News & Analysis as of

State Taxes Federal Taxes

State and Federal Tax Law Developments Affect Same-Sex Couples and MA Residents with Out-of-State Real Estate

by Goodwin on

Recent changes in state and federal tax laws impact same-sex couples and any Massachusetts residents who own real estate in another state. Clients who may be affected by these changes should act soon to protect the...more

SALT Implications of Final Section 385 Debt-Equity Regulations

by McDermott Will & Emery on

The recently released final regulations under Internal Revenue Code Section 385, addressing the circumstances under which related company debt will be classified as equity for federal income tax purposes, will have a...more

South Carolina Legislative Tax Update: Governor Signs Bill Amending South Carolina Tax Law to Conform With the Internal Revenue...

by McNair Law Firm, P.A. on

Differences in federal and state tax laws can cause taxpayer headaches, and often lead to incorrect state tax filings. While South Carolina’s tax code continues to treat certain items differently than the Internal Revenue...more

[Event] Spring 2016 Tax Forum - May 12th, 8:00 am, Richmond, VA

by Williams Mullen on

Please join us for the Spring Tax Forum to be held at the Williams Mullen Center on Thursday, May 12, 2016. Topics Include: Contributions of Property to a Partnership: An Analysis of Section 704(c) Methods Part II:...more

Five Things Tribal Leaders Can Do in 2016 to Reduce Taxes on Tribal Members

by Holland & Knight LLP on

Contrary to popular misconception, individual members of Indian tribes do pay federal income taxes on their income, including on most of the income derived from Indian tribal or reservation sources. Some also pay state income...more

How Do an Estate's Debts Get Paid?

An executor is the person responsible for managing the administration of a deceased person's estate. One of the executor's main jobs is to pay people or institutions to whom the estate owes money -- the estate's creditors....more

ALJ Determines Taxpayer Settlement With the Internal Revenue Service Does Not Need to Be Reported to New York State

by Hodgson Russ LLP on

Taxpayers tend to face a difficult road when litigating tax disputes. We recently wrote about that here. It can be even more challenging, and costly, for taxpayers when they have to deal with more than one taxing authority on...more

Sale of Clippers Will Cost Sterlings Significant Income Taxes

People who do not think that Donald Sterling is being impacted sufficiently by the NBA fine and being forced to sell the Los Angeles Clippers are not taking into account the significant federal and California income taxes...more

Defending Federal and State Tax Audits For High-Income Taxpayers

In 2013 the IRS audited slightly over one taxpayer in nine[1] with an income of $1 million or more.[2] This audit rate represents a sharp 69 percent increase from the 6.42 percent audit rate that similar high-income...more

California Reduces Section 409A Tax Penalty from 20% to 5%

by Goodwin on

Section 409A of the Internal Revenue Code of 1986, as amended (“Federal Section 409A”), imposes strict administrative and operational requirements on non-qualified deferred compensation arrangements, such as supplemental...more

Wage Garnishments: Know Your Limits

by Foley & Lardner LLP on

In trying economic times, the employees of automotive companies and Next-Generation manufacturers, like those of other companies, face financial hardship. In some cases, this may translate into these companies facing higher...more

Some Federal, State, & Employment, Tax Considerations When Deciding on A Business Entity (LLC, Corporation or Sole Proprietorship)

by Scott Legal, P.C. on

The amount of taxes that you have to pay is one of the key reasons that individuals select one business entity type over another. The term “tax” though is a bit too general for a business as “tax” could refer to federal tax,...more

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