Tag: tax

January 3, 2023

LOT TO CATCH UP ON: If you decided to essentially check out on tax news a couple days before Christmas — well, you missed a lot. The Democrats’ release of former President Donald Trump’s tax returns last week was front […]

January 3, 2023

As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2023. Because Congress could pass legislation that changes this information during the year, you […]

December 30, 2022

The Treasury Department and the Internal Revenue Service (IRS) released initial guidance on Dec. 27, 2022, concerning two corporate tax increases included in the climate and energy reconciliation bill commonly known as the Inflation Reduction Act (IRA, P.L. 117-169). Notice […]

December 28, 2022

On Aug. 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. This alert provides a summary of the IRA’s impact on tax credits […]

December 28, 2022

The failure of a taxable entity to file Texas franchise tax reports or pay franchise tax when due can have serious consequences, including loss of the ability of the entity to sue or defend itself in court and liability of […]

December 27, 2022

With the holidays in full swing and less than one week remaining in 2022, we wanted to pass along a few compensation income tax related stocking stuffer reminders in connection with the year-end for which companies and/or individuals may want […]

December 16, 2022

As the Internal Revenue Service (“IRS”) begins issuing guidance for every tax provision of the Inflation Reduction Act (“IRA”), efforts have ramped up by foreign governments and automakers on the strict battery component sourcing requirements under the 30D Clean Vehicle […]

December 12, 2022

LOOKING TO THE 118th CONGRESS: The Congressional deck was reshuffled in interesting and unexpected ways last week, with Sen. Raphael Warnock (D-Ga.) notching a win in Georgia’s run-off on Dec. 6 and, later in the week, Arizona’s Sen. Kyrsten Sinema […]

December 9, 2022

In November 2022, the Supreme Court of Wisconsin clarified the procedural requirements for taxpayers to challenge their property taxes. Although several taxpayers historically filed protective refund claims upon receipt of their December property tax bill and then pay those taxes […]

December 8, 2022

Effective January 1, 2023, California employers will be required to meet new minimum wage requirements, at both the state and local level. This increase in the minimum wage affects not only non-exempt employees, but also the minimum annual salary requirement […]

December 2, 2022

Last summer, the Supreme Court of the United States held that the 30-day time limit to file a Collection Due Process (CDP) petition is a non-jurisdictional deadline subject to equitable tolling (Boechler, P.C. v. Commissioner). (Our prior discussion of Boechler […]

November 23, 2022

2022 has been a busy year for most people. As this year is rushing toward the end, it is important ensure that you have taken advantage of the planning options available to you. Income Tax Planning Opportunities The first step […]

November 21, 2022

The UK government has used the opportunity of its Autumn Statement 2022, delivered on 17 November, to confirm that the Finance Bill 2022 will include legislation introducing a 15% global minimum corporation tax rate, to have effect for accounting periods […]

November 18, 2022

Can an online merchant have nexus with a state because its merchandise may be stored in the state? And what is the scope of the government’s authority to make inquiries of the out-of-state online merchant to obtain information about its […]

November 17, 2022

Washington, D.C.’s new non-compete law, the “Non-Compete Clarification Amendment Act of 2022” (the “Amended Act”) went into effect last month. As of October 1, 2022, employers operating in the District of Columbia are prohibited from using most non-compete provisions, with […]

November 15, 2022

As a small business owner or payroll professional, you need to be aware of payroll tax deductions, including both pre- and post-tax deductions. As the names suggest: Pre-tax deductions are those deductions subtracted from an employee’s pay before taxes are […]

November 15, 2022

Businesses that own real estate in Mecklenburg County should be on the lookout for an increase in their tax bills next year. Real estate is often a company’s most expensive asset, and annual property taxes can be a hefty sum. […]

November 14, 2022

EXCUSE ME: Unlike the BURP, the new corporate minimum tax might last more than a moment. That’s the book untaxed reported profits adjustment from the 1986 tax overhaul that we’re talking about — the forerunner to the 15 percent minimum […]

November 7, 2022

The media has filled the airwaves with stories of sexual harassment and abuse in every corner of American Society. The media itself has been the perpetrator of many of these claims. On average, there are 463,634 victims (age 12 or […]

November 7, 2022

On November 3, 2022, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance released the Canadian federal government’s Fall Economic Statement 2022 (the “Economic Statement”). The 82-page document was accompanied by two legislative proposals, one dealing with the […]