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Double, Double Toil and Trouble: DOL and IRS Penalties for Failure to File Form 5500

Let’s Talk About Tax

January 20, 2022

Most employers or retirement plan administrators are required to file annual informational returns with the U.S. Department of Labor called Form 5500, Annual Return/Report of Employee Benefit Plan.

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As Sherlock Holmes Would Say, “The Game’s Afoot”: A Possible SCOTUS Tax Case?

Let’s Talk About Tax

December 3, 2021

If you are into Foreign Bank Account Reports (FBARs), your concern about penalties for failing to comply with those FinCEN 114 reporting rules just took an exciting, and perhaps fearsome, turn.

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Down the Rabbit Hole: Should Companies Let Employees Work from Other States?

Let’s Talk About Tax

November 11, 2021

For years, remote workers had been complicating state tax compliance for companies. When the U.S. Supreme Court’s decision in Wayfair came out in June 2018, many believed that the decision’s economic nexus standards would reduce complexity surrounding remote workers.

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Are Debtors Fixin’ To Dance? How Debtor Companies Like Johnson & Johnson Are Beginning The Texas Two Step and How Creditors May Cut In

The Restructuring Report

November 4, 2021

Some debtors are taking advantage of a Texas fraudulent transfer law that allows a company to transfer its debt to a Texas entity, which subsequently files for bankruptcy, and its assets to non-debtor entities, protecting the assets and eliminating the debt. What can creditors do about it?

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Warren Targets Private Equity

The Restructuring Report

November 4, 2021

Senator Elizabeth Warren recently introduced a bill that would dramatically reshape the private equity industry and create new tools and protections for creditors.

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Do Single-Member LLCs Need to File Tax Returns in Chapter 11 Cases?

The Restructuring Report

November 4, 2021

If a debtor is a single-member LLC that is treated as a disregarded entity for tax purposes, does the debtor need to file a tax return to comply with 11 U.S.C. § 521(j). If the debtor hires an accountant to prepare and file a tax return for the debtor’s single-member owner due to the debtor’s disregarded entity status, can the bankruptcy estate compensate the accountant?

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It’s Not Easy Being Green: The Complicated Web of State Taxation and Renewable Energy Projects

Let’s Talk About Tax

November 4, 2021

With a changing planet and generous federal tax incentives, renewable energy projects are increasing in both number and size. So naturally, states want their fair share of tax revenue.

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Saying Farewell to Minnesota? What’s Your Story?

Let’s Talk About Tax

October 28, 2021

You are moving to another state, but will keep some Minnesota ties (e.g., maintain a house or cabin in Minnesota, spend summers in Minnesota, remain employed by a Minnesota company). Will the Minnesota Department of Revenue agree that you actually moved?

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Is an Employee Stock Ownership Plan (ESOP) Right for Your Business?

Let’s Talk About Tax

October 15, 2021

Many business owners, especially owners who are thinking of selling their business, wonder if an ESOP is a good ownership transition option for them. The answer is not always easy to determine but an ESOP is something that should be explored.

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A Call to Action Over the Minnesota Department’s Proposed Rule on Audit Records

Let’s Talk About Tax

October 7, 2021

Having spent more than a decade working with taxpayers and Department employees on sales and use tax audits and refund requests, I find that responding to documentation requests from the Department can either be an exercise in pragmatism or an exercise in preventing auditors from murdering a taxpayer’s business by a thousand cuts. The reality is that accumulating and providing documentation is easier for some taxpayers than for others. Similarly, the requirements laid out by some states, or by some auditors, are more burdensome than by others.

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