February 19, 2025
In many states, members of multi-member limited liability companies (“MLLC’s”) find comfort under applicable state law providing a charging order[1] as the sole and exclusive remedy available to creditors of a debtor-member in an MLLC with respect to the debtor-member’s ownership interest in such entity. Despite this common state law limitation, the recent decision in United States v. Driscoll, …
January 13, 2025
Does your company have any dormant tax-exempt entities in your organizational chart? If so, read on.
In recent Private Letter Ruling (PLR) 202437007[1], the Internal Revenue Service (IRS) revoked the tax-exempt status of an organization. The organization had qualified as a tax-exempt supporting organization under Section 501(c)(3) and Section 509(a)(3) of the Internal Revenue Code (Code), and…
January 7, 2025
With the new year, you have no doubt been inundated with messages nudging you to make a fresh start on any number of things: eating better, saving money, going to the gym, getting more sleep, or stopping a bad habit. As we ring in 2025, the law is giving us another nudge to take a fresh look at our estate plans.
The Tax Cuts and Jobs Act of 2017 (TCJA) increased the unified gift and estate tax…
December 27, 2023
Amid its review of thousands of fraudulent Employee Retention Credit (“ERC”) applications, the Internal Revenue Service (“IRS”) has instituted multiple programs to provide relief to unsuspecting taxpayers victimized by the cottage industry of specialist ERC firms born of the COVID-19 pandemic. Many of these applications aggressively interpret the “business operations suspension test” and rely on…
February 3, 2023
Key Take-Away: What is the difference between “a” and “the”? Quite a lot if you are in-house counsel for a company that wants to assert attorney-client privilege for dual-purpose communications made by you as in-house counsel. The Supreme Court of the United States (“SCOTUS”) granted cert in In re Grand Jury and recently heard oral arguments regarding dual-purpose communications, giving hope that…
August 12, 2022
The U.S. House of Representatives will soon take up the Inflation Reduction Act (“Act”), passed by the Senate earlier this week after a tie-breaking vote by Vice President Harris. The Act seeks to tackle various environmental and health care issues, allocating significant funds toward the reduction of greenhouse gas emissions and placing a cap on out-of-pocket prescription costs for individuals…
July 18, 2022
Since the changes to the estate, gift, and generation skipping taxes went into effect in the Tax Cuts and Jobs Act of 2017 (“Tax Act”), advisers and clients have been working to take maximum advantage of the benefits, many of which will sunset at the end of 2025 without further legislative action.
The Tax Act doubled the estate, gift, and generation skipping tax exemptions. In 2022, the estate tax…
May 16, 2022
Chemical companies need to prepare for the return of an excise tax on chemicals produced or imported that hasn’t been in effect for nearly 30 years. In January 2022, the IRS published Notice 2021-66, related to the Infrastructure Investment and Jobs Act (“IIJA”), which revives the excise taxes imposed on certain chemicals—previously known as the Superfund Chemicals taxes. See https://www.irs.gov/p…
March 8, 2022
Things to Keep in Mind for 2021 Tax Filing
While filing season is well under way for tax year 2021, it is important to keep in mind some of the issues specific to the 2021 tax year and some items that have been carried over from relief packages passed for tax year 2020. A few key issues are discussed below.
Return Processing. As the IRS continues to struggle with staffing and processing issues,…
February 3, 2022
The Supreme Court of the United States addressed 401k trustee fiduciary obligations in Hughes v. Northwestern University. For 401k fiduciaries, both employers and investment advisors, the case reaffirms earlier requirements that fiduciaries must monitor each and every investment offering in the plan for performance, fees, and expenses, and they have an obligation to remove imprudent investments,…
September 28, 2021
The Seventy-Second Annual West Virginia Tax Institute Meeting will be live streamed on Monday and Tuesday morning, October 18 & 19, 2021 from 9:00 am to 12:00 pm each day.
We are still busy finalizing the schedule and speakers for this year’s program. We anticipate that the Program will qualify for approximately 6 hours of CLE/CPE credit, 1.5 of which is in Ethics.
The full Program details and…
December 29, 2020
There were some long awaited tax changes contained in the Consolidated Appropriations Act of 2021 (the “CAA”), but there were also some interesting additions.
For example, the CAA clarified that taxpayers can deduct expenses paid with PPP Loan proceeds overturning the IRS guidance on this issue. This benefit is substantial for taxpayers and effectively increases the PPP Loan proceeds by the amount…
February 19, 2025
In many states, members of multi-member limited liability companies (“MLLC’s”) find comfort under applicable state law providing a charging order[1] as the sole and exclusive remedy available to creditors of a debtor-member in an MLLC with respect to the debtor-member’s ownership interest in such entity. Despite this common state law limitation, the recent decision in United States v. Driscoll, …
January 13, 2025
Does your company have any dormant tax-exempt entities in your organizational chart? If so, read on.
In recent Private Letter Ruling (PLR) 202437007[1], the Internal Revenue Service (IRS) revoked the tax-exempt status of an organization. The organization had qualified as a tax-exempt supporting organization under Section 501(c)(3) and Section 509(a)(3) of the Internal Revenue Code (Code), and…
January 7, 2025
With the new year, you have no doubt been inundated with messages nudging you to make a fresh start on any number of things: eating better, saving money, going to the gym, getting more sleep, or stopping a bad habit. As we ring in 2025, the law is giving us another nudge to take a fresh look at our estate plans.
The Tax Cuts and Jobs Act of 2017 (TCJA) increased the unified gift and estate tax…
December 27, 2023
Amid its review of thousands of fraudulent Employee Retention Credit (“ERC”) applications, the Internal Revenue Service (“IRS”) has instituted multiple programs to provide relief to unsuspecting taxpayers victimized by the cottage industry of specialist ERC firms born of the COVID-19 pandemic. Many of these applications aggressively interpret the “business operations suspension test” and rely on…
February 3, 2023
Key Take-Away: What is the difference between “a” and “the”? Quite a lot if you are in-house counsel for a company that wants to assert attorney-client privilege for dual-purpose communications made by you as in-house counsel. The Supreme Court of the United States (“SCOTUS”) granted cert in In re Grand Jury and recently heard oral arguments regarding dual-purpose communications, giving hope that…
August 12, 2022
The U.S. House of Representatives will soon take up the Inflation Reduction Act (“Act”), passed by the Senate earlier this week after a tie-breaking vote by Vice President Harris. The Act seeks to tackle various environmental and health care issues, allocating significant funds toward the reduction of greenhouse gas emissions and placing a cap on out-of-pocket prescription costs for individuals…
July 18, 2022
Since the changes to the estate, gift, and generation skipping taxes went into effect in the Tax Cuts and Jobs Act of 2017 (“Tax Act”), advisers and clients have been working to take maximum advantage of the benefits, many of which will sunset at the end of 2025 without further legislative action.
The Tax Act doubled the estate, gift, and generation skipping tax exemptions. In 2022, the estate tax…
May 16, 2022
Chemical companies need to prepare for the return of an excise tax on chemicals produced or imported that hasn’t been in effect for nearly 30 years. In January 2022, the IRS published Notice 2021-66, related to the Infrastructure Investment and Jobs Act (“IIJA”), which revives the excise taxes imposed on certain chemicals—previously known as the Superfund Chemicals taxes. See https://www.irs.gov/p…
March 8, 2022
Things to Keep in Mind for 2021 Tax Filing
While filing season is well under way for tax year 2021, it is important to keep in mind some of the issues specific to the 2021 tax year and some items that have been carried over from relief packages passed for tax year 2020. A few key issues are discussed below.
Return Processing. As the IRS continues to struggle with staffing and processing issues,…
February 3, 2022
The Supreme Court of the United States addressed 401k trustee fiduciary obligations in Hughes v. Northwestern University. For 401k fiduciaries, both employers and investment advisors, the case reaffirms earlier requirements that fiduciaries must monitor each and every investment offering in the plan for performance, fees, and expenses, and they have an obligation to remove imprudent investments,…
September 28, 2021
The Seventy-Second Annual West Virginia Tax Institute Meeting will be live streamed on Monday and Tuesday morning, October 18 & 19, 2021 from 9:00 am to 12:00 pm each day.
We are still busy finalizing the schedule and speakers for this year’s program. We anticipate that the Program will qualify for approximately 6 hours of CLE/CPE credit, 1.5 of which is in Ethics.
The full Program details and…
December 29, 2020
There were some long awaited tax changes contained in the Consolidated Appropriations Act of 2021 (the “CAA”), but there were also some interesting additions.
For example, the CAA clarified that taxpayers can deduct expenses paid with PPP Loan proceeds overturning the IRS guidance on this issue. This benefit is substantial for taxpayers and effectively increases the PPP Loan proceeds by the amount…
