As Corporations contemplate entering into corporate mergers or making acquisitions, a ready knowledge of the impact of Section 382 on the acquiring and/or the target company’s tax attributes will help the structuring and diligence processes proceed more smoothly.

On February 25, 2004, the Internal Revenue Service (the "Service") published in the Federal Register proposed regulations that, if adopted in their proposed form, will, on a prospective basis, resolve the ongoing questions of whether medical residents are subject to the provisions of the Federal Insurance Contributions Act ("FICA") and Federal Unemployment Tax Act ("FUTA"). If adopted, these regulations will apply FICA and FUTA to residents for services performed af

Developments in water quality regulation include a draft plan by the federal government to make waters twice as clean by 2015, which could result in increased restrictions on discharges. At the state level, Illinois EPA is seeking comments on its proposal to change the criteria by which it lists waters as impaired in a manner that could increase the number of impaired waters while making it harder to get off the list.

The Internal Revenue Service announced today those taxpayers who invested in an abusive tax shelter commonly known as "Son of Boss" will have until June 21 to accept an IRS settlement offer to resolve their tax issues and avoid litigation.

On March 24, 2004, the IRS issued proposed regulations under Code Section 411(d)(6)(B), which provide guidance on the conditions under which a retirement plan amendment may eliminate or reduce an early retirement benefit, a retirement-type subsidy, or an optional form of benefit.

On April 20, 2004, the Labor Department issued the revised Fair Labor Standards Act final regulations governing overtime eligibility for certain "white-collar" employees. The revised federal regulations significantly change the tests utilized in determining whether an employee is entitled to overtime pay or exempt from the FLSA’s overtime requirements. The rules were published in the April 23, 2004 Federal Register and will take effect 120 days thereafter, on August 21, 2004. The final

In early 2002, Congress passed the Brownfields Revitalization Act as a bipartisan compromise piece of legislation aimed at addressing at least some of the perceived ills embodied in the far reaching Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") or "Superfund" statute. At the heart of the Brownfields Revitalization Act lie expanded liability exemptions for categories of parties that might otherwise fall within the expansive net of liable "

The SEC has issued final rules (i) amending the "safe harbor" from liability for manipulation provided by Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act") to issuers repurchasing their equity securities in open market transactions, and (ii) requiring issuers to disclose in their quarterly and annual reports all repurchases of their equity securities, whether executed in the open market or through private transactions, and regardless of whether or not

In October 2002, the Illinois Supreme Court sent shock waves through the development community and municipal governments in overturning long-standing Illinois land use law concerning the nature of special use permit decisions.

In 2003, the Illinois General Assembly enacted several significant new statutes affecting the employer-employee relationship that are effective on or before January 1, 2004. These newly adopted laws provide a wide range of rights for Illinois employees (including leaves of absence for victims of domestic or sexual violence, prohibitions of sex-based wage differentials, and whistleblower protections) and impose new obligations on Illinois employers. With the beginning of a new calendar year we th

In 2003, the Illinois General Assembly enacted several significant new statutes affecting the employer-employee relationship that are effective on or before January 1, 2004. These newly adopted laws provide a wide range of rights for Illinois employees (including leaves of absence for victims of domestic or sexual violence, prohibitions of sex-based wage differentials, and whistleblower protections) and impose new obligations on Illinois employers.

This article addresses a topic that has received increased attention from tribal members, financial service providers and tribal executives: How to offer tribal members the opportunity to elect on a year by year basis to place a portion of their per capita payments into a tax-deferred long-term saving vehicle.