Tax Code, Regulations and Guidance
February 6, 2023
Via: LexBlogOn 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
February 1, 2023
Via: JD SupraSPACs, 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
January 31, 2023
Via: EntrepreneurThere 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 […]
Tax Code, Regulations and Guidance
January 24, 2023
Via: Fit Small BusinessPercentage 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
January 24, 2023
Via: National Law ReviewI 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
January 18, 2023
Via: JD SupraEarlier 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
January 3, 2023
Via: POLITICOLOT 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
January 3, 2023
Via: JD SupraAs 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
December 30, 2022
Via: JD SupraThe 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
December 28, 2022
Via: JD SupraOn 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
December 28, 2022
Via: JD SupraThe 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
December 27, 2022
Via: LexBlogWith 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
December 16, 2022
Via: JD SupraAs 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
December 12, 2022
Via: POLITICOLOOKING 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
December 9, 2022
Via: JD SupraIn 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 […]
Business Law & Regulations, Employment & Labor
December 8, 2022
Via: LexBlogEffective 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 […]
Tax Code, Regulations and Guidance
December 2, 2022
Via: JD SupraLast 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
November 23, 2022
Via: JD Supra2022 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
November 21, 2022
Via: JD SupraThe 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 […]
Tax Code, Regulations and Guidance
November 18, 2022
Via: JD SupraCan 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 […]