Congress and the administration can still achieve the first major overhaul of our nation’s tax laws in nearly 30 years; such reform could occur with or without an agreement to enact fundamental entitlement spending...more
In This Issue: Home Stretch to a PA Budget; PA to Project Vendor Overpayments In Some Audits; Township Business Privilege Tax Rejected; and Pennsylvania Supreme Court Upholds IFTA Liability. Excerpt from Home...more
On June 6, 2013, the Michigan Court of Claims became the second court in the country to hold that the Multistate Tax Compact (the Compact) is a binding multistate compact that cannot be repealed by a separate, subsequent...more
Overview - When it comes to a discussion about labor unions, emotions run very high. Some prognosticators will attribute the decline of American manufacturing jobs to labor unions. I say Fortune 500 companies (on the...more
As evidence of its continued commitment to transparency in the financial services industry and its compliance with international standards, the British Virgin Islands executed a much anticipated Tax Information Exchange...more
The American Taxpayer Relief Act of 2012 (2012 Tax Act) and the Patient Protection and Affordable Care Act (Affordable Care Act) combine to produce significant changes in tax rates for 2013 and future years. The 2012 Tax Act...more
In a taxpayer-favorable decision earlier this month, the US District Court for the District of Massachusetts, following a jury verdict, entered judgment for a corporation in a tax refund suit permitting a business deduction...more
The Tennessee General Assembly recently passed a significant revision to the Tennessee Business Tax, a locally imposed gross receipts tax on the sale of goods and services (SB183/HB177). This change follows legislation...more
IRS Addresses Issues of Unrelated Business Taxable Income and Executive Compensation in Colleges and Universities Compliance Project Report - On April 25, 2013, the Internal Revenue Service (IRS) released its Final...more
Report offers lessons for many tax-exempt organizations on unrelated business taxable income and executive compensation....more
Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more
Entrepreneurs who wish to start a corporation that is strictly for profit may register either a C. Corp or an S. Corp. Should they choose not to register as a corporation they have the option to function as a partnership or...more
McDermott Will & Emery is pleased to offer “Distribution in China – Legal Issues*,” a one-stop resource covering distribution in China, including: The business models and legal structures most commonly used for...more
The Honourable Jim Flaherty, Minister of Finance, tabled Budget 2013 today. In his Budget Speech, the Minister lauded Canada’s economic strength and achievements over the last seven years, while acknowledging that there are...more
On February 28, 2013, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2013 (Budget). The Budget includes several proposals that affect international investors investing in India,...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
This past November, voters in the City of San Jose, California ("City") approved their own minimum wage ordinance (MWO) – the largest city in the United States to take this action. The ordinance takes effect on Monday, March...more
As we have previously reported, despite the growing number of States (18 in total) that have sanctioned the use of marijuana in various forms, the federal government has continued its efforts to crack down on dispensaries....more
The U.S. Treasury Department recently released regulations on the tax treatment of noncompensatory options issued by a partnership, as well as proposed regulations addressing the threshold question of when a partnership...more
The Tennessee Department of Revenue has released a legislative proposal with the stated intent of clarifying the application of the locally-imposed business tax to out-of-state businesses while also codifying an existing...more
Overview - The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations), effective February 5, 2013, concerning the tax consequences of...more
The Internal Revenue Service and Department of the Treasury published in the February 5, 2013 Federal Register final income tax regulations on noncompensatory partnership options (the “Regulations”). At the same time, the IRS...more
Originally published in State Tax Notes. Many states have created special treatment for manufacturers, including tax exemptions, credits, and special income tax apportionment rules. In this edition of A Pinch of SALT, we...more
After much contention,Congress passed the American Taxpayer Relief Act of 2012, and President Obama signed the legislation on January 2, 2013. The Act avoids automatic sunset provisions that were scheduled to take effect...more
In a case appealed from the tax court, the New Jersey Superior Court, Appellate Division, recently affirmed that an out-of-state employer was subject to the New Jersey corporation business tax because it allowed one of its...more
JD Supra gets your content noticed, increases your visibility and makes your marketing efforts hassle free...
Learn More or Schedule a demo
