The National Law Forum

The Blog of the The National Law Review

Category Archives: Tax

January 2016 Tax Credits & Incentives Update

HMB Tip of the Month:  As provided in two of the cases highlighted in this monthly update, a taxpayer that meets all of the criteria of a statutory tax credit (in which funding is available) may be successful in court when it faces a challenge to its eligibility to the credit from the jurisdiction that …

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Tax Talk: When Reporting Gifts at Discounted Values, a Qualified Appraisal is Crucial

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A common method for transferring wealth from one generation to the next involves contributing assets to a partnership or limited liability company, then transferring minority interests in the partnership or LLC to descendants or other family members.  Done correctly, the technique allows donors to reduce their taxable estates by making gifts at reduced values, because …

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Extension of 2015 Affordable Care Act Reporting Deadlines

Magnifying glass over Affordable Care Act policy and piggy bank

On December 28, 2015, the Internal Revenue Service issued Notice 2016-4 extending the deadline for information reporting requirements under the Patient Protection and Affordable Care Act (the “ACA”). The reporting requirements are intended to assist the IRS in application of ACA penalties and were two-fold: an initial disclosure to the employee and a final report to …

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In three weeks! Attend the 3rd Annual Bank & Capital Markets Tax Institute West – December 3-4 in San Diego

bank capital markets tax institute san diego

When: December 3-4, 2015 Where: The Westin San Diego, San Diego, California Register today! We are proud to announce that BTI West will be coming back for a third year! For 49 years the annual BTI East in Orlando has provided bank and tax professionals from financial institutions and accounting firms in-depth analysis and practical …

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Chicago Mayor’s Tax-Heavy Budget Passes: Lease and Amusement Tax Implications

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Last week the Chicago City Council approved Mayor Rahm Emanuel’s 2016 revenue ordinance as part of his tax-laden budget proposal. The revenue ordinance included noteworthy changes to the personal property lease transaction tax (lease tax) and amusement tax, both of which we have covered in-depth since the Department of Finance (Department) issued two rulings over the summer …

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