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Sherica Celine
11 months ago
Legal Insights Blog
Practical Guidance
How Much Do I Owe? State Interest Rates on State Tax Underpayments/Refunds of Overpayments
Complying with the return filing and payment deadlines imposed by different states is one of the most challenging tasks faced by taxpayers and their accountants/counsel. The sheer volume of returns and potentially large number of payments to be made,...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Have We Met Before? Transfer Pricing Issues between Domestic Entities and Their Foreign Affiliates
According to recent U.S. Census Bureau statistics released by the U.S. Department of Commerce, 41.6% of total U.S. imports and exports were between related parties in 2022. Each of these transactions involve some transfer pricing (TP) analysis. With intercompany...
Daniel M. Kowalski
over 1 year ago
Immigration Law
Outside News
Form I-9 Errors Trigger $120K Settlement
DOJ, Aug. 2, 2023 "The Justice Department announced today that it has secured a settlement agreement with three corporate entities, Mr. Glass Doors and Windows Inc., Mr. Glass Doors and Windows Manufacturing LLC, and Powder Coating Technologies...
Daniel M. Kowalski
over 3 years ago
Immigration Law
Outside News
$220K Penalty Settles I-9 Beef with LNK International, Inc.
DOJ, May 27, 2021 "The Department of Justice announced yesterday that it reached a settlement with LNK International Inc. (LNK), a Hauppauge, New York-based manufacturer of over-the-counter pharmaceuticals. The settlement resolves the department’s...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Come Fly with Me! IRS Funding Boost Yields Ambitious 10-Year Plan
The Inflation Reduction Act, enacted in 2022, provided IRS with an $80 billion funding boost, since reduced by approximately $21 billion, through this year’s Fiscal Responsibility Act. Over the next decade the new law translates to about 200 projects...
ellenh
over 1 year ago
Legal Insights Blog
Product Features
Product Spotlight: Lexis® Tax
This post was originally published in October 2019 and updated in September 2023. Handling tax issues will never be considered an easy, pleasant experience, which is why so many taxpayers look to attorneys in dedicated tax law firms for help. And that’s...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Shark Alert! Fintech Businesses Can Take Many Forms—Look at the Tax Effects
Creating a financial technology (fintech) firm comes with a host of tax considerations and implications. Decisions about the business's structure, along with the location of both the business itself as well as its employees, can affect the entity's...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Safe Jobs for Everybody! State and Federal Tax Credits for Employers Hiring and Providing Accommodations to Workers with Disabilities
Although many of the benefits for employers can be found in the Internal Revenue Code’s tax provisions (e.g., the Disabled Access Credit, at I.R.C. § 44 ), some states provide incentives, too, for hiring individuals with disabilities and for...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Learn More about the Tax Benefits of ESOPs
Employee stock ownership plans (ESOPs) can be a wonderful tool. They allow employees to share in the employer’s stock growth, put employer stock in (presumably) friendly hands, permit tax-advantaged payback of an ESOP loan and ESOP distributions...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
You’re Going to Disclose Everything to Me! Monetized Installment Sales under the IRS’s Microscope
The IRS formally proposed rules targeting a type of monetized installment sale as a potential tax avoidance deal that would require participants and material advisers to provide additional reporting under the threat of penalty. The IRS says that the sole...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Thanks for the Break! Stock Repurchase Excise Tax on a Payment and Reporting Pause
IRS recently issued guidance concerning the stock repurchase excise tax, or "buyback tax," introduced under the Inflation Reduction Act ( Pub. L. No. 117-169 ) and set forth under Section 4501 of the Internal Revenue Code . The guidance, appearing...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Take One More Step, and I’m Taxing You! State Apportionment Formulas
States need money to provide services and government. That comes from all sorts of taxes on individuals, businesses, and other entities. For businesses, absent residency, taxes may apply based on some connection of activities within the state. It may...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
You’re an Angel! Angel Investors and Venture Capital
One of the biggest challenges that businesses face, particularly in the start-up stage, is obtaining the requisite amount of funding to establish and sustain the business. In today's economy, a business has several avenues through which to obtain...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Blow the Whistle on Taxpayer Non-compliance
The IRS Whistleblower Office’s Annual Report is in for its 2022 fiscal year! The whistleblower compliance function receives and considers specific, timely, and credible whistleblower claims that identify non-compliance with tax laws or other laws...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Bet your Boots! Receipt of Boot Does Not Poison 1031 Exchange
Boot is an old English term meaning "something given in addition to.” In tax lingo, it means cash or non-cash consideration, including other property that is not "like-kind," like promissory notes, debt relief (mortgage boot), or...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
You Can’t Hide in the Shadows: Crypto Transactions Are Reportable and Taxable
The 2022 Form 1040 asks: ”At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Handling Payroll in Merged Entities
Mergers and other corporate transactions create complexities in many ways, payroll included. Should FICA restart or is the new corporation a successor to the former entity? In an asset purchase transaction, two methods exist by which a predecessor (seller...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Is it Already that Time? Congressional Digital Taxation Proposals and Related IRS Guidance
Congressional bills have been introduced that address the taxation of digital assets (e.g., Lummis-Gillibrand Responsible Financial Innovation Act and the Virtual Currency Tax Fairness Act). And, IRS has provided recent guidance on the topic. The bills...
Shanti Palmer
over 1 year ago
LexTalk® UK
LexTalk® Private Client
Stamp Duty Land Tax
I have a potential client (enquiry stage only atm), who is the administrator of his late mother’s estate. There are 5 siblings, and the plan is for a 1/5 th share of the property to be appropriated to each in order for them to utilise their personal...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
S Corporations Are “The Boss” but Remember Their Loss Restrictions
S corporations allow small business owners to enjoy the limited liability and other advantages afforded by corporations while, at the same time, obtaining the flow-through benefits of partnerships or sole proprietorships. However, the tax treatment of...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Sales Taxation of Internet Transactions 5-Years-Post-Wayfair
Online retailers had largely escaped state sales and use taxes before the U.S. Supreme Court decided South Dakota v. Wayfair, Inc. in 2018. Wayfair overruled the previous physical presence test which required sufficient nexus to impose a sales tax on...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Always Be in Good Form! Tips for Filing IRS Form 1099-R
Managers of profit-sharing or retirement plans, IRAs, annuities, pensions, and other similar plans must be mindful of reporting obligations to the IRS. Learn more about how to complete, file, and amend IRS Form 1099-R (Distributions from Pensions, Annuities...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
One for You, Three for Me: Partnerships and 704(b) Allocations
Learn more about the complex subject of partnership allocations made in partnership agreements. The IRC refers to these allocations as a partner's "distributive share." I.R.C. § 704(a), (b) . Except for the basic flow-through nature...
Daniel M. Kowalski
over 1 year ago
Immigration Law
Outside News
Expert: Immigrants Benefit Our Economy
Michael Slager, Counterpunch, Feb. 3, 2023 "... According to Stephen Yale-Loehr , a professor of immigration law at Cornell University, documented and undocumented immigrants paid $328 billion in federal, state and local taxes in 2014 alone. The...
Sherica Celine
over 1 year ago
Legal Insights Blog
Practical Guidance
Happy to Help! Understanding the Ins and Outs of Section 1231 Property
Property subject to depreciation and real property used in a trade or business is commonly referred to as I.R.C. Section 1231 property. Once you have concluded that property is I.R.C. Section 1231 property, your work is not done. This practice note assists...
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