News & Analysis as of

Business Income

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

by Shearman & Sterling LLP on

On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

European Commission Opens State Aid Investigation Into Finance Company Exemption From UK CFC Rules

On 26 October 2017, the European Commission (the Commission) opened an in-depth investigation into UK statutory rules that exempt certain financing income earned by foreign subsidiaries of UK corporate taxpayers from UK tax....more

Understanding Business Interruption Insurance and Wide-Impact Catastrophes

In the wake of Hurricanes Harvey and Irma, policyholders can expect insurers to put forward strong objections to some of the most consequential claims asserted by insureds. - Takeaways - In construing policy language...more

18 Months in Prison for Cashing Client Checks and Not Reporting the Income to the IRS

by Moskowitz LLP on

A man who provided landscaping and snowplowing services to residential and commercial customers in Hartford, Connecticut is serving 18 months in jail for underreporting his income....more

Tax Planning for Investment Into the United States Through Hybrid Entities - Tax Update Volume 2017, Issue 4

by Pepper Hamilton LLP on

The Tax Section of the New York State Bar Association recently issued a report commenting on the appropriate application of treaty limitations to source-country taxation of business profits when the underlying income is...more

Indiana Tax Court Allows Deductions for Interest Paid on Intercompany Loans and Holds That Gain from Sale of Partnership Was...

by Morrison & Foerster LLP on

On July 11, 2017, the Indiana Tax Court released a decision in E.I. DuPont de Nemours and Company v. Indiana Department of State Revenue. The Tax Court held that the Indiana Department of Revenue had improperly reclassified...more

Update to Guide on U.S. Taxation of Nonresident Aliens

by Charles (Chuck) Rubin on

I first wrote a simplified guide to U.S. taxation of nonresident aliens before the Internet and emails. The first few editions were printed and mailed out to persons on our firm's mailing list. Eventually, I circulated it by...more

Creating Non-Taxed “Previously Taxed Income”: The Ultimate Pre-Immigration Strategy

by Bilzin Sumberg on

According to recent statistics, immigrants and their U.S.-born children now number approximately 84.3 million people, or 27% of the overall U.S. population. The countries from which the largest numbers of these individuals...more

Insurer’s Denial of Mitigation Claim for Extra Costs to Prevent Cancellation of Contract Upheld

by Cozen O'Connor on

Many property insurance policies that provide coverage for business interruption losses also include “extra expense” coverage for reasonable and necessary extra costs to temporarily continue as nearly as possible normal...more

How A Defendant Won The Lottery!

by Foodman CPAs & Advisors on

The decision to hire a Forensic Accountant can be like buying a lottery ticket. Not all Forensic Accountants are equal. Not all possess the characteristics and critical success factors of an effective Forensic Accountant,...more

Breaking News: U.S. Supreme Court Denies Review of Gillette

by Reed Smith on

On October 11, 2016, the United States Supreme Court denied review of the California Supreme Court’s decision in The Gillette Company & Subs. v. California Franchise Tax Board. The issue was whether Gillette was required to...more

A Plague O’ Both Your Clauses: Insurance Probably Won’t Cover Businesses Stung By Zika

by Carlton Fields on

During the past several months, Zika virus has rapidly spread across Latin America and into the United States. While Congressional action has stalled, the Centers for Disease Control and Prevention (CDC) has issued a number...more

Alabama Department of Revenue Proposes Changes to its Corporate Income Tax Apportionment Regulations

The Alabama Department of Revenue (ADOR) recently proposed numerous changes to its apportionment rules for corporate income taxpayers, with the stated intention of adopting “recommended amendments to the [Multistate Tax...more

Sweeping Change to Partnership Tax Audit Procedures

by Stinson Leonard Street on

A major change to partnership audits was signed into place by President Barack Obama on November 2nd following the passage of the Bipartisan Budget Act of 2015 by Congress on October 30th. Previously, partnerships with more...more

Allocation, Due Diligence, and More Record Keeping! New Draft Regulations on New York State’s Corporate Income Tax Allocation

by Hodgson Russ LLP on

2014 brought significant corporate income tax reform to New York State. This year, 2015, followed suit and brought many of those same corporate income tax reforms to New York City. To quote Donald Trump, these reforms are...more

Economic Presence Standard for Income Tax Nexus

by McDermott Will & Emery on

In a question of first impression for Illinois, on May 12, 2015, Judge Schmidt of the Circuit Court of Sangamon County granted a summary judgment for the Illinois Department of Revenue, holding that the proper test for...more

Breaking News: California Supreme Court Hears Long-Awaited Gillette Oral Argument

by Reed Smith on

On October 6, 2015, counsel for the taxpayer and the Franchise Tax Board (“FTB”) argued before the California Supreme Court in The Gillette Company & Subs. v. California Franchise Tax Board. This case has been watched closely...more

Domestic Partnership Agreements: Financial Disclosures and Privacy

by Carlton Fields on

To reduce risk of later attack on the domestic partnership agreement, domestic partners should make fair and reasonable financial disclosures to each other prior to signing the agreement. Each partner should disclose to the...more

Best in Law: IRS Moves Mean It's Time to Shift Family Entity Wealth

by Best Best & Krieger LLP on

The IRS may take action very soon to eliminate or reduce a widely used and valuable family business entity wealth transfer strategy. The window of opportunity to take advantage of this strategy may close within the next month...more

IRS Issues Proposed Regulations Addressing Management Fee Waivers

by Latham & Watkins LLP on

Certain arrangements would be recharacterized as ordinary income, rather than as distributive shares of partnership income. On July 22, 2015, the US Treasury Department and the US Internal Revenue Service (IRS) released...more

Texas Floods: What You Need To Know About Your Insurance

by Reed Smith on

Texas has recently suffered historic flooding, causing tremendous damage and destruction in areas affected by heavy rain and floodwaters. Because of the damage sustained, commercial policyholders may have significant...more

Recent Decision Finds No Business Income Coverage Where Flood Caused Order of Civil Authority

by Robinson & Cole LLP on

When Super Storm Sandy struck the Northeast on October 29, 2012, states, cities, municipalities and towns up and down the East Coast ordered hundreds of thousands of people to evacuate from their homes and businesses. ...more

Recent Decision Finds No Business Income Coverage Where Flood Caused Order of Civil Authority

When Super Storm Sandy struck the Northeast on October 29, 2012, states, cities, municipalities and towns up and down the East Coast ordered hundreds of thousands of people to evacuate from their homes and businesses. In the...more

Proving Your Business Income Loss: Defeating Insurance Company Challenges to Policyholder Evidence

by Reed Smith on

Courts commonly observe that the purpose of Business Interruption or Business Income insurance is to put the policyholder in the same position it would have been in had there been no interruption. The Business Interruption...more

Indiana Department of Revenue Rules Forced Disposition is Nonbusiness Income

by McDermott Will & Emery on

In Letter of Finding No. 02-20140306 (Dec. 31, 2014), the Indiana Department of Revenue (Department) determined that income from the sale of two operating divisions of a business pursuant to an order of the Federal Trade...more

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