News & Analysis as of

Tax Deductions Wages

Rosenberg Martin Greenberg LLP

Loughman Case Illustrates Potential Impact of Entity Choice on Income Tax Liability for Cannabusinesses

Recognition of Internal Revenue Code (“I.R.C.”) § 280E and its potential to limit deductions can have a material impact on the ongoing operation of a cannabusiness. While operational concerns require attention, improper tax...more

Smith Anderson

eTrends - Reminder: New Withholding Allowance Certificate is Required for Wage Payments Made On or After January 1, 2014

Smith Anderson on

As a result of changes in North Carolina’s state income tax law, employees must complete a new Employee’s Withholding Allowance Certificate, Form NC-4 or Form NC-4EZ, so that employers can withhold the correct amount of North...more

Baker Donelson

IRS Limits Losses Sustained by Trusts

Baker Donelson on

Since 1986, Section 469 of the Internal Revenue Code has imposed limitations on the ability of most taxpayers to offset losses from activities in which they do not materially participate against wages and other non-passive...more

Pillsbury Winthrop Shaw Pittman LLP

New Tax Increases Make Deferral of Compensation a (More) Valuable Benefit for Many Employees

This article describes how the new additional Medicare tax, tax on net investment income, higher marginal tax rates, and phase-out and reductions of personal exemptions and itemized deductions make the use of compensation...more

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