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Law firms have often historically sourced their revenues based on where they performed their services. In many instances this was historically correct. Given that California’s top tax rate is 12.3%, it pays to understand your firm’s and your partners’ relationship to California and its taxes.

Under the TCJA many businesses are encountering some new challenges related to transportation fringe benefits. IRC Sec. 274(4) places limitations on the deduction for any qualified transportation fringes provided to the employee by the employer.

Meals and entertainment (“M&E”) are often essential to a law firm’s operations. Commentators have spent the last 12 months scrutinizing the Tax Cuts and Jobs Act’s (“TCJA’s”) changes to the federal rules for M&E deductions.

Effective for taxable years beginning January 1, 2018, Connecticut replaces the pass- through regime with an entity-level tax. Law firms should consult with their advisors early to determine if they should enter into the agreement with the DRS.

The Tax Cuts and Jobs Act created a business tax credit for employers that voluntarily offer paid family and medical leave to their employees. Here's are the details about the tax credit that is available for tax years beginning after 12/31/17.

Carolyn Dolci and Brian Karnofsky led for the New Jersey Association of Legal Administrators on the impact of the Tax Cuts and Jobs Act of 2017 on law firms. One of the key points discussed was Qualified Business Income (“QBI”).

Law firms operating in a multi-state environment expose their partners to income tax liabilities wherever the firm has nexus. Fortunately, most states offer a composite tax return option which consolidates the partners’ tax reporting.

Understanding private foundation distribution requirements. Information on the 5% payout requirement and the difference between charitable and non-charitable use assets. The IRS determines non-charitable and charitable-use assets as follows.

The litigation financing industry has experienced significant growth in the US. Litigation financing firms typically provide a nonrecourse advance for the legal costs of a plaintiff or their lawyers in exchange for a share in the potential settlement.

Identifying and understanding key performance metrics is a necessity for all law firms. An important law firm metric is realization, which is a key indicator as to whether the firm is actually earning what it believes it is earning. Suggestions on how to improve realization rates.

Technology and life sciences companies that choose to incorporate in Delaware must pay an annual franchise tax. This article discusses how the tax is calculated, filing and payment due dates and other requirements applicable to for-profit C corporations that incorporate in Delaware.

As technology or life sciences companies grow, it’s likely that their nexus footprint does too. Sales tax nexus is critical to determining whether an out-of-state vendor has an obligation to collect sales tax on sales into a particular state.

Changes to the R&D credit under the PATH act are designed to provide an immediate tax benefit including payroll taxes and the AMT. However, due to the potential complexities involved, it is recommended companies work with their tax advisor.

The good news: There has never been a better time to be in the biotech sector. The bad news: There is simply not enough workspace to meet the burgeoning demand.

John Pennett’s Life Sciences practice ranges from fledgling companies in incubators to global pharmaceuticals, but his insights here on implementing compliance controls, assessing reputational risk and vetting third-party vendors are widely applicable.

The House of Representatives passed HR 37 which includes a voluntary exemption for emerging growth companies to choose not to utilize XBRL for financial statement reporting with the SEC. Does HR 37 represent a major setback to data transparency and is XBRL data of limited utility?

Royalty accounting tips for licensors and licensees. Properly reporting and accounting for royalties can be challenging and complex. No matter how technical royalty and contractual obligations may be, there are a number of straightforward actions to consider and take.

All companies must follow the New Revenue Recognition Standard - Revenue from Contracts with Customers. Contracts in the life sciences and technology industries have characteristics that have the potential to be significantly affected by the new Revenue Recognition Standard.

One of the tasks of a forensic accountant is to prepare a marital balance sheet to help facilitate the division of the marital assets/liabilities.

Damages in civil cases are typically monies that the liable defendant is to pay to the plaintiff as compensation for the wrongful act. Generally, there are two different approaches to considering this question: Lost profits, and diminution of value.