The IRS recently released two notices to provide guidance for tax-exempt organizations about how to comply with the new provision that they treat employer-provided parking and qualified transportation fringe benefits as unrelated business taxable income (“UBTI”).
This unprecedented treatment of expenses as income created substantial uncertainty about how to calculate the UBTI from the parking
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In a story in Bloomberg Tax (“Connecticut Mulls State, Local Tax Deduction Cap Workarounds”), Shipman & Goodwin attorney Louis B. Schatz discussed Connecticut’s proposed legislation for addressing the impact of the new federal tax law.
To read the full story, please click here.
Reproduced with permission. April 14, 2018 Copyright 2018 by the Bureau
Join Shipman & Goodwin tax attorneys for a four-part CLE webinar reviewing some of the more significant provisions of the Tax Cuts and Jobs Act.
Continue Reading Webinar: An Overview of the Significant Provisions of the Tax Cuts and Jobs Act – Four-Part Series
Shipman & Goodwin attorney Louis B. Schatz has become the sole author of the Connecticut Limited Liability Company: Forms and Practice Manual. The book (originally published in 1995) has been re-released for a second edition in January 2017. It is available for purchase by Data Trace Publishing Company. The Manual draws from Lou’s
In IRS Revenue Procedure 2017-13 (Rev. Proc. 2017-13), the IRS clarifies safe harbor conditions under which a management contract will not result in private business use of a property financed by tax-exempt bonds.
By way of background, the Internal Revenue Code allows tax-exempt bonds (i.e. interest on the bond is not taxable) to be issued
In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of what he characterized as “the new economic reality” facing Connecticut and the nation. The Governor’s proposed changes to the biennial budget, including significant rescissions, funding reductions and state