Deal Price Prevails in Yet Another Delaware Statutory Appraisal Ruling

February 10, 2020 | Court Rulings, Valuations

Stillwater Mining Co. Nine days after his ruling in Columbia Pipeline, Vice Chancellor Laster again found the deal price was the most reliable indicator of fair value in a statutory appraisal case involving a publicly traded mining company. The Court of Chancery’s analysis in Columbia Pipeline served as a template for this case, but the  Continue Reading »

What Employers Should Know About the SECURE Act

February 3, 2020 | Tax Planning

If you’re a business owner in Maine who provides some form of retirement plan or account for your employees, you should be aware of the new Setting Every Community Up for Retirement Enhancement (SECURE) Act. Signed into law late last year, its primary purpose is to help individuals save for retirement. But it also contains  Continue Reading »

Court Finds Plaintiff Fails to Show ESOP Transaction Caused Injury

January 27, 2020 | Court Rulings, Valuations

Lee v. Argent Trust Co. The private plaintiff alleged a number of violations by the ESOP trustee and other defendants. The plaintiff maintained the trustee participated in a prohibited transaction and breached its fiduciary duties. By the plaintiff’s calculation, the ESOP overpaid for company stock. The district court dismissed the suit and, in so doing,  Continue Reading »

Five Payroll Tax Developments for 2020

January 20, 2020 | Deductions, IRS Regulation, Tax Planning

If you’re a business owner here in Maine, the new year comes with new payroll rules. Here are five of the most significant changes for 2020: 1. Significant revisions have been made to Form W-4 The IRS has redesigned Form W-4 for this year to reflect changes from the Tax Cut and Jobs Act (TCJA)  Continue Reading »

Novel Issue of Law Raised in ESOP Case That Pits Trustee Against Appraiser

January 13, 2020 | Court Rulings, Valuations

Remy v. Lubbock Nat’l Bank A fairly routine ESOP case that is being litigated in the 4th Circuit has raised a novel legal issue in this jurisdiction as to the financial liability of co-fiduciaries and nonfiduciaries, including the ESOP appraiser. The plaintiffs in the main case sued the defendant, Lubbock National Bank (Lubbock), over its  Continue Reading »

Bad News About Self-Created Intangibles

January 6, 2020 | Deductions, IRS Regulation, Tax Planning

Maine has seen an increase in startups and technology-based companies, especially around the Portland area. Many — if not most — went through a process that included designs, models and patents that helped bring their respective idea to market. For a long time, those self-created intangible assets qualified as capital assets, and, thusly, qualified for  Continue Reading »

Parties Fight Over Notes-Containing Expert Report: Draft or Final Version?

December 30, 2019 | Court Rulings

County of Maricopa v. Office Depot Inc. Several sessions at the recent AICPA conference in Las Vegas highlighted the importance of expert discovery in litigation and noted that draft reports continue to be a hot-button issue. A recent contract dispute, litigated in federal court, in which the defendant tried to exclude the opposing expert for  Continue Reading »

FAQs about Home Office Deductions

December 23, 2019 | IRS Regulation, Tax Planning, Tax Preparation

There are many perks of working from home, including the tax deduction available to many taxpayers who have a home office. However, the Tax Cuts and Jobs Act (TCJA) has effectively eliminated the long-standing home office deduction through 2025. But if you are self-employed, there are still some deductions you may be able to take  Continue Reading »

Tax Court’s Amazon Valuation Ruling Stands Up to 9th Circuit Scrutiny

December 16, 2019 | Court Rulings, Tax Planning, Valuations, Inc. v. Commissioner The 9th Circuit recently affirmed the U.S. Tax Court’s 2017 decision in favor of Amazon in this key transfer pricing case, finding the governing regulations limited the definition of “intangible” to independently transferable assets. This interpretation supported the Tax Court’s favoring the comparable uncontrolled transaction (CUT) method over the discounted cash  Continue Reading »

What Employers Should Know about HSAs

December 9, 2019 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation

With unemployment at record lows — both here in Maine and across the nation — retaining and attracting employees is a high priority for many business owners. So as the year winds down and you look ahead to 2020, one way you can address this issue is by improving your employee benefits, which may include  Continue Reading »