Tax

Impacts Of Tax Reform On M&A Deal Activity

M&A activity has adjusted slightly in response to the 2017 tax overhaul's elimination of net operating loss deductions, new tax rules for foreign earnings, and future allocation of interest expense deductions, but fallout has been smaller than expected, say Alexander Lee and Eric Schwartzman in this brief video.

State Net

What State Lawmakers Will Be Focused On In 2020

A number of issues are expected to figure prominently on state legislative agendas in the coming year, including subjects as diverse as election reform, 5G technology, online marketplaces and insurance fraud, says Korey Clark of State Net Capitol Journal.

What Is A 'Reasonably Useful Form' For Production Of ESI?

While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

4 Ways Tribal Nations Can Leverage Opportunity Zones

The ecosystem of both capital and support services rapidly developing around opportunity zone investment provides tribal nations with an unparalleled opportunity to attract new investors by recasting and rebranding private economic development opportunities, says Bo Kemp at FaegreBD.

Prepare For Greater IRS Scrutiny On Conservation Easements

The IRS recently announced stepped-up enforcement on abusive syndicated conservation easement transactions, but proactive taxpayers may avoid penalties by filing qualified amended returns or administrative adjustment requests before the IRS comes knocking, say attorneys at Greenberg Traurig.

Evolving Deference Principles May Affect Tax Matters

Agency deference is sure to be a hot topic for taxpayers and their representatives in 2020, as several important cases addressed the issue this year, and the U.S. Department of the Treasury and the Internal Revenue Service have provided an incredible amount of guidance since 2017’s tax overhaul, say Andrew Roberson and Kevin Spencer at McDermott.

Patent Decision Highlights Cross-Appeal Considerations

The Federal Circuit's recent decision in IPR Licensing overruled precedent to hold that the cross-appeal rule is not jurisdictional, demonstrating the complexity of this seemingly simple rule and its various applications within the circuit courts, says Michael Soyfer at Quinn Emanuel.

Opinion

Proposed IRS Gross Receipts Regs Should Hew To Case Law

The IRS may want to revise its recently proposed gross receipts regulation to avoid application of the all-events test to specified goods payments, and bring it in line with common law, says Scott Rabinowitz at Skadden.

Ohio Tax Talk: 3 Tax Exemption Takeaways In Contractor Case

The Ohio Court of Appeals' recent decision in Karvo Paving v. Testa provides important guidance on three of the most commonly utilized exemptions to Ohio sales and use tax: the sale for resale, the affiliated party sales exemption for employment services, and the casual sale, say Jeremy Hayden and Christopher Tassone of Frost Brown.

Retail Bankruptcies Raise Collection Questions For Landlords

An unresolved circuit split has caused bankruptcy courts across the country to approach the Bankruptcy Code's collection-related provisions inconsistently, making it difficult for landlords to know what they can collect from retail tenants that become debtors in possession, say attorneys at Barclay Damon.

Opinion

NJ Should Live Up To Its State Motto By Legalizing Cannabis

Despite the legislative failure of the New Jersey Cannabis Regulatory and Expungement Aid Modernization Act, the state should pursue cannabis legalization as a unique opportunity to promote liberty and prosperity, says McElroy Deutsch attorney Fruqan Mouzon, who helped draft the act in his prior role as general counsel for the New Jersey Senate Majority Office.

New French Law May Be 1st Step In Abating Carousel Fraud

Although there is still a long way to go, France's recent adoption of the European Union's Quick Fixes Council Directive will increase the odds of stemming carousel fraud — a type of value-added tax exploitation facilitated by the removal of customs borders, says Sophie Dorin at Bird & Bird.

Alaska Tax Agreement Only Burdens Remote Retailers

Alaska's recently signed Intergovernmental Remote Seller Sales Tax Agreement would need far greater participation beyond the 15 municipal signatories if remote retailers are expected to administer the state's complex local tax system, say Martin Eisenstein and Matthew Schaefer of Brann & Isaacson.

Perspectives

Book Review: Who's To Blame For The Broken Legal System?

The provocative new book by Alec Karakatsanis, "Usual Cruelty: The Complicity of Lawyers in the Criminal Injustice System," shines a searing light on the anachronism that is the American criminal justice system, says Sixth Circuit Judge Bernice Donald.

Advising Cannabis Cos. As Mich. Legalizes Recreational Use

In light of Michigan's lighting-fast legalization of recreational marijuana sales, attorneys counseling cannabis companies should be aware of the unique state licensing requirements, and note the distinctions between dispensary, grower and processor clients ahead of the Dec. 1 rollout, says Lance Boldrey of Dykema.