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Category: Tax Code, Regulations and Guidance


Tax Code, Regulations and Guidance

Michigan Court of Appeals holds MBT business loss carryforward cannot be claimed on taxpayer’s first corporate income tax return

February 6, 2023

Via: LexBlog

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 […]


Tax Code, Regulations and Guidance

Tax Considerations for Cross-Border SPACs

February 1, 2023

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

3 Ways to Save Money on Taxes That Most Entrepreneurs Miss

January 31, 2023

Via: Entrepreneur

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 […]


Advertising & Marketing, Business Law & Regulations, Tax Code, Regulations and Guidance

More digital advertising and data tax legislation introduced

January 26, 2023

Via: LexBlog

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 […]


Tax Code, Regulations and Guidance

What Is Percentage Depletion for Taxes?

January 24, 2023

Via: Fit Small Business

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 […]


Tax Code, Regulations and Guidance

Removing the Green Tax: Congress Can Bring Cannabis Tax Policy in Line with Cannabis Enforcement Policy

January 24, 2023

Via: National Law Review

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 […]


Tax Code, Regulations and Guidance

Proposed Tax on Real Estate Mezzanine Debt and Preferred Equity Financing…Once Again.

January 18, 2023

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

The Top 5 “Hottest” Alabama Tax Cases in the Past Year

January 9, 2023

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Welcome back: What now on new tax rules for gig workers?

January 3, 2023

Via: POLITICO

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 […]


Tax Code, Regulations and Guidance

Estate Planning 2023 Federal Tax Update

January 3, 2023

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Interim Guidance on Book-Minimum Tax and Stock Buyback Excise Tax

December 30, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Inflation Reduction Act Creates New Tax Credit Opportunities for Energy Storage Projects

December 28, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Forfeiture and Reinstatement under the Texas Franchise Tax

December 28, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

2022 Year-End – A Few Executive Compensation Income Tax Reminders

December 27, 2022

Via: LexBlog

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 […]


Tax Code, Regulations and Guidance

Battle Lines Drawn on Electric Vehicle Tax Credit Specifics

December 16, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

How the Dems’ new Senate majority will affect tax policy

December 12, 2022

Via: POLITICO

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 […]


Tax Code, Regulations and Guidance

Wisconsin Taxpayers Must Pay Property Taxes Before Filing a Refund Claim

December 9, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Tax Court Holds That Deficiency Petition 90-Day Time Limit Is Jurisdictional

December 2, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

Year-End Tax Planning Opportunities

November 23, 2022

Via: JD Supra

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 […]


Tax Code, Regulations and Guidance

UK commits to global minimum tax rate

November 21, 2022

Via: JD Supra

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 […]