Tax Law

Recent Posts

In Response to COVID-19, the District of Columbia Limits Net Operating Loss Carryovers
Posted on 10 Jun 2020 by Eversheds Sutherland LLP

States continue to consider tax legislation to balance their budgets in reaction to the COVID-19 pandemic. On May 27, 2020, Mayor Muriel Bowser signed D.C. Act 23-326 , the Coronavirus Support Emergency Amendment Act of 2020. In part, this act limits... Read More

Who Wants to Take Credit for This? California Proposal Limits Business Tax Credit Usage to $5M per Year
Posted on 27 May 2020 by Eversheds Sutherland LLP

On May 14th, California Governor Gavin Newsom issued his proposed May revision to the state budget for fiscal year 2020-21. The budget proposal included two revenue-raising income tax measures, applicable for tax years 2020 through 2022: (1) limiting... Read More

Webcast: SALT Implications of the CARES Act – April 14 at 12 pm ET
Posted on 9 Apr 2020 by Eversheds Sutherland LLP

The recently enacted federal CARES Act makes significant changes to the I.R.C., including rolling back certain limitations on NOL utilization and increasing the interest expense limitation in I.R.C. § 163(j). Because of states’ differing rules on NOLs... Read More

Legal Alert: TCJA’s NOL limitations rolled back in congressional COVID-19 response
Posted on 6 Apr 2020 by Eversheds Sutherland LLP

On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). Passed in response to the economic repercussions of the COVID-19 pandemic, the CARES Act makes a number of significant changes to... Read More

Top New Jersey Tax Changes in the 2018 Budget Deal
Posted on 6 Jul 2018 by Eversheds Sutherland LLP

In a last-minute deal to avert a government shutdown, New Jersey Governor Phil Murphy and the New Jersey Legislature cobbled together a budget with numerous amendments to New Jersey’s tax law. View the full legal alert. Read More

State Tax Essentials: Corporate Income Tax Computations
Posted on 1 Apr 2013 by LexisNexis Tax Law Community Staff

by Robert Desiderio * Although there is some measure of conformity with the federal corporate income tax base, every state's statute makes its measure of tax corporate income different from the federal base. Typically, there are additions and subtractions... Read More

Congress Extends Five-Year Carryback of 2008 or 2009 NOLs to Most Businesses
Posted on 13 Nov 2009 by Palmer, Quirke, Wagner, Zucker, Clary

Congress has resurrected a prior Stimulus Act proposal allowing most taxpayers, not just small businesses, to extend the NOL carryback period under section 172 for up to five years for 2008 and 2009 NOLs. However, the extended carryback election is only... Read More

Notice 2010-50 Formalizes ‘Hold Constant Principle’ Found in Recent Section 382 Rulings
Posted on 13 Jul 2010 by Annette M. Ahlers

Introduction, Notice 2010-50 The Internal Revenue Service (IRS) released Notice 2010-50 on June 11, 2010, which provides guidance on fluctuations in value between different classes of corporate stock when measuring owner shifts for Section 382 purposes... Read More