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IRS Indicates Indefinite Extension of Electronic Signature Relief

On October 17, 2023, the Internal Revenue Service (IRS) updated the electronic signature guidance in its Internal Revenue Manual (IRM) to reflect the electronic signature relief that the IRS provided to taxpayers during the...more

State Taxation of Qualified Small Business Stock: Federal Tax Exclusion Not Always Replicated at State Level

In the event of an M&A transaction, many stockholders plan to take advantage of the exclusion from federal taxable income of gain realized from the sale or exchange of “qualified small business stock” (QSB stock). Section...more

2023 Venture Capital Report

US Market Review and Outlook - Venture capital financing and liquidity activity contracted in 2022 from the record-breaking levels of the prior year, in the face of declining equity markets, rising interest rates and...more

New Stock Buyback Tax: Some Questions Answered, Others Remain

One of the headline tax changes in the Inflation Reduction Act of 2022, Public Law 117-169, is a 1% excise tax on stock repurchases by public companies. New Section 4501 of the Internal Revenue Code applies a non-deductible...more

Surprises and Questions Around the New Stock Buyback Tax

One of the headline tax changes in the Inflation Reduction Act of 2022, Public Law 117-169, is a 1% excise tax on stock repurchases by public companies. Public issuers should be aware that the new tax, which applies beginning...more

Final Section 162(f) Regulations Liberalize Opportunities to Deduct Disgorgement and Other Payments Made in Government...

On January 12, 2021, the Internal Revenue Service (IRS) and the Treasury Department released final regulations governing the deductibility of certain fines, penalties and other amounts paid to, or at the direction of, a...more

COVID-19: Renewed Interest by Public Companies in NOL Rights Plans

As we reported in COVID-19: Revisiting Shareholder Rights Plans, the turmoil in U.S. equity markets created by the COVID-19 pandemic has resulted in many companies facing depressed stock prices, leaving them vulnerable to...more

COVID-19: IRS Disappoints Expectations on PPP Tax Treatment

The CARES Act’s marquee stimulus provision for small businesses - forgivable loans under the paycheck protection program (“PPP”) - was supposed to come without a tax bill. Or at least that was what Congress seemed to say when...more

Remote Vendors’ Sales Tax Obligations After Wayfair

On June 21, 2018, the US Supreme Court issued its decision in South Dakota v. Wayfair, Inc., overruling the Quill physical presence nexus test for collection of sales and use taxes by remote vendors. Under the physical...more

New Partnership Audit Rules in Effect; Partnerships and LLCs Should Consider Changes

A new “centralized partnership audit regime” is now in effect for partnerships, including limited liability companies (LLCs) that are treated as partnerships for tax purposes (which we refer to collectively as...more

Tax Act: Key Issues for Corporate Taxpayers, Including Changes in Rules Related to Net Operating Losses and Interest Deductions

In an effort to be competitive with other nations, the Tax Act provides comprehensive reform of the taxation of corporations. In particular, the Tax Act reduces the corporate tax rate from 35% to 21% and repeals the...more

Massachusetts Issues Proposed Regulations Requiring Remote Sellers to Collect Sales Tax

We previously reported to you that the Massachusetts Department of Revenue (DOR) had revoked Directive 17-1 requiring the collection of Massachusetts sales and use taxes by Internet vendors that meet certain sales thresholds...more

Massachusetts Revokes Directive Requiring Remote Sellers to Collect Sales Tax

We previously reported to you that effective July 1, 2017, Massachusetts would require the collection of Massachusetts sales and use taxes by internet vendors that meet certain sales thresholds in Massachusetts pursuant to...more

Massachusetts Requires Remote Sellers to Collect Sales Tax Beginning July 1, 2017

The Massachusetts Department of Revenue (DOR) recently issued guidance under which it will require the collection of Massachusetts sales and use taxes by remote sellers that meet certain sales thresholds in Massachusetts....more

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