Revenue

News & Analysis as of

Thinking of Crowdfunding Your Project? Beware – the Taxman Cometh

The IRS Office of Chief Counsel recently released Information Letter 2016-0036 in response to questions regarding the taxation of crowdfunding revenue. In it the IRS concluded that crowdfunding revenue is taxable to the...more

April 2016 IPO Market Review

The IPO market produced seven IPOs with gross proceeds of $1.22 billion in April, for the best monthly performance of 2016 as the IPO market slowly pulls itself out of the slumber that has persisted since mid-2015....more

8th Circuit Dismisses Sarbanes-Oxley and Dodd-Frank Retaliation Claims

In Beacom v. Oracle America, Inc., the United States Court of Appeals for the Eight Circuit considered retaliation claims under Sarbanes-Oxley and Dodd-Frank. The essence of the matter was a business unit of Oracle...more

Tips for Expanding Your Investor Network from Coast to Coast

With a competitive marketplace, new technology companies may find that they need more capital to accelerate their company’s growth. The question becomes how to effectively approach investors outside the company’s geographical...more

Trial Court Dismisses Georgia Patronage Capital Lawsuits

On May 2, a trial court in DeKalb County, Georgia, dismissed two class action patronage capital lawsuits filed against Oglethorpe Power Corporation, Georgia Transmission Corporation (GTC) and certain distribution electric...more

NC Legislative Update - April 2016

Last Week - The 2016 “Short Session” of the North Carolina General Assembly, which reconvened on Monday, April 25th, began with rallies both in opposition and in favor of the Public Facilities Privacy & Security Act,...more

How to Build a Startup, Chicago-Style

Building a startup in Chicago differs from building one in Silicon Valley. Chicago investors, both individuals and committed venture funds, tend to be more reserved and practical, whereas coastal venture investors are more...more

Court of Appeal Turns a Careful Eye Toward Challenges to California’s Cap-and-Trade Auction System

A California Court of Appeal signaled it is moving closer to making what could be a far-reaching decision in the consolidated cases of California Chamber of Commerce v. California Air Resources Board (Case No. C075930) and...more

New York Legislative Session Update

As we move into mid-March, the New York state legislature is now fully entrenched in New York's budget season, which will culminate in a final budget agreement on April 1. In late February, the Assembly and Senate released...more

Law Firm Hit by IRS After Paying out All Earnings as Deductible Compensation to Shareholders

A Chicago law firm operating as a corporation regularly zeroed out its taxable income by making year-end bonuses to its shareholders and deducting such payments as compensation. The IRS attacked the reasonableness of the...more

Data Analytics Week – Part V: Bribes on the Other Side of the Ledger and Best Practices Going Forward

I end my review of the types of data analysis that can be used to help detect or prevent bribery through the case studies from Joe Oringel, co-founder and Managing Director of Visual Risk IQ, a firm that helps audit and...more

Securities and Exchange Commission Sets Schedule for Rulemaking on Revenue Transparency

On October 2, the Securities and Exchange Commission (“SEC”) filed a schedule with the U.S. District Court for the District of Massachusetts providing details as to when the agency will seek to issue a final rule on revenue...more

New Report on Renewable Energy as an Airport Revenue Source

The Airport Cooperative Research Program (ACRP) has recently published a guidebook on Renewable Energy as an Airport Revenue Source. The link to the guidebook on the ACRP website is here. Foley partner David Bannard is a...more

Doing Business in the U.K.? Modern Slavery Act £36M Threshold Issued

Companies doing business in the United Kingdom take note: the U.K. government just made the not-so-long-awaited announcement that businesses with an annual turnover of 36 million British pounds (£36M) will be subject to the...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

California Needs to Spend $853 Billion for New Infrastructure

California is the most populous state in the Country; if it were a country it would have the world’s 8th largest economy. So it’s probably no surprise to hear that a new study has found California needs to spend $853 billion...more

Marijuana and the Tax Apocalypse

As Californians evaluate the potential for legalization of Marijuana it is important to consider the current state of conflict between state and federal laws and regulations regarding the production, distribution and sale of...more

Eureka: California Controller Discovers New Source of Revenue from Insurers

The California Controller’s (Controller) latest squeeze on the life insurance industry involves: sending life insurers notices of assessment of interest on unclaimed property reported and voluntarily remitted in December...more

April 17, 2015 NC Legislative Update

Legislators are back in Raleigh after a week off and it doesn’t look like anything has changed after the extra time they were given to reflect on the session. Just as we’ve seen before: - There’s a new bill that would...more

North Carolina General Assembly Week in Review

Members of the North Carolina General Assembly had a full schedule this week, considering bills on everything from repealing the state’s cumbersome Map Act to voiding a law which required teachers to write Personal Education...more

March 13, 2015 Legislative Update

Redistricting Local Bills - SB 181 – Wake County Commissioner Districts and SB 36 – Greensboro City Council Districts, the two bills that remake the governing boards of two large local governments, passed the Senate...more

Alabama Legislator Introduces Broad Unitary Combined Reporting Bill

As part of Republican Governor Robert Bentley’s eight-bill revenue package, Representative Mike Hill (R-Columbiana) has introduced a mandatory unitary combined reporting bill (often called “MUCR”), H.B. 142, that would be...more

Meanwhile in Texas … Who Should Decide About Fracking?

Rep. Phil King has introduced two bills relating to fracking. House Bill 539 would add requirements for municipalities that propose petitions or ordinances that will affect oil and natural gas production. The Bill would...more

U.S. Department of the Interior Launches Online Data Portal Giving Access To Revenue Data

Last Thursday, December 11, 2014, the Department of the Interior (“DOI”) became the latest governmental agency to open the doors to some of its data via a new online portal located at https://useiti.doi.gov/....more

GPO Fees Under Scrutiny by the GAO

Last week, the Government Accountability Office (GAO) released a report examining group purchasing organization (GPO) practices. The GAO questioned whether the current structure of GPO funding through administrative fees is...more

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