Gray Reed Partners Austin Carlson and Joshua Smeltzer will be speaking in a webinar hosted by the CalCPA. CalCPA is the largest state CPA society in the nation, representing and supporting certified public accountants and related professionals in California.
Scheduled for August 14, 2024, at 2 pm CST the webinar will provide an update on
Gray Reed has recently filed two significant amicus briefs challenging the Securities and Exchange Commission’s (SEC) controversial “regulation by enforcement” approach, particularly in emerging technology sectors.
The first brief was filed on behalf of the Texas Blockchain Council and the AI Innovation Association in the ongoing SEC “gag order” case before the 9th Circuit Court
U.S. persons with interests in foreign trusts often have complicated international reporting obligations. Aside from an IRS Form 3520, these persons may have separate requirements to file IRS Form 3520-A. Worse yet, the penalties for failing to file a timely and proper IRS Form 3520-A can be severe. This article discusses five important things
On June 20, 2024, the Supreme Court released its opinion in Moore et ux v. US, authored by Kavanaugh, decided by 6-3 vote and marking a rare instance for the Court to interpret the 16th Amendment, upholding the constitutionality and application of the so-called “Mandatory Repatriation Tax” [MRT] under Article I, §§8 and 9 and
Married taxpayers can file their taxes together or separately. Because it is often more tax-advantageous and convenient to file together, most married individuals elect to file as married filing jointly. But there are risks with this approach. When spouses file a joint return, they become jointly and severally liable for the taxes owed for that
In recent years, the IRS has focused its attention and resources on large partnerships. In 2021, the agency launched an initial phase of its Large Partnership Compliance (LPC) program. Under this program, the IRS identified and initiated audits of some of the largest and most complicated partnership tax returns. Later, the agency used artificial intelligence
Intellectual property (“IP”) is typically monetized either by sale or (royalty generating) license agreements. The Code[1] often allows sales to be taxed at preferential capital gains rates[2] while simple royalties are ordinary income.[3] At present the maximum capital gain versus ordinary income rate differential for non-corporate taxpayers – without more[4] –
Gray Reed Partner Austin Carlson will be speaking on a panel webinar hosted by the Enterprise Europe Network, the world’s largest business service provider.
Scheduled for April 18, 2024, at 4 pm CST the FREE webinar will focus on the tax implications for European companies entering the US market and will provide insights into:
Intellectual property (“IP”) development can cost millions of dollars so cost recovery timing can be financially material. General tax principles typically require that expenses associated with creating assets having useful lives lasting longer than the current tax year are capitalized. However, IP as an asset class has several statutory cost recovery possibilities (§§ 162, 167,
In a recent Tax Court decision, the court reviewed the activities of the Huffman family as it pertained to corporate dealings involving the family aviation business (Infinity Aerospace Inc. which the court refers to by its previous name of “Dukes”), making findings with regards to reasonable cause, valuation of personal goodwill, correct reporting of capital
