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Oct 01, 2020

Taxing Disclosures: Municipal Securities Issuers and COVID-19

As discussed in my earlier blog, “SEC Focus on Municipal Securities: Disclosure and Enforcement – The Peculiar Structure of the Municipal Securities Disclosure Regime,” since 1994 issuers and, in the case of conduit issuers, obligated parties are required to enter into a Continuing Disclosure Agreement (“CDA”) at the time of issuing municipal securities.» Read More

Mar 28, 2020

Inside the CARES Act: Five-Year Carryback for Net Operating Losses and Taxable Income Offset

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) relaxes the limitations on a company’s use of losses. Under the current rules amended by the 2017 Tax Cuts and Jobs Act (“TCJA”), net operating losses (“NOLs”) are subject to a taxable-income limitation and cannot be carried back to reduce income in a prior tax year.» Read More

Aug 14, 2019

IRS Targets Crypto with Thousands of Letters to Virtual Currency Users

In perhaps a historic action, the IRS announced that by the end of this month it will contact more than 10,000 taxpayers with reminders of the federal income tax consequences of transactions involving virtual currencies.  Taxpayers who the IRS believes have engaged in virtual currency transactions that may have given rise to unreported or improperly reported income tax liabilities are urged to review past tax filings, file amended, or delinquent returns if necessary, and pay any required back taxes, interest, and penalties due to prior failures to fully or accurately report income from transactions involving virtual currency. » Read More

Apr 25, 2019

Register Now for “Crossing the (State) Line: Legal Issues Related to Expanding a Business into New Territories!”

Norris McLaughlin, P.A., is pleased to present an educational seminar for business owners addressing the legal issues related to expanding your business beyond New Jersey. Now that your company is ready to expand into other territories, it is essential that you focus on legal issues that can impact your business.» Read More

Nov 29, 2018

Potential Tax Break on Qualified Business Income of Non-Corporate Taxpayers

Beginning in 2018, the new section 199A of the Internal Revenue Code (IRC), created by the Tax Cuts and Jobs Act, provides for a potential tax break on qualified business income of non-corporate taxpayers. This new section requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.» Read More

Aug 03, 2018

Tax and Jobs Act . . . There Should Have Been an Add-On “Except for Charities”

While there may have been significant tax deductions and tax reductions for the for-profit world and specific industries, the nonprofit world has been substantially hindered by the new Tax and Jobs Act enacted on December 22, 2017.» Read More

Jul 24, 2018

Tax Increment Financing – Still a Vital Economic Development Tool

In connection with their commercial, industrial, and residential developments, developers are often required to construct roads and other infrastructure improvements as a condition to obtaining necessary permits.  While these improvements may benefit the general public and not just the particular development, the developer must confront the challenge of funding the entire cost of the improvements.» Read More

Jul 23, 2018

Sales Tax Just Got Harder for Online and Out-Of-State Retailers

On June 21, 2018, in South Dakota v. Wayfair, Inc. et al, the Supreme Court of the United States (SCOTUS) overturned long-standing precedent that required “physical presence” before a state could require an out-of-state business to collect and remit sales taxes. » Read More