By H. Jacob Lager of Zuber & Taillieu LLP
The Supreme Court of California ruled that transfer of property to a revocable trust of which the transferor is sole beneficiary does not constitute a “change in ownership” triggering property reassessment under California law because the owner is still essentially the same person. However, if that trust subsequently becomes irrevocable… More...
Voting 5-3, the Supreme Court of the United States (“SCOTUS,” or “SC”) ruled that the City of New York can not use the federal racketeering law called RICO (Racketeer Influenced and Corrupt Organizations Act) to collect tobacco taxes from Internet cigarette sellers. More...
Through emailed advice, the Internal Revenue Service (“IRS,” or “Service”) has issued guidance relating to resolving section 1446 ( of the Tax Code) withholding liability issues through section 6229(f) settlement agreements. More...
In Merchandising Concept Group, Inc. v. California Unemployment Insurance Appeals Board, the California Court of Appeal dismissed a plaintiff-appellant Merchandising Concept Group’s petition for judicial review of an employment tax reassessment after finding that the company was required to exhaust its administrative remedies.
More...
In Joseph Kilraine v. United States of America, the U.S. District Court for the District of New Jersey granted a company CEO a refund of trust fund recovery penalty assessments that he paid to the government, finding that the government failed to show that he was a responsible person who willfully failed to pay over taxes for two companies.
More...
United States President Barack Obama has signed into law H.R. 4462, which allows taxpayers to accelerate the income tax benefits for certain charitable cash contributions made before March 1, 2010, for the relief of victims of the earthquake in Haiti. More...
The Internal Revenue Service (“IRS”) has issued two guidance items to assist taxpayers who are victims of losses from Ponzi-type investment schemes. Revenue Ruling 2009-9 clarifies the income tax law governing the treatment of losses in such schemes. Revenue Procedure 2009-20 provides a safe-harbor method of computing and reporting the losses. More...
Revenue Ruling 2009-25 holds that disallowed interest under § 264(a)(4) reduces earnings and profits (“E&P”) for the taxable year in which the interest would have been allowable as a deduction, but for its disallowance under § 264(a)(4). More...
The New York State Department of Taxation and Finance (“Department”) has released an advisory opinion on August 5, 2009, stating that that royalty receipts earned from the licensing of a corporation's intellectual property are allocated to the state based on where the activity that generates the licensee's fee occurs. More...
The Internal Revenue Service (“IRS”) has issued final regulations that expand the list of permitted loan modifications to include certain modifications that are often made to commercial mortgages. More...
Illinois Pat Quinn has signed into law a tax legislation that amends the Illinois Income Tax Act. More...
