Tax Law

Recent Posts

California Income Taxation of Trusts: Pitfalls and Considerations for Settlors, Beneficiaries and Trustees
Posted on 3 Aug 2010 by Sonja K. Johnson, Esq.

Practitioners have long regarded trusts as essential tools for estate planning in no small part because of the potential they offer for federal gift and estate tax savings if structured properly. With so much emphasis on federal tax issues, however, as... Read More

lllinois Recognizes New Business Entity That Mixes For-Profit and Nonprofit Elements
Posted on 28 Aug 2009 by Kerrin Slattery, Keith Staats, Michael Fine

L3Cs are designed to meet the federal tax law’s requirements for attracting social purpose investments from private foundations. In early August 2009, Illinois became the eighth jurisdiction to recognize “low-profit limited liability... Read More

Real Estate Assessment Controversy Continues in Pennsylvania
Posted on 21 May 2009 by Dusty E. Kirk & Sharon F. DiPaolo

Following the earlier decision by Pennsylvania’s Supreme Court declaring Allegheny County’s real estate assessment system to be unconstitutional and calling into question the assessment systems used by other counties throughout Pennsylvania... Read More

COST Presents Inaugural “Excellence in State Taxation” Award to Paul Frankel
Posted on 4 Dec 2009 by Council on State Taxation

The COST Board and Staff are pleased to announce and present the inaugural COST/Paul Frankel Excellence in State Taxation Award to none other than Paul Frankel himself. Mr. Frankel has a long and storied history with COST and the SALT Profession, having... Read More

Expanding Sales Taxation of Services: Options and Issues
Posted on 24 Aug 2009 by Tax Analysts Editorial Staff

Public finance economists and other tax experts have been urging states for decades to include more services in the sales tax base. Levying a sales tax on services satisfies all the criteria by which state tax policy options are normally evaluated: ... Read More

The New York Marriage Equality Act and Its Impact on Estate and Tax Planning
Posted on 1 Sep 2011 by Norton Rose Fulbright

By Philip J. Michaels , Stephanie E. Heilborn and Jaclyn Gail Feffer On June 24, 2011, New York enacted the Marriage Equality Act (the "Act"), becoming the seventh jurisdiction in the U.S. to permit same-sex marriages, effective July 24,... Read More

In Extraordinary Circumstances, States Use Jeopardy Assessments as Effective Collection Mechanism
Posted on 28 Jul 2010 by Andrew W. Swain

While most states have extensive statutory and regulatory authority providing for ordinary assessment and collection procedures, there are certain situations in which the state authorities determine that those assessment and collection efforts will be... Read More

"Functional Equivalent" Nexus: When Goodwill Goes Bad in New Mexico
Posted on 13 Jun 2012 by Sutherland Asbill & Brennan LLP

The New Mexico Court of Appeals held that for purposes of imposing the state's gross receipts tax, Barnes & Noble Booksellers, Inc.'s (Booksellers) in-state activities may be imputed to an out-of-state retailer (Taxpayer) based on the use... Read More

House Judiciary Committee Holds Hearing on State Taxation and the Role of Congress in Developing Apportionment Standards
Posted on 10 May 2010 by Steve Kranz, Diann Smith and Beth Freeman

LEGAL ALERT May 7, 2010 On May 6, the House Judiciary Subcommittee on Commercial and Administrative Law (CAL), chaired by Representative Steven Cohen (D-TN), held a hearing on state income taxation to explore what role, if any, Congress should... Read More

NJ Economic Stimulus Act Brings Non-Residential Development Fee Moratorium and Other Relief to Real Estate Developers
Posted on 5 Aug 2009 by Thomas M. Letizia and Mark A. Solomon

On July 27, 2009, Gov. Corzine signed the New Jersey Economic Stimulus Act of 2009 (Stimulus Act). The law takes effect immediately and makes significant changes to existing statutes affecting economic development in New Jersey in order to spur business... Read More

D.C. Enacts Combined Reporting, Sort Of: Other Provisions Included as Attempts to Raise Revenue
Posted on 9 Oct 2009 by Lance S. Jacobs & Marc D. Nickel

This summer the District of Columbia’s chief financial officer projected revenue decreases of hundreds of millions of dollars a year for the next four years, making it apparent that the D.C. budget would face substantial budget gaps for the foreseeable... Read More

When California's Tax Conformity Act of 2010 Does Not Conform: California Does Not Follow the Federal Fix for CRTs with UBTI
Posted on 31 Aug 2010 by Danielle T. Zaragoza

California recently passed a bill to conform its tax law with the federal income tax law, but specifically did not accept the Federal fix for unrelated business taxable income (UBTI) of charitable remainder trusts (CRTs). Therefore, if a CRT in California... Read More

Sandy Springs Restructures Its Business and Occupation Tax
Posted on 29 Dec 2010 by Eversheds Sutherland LLP

By : Jonathan A. Feldman and Maria M. Todorova The Sandy Springs, Georgia, City Council revised its Business and Occupation Tax ordinance on December 21, 2010 in an effort to foster economic development and alleviate the potential chilling effect on... Read More

Pepper Hamilton, LLP: New York Making a Play to Tax Carried Interests
Posted on 8 Jan 2009 by Steven Bortnick, Lance Jacobs, and Timothy Leska

We have previously reported the considerations of Congress’s proposal to tax partnership income related to a carried interest as ordinary income from the performance of services. (See our Tax Alert for December 31, 2007, “Carried Interest... Read More

California Franchise Tax Board Announces DISA Regulatory Project
Posted on 29 Mar 2010 by Roy Crawford, Roburt Waldow, Mike Shaikh

As the rules stand now, many corporate taxpayers making intercompany distributions may be blindsided by the ambiguities in the current DISA rules, leading to the creation or trigger of DISAs. On April 21, 2010, the California Franchise Tax Board (FTB... Read More