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Law firms have traditionally been large consumers of contract labor for a variety of purposes. These workers are traditionally classified as independent contractors, issued a 1099 and treated as ineligible for employee benefits. In recent years, many states have started to adopt the "ABC" test to determine whether a worker should be classified as an independent contractor or an employee.
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Structuring finances for independent film productions isn't for the faint of heart, especially where there are multiple entities formed in different states involved in the productions; loans involving different entity members; and efforts on tax returns to deduct net operating losses (NOLs).
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In Polselli v. Internal Revenue Service, the U.S. Supreme Court unanimously refused to limit the IRS's ability to issue summonses without notice to situations in which it seeks records of accounts in which a delinquent taxpayer has an interest. This article discusses the court's decision, Justice Jackson's concurring opinion, and the potential for future challenges to the IRS's issuance of summonses without notice.
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As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
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The Northern District of California recently issued two blistering opinions on appeals by the IRS and California Franchise Tax Board from a bankruptcy court's Chapter 11 plan confirmation order and a tax determination order.
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With a growing number of donor groups forming Name Image and Likeness collectives as not-for-profit entities, there are questions about whether or not these collectives truly qualify as charitable organizations for tax purposes.
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State tax credits are valuable tools for helping meet the costs of producing films, TV shows, commercials, and other media and entertainment productions. But if more than one production company is involved with a project, a legal dispute can arise over which company owns the right to the tax credit funds.
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In recent years, the Peach State has become one of the most popular spots for film companies. However, the state General Assembly's action with regarding one bill and inaction with regard to another have threatened to harm the entertainment industry.
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The Ninth Circuit recently affirmed a lower courts' rulings that a stipulation between the IRS and a bankruptcy trustee, which allowed the IRS's priority tax claim, did not prevent the IRS from collecting nondischargeable tax debt above the agreed amount in that stipulation.
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As post-pandemic market values fluctuate due to higher prices, property owners need to adopt strategies to keep their assessed property values down. As we emerge from COVID-19 here are seven key considerations to minimize property tax assessments even as prices increase.