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Articles by Joel Swearingen
Solicitor General Asserts that States Can Require Online Vendors to Collect and Remit Sales/Use Tax on Online Retail Sales
In January, the Supreme Court granted a writ of certiorari in the case of South Dakota v. Wayfair (discussed here). Wayfair, which will be argued before the Court on April 17, is a direct challenge to Quill Corp. v. North Dakota, in which the Supreme Court held that a vendor does not have to collect and remit the sales/use tax owed on sales made to customers who reside in a given state unless the vendor has a physical presence in that state (we have discussed this issue here and here).
WDW & Bond Markets: Common Strand
Last week, all of my dreams came true when I had the good fortune of going to Walt Disney World with my family. In addition to watching my kids train to be Jedi Knights, I had the opportunity to meet a number of Disney characters, including Cinderella.
Tax-Exempt Advance Repeal to Generate Revenues
White smoke rises in the east! Later today (Friday), it is expected that the House-Senate Conference Committee will release a final draft of the Tax Cuts and Jobs Act.
The Future For The Municipal Bond Tax Exemption Is Bright Following The Release Of The Unified Framework For Tax Reform
Efforts to overhaul the Internal Revenue Code have been spearheaded thus far by a group of Republicans referred to as the “Big Six.”[1] Earlier today, the Big Six released a “unified framework to achieve pro-American, fiscally-responsible tax reform” (the “Framework”). The Framework proposes many changes to the U.S. tax system, but does not propose any changes to the municipal bond tax exemption itself.
Tax Court Strains to Disallow Charitable Contribution Deduction
Not unlike the American Broadcasting Company’s Wide World of Sports, our blog attempts to provide you the reader with blogs covering a wide variety of topics directly and indirectly related to tax-exempt bonds. In the category of topics indirectly related to tax-exempt bonds, this blog will address a recent Tax Court Memorandum (Fakiris, George v.
The Countdown to June 7, 2017…..Are You Ready?
On June 7, 2017, the Final Issue Price Regulations (the “Final Regulations”) become effective. More specifically, the Final Regulations apply to bonds sold on or after June 7, 2017 and without regard to the bonds’ issuance date. Suffice it to say, if you have read our blog or been practicing in the area of municipal finance for any period of time, you know that June 7, 2017 is a date that is YEARS in the making.
Model Issue Price Certificates Released
As we wrote about a few weeks ago (here), we are in the middle of a dry spell when it comes to new guidance from the IRS. Thankfully, the National Association of Bond Lawyers (“NABL”) recently released exposure drafts of several model issue price certificates. The draft certificates are the product of collaboration between NABL and the Securities Industry and Financial Markets Association (“SIFMA”) and are intended to help implement the final issue price regulations (discussed here).
The Countdown to August 18, 2017 - Something You Should Know
Unless you have been living in isolation the last few years, you probably know that the IRS has been issuing major guidance on the safe harbor rules for management contracts over the last three years like it’s their job! Evidently, the IRS does not adhere to the same rules as Fight Club. Be that as it may, the guidance (which we have written about here, here, here, here, and here)[1] has generally been well received although there remain significant questions that have not yet been resolved.
2017 in Finance - What Lies Ahead?
2017 promises, and threatens, to be a potentially momentous one for public finance in the United States. The Trump Administration and the 115th Congress may put in place tax reforms and infrastructure programs that will have transformative consequences for the financing of public projects in all sectors and at all levels.
Public Finance 2016 Year-End Review
Despite an increase in the federal funds rate by the Federal Open Market Committee in December, municipal bond interest rates throughout 2016 were (and still are) extremely low when compared to historic rates. As a result, the volume of municipal bond issues reached an all-time high in 2016. As discussed below, the Treasury Department released a number of highly anticipated and significant proposed and final regulations during 2016.
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