Legal Alert

Subscribe to Legal Alert

On May 28, 2020, the Louisiana Legislature passed S.B. 138, which, if signed by the Governor, will require marketplace facilitators to collect and remit state and local sales and use taxes if they exceed an economic nexus threshold of $100,000 in sales or 200 transactions in the state in the current or previous calendar year.…

The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December 31, 2020 to an individual diagnosed with the virus, caring for a spouse or dependent diagnosed with the virus, or experiencing adverse financial…

For the first time in its history, the Multistate Tax Commission (MTC) held its 2020 Spring Committee Meetings via teleconference in lieu of the in-person meetings originally scheduled to take place in Alexandria, Virginia. The Uniformity Committee held its meeting on April 22, while the Nexus and Audit Committees held meetings on April 21. Portions…

The New Jersey Division of Taxation (Division) quietly issued special regulations addressing the inclusion and apportionment of global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) for purposes of the Corporation Business Tax (CBT).

Taking advantage of special authority granted by the New Jersey Legislature in conjunction with 2018 amendments to the CBT,1 the…

The Office of Tax Appeals (OTA) was established in 2017 as California’s new administrative appeals forum. Born from controversy, the agency was designed to function as an independent and impartial tribunal. Two years in, taxpayers have a better idea about how the OTA will shape California’s corporate tax landscape, but questions still remain. We recently…

The New York Legislature has approved budget legislation for the Fiscal Year 2021 (the Budget Bill). Consistent with Governor Andrew Cuomo’s earlier promises, the Budget Bill does not contain significant revenue raising provisions, but there are some notable tax changes. The Budget Bill was finalized as the New York State Department of Taxation and Finance…

On Friday, April 3 the Texas Supreme Court issued three decisions addressing the availability and scope of the cost of goods sold, or “COGS,” deduction.

Hegar v. American Multi-Cinema Inc.

The first, and most anticipated, decision is Hegar v. American Multi-Cinema, Inc.1  This case concerned whether AMC, the movie-theater chain, was eligible to deduct…

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 the I.R.C., including rolling back certain limitations on the utilization of net operating losses…