News & Analysis as of

General Business Tax

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Renewal of U.S. FATCA Registration for Certain Investment Funds by Monday, July 31, 2017

Certain non-U.S. investment funds, including Bermuda funds, which qualify as foreign financial institutions (FFI), must enter into a legal agreement (“FFI agreement”) with the U.S. Internal Revenue Service (IRS) to be treated...more

New Partnership Audit Rules Apply Beginning January 1, 2018: Is Your Business Ready?

by K&L Gates LLP on

New partnership audit rules will be effective for audits of tax years beginning in 2018. Proposed Treasury Regulations have been released and are expected to be finalized in the next few months. (The comment period is open...more

Washington State Imposes New Reporting Requirements for Out-Of-State Sellers Not Collecting Sales Tax

by Stoel Rives LLP on

As part of Washington State’s efforts to collect more sales tax on out-of-state companies’ sales to Washington customers, the Legislature recently enacted H.B. 2163. The bill, signed by the Governor on July 7, imposes notice...more

IRS Issues Guidance To Examiners Handling BBA Partnership Audits

by Fox Rothschild LLP on

As many readers know, the Bipartisan Budget Act of 2015 (“BBA”) repeals the long standing TEFRA procedures governing IRS examinations of partnerships. As a result, beginning January 1, 2018, partnerships are subject to a...more

Pennsylvania Court Provides Commercial Property Owners With Defense to Tax Assessment Appeals

by Pepper Hamilton LLP on

On July 5, the Pennsylvania Supreme Court issued a unanimous decision confirming that all real estate in a taxing district is a single class (i.e., not subject to sub-classifications based on property type, such as...more

UK: The Biggest Shake Up of Employment Law in a Generation?

by Littler on

On July 11, 2017, the UK government published the Review of Modern Working Practices. The report was issued by Matthew Taylor, chief executive of the Royal Society of Arts and a former policy chief to Tony Blair. Current...more

Corporate Inversions

by Kelley Drye & Warren LLP on

A multinational corporate group headed by a U.S. parent corporation is often at a competitive disadvantage compared to a multinational corporate group headed by a foreign corporation. While a multinational corporate group...more

Good News for Taxpayers: IRS Targets for Reform Burdensome Regulations on Partnerships, Corporations, REITs, Estates, and More

Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify regulations that impose an undue...more

Cannabis Industry FAQ

by Pepper Hamilton LLP on

Can marijuana businesses receive federal copyright protection? Yes. The requirements for registration with the U.S. Copyright Office are that the work is original, creative and fixed in some form of expression. These...more

Massachusetts Revokes Directive Requiring Remote Sellers to Collect Sales Tax

by WilmerHale on

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

Employee Loan Or Compensation?

by Farrell Fritz, P.C. on

Everyone recognizes the importance of debt financing to a business. The business needs liquidity to purchase or improve assets, or to pay expenses. It borrows the necessary funds from an institutional lender that requires...more

Alert: New Tax Court Decision Opens the Door for Tax Planning for Non-US Investors into US LLCs

by Cooley LLP on

On July 13, 2017, the US Tax Court issued a decision which may provide non-US investors more flexibility and potentially better tax outcomes with respect to structuring their investments into US LLCs and partnerships....more

UPDATE: Massachusetts Department of Revenue Revokes Directive Requiring Large Out-of-State Internet Vendors to Collect...

by Locke Lord LLP on

Our previous QuickStudy published on April 14, 2017, detailed Directive 17-1, issued by the Massachusetts Department of Revenue (“DOR”), which would have required all out-of-state internet vendors that in the prior taxable...more

Meals and Entertainment Expenses Can Be 100% Deductible

In general, a taxpayer may deduct only 50% of its business-related meals and entertainment expenses. This is commonly known as the 50% limit on meals and entertainment expenses. The 50% limit typically applies to the...more

Q&A with Sheppard F. Miers: Federal tax reform could affect state tax determinations

by GableGotwals on

Q: Would tax reform at the federal level affect the taxes we pay at the state level? A: Oklahoma state income tax generally conforms to the federal income tax imposed under the Internal Revenue Code. In general, income and...more

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule

by Foodman CPAs & Advisors on

Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or...more

IRS Regulations on the Chopping Block

by Charles (Chuck) Rubin on

Tax practitioners have complained for years about the ever-expanding scope and complexity of both the Internal Revenue Code and Treasury Regulations. A possible shrinkage in the Treasury Regulations may soon occur....more

Impact of the Multilateral Instrument on U.S. Taxpayers

by Alston & Bird on

Nearly 70 countries have signed the OECD’s multilateral instrument – but the U.S. isn’t one of them. Our International Tax Group takes stock of how the MLI will prevent base erosion and profit shifting (BEPS) and what it all...more

McNees Insights – Estate Planning Newsletter - July 2017

Deducting Miscellaneous Itemized Deductions - You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more

ILPA Issues Guidance on “Subscription Lines of Credit and Alignment of Interests”

by Goodwin on

Subscription lines of credit, or capital call facilities – which are just two of the many names given to borrowing arrangements put in place by private fund managers at the fund level – have been in the market for many years...more

New tax evasion facilitation offences in force 30 September 2017

by Allen & Overy LLP on

Two new corporate criminal offences come into force on 30 September 2017. The new offences can make a company criminally liable if it fails to prevent the facilitation of UK or non-UK tax evasion by an employee, agent or...more

Missouri Changes Law on Sales and Use Tax on Delivery Charges

by Stinson Leonard Street on

On July 5, 2017, Missouri Gov. Eric Greitens signed into law an amendment to the sales and use tax law that removes usual and customary delivery charges that are separately stated from the amounts subject to Missouri sales...more

IRS Identifies 8 Burdensome Regulations for Reform

Responding to a Trump Executive Order, the Treasury Department has reviewed all significant tax regulations issued after December 31, 2015 and identified eight regulations to be reformed to mitigate the burden that the...more

Recent Nexus Developments: Washington Enacts Legislation Imposing Sales Tax Obligations on “Marketplace Facilitators,” and Ohio...

by Reed Smith on

Washington Governor Jay Inslee signed EHB 2163 July 7, imposing sales and use tax obligations on “remote sellers,” “referrers,” and “marketplace facilitators" beginning January 1, 2018. Businesses subject to the new law may...more

CPA Can’t be a Whistleblower for Non-Public Entities

Reyher v. Grant Thornton, LLP analyzed whether an employee of a CPA firm is protected by the anti-retaliation provisions of the Dodd-Frank Act for lodging complaints with an employer about suspected illegal activity regarding...more

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