The Texas Court of Appeals ruled that Rent-A-Center is primarily engaged in retail trade and thus qualifies for the lower 0.5% franchise tax rate available to retailers and wholesalers.
Friday last week saw the release of an almost comical consultation document setting out HMRC’s proposals for the simplification of the tax and NIC treatment of termination payments.
The Federal Court has recently reiterated the importance of both a properly defined class and a proper representative plaintiff at the certification stage.
A series LLC is an entity structure permitted in certain states that allows for the formation of multiple segregated LLCs (or “series”) under the umbrella of a single “master” LLC.
On July 24, 2015, the New York Department of Taxation and Finance published guidance on the sales and use tax exemption for “general aviation aircraft,” effective September 1, 2015.
This morning, the State of Texas won a big case involving the revised franchise tax, the so-called “margin tax.” In Graphic Packaging Corporation v. Hegar, et al., No. 03-14-00197-CV (Tex. App. – Austin, July 28, 2015), the Third Court of Appeals at Austin affirmed a trial court’s decision that the taxpayer, Graphic Packaging, had to use the franchise tax’s single-factor apportionment formula based on gross receipts in apportioning its margin between Texas and everywhere else.
The IRS issued the much anticipated proposed regulations that severely curtail the practice of a fund manager waiving management fees in exchange for a share of future partnership profits.
It is crucial for owners and other taxpayers of commercial, industrial, retail and other income producing properties to be on the lookout for the “Silent Killer” of tax appeals, commonly known as Chapter 91 requests.