In House - The FindLaw Corporate Counsel Blog

Recently in Corporate Accounting & Tax Category

Although many people were slow to give in to the temptation and convenience that is online shopping when it first debuted, the reluctance often disappeared when a person realized they could avoid paying sales tax by buying from an out of state retailer.

However, the honeymoon of tax free online shopping soon came to an end, and sites like Amazon now charge sales tax on the items they sell. One little, multi-million dollar hiccup, however, involves Amazon's seller marketplace, which allows independent merchants to sell online.

Can the Boss Pay for Personal Expenses With Company Money?

It's rarely a headline when a company president pays for some personal expenses with business money -- unless that happens to be Donald Trump, President of the United States.

Before he was elected, Trump raised $339 million in campaign money with about $66 million coming from his own resources. Since then, he reportedly has spent campaign and RNC funds on legal bills in the probe of alleged Russian interference in the election.

But is it news or politics at work? And when it comes to companies, what's wrong with paying for executives' personal business as usual?

Corporate Succession Plan Starts at the Top

Like finding an incomplete will, it's really too late for succession planning if you've waited until the company president dies.

Before the funeral is over, people are vying for control. Some distant relation will suddenly appear with a forgotten claim. And who invited the taxman?

Dying is hard enough, but you can make it a little easier by planning ahead for succession in your company. It starts at the top.

How Businesses Are Adapting to Overtime Rule Uncertainty

Sometimes you just have to laugh about life's twists and turns. Especially since Donald Trump became president and started rolling back Barack Obama's initiatives, like the proposed rule on overtime wages.

The proposed overtime increases are long overdue and now appear to be overdone. That's because the changes were to take effect in December 2016, but a judge granted a preliminary injunction to stop them in November, and then Trump put a freeze on the regulations in January.

Nearly four months after the judge ruled, there is no appealing the injunction and the reality is setting in: overtime increases are not coming anytime soon.

Proposed IRS Regulations Go After the Family Limited Partnership

If your client operates a business through a Family Limited Partnership, professional responsibility requires that you apprise them of possible changes on the horizon that could substantially affect these entities' tax exposure.

This is big news for high net-worth families who have successfully utilized the Minority Interest Discount to reduce estate taxes for the next generation. But how do you break the news to your rich clients?

In early April, the Treasury Department and IRS released new proposed regulations under Section 385 of the Internal Revenue Code. They have been called “sweeping” and “dramatic” by tax experts and partners at major firms across the board — terms not usually associated with IRS regs. And they come as a bit of a surprise, having only been hinted to in earlier Treasury rule-making notices.

The new Section 385 regulations are so broad that they “fundamentally redefine the extent to which an intercompany instrument will constitute debt, irrespective of whether that group is inverted and who in the group issues it,” as Kevin M. Cunningham, managing director of KMPG in the International group, explains in a new Special Report for Thomson Reuters Checkpoint. (Disclosure: Thomson Reuters is FindLaw’s parent company.) Here’s what in-house counsel need to know.

More Whistleblower Profits: SEC Gives Second Biggest Award

On June 9th, the SEC announced its second largest award given under the 2010 Dodd-Frank Whistleblower Program: $17,000,000. The money will be paid to the anonymous individual that supplied the agency with information that eventually led to the successful investigation of fraudulent practices in securities. This monumental sum, however, pales in comparison to the $30M award paid in September of 2014.

Tax day has come and gone. But that doesn't mean in-house counsel can stop worrying about the IRS. Helping to keep the company on the right side of the tax code, while helping minimize its tax burden, is a year-round job.

To help you out, here are our five top tax tips for in-house counsel, from FindLaw's archives.

Important Affordable Care Act employer deadlines are fast approaching. With those deadlines comes the threat of significant penalties, should required information be improperly filed, or not filed at all.

If your company is an "applicable large employer," and odds are it is, you've got some work to do. Thankfully, you don't have to do it all alone. A new special report from Thomson Reuters Checkpoint can get you up to speed with employer information reporting requirements. (Disclosure: Thomson Reuters is FindLaw's parent company.)

In-House Lawyers: Deduct Your Travel Expenses

Few people like to do their taxes, and as a consequence they'll try to blaze through the tax-paying process as fast as possible. But if you're an in-house lawyer, that's greenbacks left in the hands of the IRS. And as much as people hate doing their taxes, they should hate letting the government keep their dollars.

One of the most common deductions taken are travel related. Here are a few IRS tips that will help you reduce your company's tax liability this season.