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IC-DISC Structure Provides Permanent Tax Deferral for Exporters 07/07/2015

Posted by Morse, Barnes-Brown Pendleton in Taxation.
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Tax Attorney Robert FinkelExporters, are you taking full advantage of an important U.S. export incentive to achieve Federal income tax savings, known as the Interest Charge Domestic International Sale Corporation or “IC-DISC”? If not, this short but informative article describes how IC-DISCs generate Federal income tax savings for exporters and the basic IC-DISC requirements.

Please contact the article’s authors, Robert M. Finkel and Diana C. Española, to learn more about IC-DISCs.Tax Attorney Diana Espanola

Hot Off the Press: Basic Tax Issues In Choosing a Business Entity 06/18/2015

Posted by Morse, Barnes-Brown Pendleton in Legal Developments, New Resources, Taxation.
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Tax Attorney Robert FinkelHot off the press! MBBP tax attorneys Robert Finkel and Diana Española recently released an updated version of their article entitled “Basic Tax Issues In Choosing a Business Entity”. This article provides insight on numerous factors to consider when choosing to start a business as a C corporation, S corporation or LLC.

The full article can be accessed here.

Please feel free to contact Robert and Diana directly with any questions on this topic.Tax Attorney Diana Espanola

MBBP Attorney to Present at Upcoming MCLE Program – Primer on Preparing Massachusetts & Delaware LLC Documents 04/20/2015

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Corporate, Events, Legal Developments, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. MBBP Attorney Charles A. Wry, Jr. will be among faculty presenting at MCLE New England’s upcoming program “Primer on Preparing Massachusetts & Delaware LLC Documents” on Tuesday, May 5th from 2:00 pm – 5:00 pm.

The panel will debate the pros and cons of LLCs and corporations, discuss basic tax and business issues presented by LLCs, identify specific advantages and disadvantages of LLCs, and report on common mistakes and traps for the unwary in forming and advising LLCs—with special emphasis on drafting LLC agreements. Panelists will also discuss single member LLCs, combinations of LLCs with other business entities, “employee equity participation” for LLCs, “piercing the veil” of an LLC, dissolution of LLCs, and the differences between the Delaware and Massachusetts LLC statutes.

To register for this event, please visit MCLE.

For more information regarding this topic, please feel free to contact Charles A. Wry, Jr. directly.

Tax Alert: Massachusetts 2015 Limited Tax Amnesty Program 03/20/2015

Posted by Morse, Barnes-Brown Pendleton in Client News, Taxation.
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Tax Attorney Robert FinkelTaxpayers who have received a Tax Amnesty Notice from the Massachusetts Department of Revenue (DOR) may be eligible to participate in a 60-day Amnesty Program. Under the Amnesty Program, the DOR will waive certain penalties (and penalty interest) if an “eligible” taxpayer makes full payment of all tax and interest due for the taxes and tax periods listed on the Tax Amnesty Notice.

In addition to paying tax and interest in full, participants must agree to waive both the possibility of receiving any refund Tax Attorney Diana Espanolaand also the possibility of contesting liability for amounts paid pursuant to the Amnesty Program.

The Amnesty Program ends on May 15, 2015.

Read our full Tax Alert to learn more about the Amnesty Program. To learn how our Tax team can assist you, please contact Robert Finkel or Diana Española.

MBBP Ranked “Best Law Firm” in Boston by U.S. News and Best Lawyers 02/24/2015

Posted by Morse, Barnes-Brown Pendleton in Litigation, MBBP news, Taxation.
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BLF-Metro-Tier-1-2014-Tax-LawBLF-Metro-Tier-1-2014-Litigation-TaxU.S. News and Best Lawyers, the leading survey of lawyers worldwide, have joined to rank more than 12,000 firms in 120 practice areas in 174 metropolitan areas and 8 states. Morse Barnes-Brown & Pendleton P.C. has received a Tier 1 ranking of Boston’s “Best Law Firm” 2015 in two practice areas: Tax Law and Litigation-Tax. The U.S.News – Best Lawyers “Best Law Firms” rankings are based on an evaluation process that includes the collection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process.

MBBP is proud of our impressive tax department. Please feel free to contact the members of our team with any tax-related questions.

 

Tax Alert – February 2, 2015 Deadline for Information Reporting with Respect to Exercised Incentive Stock Options 01/23/2015

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Action May Be Required

Tax Attorney Robert Finkel
Corporations, both publicly and privately held, that transferred stock in 2014 pursuant to the exercise of incentive stock options (ISOs) are required to report each transfer to both the IRS and the exercising person.

Form 3921 (Exercise of an Incentive Stock option Under Section 422(b)) is used for both reporting purposes. Form 3921 requires the corporation to furnish certain information regarding the exercise, including the fair market value of the shares of stock on the date the ISO was exercised.

This year, corporations must furnish Forms 3921 to all exercising persons on or before February 2, 2015 and to the IRS on or before March 2, 2015 (March 31, 2015, if forms are filed electronically). Each exercise by an employee requires a new Form 3921, which may require corporations to fill out and furnish multiple Tax Attorney Diana EspanolaForms 3921 for some employees.

In general, for each Form 3921, failure to furnish all statements in a timely manner, failure to include all required information, inclusion of incorrect information, or the filing of unofficial Forms 3921 that cannot be scanned by the IRS will result in the imposition of penalties on the corporation.

Transfers of stock under an employee stock purchase plan (ESPP) are also subject to similar reporting requirements (using Form 3922) and deadlines.

Morse, Barnes-Brown & Pendleton would be pleased to assist you in understanding and complying with these ISO and ESPP reporting obligations.

Please contact Robert M. Finkel, or Diana C. Española, to learn more.

This Tax Alert provides general information only. It is not intended to provide advice with respect to any specific set of facts, nor is it intended to advise on all developments in the law.

Our Greatest Hits of 2014! 01/21/2015

Posted by Morse, Barnes-Brown Pendleton in Corporate, Employment, Immigration, Intellectual Property, Licensing & Strategic Alliances, M&A, MBBP news, Privacy and Data Security, Public Companies, Taxation.
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From the Top Ten Issues in M&A Transactions to the Life Cycle of an IRS Audit we’re recapping the most popular articles and blogs in 2014!

Other popular articles include:

Most popular posts from our 4 blogs:

These articles, along with our newsletters and other blogs can found here.

Last Minute Action by Congress Proposes to Extend Business-Favorable Tax Provisions through 2014 12/19/2014

Posted by Morse, Barnes-Brown Pendleton in Legal Developments, Taxation.
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By: Robert M. Finkel and Diana C. Española

Tax Attorney Robert FinkelThis week, Congress passed a tax package reinstating more than fifty tax breaks, or “extenders”, for certain business activities occurring in 2014. The extenders cover a range of entities and business practices.

President Obama is expected to sign the Tax Increase and Prevention Act of 2014 (H.R. 5771) into law (“TIPA”).

Action item: Businesses and individuals should review all reinstated extenders, but may find those highlighted here particularlyTax Attorney Diana Espanola relevant. Tax benefits may be available with year-end action.

Businesses and individuals that have already filed tax returns including 2014 should consider filing an amendment to take advantage of applicable extenders.

Read our full Tax Alert.

 

MBBP Named “Best Law Firm” in Boston 05/12/2014

Posted by Morse, Barnes-Brown Pendleton in Client News, Taxation.
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MBBP Best Law Firm: Litigation-TaxU.S. News and Best Lawyers, the leading survey of lawyers worldwide, have joined to rank more than 11,000 firms in 120 practice areas in 170 metropolitan areas and 8 states. Morse Barnes-Brown & Pendleton PC has received a Tier 1 ranking of Boston’s “Best Law Firm” 2014 in two practice areas: Tax Law and Litigation-Tax. The U.S.News – Best Lawyers “Best Law Firms” rankings are based on an evaluation process that includes the MBBP Best Law Firms: Tax Lawcollection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process.

MBBP is proud of our impressive tax department. Please feel free to contact the members of our team with any tax-related questions.

MBBP Attorneys Help Demystify LLCs in MCLE Program 04/29/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Diana EspañolaOn May 5th, MBBP Attorneys Diana Española and Chip Wry will sit as faculty for an MCLE In-House ProgramLLCs Demystified“. The program will focus on the fundamentals of LLCs, highlighting business and tax issues frequently presented by such entities. Diana and Chip will help to debate the pros and cons of LLCs and corporations, discuss basic tax and business issues presented by LLCs, identify specific advantages and disadvantages of LLCs, report on common Corporate and Tax Attorney Charles Wry, Jr. mistakes and traps for the unwary in forming and advising LLCs, and provide practical drafting tips.

The MCLE will create an audio CD of the program and will also be rebroadcasting it as a webcast on May 12th.

For more information on LLC formations, operations and exits, please contact Diana Española or Chip Wry.

Tax Considerations in Choosing the Form of Business Entity 04/11/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, New Resources, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. By: Chip Wry

Founders of a new business typically realize early on that they need to conduct the business through a legal entity to limit their personal liabilities for the debts and obligations the business generates. Often, the three entity types from which the founders must choose are the “C” corporation, the “S” corporation and the limited liability company (or “LLC”). While all three entity types insulate the founders from personal liability, the differences among the three types for tax purposes are substantial. A C corporation, on the one hand, reports and pays tax on its income separately from its owners. The income or loss of an S corporation or LLC, on the other hand, generally is reported by the owners on their personal returns. The choice, therefore, is often tax-driven and requires an analysis of how the founders expect to grow and profit from the business.

View the full article to learn more.

MBBP Attorneys Dissect Fundamentals of Business Tax Law — Upcoming MCLE Program 01/31/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Taxation.
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Tax and Business Attorney Robert FinkelMBBP Tax Attorneys Robert M. Finkel and Diana C. Española are among the faculty presenting at MCLE New England‘s in-person program “Fundamentals of Business Tax Law Dissected” on Thursday, February 13th from 2:00 pm to 5:00 pm.

This program is intended to provide non-tax lawyers with an overview of the most common taxes businesses can expect to face, and the background necessary to help spot troublesome tax issuesTax and Business Attorney Diana Española that can derail a transaction and pose problems to businesses down the road.

To learn more or to register for this event, please visit MCLE.

For more information on tax law, please contact Robert Finkel or Diana Española .

MBBP Attorneys to Panel Upcoming MCLE Program – Building Business Organizations: LLCs, LLPs, Limited Partnerships & Corporations 01/30/2014

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Corporate, Events, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. MBBP Attorneys Charles A. Wry, Jr. and Scott R. Bleier are among the faculty presenting at MCLE New England’s in-person program “Building Business Organizations: LLCs, LLPs, Limited Partnerships & Corporations” on Thursday, February 6 from 9:00 am – 12:00 pm.

The program focuses on new business organizations that are typically formed as limited liability companies (“LLCs”),Corporate Attorney Scott Bleier corporations, or, less frequently, limited partnerships or limited liability partnerships (“LLPs”). The faculty will discuss how to choose a form of entity based on a number of tax and non-tax considerations and then, if the entity chosen is a corporation or LLC, whether to use Massachusetts or Delaware law. Attendees will learn how to form a corporation or LLC in Massachusetts or Delaware, including how to prepare the various organizational documents. 

To learn more or to register for this event, please visit MCLE.

For more information on building business organizations, please contact Chip Wry or Scott Bleier.

January 31st, 2014 Deadline for Information Reporting with Respect to Exercised Incentive Stock Options 01/17/2014

Posted by Morse, Barnes-Brown Pendleton in Client News, Taxation.
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Action May Be Required

Corporations, both publicly and privately held, that transferred stock in 2013 pursuant to the exercise of incentive stock options (ISOs) are required to report the transfer to both the IRS and the exercising person.

Form 3921 Exercise of an Incentive Stock option Under Section 422(b) is used for both purposes. Form 3921 requires the corporation to furnish certain information regarding the exercise, including the fair market value of the share of stock on the date the ISO was exercised. Corporations must furnish Form 3921 to the exercising person on or before January 31, 2104 and to the IRS on or before February 28, 2014 (March 31, 2014, if forms are filed electronically). In general, failure to furnish statements in a timely manner, failure to include all required information or the inclusion of incorrect information will result in the imposition of penalties.

Transfers of stock under an employee stock purchase plan (ESPP) are also subject to similar reporting requirements.

Morse, Barnes-Brown & Pendleton would be pleased to assist you in understanding and complying with these ISO and ESPP reporting obligations. Please feel free to contact Robert Finkel or Diana Española with any questions or call 781-622-5930.

 

To ensure compliance with U.S. Treasury Regulations governing tax practice, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Tax Alert: Massachusetts Sales and Use Tax on Computer and Software Services – New Law Effective July 31, 2013 07/31/2013

Posted by Morse, Barnes-Brown Pendleton in New Resources, Taxation.
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MBBP recently published a Tax Alert discussing a new law recently enacted by  the Massachusetts Department of Revenue in Technical Information Release 13-10. The law states that certain “computer/software services” performed on or after July 31, 2013 will be subject to the Massachusetts sales and use tax.

Please read our full Tax Alert which summarizes the Department’s initial guidance found in the Technical Information Release.

MBBP Attorneys Help Demystify LLCs — Upcoming MCLE Program 03/21/2013

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Corporate and Tax Attorney Charles Wry, Jr. Business and Tax Attorneys Charles A. Wry, Jr. and Diana C. Española are among the faculty presenting at MCLE New England’s LLCs Demystified: Advising Clients on Organization and Operation on Tuesday, April 9, 2013, 2:00 pm to 5:00 pm.

The program focuses on the fundamentals of LLCs providing practical advice on selecting business entities, operating and advising LLCs, and identifying and resolving issues which arise when Tax and Business Attorney Diana Españolasuch entities are parties to customary commercial transactions, and also delves into common tax issues for LLCs.

To learn more or to register for this event, please visit MCLE.

For more information on LLC formation, please contact Diana Española or Chip Wry.

MBBP Attorneys Help Demystify LLCs in MCLE Program 03/23/2012

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Diana EspañolaOn March 22nd, MBBP Attorneys Diana Española and Chip Wry sat as faculty for MCLE In-House ProgramLLCs Demystified“. The program focused on the fundamentals of LLCs highlighting business and tax issues frequently presented by such entities. Diana and Chip helped to debate the pros and cons of LLCs and corporations, discussed basic tax and business issues presented by LLCs, identified specific advantages and disadvantages of LLCs, reported on common Corporate and Tax Attorney Charles Wry, Jr. mistakes and traps for the unwary in forming and advising LLCs, and provided practical drafting tips.

The MCLE has created an audio CD of the program and will also be rebroadcasting it as a webcast on April 19th.

For more information on LLC formation, please contact Diana Española or Chip Wry.

Robert Finkel Quoted in Boston Globe Article 02/27/2012

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelOn Saturday, February 25th, the Boston Globe published an article discussing tips and tricks that all tax filers can use by following the example set by Mitt Romney’s 2010 tax returns he released to the public last month. The author explains that it is the right of the taxpayer to take advantage of the legal tax breaks even though some may seem unfair or unwise. MBBP Tax Attorney Robert Finkel was quoted in response to skeptics:

If there are any grounds for complaints, they should probably be directed at Congress. Congress is the one that writes the tax laws.

Please visit Boston.com for the full article.

Feel free to contact Robert with any tax questions.

Robert Finkel Selected To Best Lawyers in America 2012 09/08/2011

Posted by Morse, Barnes-Brown Pendleton in Client News, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelEvery year, Best Lawyers, a peer-review publication for the legal industry, compiles a list of outstanding attorneys chosen by surveys completed by their professional peers. MBBP tax attorney Robert M. Finkel has been selected for inclusion in The Best Lawyers in America® 2012 in the area of Tax Law. Robert has more than 25 years experience as a tax and business lawyer, with his practice focused on the areas of individual and business taxation including tax controversy and tax litigation. In addition, Robert is an adjunct professor at both the Boston University School of Law Graduate Tax Program, where he teaches partnership taxation, and the Radzyner School of Law at the Interdisciplinary Center, Herzliya, Israel. He is a frequent lecturer on tax-related topics.

Congratulations Robert!

For more information on tax law, please contact Robert Finkel.

Robert Finkel to Lecture On the Taxation of Business Entities 06/07/2011

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events, Legal Developments, Taxation.
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Tax and Business Attorney Robert FinkelOn June 23rd, Massachusetts Continuing Legal Education (MCLE) is hosting an In-Person Program titled “Business Lawyer’s Guide to Taxation of Business Entities“. This program will answer the most common questions you have – or should have – and helps you to spot troublesome tax issues that can derail a deal and pose problems for your clients down the road. MBBP Corporate Tax Attorney Robert Finkel will be attending the conference as a faculty member and help to analyze tax law through the study of practical hypothetical cases relating to your choice of entity, day-to-day operations, buying or selling a business, and state tax issues.

For more information and to register for the program, please visit MCLE.

For questions on tax law, feel free to contact Robert Finkel.

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