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Business Taxes

McDermott Will & Emery

IRS Roundup for November 25 – December 13, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for November 25, 2024 – December 13, 2024....more

PilieroMazza PLLC

SBA Update: Final Rule Appears Beneficial for IT Value-Added Resellers

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As PilieroMazza covered on December 17, 2024, SBA issued its much-anticipated final rule in response to the proposed rule it issued in August and the hundreds of public comments it received.  One area of particular interest...more

Pillsbury - SeeSalt Blog

California OTA Denies Credit for NYC Business Taxes in Precedential Opinion

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In the Appeal of Mather, the California Office of Tax Appeals (OTA) held in a precedential opinion that New York City’s (NYC) Unincorporated Business Tax (UBT) was not a tax “imposed by and paid to another state,” as required...more

Miller Canfield

Consider Action Before Year End on Michigan Corporate Income Tax Refund Opportunity

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A potential refund opportunity under the Michigan corporate income tax may justify taking action before year end. The issue concerns the Michigan Department of Treasury’s position that the Internal Revenue Code (“IRC”) 163(j)...more

Husch Blackwell LLP

Pouring Over Options: Corporate Structures for Functional Beverage Brands

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Whether at 7-11 or at your local grocery chain, functional beverages line the aisles, touting their nutritional and health benefits. The functional beverage industry is becoming big business, but as this industry bubbles up,...more

Morgan Lewis

San Francisco Passes Prop M Changes for Business Taxes

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On the November 5, 2024 ballot, San Francisco voters passed Proposition M by a wide margin of 69% to 31%. Effective January 1, 2025, Proposition M adopts significant changes to the San Francisco gross receipts taxes,...more

Coblentz Patch Duffy & Bass

San Francisco Voters Enact Business Tax Changes

With support from nearly 70% of voters in the November 2024 election, Proposition M will substantially modify the San Francisco Business and Tax Regulations Code (the “SF Tax Code”), which imposes a number of taxes on...more

Miller Canfield

Michigan Will Grant a Refundable Research and Development Income Tax Credit Beginning in 2025

Miller Canfield on

HB 5100 and HB 5101, as passed by the Michigan House of Representatives and Senate, and to be signed by Governor Gretchen Whitmer, provide a new income tax credit. For tax years beginning on and after January 1, 2025,...more

Mayer Brown

Amendements adoptés par l’Assemblée nationale en séance publique au 30 octobre 2024 sur le Projet de Loi de Finances pour 2025

Mayer Brown on

1. RÉSUMÉ - Différents amendements relatifs au Projet de Loi de Finances pour 2025 ont été adoptés en séance publique devant l'Assemblée nationale lors des débats qui se sont tenus entre le 21 octobre 2025 et le 26 octobre...more

Roetzel & Andress

Year-End and Trending Tax Considerations for Health Care Practices

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On the HealthLawHotSpot this week, host Ericka Adler sits down with Roetzel attorney Donna Hartl to explore some crucial year-end tax considerations as well as trending tax issues. Donna and Ericka discuss the importance of...more

BCLP

Autumn Budget 2024 - 10 Key Tax Points for Business

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Yesterday, 30 October 2024, the Chancellor announced that the Autumn 2024 budget will raise taxes by £40bn, the biggest raise since 1993. While the Autumn budget arguably does not portray as pessimistic an outlook for...more

BCLP

Autumn Budget 2024 - What’s the Tax Impact on the Real Estate Sector?

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The real estate sector was not ignored by Budget announcements today. There were no seismic changes – the changes announced were less impactful than the speculation in the weeks preceding the Budget....more

Cadwalader, Wickersham & Taft LLP

The Tax Reform Ghost Returns for the Expiring TCJA Provisions

Many tax provisions enacted under the Tax Cuts and Jobs Act (the “TCJA”) will automatically expire on December 31, 2025, and others will expire by December 31, 2028.  As previously discussed here, the pressing need to address...more

Kilpatrick

5 Key Takeaways - Income Tax Jeopardy! A Potpourri of Hot Topics

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Kilpatrick’s David Hughes recently participated in a panel discussion at the Taxpayers’ Federation of Illinois annual state and local tax conference in Rolling Meadows, Illinois. David’s session, “Income Tax Jeopardy! A...more

PilieroMazza PLLC

Corporate Transparency Act, Part 2: Exempt Status, Physical Office, Dissolved and Tribal Entities, and Beneficial Ownership...

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The Corporate Transparency Act (CTA), which came into effect on January 1, 2024, has significant implications for government contractors, tribal entities, and commercial businesses. If you formed an entity before January 1,...more

Morgan Lewis

Finance Ministry Circular on the Tax Recognition of Incongruent Profit Distributions

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In its ruling dated September 28, 2022 (VIII R 20/20), the Federal Fiscal Court (BFH) decided, contrary to the previous opinion of the tax authorities, that a resolution on an incongruent distribution of a limited liability...more

Holland & Knight LLP

Treasury Department, IRS Release Section 30C Proposed Regulations

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The U.S. Department of the Treasury and IRS on Sept. 19, 2024, released proposed regulations under Section 30C of the Internal Revenue Code providing important clarity on the changes made by the Inflation Reduction Act (IRA)....more

McDermott Will & Emery

Contract Manufacturing Versus an Alternating Proprietorship: What Is the Difference?

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We frequently receive questions about the differences between contract brewing and alternating proprietorships, as well as questions concerning the key details the Alcohol and Tobacco Tax and Trade Bureau (TTB) and other...more

Cozen O'Connor

Broad Street Brief: Mayor Parker Shares Arena Agreement Details

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CITY HALL - Mayor Parker Shares Details on Sixers Arena Agreement - On Wednesday, Mayor Cherelle Parker announced the terms of the City’s agreement with the Philadelphia 76ers for the proposed $1.55 billion Center City...more

Rivkin Radler LLP

New York Tax Continues to Inconvenience Nonresidents Working Remotely

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Last Friday, New York’s Governor Hochul delivered the following remarks at the annual meeting of the Business Council of New York State:“Someone asked me today, are we going to raise income taxes? I said, ‘I’m not raising...more

Foley Hoag LLP - Cannabis and the Law

Last Call for Delaware Applications: Some tips for Applicants

License hunters may have whiplash with state application processes in Kentucky, Minnesota, and Ohio (10(b) licenses) barely in the rearview mirror, but Delaware’s new license application deadline is fast approaching....more

Shook, Hardy & Bacon L.L.P.

Understanding the “Flight Department Company” Problem

Owning an aircraft can save company executives time and add prestige to brands. But companies should carefully review the tax consequences, which can be substantial depending on how the aircraft agreement is organized. One...more

Holland & Knight LLP

Se anula límites adicionales a distribución proporcional de retenciones en Colombia

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Mediante reciente Sentencia 26085 del 30 de agosto de 2024, el Consejo de Estado de Colombia declaró la anulación parcial de la doctrina de la Dirección de Impuestos y Aduanas Nacionales (DIAN) que concluía que el socio...more

Baker Donelson

Business Income and Sales/Use Taxes: What Constitutes a Manufacturer for Certain Tax Incentives

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Manufacturing, as often noted, is the backbone of the American economy. Manufacturers not only innovate and create products that contribute to the betterment of our way of life but are also critically fundamental to our...more

Kerr Russell

Preparing Your Business for Sale

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The sale process can be a long, stressful, physically and emotionally draining, and disruptive to ongoing business operations. Planning well in advance of the desired sale date and engaging experienced professional advisors...more

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