduciaries of 401(k) and 403(b) plans to consider as part of their litigation risk management strategy, David Kirchner and Jack Eckart, both from our benefits consulting group, discuss pooled employer plans (or PEPs). PEPs allow employers to join a group