What Individuals and Businesses Need to Know About the American Taxpayer Relief Act
Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
What Was Intended? Transactions between commonly controlled, closely held businesses are often conducted in an informal manner. This is unfortunate because, in the absence of documentation, it is sometimes difficult to...more
Constructive Transfers- It is axiomatic that the tax treatment of interactions between a closely held business and its owners will generally be subject to heightened scrutiny by the IRS, and that the labels attached to such...more
Businesses that reasonably anticipate that loans under the Paycheck Protection Program will be forgiven should be aware that they cannot claim a deduction for the eligible expenses paid or incurred during the 2020 taxable...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 9, 2020 – November 13, 2020... November 9, 2020: The IRS released Notice 2020-75...more
The IRS has previously released guidance saying that expenses paid with Paycheck Protection Program (PPP) proceeds which would otherwise be deductible will not be permitted to be deducted. There was much hope in the business...more
In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more
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
Whether a business may deduct litigation settlement payments can have a substantial real dollar impact on the business. In the midst of combating potential litigation, companies rarely first focus on the potential tax impact...more
Most issuers of healthcare insurance likely have heard about the $500,000 limit on deductible compensation that became effective January 1, 2013, but might be surprised to know how much broader the scope of the deduction is...more
On January 28, 2013, the Internal Revenue Service (IRS) published a generic legal advice memorandum (GLAM), AM2012-10, addressing the timing under the consolidated return regulations of certain deductions that commonly arise...more
New Year's Day brought new tax legislation passed by Congress, called the American Taxpayer Relief Act of 2012 (the "Act"), which President Obama has signed into law. The Act has made some important changes to the tax law...more
In This Issue: - Five Core antitrust Principles For mergers of health insurers By: James M. Burns. On July 9, WellPoint and Amerigroup, two prominent health insurers, announced that they intended to merge in a...more