A long-anticipated major reform of New York State’s system of corporate income taxation, principally impacting taxation of the financial services industry, moved closer to reality with the Department of Taxation and Finance’s November 2009 release…

With life in our nation’s Capitol grinding to a halt from record-breaking snowfalls, reaction to the Obama Administration’s release of its fiscal-year 2011 proposed budget has been tepid. It seems the administration that promised to bring great…

Tax Issues of “Greening Up” U.S. Energy Infrastructure In the first issue, we examined how to use a partnership flip structure to utilize the renewable energy electricity production credit. In this second issue, we dive a little deeper into the…

The domestic production deduction (DPD) under IRC Section 199 did not appear to have a promising future when it was first introduced in 2005. Created as the centerpiece of the American Jobs Creation Act of 2004, the Section 199 deduction was derided…

The economic crisis has resulted in reduced state and local tax collections by state and local governments. Therefore, state and local governments are seeking ways to increase revenue. Many states have already increased sales tax rates, have…

All 27 European Union member states have adopted new rules for their value-added tax system. The VAT changes, which went into effect on January 1, 2010, apply to all companies doing business in the EU and involve new rules for taxation and reporting…

Recently, the federal government provided some relief to suffering businesses through the extension of the net operating loss (NOL) carryback. In a previous edition of Tax Advisor Weekly (, November 19, 2009), we noted that the carryback…

Many taxpayers have found themselves saddled with the inability to claim foreign tax credits. In large part, taxpayers who have an overall foreign loss (OFL) are subject to double taxation on any foreign earnings that become subject to U.S. taxation…

One of the more confounding items that public companies must now deal with in the sales and use tax area is Financial Accounting Standards Statement Number 5 (FAS 5), Accounting for Contingencies. This statement was issued over 30 years ago by the…