It is not even Thanksgiving, but already as the news reported yesterday, US braces for more icy temperatures and snow as ferocious storm lingers. Many years ago I adopted an approach for dealing with Northeast winters. My approach centered around assessment, preparation and planning. I called it “winterizing.”
Berkeley’s Measure D: What Distributors, Restaurants and Retailers Need to Know About the Berkeley “Sugar Tax”
According to its backers, the Berkeley “Sugar Tax” is the future of sugar in America. Berkeley’s Measure “D,” which garnered an overwhelming 75% “yes” vote, imposes a general excise tax of $0.01 per ounce on the distribution of sugar-sweetened beverages and the sweeteners used to sweeten such drinks: this amounts to a 12 cent tax on a standard 12 ounce can of soda. The ordinance takes effect on January 1, 2015.
NYC Affordable Transit Act Passes – Expanding the Right to Pre-Tax Transit Benefits to More New Yorkers
Technology, media, and telecommunication employers doing business in New York City should take note of a new ordinance Mayor Bill de Blasio signed into law on October 20, 2014 – The Affordable Transit Act.
In September, the Tax Court issued its opinion in Cavallaro v. Commissioner, T.C. Memo 2014-189, holding that a merger of two family-owned businesses resulted in a $29.6 million gift from Mr. and Mrs. Cavallaro to their three sons.
Federal tax crimes are becoming increasingly targeted by prosecutors across the country. Alabama is no exception.
Buy-Sell Agreements Between Family Members May Create Unintended Transfer Tax Liability for the Seller
There are many advantages to buy-sell agreements. These agreements can be used to restrict the transfer of a business to outside parties, protect “S” corporation status by preventing transfers to disqualifying shareholders, or ensure the liquidation of the business interest on the death of an owner.
The Court of Appeals for the Second Circuit recently affirmed the Tax Court’s 2013 decision in Barnes Group, Inc. and Subsidiaries, T.C. Memo 2013-109, in which the Tax Court applied the step transaction doctrine to recharacterize a series of transactions employed by the taxpayer, a U.S. corporation, as part of its reinvestment plan.
On November 7, 2014, the Federal Aviation Administration (“FAA”) published its “Final Policy Amendment” (“Amendment”) to its “Policy and Procedures Concerning the Use of Airport Revenue,” first published 15 years ago in the Federal Register at 64 Fed.Reg. 7696, February 16, 1999 (“Revenue Use Policy”).
In the Irish Government Budget for the forthcoming year published on 14 October, it was announced that the so called ‘Double Irish’ tax mechanism was being phased out.
In a prior blog post, Acquiring Real Estate in a Business Merger or Acquisition, I discussed how mergers and acquisitions involving real estate frequently require consideration of additional real estate specific issues.