Features

Impact of the Tax Cuts and Jobs Act on Law Firms
This article describes the provisions of the Act most likely to impact law firms.
Features

Tax on Excess Tax-Exempt Org. Executive Compensation
Under the Tax Cut and Jobs Act, should certain employees of a tax-exempt organization receive compensation greater than $1,000,000 during the tax year from any combination of a tax-exempt organization and/or its related organizations, the organizations would be subject to an excise tax on that employee's compensation in proportion to their payments to the employee.
Features

Federal Tax Errors That Attorneys Make
This article is intended to help practitioners by warning of mistakes the author has seen matrimonial attorneys make in applying federal tax law.
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How 2018 Tax Changes Will Affect Companies Focused on Truck Acquisition
Corporations with private fleets in the U.S., as well as for-hire carriers, have begun ordering faster than before. As the economy continues to strengthen, this trend will continue to grow and so will the need to replace aging equipment.
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FATCA Revamp
<b><i>Will Your Company Be Prepared?</b></i><p>FATCA is an effort by the United States to curb tax evasion and incentivize Foreign Financial Institutions (FFI) to report the overseas assets of U.S. persons. The U.S. encourages compliance by imposing a 30% withholding penalty on all U.S. source income and sale proceeds of non-compliant foreign financial institutions.
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Substantive Non-Consolidation Opinion Letters: Advice for Bankruptcy Counsel
Substantive non-consolidation opinion letters have long been a regular "check-the-box" item in large commercial real estate transactions. While substantive consolidation jurisprudence has not changed materially over the past decade, these opinion letters should not be treated lightly by borrowers or their counsel.
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The Deductibility of FCA Payments in Light of <b><i>Kokesh</i></b>
<b><i>A Business Expense?</i></b><p>In negotiating FCA or similar settlements with the government, one key consideration is the tax treatment of any payment. While not in the context of deductibility, the Supreme Court this year, in<i>Kokesh v. SEC</i>, analyzed whether disgorgement in an SEC enforcement action was punitive or compensatory.
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Law Firms, Partners Await Answers on Trump Tax Plan
Will big law firms and their partners benefit from the new Republican tax plan promoted by President Donald Trump? Not necessarily, according to tax experts who say some gains may be eroded by loss of crucial deductions.
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The Ever-Changing State of State and Local Taxes
For tax professionals, particularly those who specialize in the area of state and local taxes, nexus is a topic that is discussed all too often. Nexus rules have lagged behind the ever-changing economic landscape, but states are beginning to catch up. Nonetheless, the nexus rules are very important for professional services firms such as law firms.
Features

<b><i>Online Extra:</b></i><br> Legislation to Block a 'Netflix' Tax Is Shelved Amid Opposition
A Southern California assemblyman on Monday shelved legislation that would have blocked cities from taxing streaming video services such as Netflix and Hulu.
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