Archives: Tax

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New Final Regulations on Hardship Distributions from 401(k) and 403(b) Plans

Previous regulations on hardship distributions from 401(k) and 403(b) plans generally provided that a participant could receive an in-service distribution prior to reaching age 59½ if the participant had an immediate and heavy financial need.  The determination of whether a participant had an immediate and heavy financial need was determined based on all relevant facts … Continue Reading

Liskow & Lewis Secures Key Rulings in Class Action Litigation

Liskow & Lewis’ Shannon Holtzman, James Brown, and A’Dair Flynt recently secured several key rulings in a putative class action, successfully opposing a complex remand motion under the Tax Injunction Act and the Class Action Fairness Act (“CAFA”) and obtaining a dismissal with prejudice of the claims against Liskow’s clients in Robert J. Caluda, APLC, … Continue Reading

New Final Regulations Expand the Availability of HRAs

On June 13, 2019, the Department of Labor, the Department of Health and Human Services, and the Department of Treasury (the “Departments”), published final regulations which significantly broaden the types of health plans that may be integrated with a health reimbursement arrangement (“HRA”). More specifically, beginning January 2020, the finalized rules allow HRAs to be … Continue Reading

Liskow Obtains Victory for the Oil and Gas Industry in the Louisiana Third Circuit

In a victory for the oil and gas industry, the Third Circuit rendered a decision rejecting attempts by the Louisiana Department of Revenue to impose severance taxes on crude oil production based on index pricing.  The Third Circuit reaffirmed that severance taxes should be based on the “gross proceeds” obtained in an arm’s length sale … Continue Reading

Opportunity to Minimize the New Tax on 501(c)(3) Exempt Organization Employee Parking

Due to the Tax Cuts and Jobs Act (“TCJA”) passed by Congress in December 2017, starting in 2018 many 501(c)(3) Exempt Organizations (“EOs”) are required to treat the cost of employer-paid qualified transportation and parking benefits as unrelated business taxable income (“UBTI”) to the EO.  Though EOs have until May 15, 2019 to file their … Continue Reading

Liskow Lawyers Obtain Win for Oil and Gas Industry in Severance Tax Litigation

In a decision by the Louisiana Board of Tax Appeals, Liskow & Lewis attorneys Robert Angelico, Jim Exnicios, Cheryl Kornick, RJ Marse, and Jeff Birdsong obtained a ruling rejecting attempts by the Louisiana Department of Revenue to increase the amount of severance taxes due on crude oil produced in Louisiana.  The Department of Revenue targeted … Continue Reading

IRS Announces Plan Loans, Hardship Distributions Relief For Victims Of Hurricane Harvey

On August 30, 2017, in Announcement 2017-11, the IRS provided retirement plan loan and distribution relief from retirement plans described in Code Sections 401(a) (including 401(k) plans), 403(a), 403(b), and governmental eligible deferred compensation plans described in 457(b) (collectively “Retirement Plans”) to affected participants.… Continue Reading

A Key Resource For Structuring Oil & Gas Joint Operations

John Bradford’s article “Tax Planning for Oil and Gas Joint Operations”, originally prepared for the Rocky Mountain Mineral Law Foundation’s 2016 Special Institute on Joint Operations and the New AAPL Form 610-2015 Model Form Joint Operating Agreement, has been selected for publication by the University of North Texas Institute of Petroleum Accounting in its Petroleum … Continue Reading

Louisiana Department of Revenue Targets Energy Companies in Rash of Oil Severance Tax Audits

The oil and gas industry has a significant and far reaching economic impact in Louisiana. According to one 2014 study, the total direct and indirect impact on the state is approximately $73.8 billion.[1] Taxes make up a large part of the industry’s direct economic impact in Louisiana: In 2013, the industry paid nearly $1.5 billion in … Continue Reading

Texas Supreme Court Rules Oil and Gas Producer Not Entitled to Sales Tax “Manufacturing Exemption”

On June 17, 2016, the Texas Supreme Court ruled that an oil and gas producer (“Southwest”) was not entitled to a statutory exemption from sales taxes on its purchases of casing, tubing and pumps used in the production of oil and gas (the “Equipment”). At issue in Southwest Royalties, Inc. v. Hegar was whether the … Continue Reading

Failure to Timely Pay Texas Ad Valorem Taxes: Reminders for Taxpayers and Secured Lenders

The extended downturn in the oilfield economy is showing up in some taxpayers’ inability to pay their Texas real property and personal property ad valorem taxes when those taxes become due.  This note reminds taxpayers what happens when the ad valorem taxes are not timely paid.  It also reminds lenders with security interests in real … Continue Reading

New Developments in the Determination of the Texas Franchise Tax Liability

The Texas Franchise Tax is imposed on taxable entities that do business in Texas or that are chartered or organized in the state.  Taxpayers subject to the Texas Franchise Tax may compute their tax liabilities under several alternative methods to determine which one results in the lowest amount of tax due. One such method is … Continue Reading
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