Long gone are the days of a state-sanctioned marijuana program standing in isolation in a sea of neighboring prohibitionist states. Presently, over 35 states have legalized medical marijuana, and more than 15 have legalized recreational cannabis. With increased...
PLDO Law Blog
Business
IMPORTANT MA DECISION ON SOFTWARE SALES TAX APPORTIONMENT
The case of Oracle USA, Inc. v. Commissioner of Revenue was recently decided by the Massachusetts Supreme Judicial Court in favor of the taxpayer. The case is important for at least two reasons: First, the Court found that Massachusetts taxpayers have a statutory...
CREATING A POSITIVE CORPORATE CULTURE STARTS AT THE TOP
Corporate culture is defined in many ways; however, it is generally referred to as the shared values and vision of the company that will serve to achieve short and long-term goals of the business enterprise. It is a top-down dynamic that will impact everyone in the...
THE IMPORTANCE OF A SELLER’S CONTRACTS WHEN BUYING A BUSINESS
When purchasing another business, one of the most important aspects of due diligence is reviewing the selling business’ contracts. Often the selling business’ revenue stream is tied to some type of contract. For example, it may get income through services contracts,...
SO, YOU WANT TO WRESTLE AN ALLIGATOR?
Before base jumping into the miasma of risk, the first thing you should do is make sure your estate plan, in its current iteration, meets your needs and has adapted to any challenging or changing family situation. A well-rounded estate plan is literally more of a life...
HOW LIFE INSURANCE PROCEEDS COULD AFFECT A COMPANY’S VALUATION FOR ESTATE TAX PURPOSES
A recent case brought to light the impact that a stock-purchase agreement and life insurance proceeds may – or may not - have on the valuation of a closely held company for estate tax purposes. In this case that caused a split between the 8th and 11th Circuits, the...
HASTE MAKES WASTE . . . CASH THE CHECK.
One never knows what corner the grim reaper lies behind. A final illness can often accelerate quickly and deprive a donor of adequate time to complete gifts for tax purposes that he intended to make. In a recent federal court case, the Third Circuit Court of Appeals...
ATTENTION SNOWBIRDS: DO YOU PASS THE DOMICILE TEST?
“A person doesn't know how much he has to be thankful for until he has to pay taxes on it.” This anonymous quote is timely. It is rumored that the Rhode Island Division of Taxation (“the Division”) is reviewing its procedures for determining whether a Rhode Islander...
HOW CLOSELY HELD BUSINESSES CAN PREVENT MANAGEMENT DEADLOCKS
Differences in opinion on how to achieve a stated goal in a closely held business can lead to disputes that block the enterprise from moving forward. Closely held businesses are characterized by a limited number of shareholders and a lack of public trading. The...