Chicago Department of Finance Issues Nexus Guidance01/25/2021
On January 21, 2021, the Chicago Department of Finance (“Department”) issued an anticipated Information Bulletin (“Nexus Bulletin”) providing guidance on nexus and establishing a prospective “safe harbor” for certain taxes, including electronically delivered amusements under the Chicago’s Amusement Tax (“Amusement Tax”) Ordinance and nonpossessory computer …
Prejudgment Freezing Orders in the US To Combat Evasive Debtors in the Current Pandemic Environment01/14/2021
The 2021 pandemic environment is showing trends toward evasive debtors trying to protect their wealth by moving assets fluidly around the world as creditors evaluate the value of assets and the ability to recover claims and debts.
Current Trends to Hide Assets01/07/2021
With the economy on troubling grounds, there is a greater desire to protect assets. But, there is a difference between hiding and protecting assets. Hiding assets is a form of protection, but done for illicit purposes to keep away from current creditors.
Consideration for Creditors During Current Economic Upheaval When Confronting Cayman Islands Trusts and Foundation Companies12/18/2020
The economic upheaval caused by the pandemic has forced persons to focus on asset preservation. The desire to protect wealth and business assets in a well-run, regulated and safe jurisdiction has led to a marked increase in business for the financial sector in places such …
Chicago Lease Transaction Tax Rate Increase for “Cloud” Software Products12/16/2020
On November 16, 2020, the City Council for the City of Chicago (“City Council”) amended the Chicago Personal Property Lease Transaction Tax Ordinance (“Ordinance”), eliminating the lower rate of tax on a nonpossessory lease of a computer, which includes “cloud” software products.
Cover Your SaaS – Issue IV12/08/2020
With the holidays upon us, it seems like a good time to take a pleasant stroll through the cloud computing and digital product SALT developments you and your clients should be aware of. We returned to the “classic” format for this edition, organizing the stories …
Cover Your SAAS – Issue III08/18/2020
Welcome to the third edition of Cover Your SaaS. Following a brief mid-summer hiatus from which the authors returned pale as ever, we dive once more into the cloud computing and digital product SALT developments you and your clients should be aware of. This is …
Cover Your SaaS – Issue II06/22/2020
Welcome to the second edition of Cover Your SaaS, your new favorite(ish) semi-regular publication from HMB Legal Counsel’s State & Local Tax team. Far from accepting a sophomore slump, this edition boldly delves into SALT developments in the digital products sphere, the importance of separately …
Cover Your SaaS: A Semi-Regular Publication on State and Local Tax Developments in the Cloud Computing and Digital Space – 4/10/2004/10/2020
Welcome to the first edition of Cover Your SaaS, a new semi-regular publication from HMB Legal Counsel’s State & Local Tax team. Using the latest in news-scanning technology, i.e., the daily emails that land in our inbox, our goal is to keep you updated on …
Trusts and Estates Checklist of Information to be Maintained02/27/2020
The first step in implementing your estate planning is to prepare lists of personal and financial information. These should include lists of assets, estate planning documents, personal information, important people and personal directives. Once gathered and organized, keep the information up-to-date and stored in a …
The New Illinois Cannabis Regulation and Tax Act and a Preview of Upcoming Litigation02/26/2020
As you undoubtedly know by now, on January 1, 2020, Illinois became the 11th state to legalize the possession and use of adult-use cannabis. The new law, the Cannabis Regulation and Tax Act, 410 ILCS 705, et seq., (the “CRTA”) – all 610 pages of …
Letters of Wishes: An Administrative and Moral Headache in Disguise?02/04/2020
Trustees may have difficulties determining whether to make distributions when the grantor’s intentions are unclear.
Current Treatment of Mareva Injunctions in Canada01/29/2020
A Mareva injunction freezes a defendant’s assets to avoid their dissipation and to enable a judgment to be later satisfied.
As 2020 kicks off, cybersecurity remains ever present in the news whether its predictions for cyberattacks in conflict between state actors, such as the United States and Iran, or the recent New York Times report regarding a possible hack at the Ukrainian gas company at the heart …
SEC Proposes Changes to Accredited Investor Standard and Assesses its Impact on the Marketplace01/09/2020
In December 2019, the Securities and Exchange Commission (the “SEC”) proposed amendments to the definitions of “accredited investor” and “qualified institutional buyer”.
Illinois House Bill Requires Public Corporations with Principal Executive Offices in Illinois to Report to Secretary of State01/07/2020
House Bill 3394, approved by the Governor on August 27, 2019 and effective immediately (Public Act 100-589), amends the Business Corporation Act of 1983 (“BCA”) to add new Section 8.12 and amend Section 14.05.
Developments Offshore In Third Party Disclosures in Wrongdoings (Norwich Pharmacal Relief)01/06/2020
In the last several years to assist tracing of assets and discovery of perpetrators, courts in English common law countries have shown a willingness to assist victims by ordering third parties to disclose information through discovery about wrongdoings under Norwich Pharmacal relief.
Recent Circuit Court Decisions Extend The Breadth of Section 1782 U.S. Discovery in Foreign Proceedings10/31/2019
A federal district court may order discovery under 28 U.S.C. Section 1782 “for use in a proceeding in a foreign or international tribunal” upon application by any “interested person”.
Applying the Chicago Lease Transaction Tax to “Cloud” Software Products09/11/2019
In a prior post, I explained the basics of the Chicago Personal Property Lease Transaction Tax (“Transaction Tax”), including the applicability of the tax to tangible personal property and software, potentially applicable exemptions and exclusions from the tax, and collection issues. This follow-up post in …
State Tax Developments for Pass-Through Entities, Apportionment of Income for Corporate Partners06/18/2019
State taxation of corporate partners in multistate partnerships raises interesting issues. In many circumstances, the corporate partner is subject to multistate taxation and is therefore engaged in the process of allocating and apportioning its income on a multistate basis.
BVI Scales Back Stand-Alone Injunctions06/12/2019
In 2009 in Black Swan Investment ISA v. Harvest View Limited BHVC (Com) 2009/399, the court established the principle that a court can act in aid of foreign proceedings where it can be shown that there is property situated in BVI which belongs to the …
Second Circuit in Madoff Enables Trustee To Recover Under Bankruptcy Code For Fraudulent Transfers Initially Sent Offshore from the U.S.02/28/2019
On February 25, 2019, the Second Circuit in the Madoff liquidation decided that Sections 548 and 550 of the Bankruptcy Code can be applied extraterritorially to recover fraudulent transfers. There, offshore feeder funds were recipients of investors’ fraudulent transfers and contended that U.S. fraudulent transfer …
Employers Beware: The Cannabis Laws, They Are A-Changin’02/26/2019
Of course, laws are changing all the time. But with medical marijuana laws being enacted in states around the country at a quick pace, the list of shifting rights and obligations related to the workplace is growing like a weed. Two recent cases highlight wins …
Mareva Injunctions in Aid of Foreign Proceedings in Singapore02/18/2019
Singapore has become a financial and business center in Asia, which means that a number of foreign companies and individuals have assets there. Until now, the question of whether a Singapore court has the power when a dispute is being litigated in a foreign court …
Illinois’ Income Taxation of Foreign Income01/29/2019
With the Tax Cuts and Jobs Act (TCJA), many taxpayers have begun to focus on the manner in which states tax foreign income. Illinois? taxation of foreign income is fairly in line with most other states. However, given how much states can diverge on this …