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Legal Alert: Physical Presence Not Required for Sales Tax Collection

The United States Supreme Court decided on June 21, 2018, in South Dakota v. Wayfair, that a South Dakota law that requires certain out-of-state vendors to collect and remit sales tax as if the vendor had a physical presence in the State does not violate the Commerce Clause.

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Some Communities Still Missing Out On The NMTC Financing Opportunity

While KMK continues to grow its expertise in leading New Markets Tax Credits financing deals for many types of significant projects and as we expand our work in EB-5 financing deals, P3s and PRIs, we are surprised by the number of communities in some parts of the country still unfamiliar with the tremendous financing horsepower of NMTCs.  Here is a quick highlight of this extremely valuable financing tool.

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IRS Rules on Treatment of Dividends Under Section 162(m)

In a June 25, 2012 revenue ruling, the IRS issued guidance as to whether dividends and dividend equivalents related to restricted stock and restricted stock units (RSUs) that qualify as performance-based compensation for purposes of Internal Revenue Code Section 162(m) must separately qualify as performance-based. 

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TAGS: IRS
CONTACT: Mark E. Sims

Supreme Court Upholds Health Care Reform Law

This blog post focuses only on how the Supreme Court’s decision affects businesses in their capacity as “employer” and administrator of their group health plans.  This post does not address the many significant issues that may be faced by hospitals, health care providers, drug and medical device manufacturers, health insurers or state governments.

The Supreme Court’s Decision

On June 28, the Supreme Court released its decision in National Federation of Independent Business v. Sebelius.  The Court ruled on various issues, including the Patient Protection and Affordable Care Act’s “individual mandate” and “Medicaid expansion” provisions.

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IRS Issues Proposed Regulations Under Code Section 162(m)

Code Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") precludes a tax deduction for remuneration paid to certain employees of publicly held companies in excess of $1,000,000.  On June 23, 2011 the IRS issued proposed regulations under Code Section 162(m) to clarify two provisions of existing treasury regulations. 

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CONTACT: Mark E. Sims

New Qualifying Therapeutic Discovery Project Credit Will Benefit Biotech Companies

The Patient Protection and Affordable Care Act adds a new provision to the Internal Revenue Code that could provide a significant benefit to small and mid-size companies in the biotechnology industry.  The Act, which was signed by President Obama on March 23, authorizes the Secretary of the Treasury to award up to $1 billion in qualifying therapeutic discovery project credits in 2009 and 2010.  The credit is equal to 50% of an eligible taxpayer’s qualified investment in a qualifying therapeutic discovery project.

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Federal HIRE Act Provides New Tax Benefits for Hiring Unemployed Workers

Somewhat lost in the excitement of pending healthcare legislation, on March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act.  The HIRE Act features two new tax benefits designed to incentivize employers to hire and retain workers who were previously unemployed or working part time.

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CONTACT: Mark E. Sims

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IRS Circular 230 Disclosure: Unless we have specifically stated to the contrary in writing, any discussion of federal tax issues or submissions in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the United States federal tax laws or (2) promoting, marketing, or recommending to anyone any transaction or matter addressed herein.