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 | 2 min read | 09.30.25
CARB Issues Preliminary List of Entities Covered by California Climate Disclosure Laws
On September 24, 2025, the California Air Resources Board (“CARB”) issued a preliminary list of reporting/covered entities under California’s climate disclosure laws SB 253 (the Climate Corporate Data Accountability Act) and SB 261 (the Climate-Related Financial Risk Act) (the “Climate Disclosure Laws”) (both as modified by SB 219).
Client Alert | 10 min read | 09.30.25
Client Alert | 7 min read | 09.29.25
White House Seeks Industry Input on Laws and Rules that Hinder AI Development
Client Alert | 4 min read | 09.26.25