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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: Paycheck Protection Program Flexibility Act of 2020

On Friday, June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the Act) became law. The Act modifies previously adopted CARES Act provisions related to the Paycheck Protection Program administered by the...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

IRS Extends Due Dates for Exempt Organization Filings

In our prior nonprofit alert, we reported that the Internal Revenue Service (the “IRS”) had not extended most federal tax payment and filing deadlines for exempt organizations. The IRS notices issued up to that point (Notice...more

COVID-19: New DOL and IRS Guidance Interpreting the Families First Coronavirus Response Act

On April 1, 2020, The U.S. Department of Labor issued temporary regulations interpreting the Families First Coronavirus Response Act (FFCRA).  The FFCRA provides certain employees who are unable to work due to the COVID-19...more

Recent Changes to Unemployment What Employers Need to Know

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), an economic stimulus package providing over $2 trillion to aid Americans affected by the COVID-19...more

COVID-19: Relief for Nonprofit Organizations Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act

The CARES Act (the Act) enacted on Friday, March 27, contains several provisions designed to provide relief for nonprofit organizations. In addition, a number of the provisions under the Act designed to help small businesses...more

COVID-19: Latest Tax Law Developments

Since our last alert, Congress has passed the CARES Act stimulus legislation, and the Internal Revenue Service (“IRS”) has released further guidance on tax deadline postponements, issued a nationwide evacuation notice, and...more

COVID-19: Coronavirus Response & Your Federal Tax Obligations

The federal government and numerous states have announced changes in tax filing and payment dates in response to the COVID-19 pandemic. Tax credits have been made available for new family leave and sick leave payments...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

Tax Act: Significant International Provisions

Prior to the Tax Act, the principal method for avoiding the double taxation of overseas corporate earnings—once by the local country and a second time by the United States as the multinational's home country—was the foreign...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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