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Income Taxes › Corporate Counsel

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Hinshaw & Culbertson LLP

Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA)

Hinshaw & Culbertson LLP on

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA's application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

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The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

McDermott Will & Emery

IRS Announces New Compliance Initiatives to Collect More Corporate Tax Using Inflation Reduction Act Funds

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On October 20, 2023, the Internal Revenue Service (IRS) announced new initiatives “to ensure large corporations pay taxes owed.” These initiatives leverage the substantial additional congressional funding that was given to...more

Cooley LLP

Startups, Other R&D-Heavy Companies May Face Significantly Higher Tax Costs in 2022

Cooley LLP on

The Tax Cuts and Jobs Act was enacted more than five years ago, but certain changes under the legislation are only now coming into focus as taxpayers prepare their 2022 tax returns. In particular, there are significant...more

Pillsbury Winthrop Shaw Pittman LLP

Don’t Let Bank Uncertainty Delay Payroll: Considerations for Employers

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With bank uncertainty making headlines, we answer employers’ most frequently asked questions about the consequences of payroll delays, strategies for mitigating risk and more. ...more

McDermott Will & Emery

Actual Confusion Is the Best Evidence of Confusion

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The US Court of Appeals for the Eighth Circuit reversed and vacated a district court’s preliminary injunction grant in a trademark dispute, concluding that potential confusion is insufficient to satisfy the burden of showing...more

Nossaman LLP

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers

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Federal and California tax agencies have announced several relief measures for taxpayers affected by the storms that started shortly before New Year’s Eve and ended (for the time being) on Martin Luther King Jr. Day. Natural...more

Akin Gump Strauss Hauer & Feld LLP

The Responsible Financial Innovation Act – A Bullet Point Summary

Akin Gump Strauss Hauer & Feld LLP on

Key Points - On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) released long-awaited legislation addressing the regulatory and tax treatment of digital assets. Their Responsible Financial...more

Miller Canfield

Does a Tax Cut Jobs Act Provision Decrease Income Taxes on Marijuana Businesses?

Miller Canfield on

Key Takeaways: ..A pending U.S. Tax Court case presents an interesting theory to preclude the federal income tax disallowance of all deductions of a marijuana business. ..The theory rests on a provision in the 2017 Tax...more

Society of Corporate Compliance and Ethics...

[Virtual Event] Nonprofit Sector Compliance Conference - May 24th, 9:00 am - 4:00 pm CDT

Society of Corporate Compliance and Ethics... on

Get the support you need to properly manage key nonprofit compliance challenges - Nonprofit organizations often find themselves vulnerable to unique fraud and conflict of interest concerns. This one-day virtual conference...more

Kohrman Jackson & Krantz LLP

New Tax Rule Changes Reporting Requirements For Venmo, Paypal, Cash App

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A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per...more

Smart & Biggar

FCA upholds reconsideration decision maintaining $100M+ award against Apotex for cefaclor patent infringement

Smart & Biggar on

Update: On September 28, 2021, Apotex applied to the Supreme Court of Canada for leave to appeal (Docket No. 39851).  On July 23, 2021, the Federal Court of Appeal (FCA) dismissed Apotex’s appeal of the Federal Court’s (FC)...more

Buckingham, Doolittle & Burroughs, LLC

Out-of-State Remote Workers may Create Substantial Nexus as COVID-19 Protections Expire

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In response to the COVID-19 pandemic, as work-from-home became the norm, many states provided safe harbors such that remote workers teleworking in the state would not create nexus for corporate income tax and sales / use tax...more

Pullman & Comley, LLC

Top 3 Tax Considerations for Business Owners in the American Jobs Plan and American Families Plan

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On Friday, May 28, 2021, the Treasury Department released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” otherwise known as the “Green Book” for both the American Jobs Plan and American...more

Burns & Levinson LLP

Individual Income Tax Filing and Payment Deadline Extended to May 17, 2021

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The U.S. Department of the Treasury and Internal Revenue Service announced on March 17, 2021, that the federal income tax filing due date for individuals will be automatically extended from April 15 to May 17, 2021. This...more

Amundsen Davis LLC

Time For Employers That Were Subject To FFCRA Leave To Send Corrected W-2s?

Amundsen Davis LLC on

2020 was certainly a unique year for employers and employees. This includes complications with wage reporting. Most employers have issued wage reports to their employees by the January 31st deadline and prior to the...more

Jackson Lewis P.C.

Does Your Nonqualified Plan Need To Be Amended By December 31, 2020?

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Section 162(m) of the Internal Revenue Code (“Code”), which disallows the deduction by any publicly held corporation with respect to certain compensation paid to a covered employee over $1,000,000, was amended by the 2017 Tax...more

Bowditch & Dewey

New Hampshire Sues Massachusetts Over State Income Taxes for Remote Work

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Massachusetts employers and their employees who work out of state can add state income tax to their list of uncertainties caused by the COVID-19 pandemic. On October 16, 2020, the Massachusetts Department of Revenue issued a...more

Society of Corporate Compliance and Ethics...

[Virtual Event] Nonprofit Sector Compliance Conference - November 5th, 9:20 am - 3:30 pm CST

Society of Corporate Compliance and Ethics... on

The charitable organization sector faces many compliance challenges, including: - unique tax exemption issues - fundraising registration and related issues - privacy and data security - complex reporting...more

Baker Donelson

Navigating COVID-19: Tax Nexus, Withholding Taxes, and State Unemployment Taxes

Baker Donelson on

COVID-19 has caused many companies to introduce or expand a remote work policy for employees, either in a temporary capacity or in a more permanent one. With a large number of companies' employees working remotely, several...more

Kelley Drye & Warren LLP

IRS Declares That Expenses Funded With Forgiven Paycheck Protection Program Loans Are Not Deductible

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On April 30, 2020, in Notice 2020-32, the IRS declared that expenses, including payroll expenses, are not deductible for federal income tax purposes if funded with forgiven Paycheck Protection Program (“PPP”) loans. Under...more

Bennett Jones LLP

Canada's COVID-19 Economic Response Plan

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On March 18, 2020, the federal government announced Canada's COVID-19 Economic Response Plan, containing a number of measures to be implemented by the Department of Finance to help manage the financial hardships Canadians are...more

Littler

IRS Issues Proposed Rule on Business Expense Deductions

Littler on

On February 26, 2020, the IRS published proposed regulations implementing changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) regarding the elimination of deductions for entertainment and the limitation on food and...more

Snell & Wilmer

What’s in the Cloud? Proposed IRS Rules for Digital and Cloud Transactions

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The long wait is over – the Internal Revenue Service (IRS) has finally issued proposed regulations (the Cloud Regulations) addressing the tax treatment of cloud transactions. Until now, there was no guidance specifically...more

McDermott Will & Emery

Treasury and the IRS Release Final Foreign Tax Credit Regulations

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Final regulations relating to the determination of the foreign tax credit following the Tax Cuts and Jobs Act were released earlier this month. Though largely similar to the proposed regulations, taxpayers may be interested...more

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