Michael Jacobs

Michael Jacobs

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Pennsylvania Enacts Tax Bill as Part of Budget Package

Pennsylvania has enacted tax law changes projected to generate $752M in new revenue. The changes include severe restrictions on the vendor sales tax discount for timely filing, imposition of sales tax on digital downloads and...more

7/15/2016 - Banks Corporate Taxes Digital Downloads Gaming Tax Governor Wolf Income Taxes Internet Streaming Lottery Personal Property Tax Sales Tax Software State Taxes Tax Amnesty Tax Returns Tobacco Vendors

Tom Brady’s suspension reinstated, so what are the potential Massachusetts tax consequences?

Deflategate and the NFL’s suspension of quarterback Tom Brady for 4 games has been the NFL’s biggest news story of the past two years. On April 25, 2016, the United States Court of Appeals for the Second Circuit ruled in...more

4/28/2016 - Athletes Bonuses Deflategate Employment Contract Income Taxes New England Patriots NFL State Taxes Tom Brady Work Suspensions

Massachusetts Net Worth “True Debt” Litigation Moves Forward—Oral Argument Held, Awaiting Decision

With oral argument and briefing complete, the Massachusetts Department of Revenue’s authority to increase the net worth component of a taxpayer’s corporate excise using its “true debt” analysis is under review by the Appeals...more

3/4/2016 - Appeals Corporate Taxes Debt Excise Tax Income Taxes International Finance Statements of Net Worth

Virginia Trial Court Rules Against Taxpayer in Addback Case

In a case of first impression, the Richmond City Circuit has determined that Virginia’s “subject to tax” exception to intangible expense addback only applies to the portion of the royalty that the recipient included in its...more

2/10/2016 - Add-Back Legislation Exceptions First Impression Income Taxes Royalties Tax Litigation Trial Court Orders

Breaking News: U.S. Supreme Court Vacates Decision in First Marblehead; Remands to Massachusetts Supreme Judicial Court

Today, the United States Supreme Court granted a request for review in the case of First Marblehead Corporation v. Massachusetts Commissioner of Revenue, and summarily vacated the decision issued January 28, 2015, by the...more

10/14/2015 - Dormant Commerce Clause Double Taxation Financial Institutions First Marblehead v MA Commissioner of Revenue Income Taxes Interstate Commerce Local Taxes SCOTUS State Taxes

Maryland Tax Amnesty and Other Highlights from the 2015 Maryland Legislative Session

Last week, the Maryland General Assembly wrapped up its 2015 legislative session. From a tax perspective, it was a relatively quiet term. Nevertheless, a few bills were enacted that taxpayers should be aware of....more

4/27/2015 - Corporate Taxes Income Taxes Lyft Ridesharing Sales & Use Tax State Taxes Storm Water Tax Amnesty Uber

April Fools? No Joke, Virginia Law Limiting Addback Exceptions To Be Applied Retroactively for 10 Years

On April 1, 2014, Virginia Governor Terry McAuliffe signed HB 5001. This law imposes severe restrictions on the existing exceptions to intangible expense addback to Virginia taxable income. Specifically, the new law limits...more

4/4/2014 - Income Taxes Royalties

Virginia Adopts Narrow Definition of “Royalty” for Purposes of its Intangible Expense Add-Back

In a recent ruling, the Virginia Department of Taxation determined that payments made by a taxpayer to an affiliated corporation were not "royalty" payments and should not have been added back to the taxpayer’s Virginia...more

12/17/2013 - Income Taxes Royalties

Opportunities for Real Estate Transfer Tax Refunds in Pennsylvania

Taxpayers that paid Pennsylvania or Philadelphia real estate transfer tax on certain transactions involving real property located in Philadelphia during the period July 1, 2012 through January 5, 2012 may be entitled to...more

2/5/2013 - Income Taxes Real Estate Market Realty Transfer Taxes Refunds

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