Tax Law Updates

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Steinhart v. Co. of Los Angeles: Transfer of Life Estate is a “Change in Ownership” of Real Property

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...

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SCOTUS: City of NY Can’t Use RICO to Sue Internet Cigarette Sellers for Lost Tax Revenues

Hemi Group, LLC. v. City of New York  |  No. 08-969  |  1/25/2010

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...

IRS Issues Emailed Advice on Section 1446 Withholding Liability Issues

Emailed Advice on Section 1446 Withholding Liability Issues  |  CCA_2009123008484954  |  2/5/2010

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...

CA Court of Appeal Dismisses Employment Tax Reassessment Suit for Failure to Exhaust Admin Remedies

Merchandising Concept Group, Inc. v. California Unemployment Insurance Appeals Board  |  No. C060372  |  California Court of Appeal  |  2/8/2010

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.
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NJ District Court to IRS: Refund CEO His Payment of Trust Recovery Penalty Assessments

Joseph Kilraine v. United States of America  |  Case No. Civ. No. 07-4778 (WJM)  |  U.S. District Court for the District of New Jersey  |  1/20/2010

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.
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New Tax Statute Accelerates Income Tax Benefits for Cash Contributions to Haiti Earthquake Victims

To Accelerate the Income Tax Benefits for Charitable Cash Contributions for the Relief of Victims of the Earthquake in Haiti  |  Public Law No: 111-126, H.R. 4462  |  1/22/2010

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...

IRS Issues Guidance to Assist Victims of Ponzi-Type Investment Schemes

Revenue Ruling 2009-9 and Revenue Procedure 2009-20  |  Rev. Proc. 2009-20, Rev. Rul. 2009-9  |  4/6/2009

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...

IRS Issues Guidance Relating to Interest Disallowed As a Deduction under Section 264(a)(4) But May Be Allowed in Determining Earnings and Profits

Revenue Ruling 2009-25  |  Rev. Rul. 2009-25, 26 CFR 1.312-6  |  9/4/2009

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...

NY Dep’t of Taxation Issues Opinion on Allocation of Intellectual Property Royalty Income to State

Petition No. C071227A  |  TSB-A-09(14)C  |  8/5/2009

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...

New IRS Regulations Expand List of Permitted Loan Modifications to Include Evolving Practices in Commercial Mortgage Industry

Modifications of Commercial Mortgage Loans Held by a Real Estate Mortgage Investment Conduit (“REMIC”)  |  26 CFR Parts 1 and 602, TD 9463, RIN 1545-BG77  |  9/16/2009

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...

New Illinois Statute Amends Definition of Captive Real Estate Investment Trusts

An Act Concerning Revenue  |  Public Act 096-0641, SB1975 Enrolled  |  8/24/2009

Illinois Pat Quinn has signed into law a tax legislation that amends the Illinois Income Tax Act. More...

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Companies Mentioned

Tax Law

The following companies are mentioned in Tax Law Updates:

Internal Revenue Service

Swallows Holding, Inc.

The State of New York

New York State Department of Taxation and Finance

Amazon.com LLC

Amazon Services, LLC

City of Chicago

StubHub, Inc.

Mayer Brown LLP d.b.a. Mayer, Brown, Rowe & Maw LLP

Textron Inc.

County of Los Angeles

Agere Systems, Inc. f.k.a. Lucent Technologies, Inc.

Detroit Medical Center

Department of Justice

Santini Stone LLC

Additional Resources

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