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General Business Tax

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

Employee Business Expenses must be Ordinary and Necessary

by Foodman CPAs & Advisors on

Employees may be able to deduct their work related expenses as an itemized deduction. These expenses must be unreimbursed expenses that are ordinary and necessary to their work as an employee. According to IRS, an ordinary...more

WH: Trump Pushing for 15% Corporate Tax Rate and Repeal 3.8% NIIT

The White House announced today that reducing the corporate income tax rate to 15% and repealing the 3.8 % net investment income tax are top priorities for tax reform. The 3.8% NIIT was implemented as part of ACA/Obamacare...more

To Tax or Not to Tax Internet Retailers, that is the Question

by Goulston & Storrs PC on

Since the dawn of the age of e-commerce, brick-and-mortar retailers have championed “the level playing field”. Their battle cry: Internet retailers should be subject to sales tax just like us!...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

Audit Chances

by Pessin Katz Law, P.A. on

As in the past, PK Law reports on the Internal Revenue Service’s (“IRS”) data book (IR 2017-69) regarding a taxpayer’s chances of undergoing an audit. The annual data book reflects data collected during the fiscal year 2016...more

Where Federal Tax Reform Goes, Will State Taxes Follow?

by Ballard Spahr LLP on

With Republicans in control of both the White House and Congress, comprehensive federal tax reform likely is on the horizon. Both the tax reform plan outlined by President Donald J. Trump during his campaign (the Trump Plan)...more

Drafting In The Details

by Dickinson Wright on

The Fifth Circuit Court of Appeals recently affirmed that the devil really is in the details in a case that illustrates the importance of ensuring that deal documents accurately reflect the parties’ agreed upon terms with...more

IRS Announces Disagreement with Ninth Circuit’s Holding on Completed Contract Method of Accounting

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the Ninth Circuit’s ruling that, with respect to planned communities, the 95% test under the completed contract method of accounting applies on a development-wide basis rather...more

IRS Targets Globally-Mobile Individuals and Businesses: The Importance of Proactive Planning

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from...more

Business Tax Reform – the Current State of Play

by Ballard Spahr LLP on

President Donald J. Trump campaigned on a platform of large tax cuts for businesses. With President Trump in the White House and Republicans controlling both the House of Representatives and Senate, does it mean businesses...more

The Cannabis Act: An overview

by Dentons on

On April 13, 2017, Canada’s Liberal government introduced Bill C-45, the Cannabis Act (the “Act”). The tabled legislation provides federal guidelines for legal access to cannabis for non-medical purposes and establishes...more

Tax Court Déjà Vu – IRS Tried, and Failed, to Overturn Veritas

by Alston & Bird on

In a recent decision (Amazon Inc. v. Commissioner, March 23, 2017), the Tax Court handed the IRS an unsurprising loss when it attempted to relitigate many of the same issues it unsuccessfully raised before the Tax Court in...more

For Many Nonprofits, May 15 Is Tax Filing Deadline and Marks ‘Start of the Year’ Review

by Fox Rothschild LLP on

For nonprofit organizations, the IRS Form 990 return must be filed on or before the 15th day of the fifth month following the fiscal year-end – or May 15 for those using a Dec. 31 year-end. This deadline should also...more

Should You Convert Your Delaware Unclaimed Property Audit to a VDA?

by Reed Smith on

The Delaware Secretary of State recently issued a statement to businesses encouraging them to convert their unclaimed property audits to voluntary disclosure agreements (“VDAs”). However, the position presented by the State...more

2018 Philadelphia County Reassessment Focuses on High Value Properties

by Reed Smith on

The recent property assessments conducted by Philadelphia County focus on 'high-value' commercial, industrial and institutional properties, with increased assessments likely for many. Philadelphia County concluded a...more

Massachusetts Department of Revenue Adopts a Novel Administrative Position Requiring Large Out-of-State Internet Vendors To...

by Locke Lord LLP on

According to new Directive 17-1 issued by the Massachusetts Department of Revenue, beginning July 1, 2017, all out-of-state internet vendors that in the prior taxable year had greater than $500,000 in Massachusetts sales and...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

CSSF Press Release 17/06 Dated 13 February 2017 - The CSSF confirmed that it follows ESMA on its opinion in relation to the requirements for UCITS share classes....more

Virginia Amends Breach Notification Law

by McGuireWoods LLP on

As previously reported, the significant rise in Form W-2 phishing e-mails has prompted increased awareness surrounding these fraudulent tax schemes. Most recently, Virginia has responded to these types of attacks by amending...more

Tax Considerations For The Closely-Held Foreign Investor In U.S. Real Property – Part II

by Farrell Fritz, P.C. on

Aside from planning for the taxation of U.S.-sourced rental income, the foreigner must plan for the disposition of the USRP pursuant to a sale. The taxation of gain realized by a foreigner on the sale of an interest in...more

Capital Gains Tax decision in SCA

by Hogan Lovells on

On 28 March 2017, a judgment was handed down by the Supreme Court of Appeal (SCA) regarding capital gains tax owed by a taxpayer on the proceeds of a sale agreement from 2007 that was cancelled more than three years later....more

Recent Tax Court Cases Serve As Reminder Of Tax Risks Of Shareholder Guarantees Of Loans To S Corporations

by Dickinson Wright on

Two recent Tax Court cases are reminders that shareholder guarantees of loans to an S corporation do not generally create basis that can be used by the shareholder to deduct losses. Under Internal Revenue Code...more

Prepared for the Border Adjustment Tax? A U.S. and Global Perspective

by K&L Gates LLP on

K&L Gates' Global Tax Group has been monitoring the potential impact of the Border Adjustment Tax (BAT) across a number of jurisdictions. In our 14 February 2017 update, we commented that issues regarding the legality of...more

Delaware Proposes Unclaimed Property Regulations – No April Fools

by McDermott Will & Emery on

On Saturday, April 1, 2017, the Delaware Department of Finance (DOF) promulgated two regulations that would repeal all existing unclaimed property regulations and replace them with a single DOF regulation containing a revised...more

Singapore Strengthens Tax Cooperation with Other Countries

by Morgan Lewis on

One year after the ratification of the OECD Convention on Mutual Administrative Assistance in Tax Matters, Singapore has entered into automatic exchange of information agreements....more

“Path to Marijuana Reform” Legislation Introduced in Congress

by Tucker Arensberg, P.C. on

On March 30th, bipartisan U.S. lawmakers introduced a package of three marijuana reform bills collectively being called the “Path to Marijuana Reform” aimed to “pave the way for responsible federal regulation of the legal...more

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