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Shearn Delamore & Co. Legal Update August 2020 (Tax and Revenue)
Shearn Delamore & Co., September 2020

Income tax The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: i. Tax Treatment of Research and Development Expenditure Part I – Qualifying Research and Development Activity (Public Ruling No. 5/2020) issued on 13 August 2020; ii. Tax Treatment of Research and Development Expenditure Part II – Special Deductions (Public Ruling No. 6/2020) issued on 13 August 2020; iii...

"Additional Rent" and a Tenant's "Proportionate Share"
Lawson Lundell LLP, September 2014

Most commercial leases contain terms that require tenants to pay additional rent. Additional rent is usually a share of the costs and charges incurred to operate the property. These costs can include municipal taxes, insurance premiums, repair and maintenance costs and common area utility charges. In any given year, these charges change and fluctuate.  Landlords often provide an annual estimate which tenants pay subject to a year-end reconciliation...

"Opportunity Zone Benefits; Nuts and Bolts; and Loose or Missing Screws" By J Leigh Griffith and Shane P Morris Taxes - The Tax Magazine
Waller, February 2019

The Tax Cuts and Jobs Act of 2017 (the “TCJA”) created a new tax incentive designed to encourage long-term investment in low income communities, as defined in Code Sec. 45D(e),1 which are specifically designated as “qualified opportunity zones” (“QOZs”) in accordance with procedures set forth in Code Sec. 1400Z-1...

"Passthrough Partner Cancellation of a Nonlapse Restriction Compensation Surprise" by J Leigh Griffith Taxes - The Tax Magazine
Waller, June 2016

A large percentage of closely held businesses restrict or even prohibit the owners’ ability to transfer their equity interests. Often these restrictions require the owner to sell the equity back to the entity or the other owners at a formula value, for example, book value, that is not anticipated to be a true fair market value. These and other permanent restrictions on equity interests are called nonlapse restrictions because by their terms they never go away or “lapse...

"Passthrough Partner Personal Goodwill and Passthrough Entities" by J Leigh Griffith Taxes - The Tax Magazine
Waller, August 2016

Generally when a successful business is acquired, whether by an asset acquisition or an equity acquisition, the assets will includeboth tangible and intangible property. When an entity conducting a business is liquidated, the tangible and intangible assets of the entity are distributed to the owners. Often, one very valuable intangible that does not appear on the balance sheet is goodwill...

"Series LLCs Part 1 - Current Status Multi-State Issues and Potential Uniform Limited Liability Company Protected Series Act" By J Leigh Griffith and Alberto R Gonzales Taxes - The Tax Magazine
Waller, October 2016

The Series Limited Liability Company (“Series LLC”), a variation of the traditional limited liability company (LLC), is the newest entity enterprise on the business scene today.1 Within this legal entity, separate “series” or “cells” can be created and established under the umbrella of a single LLC...

"Series LLCs Part 2 - Current Status Multi-State Issues and Potential Uniform Limited Liability Company Protected Series Act" By J Leigh Griffith and Alberto R Gonzales Taxes - The Tax Magazine
Waller, March 2017

Although its emergence on the business scene is fairly recent, the Series LLC has been gaining popularity as a business entity. Under the Series LLC umbrella, this entity is able to create multiple Protected Series, each with its own separate rights, powers, assets, obligations, business purposes and associated members...

"Twenty Years" is Actually "Six Years" for Contractors and Manufacturers in North Carolina
Spilman Thomas & Battle, PLLC, November 2013

This year the North Carolina Court of Appeals issued an opinion that effectively nullifies many construction warranties. In Christie v. Hartley Construction, Inc., et al., No. COA12-1385, the Court limited warranties for construction defects to six years, even when the contractor or product manufacturer expressly provides a longer one.     Plaintiffs George and Deborah Christie contracted for the construction of a custom home in Chapel Hill, North Carolina, in 2004...

"Vodafone Variance The Commissioner's Power to Override the Rules" by J Leigh Griffith Tennessee CPA Journal
Waller, May 2016

Vodafone Variance: The Commissioner's Power to Override the Rules Following the Tennessee Court of Appeals decision in Vodafone Americas Holdings, Inc...

#MeToo Movement Creates Change in Tax Code
Spilman Thomas & Battle, PLLC, April 2018

During the height of the #MeToo movement and in the wake of the Harvey Weinstein scandal, Congress enacted a sweeping tax reform bill containing a provision intended to penalize businesses who settle claims involving sexual harassment or sexual abuse if they include nondisclosure agreements as part of a settlement. As with many rushed pieces of legislation, legal commentators have more questions than answers about the practical effect of this tax amendment...

(Almost) Year-End Tax Alert
Haynes and Boone, LLP, November 2010

In response to the current state of the economy, Congress has passed some tax legislation amending the Internal Revenue Code (the “Code”). Although it is up for debate, some would say that Congress has not been busy enough. As we near the end of the year, many taxpayers and their advisers are going through their usual year-end tax planning checklist...

’Tis the Season for LP/LLC Year-End Planning
Haynes and Boone, LLP, December 2011

Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportiona

“Breaking ground” to calculate mineral royalties on unrefined minerals
ENSafrica, October 2017

The 2014 changes to the South African Mineral and Petroleum Resources Royalty Act, 2008 (the “Royalty Act”) have left mining companies and extractors (“taxpayers”) in uncertain territory...

“Simplifications” in the Planning and Building Act (PBL) - A Political Rush Job?
Delphi, June 2014

On 2 July 2014, the new regulations regarding further building permit exemption measures will come into effect. Among the news is the opportunity to construct 25 m2 ancillary residential dwelling without requiring a building permit. However, the amendments are not entirely without controversy and have been met by strong criticism from several respondents...

10 Steps for Out-of-State Contractors to Get Licensed in Florida Without an Exam
Dinsmore & Shohl LLP, January 2021

In July 2020, Florida changed its contractor licensing statute to make it easier for contractors who have been licensed in other states for at least 10 years to obtain a Florida contractor license without having to take a licensing exam. While Florida has not entered into any formal reciprocity agreements with other states, we do finally have guidance on exactly how to apply for a Florida contractor license using an existing license from another state...

2010 Tax Planning - to Gift or not to Gift
Haynes and Boone, LLP, November 2010

First, the good news: No estate tax on individuals who die during 2010; No generation-skipping transfer (“GST”) tax on “transfers” during 2010; Tax rate on gifts during 2010 is 35% (rather than 45%); and Congress appears less likely to take any action to retroactively change these rules...

2010: the Year of Tax Arbitration?
PLMJ, February 2010

In light of the ineffectiveness of tax litigation and the increased mistrust of taxpayers in relation to tax decisions, with the decision-makers very often hiding behind mere decisions of form, it is imperative that we weigh up alternative methods for resolving tax disputes, such as mediation, conciliation, and tax arbitration itself, in order to deal with disputes accumulated and arising out of relations between the State and the taxpayer, thus reversing the fe

2016 Macau SAR Special Annual Budget Law Tax Exemptions: Corporate Tax, Professional Tax and Property Tax
DSL Lawyers, February 2016

Besides other exemptions contemplated under the law that approved the 2016 budget for Macau SAR (Law No. 15/2015, of 28 December 2015), the core special exemptions applicable cover Corporate Tax, Professional Tax and Property Tax. Corporate Tax The taxable profits accrued in the companies’ annual accounts re...

2018 West Virginia Legislative Session, the WVCCPA and the West Virginia Safe Mortgage Licensing Act
Spilman Thomas & Battle, PLLC, March 2018

The 2018 West Virginia legislative session was a busy one regarding consumer finance law. Legislators focused on the West Virginia Consumer Credit and Protection Act and the West Virginia Safe Mortgage Licensing Act. The West Virginia Legislature passed at least three bills this past session that affect consumers or financial transactions...

2019 New California Laws Impacting Cannabis Businesses
Hanson Bridgett LLP, October 2019

Governor Newsom has signed several bills that impact the cannabis industry by providing relief from federal income tax deduction limitations, encouraging minority participation, encouraging union membership, and clarifying some other existing regulations. The bills include: Assembly Bill 37 repeals the limitation on deductions for business expenses for cannabis businesses, which had previously conformed to Internal Revenue Code section 280E for state tax purposes...

2020 Election Results Confirm California’s Cautious Approach to Sweeping Ballot Provisions, While the Bay Area Remains Progressive and Ready to Tax
Buchalter, November 2020

The 2020 election in California as pertains to national politics was never in doubt, but despite being a deeply blue state, Californians continued to show their divide on taxing businesses and making major changes to the statewide tax code. Several ballot initiatives, both at the state and municipal level, would have radically altered how businesses and executives are taxed...

2020 Estate Planning Update
Verrill, February 2020

SECURE ACT What you need to know: The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on January 1, 2020. The most significant provisions of the SECURE Act involve changes to the withdrawal requirements for inherited retirement assets. 10-Year Withdrawal Requirement: Prior to the SECURE Act, beneficiaries of inherited retirement plans were generally permitted to take distributions over the course of their own lifetimes...

2020 Predictions: What’s on the Horizon for Construction?
Shoosmiths LLP, January 2020

  With the UK currently due to leave the EU at the end of this month, Brexit may cause the construction industry a continuing period of uncertainty in 2020 but the government’s agenda may also provide increased opportunities. We look ahead at what this year may have in store. Brexit The top priority for the government is delivering the UK’s departure from the EU on 31 January. How Brexit will affect the construction industry remains open to speculation...

2020 South African Budget Speech Summary - Tax Proposals
ENSafrica, February 2020

In a slightly surprising, but nevertheless welcome, South African 2020 Budget Speech today, the Honourable Minister of Finance announced that there would be no significant tax increases to the major taxes for the forthcoming tax year. Widely anticipated increases to value-added tax (“VAT”), income tax, capital gains tax and estate duty did not materialise...

2021 Notice of Tax Assessments Will Be Issued in February
Dykema, February 2021

The 2021 tax assessment of real and personal property will be determined by local Assessors in February, at which time a Notice of Assessment will be issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed...



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