Read Tax Law news, alerts, and legal commentary from leading lawyers and law firms:
Hot Topics for Waste-to-Energy Investors and Developers
Monitor Thy Drink: Alcohol Import Regulations Under the TTB (Alcohol and Tobacco Tax and Trade Bureau)
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Polsinelli Shughart Election Analysis and Legal Insight
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What are the tax benefits of a Canadian Cross-Border Income Trust (CBIT)?
Why choose Canada for a Cross-Border Income Trust (CBIT)?
What is a Canadian Cross-Border Income Trust (CBIT)?
Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads
Should you Opt-Out of the Voluntary Disclosure Program?
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Yesterday, the South Carolina Supreme Court issued its long-awaited decision in Bodman v. South Carolina, holding that the state’s sales and use tax exemption and cap scheme, as a whole, does not violate the state...more
An update on last week’s post on Performance Marketing Association, Inc. v. Hamer: with the posting of the Court’s docket book for the May term, we learned that the oral argument in Performance Marketing has been continued...more
On May 6, 2013, the United States Senate passed the Marketplace Fairness Act of 2013 (the "Act") by a vote of 69 to 27. The legislation (S. 743) now moves to the House of Representatives for consideration....more
Last week, legislators turned their attention to the weightiest and most controversial issues, including debate and passage of several gun bills. Now, with only three legislative days remaining, both budgets will take...more
Major Tax Reform Proposal Starts to Take Shape -
This week, the Maine media reported that Senator Woodbury is leading a bipartisan effort to draft a major tax reform proposal. This proposal will likely propose changes...more
On April 16, 2013, the Senate Finance Committee held a hearing on “Tax Fraud and Tax ID Theft: Moving Forward With Solutions,” including testimony on proposals to restrict access to the Social Security Administration’s Death...more
On April 17, 2013, U.S. Rep. Keith Ellison (D-Minn.) reintroduced the Inclusive Prosperity Act of 2013 (H.R. 1579) (the "Bill"), a financial transaction tax that, according to its supporters, would provide the federal...more
On Thursday of this week, the Senate Tax Reform Division adopted its recommendations for the Senate Omnibus Tax Bill. Much of the attention on that bill focused on the proposed reduction in the State sales tax from 6.875% to...more
On March 25, 2013, the U.S. Senate narrowly passed a budget by a vote of 50–49. The budget included several amendments added the previous day. One amendment gives states more authority to collect sales tax from out-of-state...more
Governor Dayton yesterday unveiled his revised budget for fiscal years 2014-2015. With Minnesota Management & Budget (MMB) recently projecting the FY 2014-15 shortfall at $627 million, down from last November's estimate of...more
Taxpayers and a manufacturer of plastic bags challenged a county ordinance that prohibits retail stores from providing customers with plastic carryout bags and requires the stores to charge their customers ten cents for each...more
With Governor Dayton scheduled to release his supplemental budget proposal next week, he announced today at a meeting of the Twin West Chamber of Commerce that he will drop the proposed expansion of the state sales tax to...more
Comprehensive tax reform is the top priority of the congressional tax-writing committees this year. In continuation of several years of work on this issue, the House Ways and Means Committee recently unveiled the next stage...more
On March 4, 2013, U.S. Treasury released guidance on the impact of the across-the-board spending cuts known as “sequestration” to the Section 1603 cash grant program.
As stated in the message, payments under Section...more
With a population of roughly 1.3 million people, Maine is a small player in national markets. At the same time, Maine legislators have attempted to have an out-sized voice in the national marketplace of legislative policy by...more
In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more
On Jan. 2, 2013, President Obama signed the “American Taxpayer Relief Act of 2012” (the “Act”) which was passed by the House and Senate the previous day to avoid the so-called “fiscal cliff.” The Act prevents many of the tax...more
As part of the law passed as a last minute escape of the so-called fiscal cliff, Congress extended the Mortgage Forgiveness Debt Relief Act to the great relief of homeowners who’ve suffered foreclosure....more
On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the “Act”), which halts tax increases scheduled to go into effect for most Americans as part of the so-called fiscal cliff. The Act generally...more
Proposition 39 was passed by 60.1 percent of the California electorate on the November 6th, 2012 statewide ballot. As a result, most multistate businesses must apportion income to California using a single-sales factor method...more
On November 6, 2012, San Francisco residents approved Proposition E (the “Gross Receipts Tax Ordinance”) instituting a new gross receipts tax to replace the City’s 1.5% payroll tax. The new gross receipts tax is phased in...more
On Tuesday, November 6, 2012, California voters approved Proposition 39-THE CALIFORNIA CLEAN ENERGY JOBS ACT. Proposition 39 changes the way taxes are assessed for companies with multistate operations. This change is...more
On November 6, California voters passed Proposition 39, which changes the state’s default apportionment to a single sales factor method. Additionally, Proposition 39 adopted a mandatory market-sourcing method for sourcing...more
In This Issue:
Obama v. Romney Tax Plans; IRS Rules That Excess Mortgage Servicing Is “Good” Asset and Produces “Good” Income for REIT purposes; Tax Court Finds Arrangement to be Equity for Tax Purposes in Pepsico...more
Tuesday, September 25 marked the Alabama Retail Association’s annual Retail Day, held this year in Birmingham at The Club atop Red Mountain. Sponsored by the ARA and the University of Alabama at Birmingham, the clear goal of...more
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