When It Sounds Too Good To Be True, It Usually Is
Client Alert | less than 1 min read | 02.14.06
Many of us were surprised in 2000 when the Court of Federal Claims found that state income taxes paid by the individual owner of a Subchapter S corporation were allowable state income costs of the corporation on contracts performed by the corporation. It comes as no surprise that the Court of Appeals for the Federal Circuit has reversed in Information Systems & Networks Corp. v. U.S. (Feb. 6, 2006), holding that, when state law follows federal law and imposes income taxes on the owners of Subchapter S corporations but not on the corporations themselves, the corporations are exempt from taxation and the tax paid by the individual owner is not an allowable cost of the corporation.
Insights
Client Alert | 5 min read | 07.20.26
On July 6, 2026, the U.S. Department of Justice (DOJ) and the U.S. Department of Homeland Security (DHS) published an Interim Final Rule (IFR) setting up a new federal framework that allows state, local, Tribal, and territorial (SLTT) law enforcement and correctional agencies to detect, track, and, in some cases, disable or seize drones. The rule directly affects SLTT agencies looking to stand up counter-drone programs, as well as drone and counter-drone technology companies whose products will be subject to federal review and approval. Although the IFR bypassed the Administrative Procedure Act’s standard notice-and-comment process on good cause grounds — citing the statutory 180-day deadline and urgent public safety needs — the rule is already legally binding and effective as of July 1, 2026. The Departments are nonetheless accepting post-promulgation comments through September 4, 2026.
Client Alert | 3 min read | 07.20.26
QFMA Introduces International Licensing Regime for Financial Services Firms
Client Alert | 3 min read | 07.17.26
Client Alert | 2 min read | 07.15.26
CMMC Phase II Suspension Requires Reconsideration of Such Requirements in Solicitations
