For over 25 years in M&A I have never seen as many variables driving the markets as we are seeing right now, nor the current levels of interconnectedness.

The sweeping national trend toward the relaxation of cannabis prohibition laws at the state level continues to gain momentum in 2019, with Illinois recently becoming the 11th state to legalize recreational usage. Over the past several months, even the federal government has begun taking measured steps to loosen restrictions on the sale of cannabinoids (CBDs).

This white paper provides valuable insight on consumer privacy in the United States.

Having been involved in infrastructure for over 20 years, it is hard to recall a time when there has been more interest from various stakeholder groups, including governments, regulators, customers, advisors and most interestingly investors.

Valuation professionals are constantly presented with challenging client needs, such as valuing new, and often exotic, securities with a variety of features that defy commonly-used valuation techniques.

In this issue, we focus on indemnification claims involving representations and warranties within a purchase agreement.

On June 7, 2019, the U.S. Court of Appeals for the Ninth Circuit again reversed the 2015 decision of the Tax Court (Altera Corp v. Commissioner) following deliberation of a reconstituted panel.

The U.S. Department of Labor continues a regulatory agenda that puts the valuation of Employee Stock Ownership Plans (“ESOPs”) in the spotlight. As a result, ESOP fiduciaries need to be cognizant of the impact of the reduction in corporate income taxes when determining the fair market value of ESOP plan assets. Such fiduciaries should also carefully review their ESOP valuation methodologies for reasonableness in light of these tax law changes to determine whether any changes are needed to protect against potential DOL scrutiny.

In an environment of increasing technological advancements and automation, speed of response and functionality of the product/solution are increasingly important. When it comes to lead times for solutions and business margins, engineering is the differentiator at the research stage as well as for design and development of new products and solutions.

In a Tax Court petition filed October 22, 2018, Shiloh Industries Inc., a global supplier of automotive parts and a designer and engineer of precision tools, dies, welding, and assembly equipment, is disputing the Internal Revenue Service’s assertion that the company’s claimed tooling expenses in 2012 and 2013 can be treated as qualified research expenses. Will the Tax Court follow its decision in TG Missouri v. Commissioner and allow tooling costs to be treated as supplies used in the conduct of qualified research under Internal Revenue Code (“IRC”) Section 41(b)?

A&M's Al Liguori Featured in Bloomberg Law Article

US companies are turning to their lawyers for help in containing the costs of President Donald Trump’s tariffs on goods from China, looking for legal loopholes to help avoid or reduce duties without shifting production to other countries.

Behavioural economists have in recent years been examining the complex relationship between survey design and the responses that different types of questionnaires can elicit. In this issue of Raising the Bar, A&M’s Tasneem Azad discusses some of the biases that may influence how individuals respond to certain questions and explores survey design best practice tips for framing questions in order to counteract them. A&M has supported clients in the design and execution of surveys, particularly in respect of potentially emotive and polarising subjects - such as personal finances and access to banking facilities - where addressing behavioural considerations can be crucial for ensuring reliable and meaningful results.

The Trump administration’s policies toward Cuba have recently shifted, creating some urgency for U.S. firms that do business with the embattled country and its regional partners. Michael Carter and Drew Marrocco detail what American companies need to do to maintain compliance.

On Friday, June 14 (“Flag Day”), the Internal Revenue Service (“IRS”) and the Treasury Department issued several pieces of guidance under the Tax Cuts and Jobs Act of 2017 (TCJA). This includes final, temporary, and proposed regulations (collectively referred to as the “Regulations”). The Regulations cover a wide variety of topics affecting U.S. based multinational organizations, private equity funds, U.S. individual owners of foreign corporations, and others.