Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Connecting the Legal and Tax Departments
Now that the personal tax return deadline has passed, it might be a good time to consider your company's tax needs. Counsel at a Fortune 500 company recently told a colleague of ours that all of their tax matters are handled entirely outside of the legal department. This arrangement is not good. Corporate counsel and accountants must work together to bring the full measure of the company's resources to bear on tax-related issues.
Corporate tax departments are staffed by competent individuals with expertise in key tax matters. However, when a tax department operates entirely independent of corporate counsel, it puts the company at risk. Important tax decisions impact the entire business, and when these decisions are not vetted through corporate counsel, it is like looking through binoculars with one eye. Some examples of tax-related decisions that impact other areas of the business:
- Booking a potential tax liability or refund for a U.S. Securities and Exchange Commission (SEC) filing;
- Taking a tax position that could unintentionally impact an environmental or labor issue;
- Approaching a tax issue without considering government relations objectives;
- Deciding a tax issue without considering the company's marketing strategy;
- Pursuing tax controversies and litigation without involving corporate counsel; and
- Hiring an outside consultant and ceding control over appeal and litigation decisions.
An effective in-house counsel helps the tax department approach these decisions with a full view of the impact on the business as a whole. Here are five tips for building bridges between the legal and tax departments.
1. Treat All Tax Audits and Refund Claims as Potential Litigation.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?