Tax General Business

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Maryland’s Denial of Credit for Tax Paid in Other States Declared Unconstitutional

In a 5-4 decision, the U.S. Supreme Court, in the case of Comptroller of the Treasury of Maryland v. Wynne, 575 U.S. ____ (2015), has struck down, under the “dormant” Commerce Clause, an aspect of Maryland’s income tax laws...more

Illinois Circuit Court Dismisses Challenge to Retained Job EDGE Credits

Corporations with Illinois Economic Development for a Growing Economy (EDGE) credit agreements giving credit for retained jobs can breathe a sigh of relief: The litigation challenging the state’s ability to grant EDGE credits...more

Supreme Court Rules that Dormant Commerce Clause Limits Maryland’s Taxing Powers over Its Residents

The U.S. Supreme Court issued its long-awaited decision in Comptroller of the Treasury of Maryland v. Wynne on May 18. In a split 5-4 decision, the Court struck down as unconstitutional a feature of Maryland’s income tax...more

Guide To Doing Business in Australia: Taxation (Updated)

TAXATION - It is not possible to give a complete outline of the scope of the taxation system in this guide. A brief outline of the basic taxation principles and some of the major forms of taxation are discussed...more

Australian Tax Update: Australian Budget 2015-2016

The Australian Government has released a measured but significant 2015-2016 Federal Budget. The three main tax changes include a focus on multinational tax avoidance by introducing new targeted non-resident anti-avoidance...more

China’s Tax Authority Issues New Circular to Regulate Payment to Overseas Affiliates

On July 29, 2014, the State Administration of Taxation (SAT) of the People’s Republic of China (PRC or China) released The Notice Regarding the Launch of Tax Anti-Avoidance Investigations on Remittance of Substantial Amounts...more

Tax Law Blog: Tapping into Beer Tax Reform

Unknowing to the casual beer drinker, at the bottom of your pint glass, a tax battle is brewing. As the craft beer industry continues to boom, the margins of many craft breweries has continued to tighten. Representatives of...more

Tax Due Diligence and Self-Checks of Tax Liabilities

A buyer who orders a tax due diligence review before acquiring a company wants to get information not only about the tax risks that may exist for that company, but also about its existing tax assets (both those assets that...more

DEADLINE: Foreign Bank Account Reports Due June 2015

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury...more

A Year’s Review of Massachusetts Tax Cases

Allied Domecq Spirits & Wines USA, Inc. v. Comm’r of Revenue, 85 Mass. App. Ct. 1125 (2014) - In a unique case, the Massachusetts Appeals Court affirmed a ruling of the Appellate Tax Board (ATB) that two corporations...more

Trust Matters Update - May 2015

The Trust Matters Update is a periodical summary of cases, case comments, consultations, publications, legislative developments, legal updates, articles and news in the area of trust law and related issues. 1. Can...more

New Temporary and Proposed Regulations Offer Welcome Clarification on Application of the Embedded Loan Rule

On May 8, 2015, the Treasury Department and the Internal Revenue Service published temporary and proposed regulations under IRC §§ 446 and 956 (T.D. 9719; REG-102656-15), clarifying when nonperiodic payments made pursuant to...more

Plain and Simple: Maryland Tax Court Holds Insurance Company is Exempt from Corporate Income Taxes

Although taxpayers often complain that complying with the tax laws imposed by the numerous state and local taxing jurisdictions that exist in the United States is a burdensome process, many of these tax statutes also provide...more

Tax Alert: IRS Untangles Section 163(L) in Cross-Border Hybrid Financing Transaction

“In terrorem” or anti-abuse provisions often receive a lack of judicial and administrative interpretation. Section 163(l) of the Code, enacted in 1997, is no exception, so that even now certain fundamental questions relating...more

The Importance of Fixing Section 409A Compliance Failures Sooner Rather Than Later

A recent Memorandum issued by the Office of Chief Counsel within the Internal Revenue Service demonstrates yet again the perils of failing to comply with Section 409A of the Internal Revenue Code. The Memorandum takes the...more

Bitcoin and the Like: Further Tax Developments to Monitor

Virtual currency developments continue to emerge, including state tax guidance, a court decision on deductibility of losses, and the Uniform Fiduciary Access to Digital Assets Act (the “Act”). State Tax Guidance - The New...more

Tax Incentives Offer Hope for UK Oil and Gas Industry Affected by Low Oil Prices

In the March 2015 Budget, chancellor George Osborne reacted to a significant fall in crude oil prices and to industry calls by reversing a tax hike that he imposed in 2011. This move could provide a lifeline to aging fields...more

Arizona Attorney General Opinion Embraces Taxpayer-Funded (Political) Advocacy: Potential Pitfalls for Businesses and Nonprofits

The Office of the Arizona Attorney General recently sparked debate by issuing an opinion advising two county attorneys that they may use public resources to disseminate messages about the dangers of marijuana use ahead of the...more

Midyear Tax Planning

As we approach the middle of the year, this is the perfect time to consider tax planning for your business and whether you need to make any changes to your current tax strategies....more

IRS Proposes Regulations Directed To “Passive” Hedge Fund Foreign Insurance Entities

On April 24, 2015, the Internal Revenue Service proposed regulations directed to “situations in which a hedge fund establishes a purported foreign reinsurance company in order to defer and reduce the tax that otherwise would...more

New IRS Rulings Should Provide Greater Certainty for Corporate Restructurings

On May 5, 2015, the Internal Revenue Service (IRS) issued two long-awaited rulings, Rev. Rul. 2015-09 and Rev. Rul. 2015-10, that should ease the lives of corporate tax planners. Each ruling addressed an increasingly common...more

California Tax Developments - A Reed Smith Quarterly Update (1st Quarter 2015)

Regulatory Updates - GO-Biz Rolls Out First Awards of 2015 For fiscal year 2015, the Governor’s Office of Business and Economic Development (“GO-Biz”) is authorized to award $151.1 million in California Competes Tax...more

IRS Rulings Clarify Tax Treatment of Multi-Tier Restructuring Transactions

By declaring a controversial ruling obsolete, the IRS removes uncertainty surrounding the tax effects of certain corporate restructuring techniques. A pair of revenue rulings the US Internal Revenue Service (IRS)...more

GST and Awards of Damages

A recent Victorian Supreme Court decision, Millington v Waste Wise Environmental Pty Ltd [2015] VSC 167 , confirms that a damages award should generally be calculated on a GST exclusive basis in circumstances where the...more

Benefits of an Irrevocable Life Insurance Trust as Security for Support

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

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