News & Analysis as of

Excise Tax

SB1: California Transportation Funding the Talk of the Capitol This Week

by Nossaman LLP on

Most Californians agree that our State’s transportation system is in dire need of additional funding for additional improvements and repair. The problem has always been where to secure the necessary funding. In short, it has...more

Banking & Financial Services E-Note - March 2017

by Burr & Forman on

In an article published in the April 2017 issue of The Journal of Bankruptcy Law, Jonathan Sykes and Correy Karbiener provide insight on whether § 546(e) of the Bankruptcy Code protects transfers made to repay commercial...more

Private Foundations: A Primer for the Business Owner

by Farrell Fritz, P.C. on

Many successful business owners attribute some part of their financial success to their community. The term “community” may have a different meaning from one business owner to another. In some cases, it may refer to the...more

IRS Issues Temporary Enforcement Policy In Line with DOL FAB 2017-01

On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions, the IRS announced that...more

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

by Burr & Forman on

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

Issue 106: ACA “Repeal and Replace” Bill Released, Faces Early Congressional Opposition

by Seyfarth Shaw LLP on

This is the one hundred and sixth issue in our series of alerts for employers on selected topics on health care reform. This series of Health Care Reform Management Alerts is designed to provide an in-depth analysis of...more

Quit (Illicit) Smoking – new proposals will affect landlords

by Hogan Lovells on

Landlords could potentially find themselves hit with new lease requirements, periodic checking obligations and even financial penalties following the publication of the ‘Sanctions to tackle tobacco duty evasion and other...more

Workplace Law Regs On White House Chopping Block

by Fisher Phillips on

Last week, President Trump signed an executive order requiring every federal agency to establish a “Regulatory Reform Task Force” to eliminate what he considers to be unnecessary and burdensome regulations hampering the...more

Pending Alabama Tax Legislation (2017 Regular Session) State and Local Tax Alert: Alabama Edition

The House and Senate have each met a total of six legislative days thus far. There are therefore 24 legislative days remaining in the 2017 Regular Session. The House will reconvene on Tuesday, February 28 at 1:00 p.m. The...more

Keeping Your Family Foundation in Compliance

The 2016 election cycle made front page news of certain failures in compliance by both the Bill, Hillary & Chelsea Clinton Foundation and The Donald J. Trump Foundation. Every new year brings new goals and, for every family...more

TTB Releases 2017 Semi-Monthly & Quarterly Excise Tax Return Due Dates

The Alcohol and Tobacco Tax and Trade Bureau (TTB) has released its 2017 due dates for semi-monthly and quarterly excise tax returns. Be sure to file on time. The failure to file on time can result in a penalty of 5% of the...more

Employment and Benefits Advisory: 2017 Reminders and Developments

by Sullivan & Worcester on

New Relief for Small Employer Health Reimbursement Arrangements - As mentioned in prior advisories, the Departments of Labor, Health and Human Services and Treasury have taken the position that employers cannot reimburse...more

Post-Inauguration Outlook: ACA, Fiduciary Rule and Retirement-Related Tax Provisions

by Holland & Knight LLP on

President Donald Trump took the oath of office on Jan. 20, 2017, officially ushering in Republican control of the executive and legislative branches of government. With Republican control of both houses of Congress, and a new...more

Boozelaw: TTB Adopts Changes Designed to Benefit Startup Brewers, Winemakers and Distillers

by Varnum LLP on

For certain brewers, wine makers and distillers, the gift-giving season did not necessarily end in December. The Alcohol and Tobacco Tax and Trade Bureau (TTB) recently announced it has adopted changes that may impact the tax...more

Cures Act Lets Small Employers Reiumburse Premiums

by Foley & Lardner LLP on

On December 13, 2016, President Obama signed into law the 21st Century Cures Act, which allows small employers to maintain health reimbursement arrangements (HRAs) for the purpose of reimbursing employees for the cost of...more

Small Employer Standalone HRA Allowed by New Law

by Dickinson Wright on

Effective January 1, 2017, small employers with fewer than 50 full-time employees will be allowed to offer employees a standalone health reimbursement account (“HRA”) without being subject to an excise tax under a law passed...more

California Cities To Tax Streaming Video?

Many cities in California are considering the expansion of their Utility User Tax (UUT) to streaming video services. Such an expansion may be inconsistent with the cities’ existing ordinances, be invalid under Proposition 218...more

Legislative Opportunities for Tribal Governments Under the Trump Administration

by Holland & Knight LLP on

With the advent of a Republican-controlled White House and Congress, many who work in Washington, D.C., on behalf of Indian tribes may be tempted to adopt a defensive posture. But while it always is important to defend tribal...more

The TTB Eliminates Bond Requirement for Smaller Breweries, Distilleries and Wineries

On November 7, 2016, the TTB released a “TTB Public Guidance” relating to the Protecting Americans from Tax Hikes Act of 2015 (the “Act”), which changed the Internal Revenue Code of 1986 regarding excise tax due dates and...more

Digital Tax Update – Local Edition

by McDermott Will & Emery on

After the highly publicized administrative lease transaction and amusement tax expansions in Chicago last year, more cities around the country are taking steps to impose transaction taxes on the sale or rental of digital...more

Trending Now: Political Activities and Social Media

The 2016 U.S. presidential campaign has reached a fevered pitch, with a little over a month remaining before Election Day. After Monday’s debate between Hillary Clinton and Donald Trump, the stakes are high and the American...more

The Qualified Subchapter S Subsidiary Election – A Primer and Beyond

by Garvey Schubert Barer on

Mr. Brant’s article offers readers a broad overview of the QSub election and a review of the history surrounding its statutory creation. In addition, it provides a rather in-depth discussion of the QSub qualification...more

Investing Private Foundation Assets: What Every Foundation Manager Should Know

Those responsible for managing a private foundation’s investment assets may not always understand the unique fiduciary and tax constraints imposed on private foundations and their managers by both state and federal law....more

What is Telemedicine? A Cool Benefit or a Hot Mess?

by Snell & Wilmer on

We’ve had numerous inquiries lately about telemedicine benefits. My clients most typically ask either “is this a group health plan?” or “is it just access to another provider?” Clearly, there is much confusion surrounding...more

Final US Treasury Regulations Provide Additional Flexibility in Determining the Tax Implications of Money Market Fund Share...

by Dechert LLP on

Final U.S. Treasury regulations under Section 446 of the Internal Revenue Code of 1986, as amended (the “Code’), providing for the use of the net asset value (“NAV”) accounting method for transactions in money market fund...more

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