During the recent session, the Alabama Legislature passed House Bill 281, extending Alabama's historic preservation tax credit (the Credit) for an additional five years through 2027. The Credit began in 2013, has been...more
On July 8, 2020, Governor Ivey announced the launch of "Revive Alabama," a new $100 million grant program to assist small businesses in Alabama affected by the ongoing coronavirus pandemic. The grant program is funded from...more
In a recent decision, the Alabama Supreme Court held that the sale of computer software, whether "canned" or customized, is subject to Alabama sales and use tax, while confirming that separately invoiced services for custom...more
Many franchisors and franchisees operate for tax purposes in pass-through entities (LLCs, S corporations, partnerships, and entities that are disregarded for tax purposes). The owners of pass-through entities pay tax at...more
Despite the ongoing partial government shutdown, the IRS issued four sets of guidance (the Guidance Package) on January 18 related to the new deduction for owners of pass-through entities of up to 20 percent of their...more
The IRS recently released Revenue Procedure 2018-38 (the "Revenue Procedure"), which exempts certain tax-exempt organizations from the requirement of reporting the names and addresses (the "Donor Information") of substantial...more
The 2017 tax reform bill created a new deduction for owners of pass-through entities (partnerships, LLCs taxed as partnerships, S corporations, and sole proprietorships) of up to 20 percent of their "qualified business...more
The U.S. Supreme Court's decision in South Dakota v. Wayfair, Inc., et al. represents a significant change in the sales tax collections and remitting responsibilities of all businesses (large or small) involved in selling at...more
7/10/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
In a recent press release, the Alabama Department of Revenue announced that it is providing an extended tax filing deadline for individuals and businesses who were affected by the severe weather event that impacted certain...more
On May 18, Governor Kay Ivey signed Act 2017-317 (the "Act") into law. The Act amends the provisions of the Alabama Uniform Trust Code, which provide creditor protection for various types of tax-preferred retirement accounts...more
The IRS recently announced that it will not automatically reject individual income tax returns on which a taxpayer has failed to indicate whether they maintained qualifying health insurance coverage during the year for the...more
President Donald J. Trump has just been inaugurated as the 45th President of the United States and his proposals regarding tax reform played a key role throughout his entire presidential campaign. Because Republicans retained...more
In 2015, President Obama signed the Surface Transportation and Veterans Health Improvement Act of 2015 (the "Act") into law. The Act included provisions which changed the due dates for many federal tax returns, effective for...more
On September 1, 2016, Standard & Poor's (S&P) upgraded real estate as a stand-alone sector within its Dow Jones Global Industry Classification Standard (GICS). GICS is the de facto classification system for equity securities...more
In the recently issued Revenue Procedure 2016-22, the IRS announced that it is lowering the user fee associated with the submission of Form 1023-EZ for organizations seeking recognition of their tax-exempt status under...more
When considering making a conservation easement gift, there are a number of steps involved, including the creation of multiple documents, appropriate due diligence and other tasks required to implement and substantiate such a...more
The Treasury Department has recently promulgated proposed regulations dealing with so-called inversion transactions. Inversion transactions are ones in which a U.S. corporation changes its domicile to a nation with a more...more
5/11/2016
/ Allergan Inc ,
Anti-Inversion Regulations ,
Controlled Groups ,
Corporate Counsel ,
Corporate Taxes ,
Debt ,
IRS ,
Mergers ,
Pfizer ,
Proposed Regulation ,
Related Parties ,
Required Documentation ,
Stocks ,
U.S. Treasury
On December 18, 2015, President Obama signed into law the "Protecting Americans from Tax Hikes Act of 2015" (the Act). The Act extends a number of tax provisions that expired on December 31, 2014 and makes some of the...more
The recently enacted Bipartisan Budget Act of 2015 repeals the current Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and Electing Large Partnership (ELP) partnership audit regimes and replaces them with a new...more
It has been a busy year for developments in Alabama state taxation. In this tax alert we review many of the significant developments that have occurred over the last 12 months....more
10/29/2015
/ ABLE Act ,
Ad Valorem Tax ,
Business Taxes ,
Department of Revenue ,
Disability ,
Economic Presence Nexus ,
Financial Institutions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Non-Resident Income Taxes ,
Nonprofits ,
Out-of-State Companies ,
Partnerships ,
Property Tax ,
S-Corporation ,
Sales & Use Tax ,
Tax Amnesty ,
Tax Exemptions ,
Trusts
The Internal Revenue Code has provided an incentive under Section 170(h) for charitable conservation gifts. Since at least 2002 there has been an interest in combining through partnership those land owners who may have little...more