As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
The Northern District of California recently issued two blistering opinions on appeals by the IRS and California Franchise Tax Board from a bankruptcy court's Chapter 11 plan confirmation order and a tax determination order.
With a growing number of donor groups forming Name Image and Likeness collectives as not-for-profit entities, there are questions about whether or not these collectives truly qualify as charitable organizations for tax purposes.
State tax credits are valuable tools for helping meet the costs of producing films, TV shows, commercials, and other media and entertainment productions. But if more than one production company is involved with a project, a legal dispute can arise over which company owns the right to the tax credit funds.
In recent years, the Peach State has become one of the most popular spots for film companies. However, the state General Assembly's action with regarding one bill and inaction with regard to another have threatened to harm the entertainment industry.
The Ninth Circuit recently affirmed a lower courts' rulings that a stipulation between the IRS and a bankruptcy trustee, which allowed the IRS's priority tax claim, did not prevent the IRS from collecting nondischargeable tax debt above the agreed amount in that stipulation.
As post-pandemic market values fluctuate due to higher prices, property owners need to adopt strategies to keep their assessed property values down. As we emerge from COVID-19 here are seven key considerations to minimize property tax assessments even as prices increase.
Part Two of a Two-Part Article This installment discusses how to use benefit laws that have been on the books for over 30 years to fund not only death benefits but also alternatives to deferred compensation for business and estate planning purposes for pass-through entities.
There's a split among circuit courts on whether tax foreclosure sales may be avoidable as preferential and fraudulent transfers by property owners who subsequently seek relief under the Bankruptcy Code. If the Supreme Court eventually weighs in to resolve this circuit split, property owners, municipalities, and potential bidders for tax liens across the country will receive greater clarity on this critical issue.
While the rapid ascent of home offices may have initially come as a shock to more than a few corporate cultures, the truth is that business leaders who embrace long-term remote working can yield significant cost savings and boost employee morale.
