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Inflation Reduction Act
IRS Reporting Requirements – 2018 Employee Stock Transactions
Now that 2019 has begun, corporations should be aware of IRS reporting requirements regarding certain 2018 stock transactions with their employees. Section 6039 of the Internal Revenue Code of 1986, as amended (the “Code”), requires a corporation to report (i)...
IRS Guidance on the Application of Tax Reform Amendments to Code Section 162(m)
On August 21 st , the IRS issued Notice 2018-68 which provides initial guidance regarding amendments to Section 162(m) of the Internal Revenue Code (“Section 162(m)”) as provided by the 2017 Tax Cuts and Jobs Act passed in late 2017...
The Impact of the Tax Cuts and Jobs Act on Executive Compensation
On November 9, 2017, the House Ways and Means Committee approved the House’s version of the tax reform bill (the “House Bill”) and voted to report it to the House floor for a full House vote. On the same day...
Hurricane Harvey Relief for Employees
Following Hurricane Harvey and its resulting destruction, many employees are in need of financial assistance and/or early access to retirement funds. We will highlight how employers can make direct financial assistance payments to their affected employees on either a taxable...
The Proposed Code Section 457 Regulations Have Arrived
On June 22, 2016, the IRS finally issued the long-awaited proposed regulations under Internal Revenue Code (“Code”) Section 457. Code Section 457 applies to deferred compensation plans or arrangements of tax-exempt entities and state and local governments. While the proposed...
Modifications to Code Section 409A Regulations
On June 22, 2016, the Internal Revenue Service published proposed regulations under Internal Revenue Code Section 409A, which applies to non-qualified deferred compensation plans and arrangements. The proposed regulations are intended to clarify or modify specific provisions of the final...
District Court Holds Private Equity Funds Jointly Liable for Portfolio Company's ERISA Withdrawal Liability
The U.S. District Court for the District of Massachusetts ruled on March 28, 2016 that two private equity funds were jointly and severally liable for the multiemployer pension plan withdrawal liability of their jointly-owned portfolio company. The District Court held...
Judge Reverses Own Decision to Extend the Texas Sales Tax Manufacturing Exemption to Include Oil and Gas Extraction Equipment
On April 11, 2012, Judge John Dietz issued a ruling from the bench in Southwest Royalties, Inc. v. Combs , Case D-1-GNU-09-004282 (Travis County 250th Dist. Ct.) to extend the Texas sales tax exemption for manufacturing property to include certain...
Texas Ruling Could Expand the Scope of the Manufacturing Exemption from Sales or Use Tax to Equipment Used in Oil and Gas Extraction
In a recent Texas bench ruling, in the case of Southwest Royalties, Inc. v. Combs , Case D-1-GNU-09-004282 (Travis County 250th Dist. Ct.), the court expanded the Texas sales or use tax exemption for manufacturing property to include certain items...