Life Sciences Quarterly: Tax Cuts and Jobs Act: Implications for Life Science Business
The stream of cases challenging disallowance of research tax credits continues in the Tax Court with Phoenix Design Group, Inc. v. Commissioner. The taxpayer in Phoenix Design designs mechanical, electrical, and plumbing...more
In United States v. Grigsby, Docket No. 22-30764, the US Court of Appeals for the Fifth Circuit held that a refund claim based on claimed Internal Revenue Code (IRC) Section 41 credits was erroneous. Cajun Industries LLC, a...more
At this morning’s Federal Bar Association breakfast briefing hosted by Eversheds Sutherland, officials from the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) discussed the recent substantive...more
The Tax Cuts and Jobs Act (TCJA) included a sunset provision for immediate expensing of research and experimentation (R&E) expenditures, generally providing that such expenses would be subject to five-year (domestic R&E) or...more
On January 3, 2022, the IRS Office of Chief Counsel released an interim guidance memorandum (the Interim Guidance), along with a set of FAQs, to provide IRS Examining Agents with procedural guidance for applying Field...more
Two landmark bills were introduced in the Alabama Legislature on April 11, potentially affecting numerous businesses in the state. Committees of the House of Representatives are expected to consider the Financial Institution...more
On May 9, the U.S. House of Representatives passed the American Research Competitiveness Act of 2014, which would make permanent the expired research and development (R&D) tax credit. The bill, H.R. 4438, passed...more
In This Presentation: - Business Consideration – Electricity Rates - South Carolina vs. North Carolina - Corporate License Fees/ Franchise Taxes - Income Tax Rates (C Corps) - Income Tax...more