Category: Tax Code, Regulations and Guidance

February 6, 2023

On January 19, 2023, the Michigan Court of Appeals held that a taxpayer, transitioning from the Michigan Business Tax (MBT) to the Corporate Income Tax (CIT), cannot claim prior MBT business losses on its first CIT return. For tax years […]

February 1, 2023

SPACs, or special acquisition corporations, were all the rage in 2020 and 2021, including investors such as sports icons and media moguls. Also referred to as “blank-check companies,” SPACs offer an alternative way for private firms to go public and […]

January 31, 2023

There is one time a year that requires a detailed level of attention for a business owner, no matter the size of your business. When tax season comes around, entrepreneurs initiate survival mode sometime between January and April 15 and […]

January 26, 2023

New York and Massachusetts are the latest states to introduce tax legislation targeting digital advertising and data collection. Like the similar bills introduced earlier in Connecticut, New York, and Indiana, proposals similar to these latest New York and Massachusetts bills […]

January 24, 2023

Percentage depletion is a tax provision that helps independent producers and royalty owners account for the reduction of a nonrenewable mineral resource, such as oil, gold, and iron, and to recover the associated cost. Another option for depletion is the […]

January 24, 2023

I suspect “The Quiet One” would be appalled to know the taxes facing cannabis operators – specifically Internal Revenue Code at 26 USC § 280E. That provision, discussed more fully below, often subjects cannabis operators to effective tax rates far […]

January 18, 2023

Earlier this month, the New York State Senate (S318) and Assembly (A407) reintroduced proposed legislation seeking to extend the New York State mortgage recording tax to mezzanine debt and preferred equity financings. This proposed legislation provides that mortgage recording taxes […]

January 9, 2023

We summarize here what we believe are the top 5 Alabama tax cases decided in the past year that would interest our CPA readers. Not surprisingly, almost all are Alabama Tax Tribunal rulings, so in those instances we deleted that […]

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 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 […]