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HTMLIllinois: Should Millionaires Pay an Additional Tax?
McDonald Hopkins LLC;
Legal Alert/Article
August 11, 2014, previously published on August 7, 2014
On July 29, 2014, Illinois Gov. Pat Quinn signed Illinois H.B. 3816—the Tax for Education Referendum Act—which requires that Illinois voters be asked an advisory question of public policy regarding whether Illinois millionaires should pay an additional tax to provide additional funding...

 

HTMLNew York: Actor Robert Redford Sues State over $1.6 Million Tax Assessment
McDonald Hopkins LLC;
Legal Alert/Article
August 11, 2014, previously published on August 7, 2014
Hollywood actor, director, and producer Robert Redford filed suit against the New York State Department of Taxation (the Department) and Tax Commissioner Mattox in connection with an income tax deficiency the Department issued against him for nearly $1.6 million (Redford v. N.Y. Dept. of Taxation...

 

HTMLHouse and Senate Pass VA Reform Bill
McDonald Hopkins LLC;
Legal Alert/Article
August 5, 2014, previously published on August 1, 2014
Before leaving for the August recess, the House and Senate finally agreed to compromise legislation aimed at reforming the Veterans Affairs Department in the wake of the VA healthcare scandal.

 

HTMLU.S. and EU Level New Sanctions against Russia
McDonald Hopkins LLC;
Legal Alert/Article
August 5, 2014, previously published on August 1, 2014
This week, tensions between Russia and the West over the conflict in the Ukraine escalated as the U.S. and the European Union (EU) leveled new sanctions against Russia. These new sanctions bar Russian state banks from raising money in Western capital markets and restrict the sales of arms and of...

 

HTMLHouse Votes to Move Forward with Lawsuit against the President
McDonald Hopkins LLC;
Legal Alert/Article
August 5, 2014, previously published on August 1, 2014
On Wednesday night, the GOP led House voted to proceed with a lawsuit to sue President Obama over executive actions related to the Affordable Care Act. The vote was split along party lines, with nearly all Republicans voting in favor of pursuing the lawsuit and all Democrats opposed.

 

HTMLBorder Crisis Update
McDonald Hopkins LLC;
Legal Alert/Article
August 5, 2014, previously published on August 1, 2014
What was once considered must pass legislation - to deal with the crisis on the border with Mexico - is now in disarray in both chambers. In the House, Republican leaders are hoping to take a second whack at passing an emergency border-funding package, after they suddenly backed off a planned vote...

 

HTMLCalifornia: Franchise Tax Board Provides Guidance on Tax Liability of Corporate Members of Multi-Member LLCs
McDonald Hopkins LLC;
Legal Alert/Article
August 4, 2014, previously published on July 31, 2014
On July 22, 2014, the California Franchise Tax Board (FTB) provided guidance in Legal Ruling 2014-01 (Ruling) regarding when a corporation - including a limited liability company taxed as a corporation - is required to file a California return and pay any applicable taxes and fees because of its...

 

HTMLMinnesota: Son's Use of Condo Defeats Like-Kind Exchange Treatment
McDonald Hopkins LLC;
Legal Alert/Article
August 4, 2014, previously published on July 31, 2014
Last month, the Minnesota Tax Court issued a decision in Johnson v. Commissioner of Revenue, No. 8544-R, 2014 WL 2965410 (Minn. T.C. June 20, 2014), with respect to taxpayers’ exchange of unimproved land for a two-bedroom condominium. Johnson is a ruling of significance for taxpayers hoping...

 

HTMLOhio Supreme Court Ruling Simplifies Contract Drafting, Negotiation, and Enforcement
McDonald Hopkins LLC;
Legal Alert/Article
August 2, 2014, previously published on July 28, 2014
The Ohio Supreme Court issued its decision in Transtar Electric, Inc. v. A.E.M. Electric Servs. Corp., Slip Opinion 2014-Ohio-3095 on July 17, 2014. Although it does not change the underlying principles with respect to pay-when-paid vs. pay-if-paid provisions, the Court’s decision announces a...

 

HTMLBreaking News on Highway Trust Fund
McDonald Hopkins LLC;
Legal Alert/Article
August 2, 2014, previously published on July 30, 2014
This week, the Senate easily passed a patch to the soon to be broke Highway Trust Fund. The Senate’s actions, however, don’t end the Highway Drama because the chamber made two critical changes to the legislation passed by the House.

 


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