Greaves | Wu quoted by U.S. News & World Report regarding deducting MBA tuition

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Travis Greaves was quoted by U.S. News & World Report in an article discussing how MBA students can deduct tuition on their taxes. Mr. Greaves noted that part-time MBA students have greater success with this deduction. “Courts have found that full-time students were not carrying on a trade or business while in the program, and that […]

Greaves | Wu quoted regarding GOP tax plan and the potential impact on private equity funds and banks

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The GOP’s “Blueprint” for tax reform eliminates current deductions for net interest expense. Joshua Wu was quoted by Investopedia in an article discussing the impact of this potential change on private equity firms and Wall Street banks. Without the net interest expense deduction, private equity firms may need to restructure their buyout deals to use less leverage, […]

OMB Memo Clarifies Trump Administration’s Executive Order on Reducing Regulations

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Less than a week after the Trump administration released an executive order stating that for every new regulation, two regulations must be eliminated, the Office of Management and Budget (“OMB”) issued a memorandum clarifying the scope of the order.  The OMB memo states that the order applies only to new “significant regulatory actions” issued between […]

As the IRS Prepares to Fight Identity Theft in Filing Season Some Refunds May be Delayed

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The IRS issued a filing season alert today warning taxpayers and professionals to watch out for identify theft. Additionally, the IRS is delaying certain tax refunds in order to help prevent lost revenue due to refund fraud.  This action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was […]

Greaves | Wu quoted regarding Trump Executive Order to Reduce Output of Regulations

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President Trump issued an executive order, Reducing Regulations and Controlling Regulatory Costs, that requires agencies to identify at least two regulations for elimination before issuing a new regulation. CCH’s Tax Day Report quoted Joshua Wu of Greaves | Wu LLP, noting: “If tax reform happens, we expect Treasury will have their hands full interpreting all […]

Swiss Bank Allegedly Violated DOJ Non-Prosecution Agreement; Potential Stiff Penalties

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Swiss Bank Allegedly Violated DOJ Non-Prosecution Agreement; Potential Stiff Penalties Little over a year after signing a non-prosecution agreement with the U.S. Department of Justice (“DOJ”), there are allegations that Swiss Bank Privatbank IHAG Zurich AG (“IHAG”) failed to comply with the agreement terms and hid assets from the U.S. government.  These reports surfaced after […]

Greaves | Wu discusses new partnership audit rules

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The Bipartisan Budget Act of 2015 puts into place several significant changes that partnerships should consider now before the law goes into effect on January 1, 2018. These new rules will have a tremendous impact on small partnerships, limited liability companies (“LLCs”) and other entities taxed as partnerships. Gone is the small partnership exception from Tax […]