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Interest Payments

Federal Employment Taxes: Penalties and Interest (Part 2)

by McNair Law Firm, P.A. on

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more

House Tax Reform Bill Contains Provisions Adversely Impacting Public Finance

by Holland & Knight LLP on

• The Tax Cuts and Jobs Act introduced in the U.S. House of Representatives on Nov. 2, 2017 – now in markup by the House Ways and Means Committee – has a number of provisions that would likely have a negative impact on the...more

Currently Not Collectible Taxes: What Do You Do? (Part 4)

by McNair Law Firm, P.A. on

If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more

The Doctrine of Equitable Recoupment Is A Litigation Shield – Not A Sword

by Farrell Fritz, P.C. on

The doctrine of equitable recoupment, which is codified in CPLR 203(d) permits a defendant to assert an otherwise untimely defense or counterclaim. The Appellate Division, First Department recently applied the doctrine in...more

Michigan Supreme Court Holds That an Insurer’s Untimely Payment of Underinsured Motorist Benefits is Subject To Penalty Interest...

by Dickinson Wright on

The Michigan Uniform Trade Practices Act (UTPA) provides for 12% penalty interest on certain no-fault insurance claims that are not timely paid by the insurer. For “third party tort claimants,” penalty interest only applies...more

Free Pass for Taxes Owed to Pennsylvania?

by Barley Snyder on

If you owe back taxes to Pennsylvania, you’re in luck. Starting April 21 and continuing to June 19, the Pennsylvania Tax Amnesty Program will waive all penalties and slash the interest rate on outstanding tax...more

The Battle over Damages for Delayed Proceedings at EU General Court Continues

by Jones Day on

The controversy continues over damages for excessively lengthy proceedings at the European Union ("EU") General Court. In March 2017, both the EU and Gascogne initiated appeals before the EU's highest court in challenge of...more

Tax Round Up - April 2017

by Proskauer Rose LLP on

Welcome to the Tax Round Up, the first edition of what will be a regular bulletin highlighting the latest tax developments relevant to UK companies and asset managers. We plan to produce this monthly with the next one in...more

A “Thriller” in Tax Court: The Estate of Michael Jackson and IRS Dispute Valuation of Pop Star’s Image

by Bowditch & Dewey on

How much were the late King of Pop’s name and image worth when he died? His estate put the figure at $2,105 but the IRS believes the value is at least $434 million. That’s a huge discrepancy and with penalties and interest...more

Michael Jackson Estate Tax Case Moving Forward

by Charles (Chuck) Rubin on

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax...more

The Lehman Administration Surplus and the High Court Ruling in Waterfall IIC

by White & Case LLP on

A recent UK High Court ruling in Lehman Brothers International (Europe) (In Administration) ("Lehman Waterfall IIC") considers the application of statutory interests on proven debts in an administration and in particular the...more

Important Banking Development From California Courts

Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more

South Carolina Tax Amnesty for 2017?

by McNair Law Firm, P.A. on

The South Carolina General Assembly approved a law in 2015 allowing the South Carolina Department of Revenue to offer an amnesty program to taxpayers in the state who have not filed tax returns and/or owe state taxes....more

Tax Litigation Update – Fall 2016

by King & Spalding on

Tax Court Denies Commissioner’s Motion to Compel After Predictive Coding Used to Identify Responsive Documents - On July 13, 2016, Judge Ronald Buch of the Tax Court denied the Commissioner’s motion to compel Dynamo...more

Proof Again That Small Plans and Their Fiduciaries Can Get Sued

by Ary Rosenbaum on

I’ve heard of for years on how small 401(k) plans and their plan fiduciaries don’t get sued. While they are never going to be the target for a class action lawsuit because they don’t have enough assets to justify an ERISA...more

Ninth Circuit Reverses Itself on Payment of Default Interest in Cure Cases

by Dechert LLP on

Reversing its long standing precedent, the U.S. Court of Appeals for the Ninth Circuit held that when a chapter 11 debtor cures a default under its loan agreements, the debtor is required to pay default interest as required...more

Think Twice Before Making Payroll Advances to Employees

by Foley & Lardner LLP on

It can be difficult to turn down an employee who asks for an advance on their earnings. However, there are lots of reasons for companies to think twice before making payroll advances to employees....more

When Can a Bondholder Insist on Prompt Payment of Principal or Interest: Recent Developments under the Trust Indenture Act

In December 2014 and January 2015, the United States District Court for the Southern District of New York issued two sets of decisions — Marblegate Asset Mgmt. v. Educ. Mgmt. Corp. and MeehanCombs Global Credit Opportunities...more

Controversial Debt-Equity Regulations Finalized With Limited Fixes, Concessions and Reservations by Government

On October 13, 2016, Treasury and the IRS issued important new final and temporary regulations (the “Regulations”) under section 385 of the Internal Revenue Code addressing the treatment of intercompany debt for U.S. federal...more

What You Need to Know About Mergers and Acquisitions Involving Government Contractors and Their Suppliers: Volume X – Accounting...

Volume X – Accounting for the Cost of Business Combinations Under Government Contracts - Mergers and acquisitions create additional costs and complex accounting issues for government contractors. There are fees for...more

Tax Amnesty Is Back in Arizona

by Buchalter on

The State of Arizona’s 2016 amnesty program offers significant benefits to most individuals and corporations with past-due taxes. Once again, Arizona taxpayers with many types of past-due state and local taxes will have...more

With-Hold on a second?! New ISE rule leads to automatic de-listing of debt securities at scheduled maturity

by Reed Smith on

Picture this: it’s 1793. In England, George III is on the throne and the Bank of England issues the first ever ‘fiver’. In the U.S.A, George Washington hosts the first US cabinet meeting as President and the capital moves...more

Is Bank Debt a Security?: Dangerous Implications of the General Motors Litigation

GM’s term lenders had received $28 million in cash interest during the 90 days prior to GM’s filing, and $1.5 billion in full payment during the bankruptcy, subject to disgorgement if the term lenders proved to be...more

Liability for breach of obligations

by White & Case LLP on

Resolution of the Plenum of the Supreme Court of the Russian Federation No. 7 dated 24 March 2016 'On courts applying certain provisions of the Civil Code of the Russian Federation concerning liability for a breach of...more

Default Interest -The Doctrine of Penalties Revisited

by K&L Gates LLP on

Recent developments in the law of penalties mean that lenders should carefully review how their default interest provisions operate and whether the amount claimed as default interest can be justified as a genuine pre-estimate...more

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