Like the days of the Old West, last week a masked gang held up local businesses demanding their wallets. Unlike the days of the Old West, this was not the hole-in-the-wall gang, but the California State Assembly who, on June
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DOL Issues Final Electronic Disclosure Rule for Retirement Plans
Under the recently published final rule issued by the US Department of Labor, retirement plan administrators can choose to deliver required disclosures electronically by complying with the conditions of a new safe harbor. The final rule represents an opportunity for…
Weekly IRS Roundup June 8 – June 12, 2020
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 8 – June 12, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource…
Unpacking Differences in Public and Private Hospital M&A
Across the public hospital sector, M&A activity has increased significantly over the past decade. Given the current COVID-19 landscape, many are taking a hard look at their operations to garner a better understanding of what needs to be done to…
California Bill Would Make Taxpayer Information Available to the Public (Seriously!)
A concerning bill is pending in the California Senate. SB-972 would require the California State Controller’s Office (the Controller) to make taxpayer information publicly available. The bill would require that the Controller post on its website a list of all…
Six Takeaways: Utilization and Structuring for Section 45Q Carbon Capture Credits
On Thursday, June 11, McDermott partners Phil Tingle, Heather Cooper and Jacob Hollinger were joined by Ken Ditzel, managing director at FTI Consulting, to discuss their insights into the proposed Section 45Q carbon capture and sequestration credit regulations.
The Treasury…
The Month of Change: June Ushers in the “New Normal” in the United Kingdom
In the UK, changes in restrictions will see non-essential shops opening and many workers hesitantly going back into offices even though they could work from home. Government focus has therefore started to shift to the “re-opening” of business.
Trademark Claim for Profit Damages Means No Jury Trial
By Jodi Benassi
The US Court of Appeals for the Ninth Circuit affirmed a denial of a jury trial demand in a trademark infringement lawsuit where only a claim of disgorgement of profits was at issue. JL Beverage Company, LLC v. Jim Beam…
Tax Court Records Accessible Again
When the US Tax Court (Tax Court) shut down in March, the public was unable to request copies of Tax Court records. That changed effective June 1, 2020, as non-parties may now call and request copies of court records which…
Tax Court Holds That Form 870-AD Is Not a Binding Settlement Agreement
A recent US Tax Court Memorandum Opinion held that a settlement agreement embodied in Internal Revenue Service (IRS) Form 870-AD does not preclude the IRS from reopening an audit and issuing a notice of deficiency.