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FICA Tax Imposed on Compensation That Will Never Be Received

FICA tax is normally collected through withholding at the time the underlying compensation (“wages”) is received. Under a special rule in the Internal Revenue Code, however (the “special timing rule”), FICA with respect to...more

Decanting By Various Means

Decanting By Various Means by James F. McDonough, Jr. on October 8, 2013 Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into...more

IRS Releases New Regulations for Deductible Business Repairs

IRS Releases New Regulations for Deductible Business Repairs by Joseph M. Donegan on October 4, 2013 The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may...more

U.S. Supreme Court Agrees To Hear Government’s Appeal Of Sixth Circuit’s Ruling In U.S. v. Quality Stores That SUB Payments Are...

On October 1, 2013, the U.S. Supreme Court agreed to hear the federal government’s appeal of the Sixth Circuit’s decision in United States v. Quality Stores, Inc. (In re Quality Stores, Inc.), 693 F.3d 605 (6th Cir. 2012),...more

American Airlines Wins Court Approval to Exit Bankruptcy

American Airlines Wins Court Approval to Exit Bankruptcy by Joel R. Glucksman on September 26, 2013 A federal bankruptcy judge has approved American Airlines' reorganization plan, as well as its merger with US Airways,...more

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors by Joel R. Glucksman on September 20, 2013 Local and state governments, as well as the federal government, are not the only ones closely watching...more

Judge May Be Close to Approving AMR Bankruptcy Plan

Judge May Be Close to Approving AMR Bankruptcy Plan by Joel R. Glucksman on September 12, 2013 AMR Corp. may be permitted to proceed with its plan to exit bankruptcy protection, despite the ongoing government lawsuit...more

Judge Speeds Up Detroit’s Eligibility Hearing

Judge Speeds Up Detroit’s Eligibility Hearing by Joel R. Glucksman on September 10, 2013 Legal commentators have noted that they expect the Detroit Chapter 9 bankruptcy case to be a tedious and time-consuming process....more

U.S., Cayman Islands Reach Tax Deal

U.S., Cayman Islands Reach Tax Deal by Joseph M. Donegan on August 28, 2013 Falling in line with the push for greater global collaboration to combat tax evasion, the United States and the Cayman Islands have reached a...more

Business Bankruptcies Continue to Decline

Business Bankruptcies Continue to Decline by Joel R. Glucksman on August 13, 2013 Americans have been inundated as of late with news relating to several high-profile business bankruptcies, suggesting that more...more

First Circuit Holds Private Equity Fund May Be Liable For Portfolio Company’s Pension Liability

On July 24, the U.S. Court of Appeals for the First Circuit held that two private equity funds managed by Sun Capital could be liable for their portfolio company’s withdrawal liability from a multiemployer pension plan (Sun...more

Potential Personal Liability for Corporate Debts

A business experiencing financial difficulty will typically be forced to allocate its scarce resources toward payment of only some of its creditors. In that process, it is important to keep in mind that for some types of...more

IRAs And Bankruptcy – This Is A Technical One

This post deals with protecting IRAs in bankruptcy – and the IRA was ultimately protected – but the arguments made are ones that only an ERISA junkie might appreciate....more

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...more

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

Introduction - In a recent decision, the Bankruptcy Court for the Northern District of New York broadly interpreted the meaning of “interest” in the context of determining the scope of a sale free and clear of “liens,...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

Tax Savings for Employers in Michigan, Tennessee, Ohio, and Kentucky.

The Sixth Circuit: Severance, NOT Subject to FICA. Last month, the Sixth Circuit affirmed a Michigan Bankruptcy Court and District Court order approving a corporate taxpayer's request for refund of FICA (Federal...more

The Sixth Circuit Splits From the Federal Circuit and Rules That Severance Payments Are Not Taxable as FICA Wages

On September 7, 2012, the Sixth Circuit held that certain types of severance payments (referred to as supplemental unemployment compensation or “SUB payments”) are not taxable wages under FICA. United States v. Quality...more

Pepper Victory: Sixth Circuit Holds that Supplemental Unemployment Compensation Benefits Are Not ‘Wages’ Subject to FICA Taxation

In an important recent decision, United States v. Quality Stores, Inc., et al., in which Pepper represented the prevailing party, the U.S. Court of Appeals for the Sixth Circuit held that supplemental unemployment...more

International Legal News Volume 1 Issue 3 - June 20, 2006

In this Issue: *China Issues Implementing Opinions on Approval and Registration of Foreign-invested Enterprises Lehman, Lee & Xu, Beijing, China by by Feng (Sandy) Lin *Bankruptcy - A New Guise PETERKA & PARTNERS...more

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