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WHAT WE’RE WATCHING
TURBO TAX - Happy New Year! Let’s pretend 2020 was a nightmare brought on by some bad gas station sushi and look ahead to the rest of this year instead, shall we? For example, tax lawyers are gearing up for a busy 12 months, as corporate clients continue to work through the sweeping changes from the Trump administration’s 2017 tax reform legislation and the economic impact of the COVID-19 pandemic forces cash-strapped states to seek new revenue sources, including tax increases, while federal and state tax authorities step up enforcement, Law.com’s Meredith Hobbs reports. “We are telling our clients to expect new taxes, increases to existing taxes and heightened enforcement,” said Jeff Friedman, head of Eversheds Sutherland’s tax practice. He forecasts “one of the busiest legislative sessions ever for states on tax increases. We expect every state and locality to reconsider their taxing structure and consider additional sources of revenue.”
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