SALT & Pepper

  • Michigan IBM Decision May Provide More Opportunities Than the 3-Factor Election

    On July 14, 2014, the Michigan Supreme Court ruled in IBM v. Department of Treasury, Docket No. 146440, that the taxpayer, IBM, was entitled to a refund of income taxes paid to the state by virtue of its election to apportion its income using the three factor apportionment formula provided in the Multistate Tax Compact, MCL 205.581 et seq. The opinion has garnered a lot of attention, as it is the first state supreme court decision addressing whether taxpayers should be permitted to elect the three factor formula in MTC states. However, the case did very little to assure taxpayers that a multistate compact is in fact binding on its state members. Instead, the case turned on statutory interpretation and a provision in the Business Tax Act that provided that a taxpayer could not utilize the three factor formula beginning January 1, 2011.
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  • Be Aware of Bermuda’s Recently Revised Reserved Power Trusts as an Asset Protection Plan

    It is important to know and understand the laws for asset holding when trying to recover claims. New legislation in Bermuda seeks to stimulate the trust industry and to attract international customers who wish to retain a certain level of control over their trusts. The Trusts (Special Provisions) Amendment Act 2014 enhanced the reserved power trusts where a settlor may retain fairly extensive powers over the trust.
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  • Recovery of Laundered Funds in the United Kingdom

    Proof of money laundering in the United Kingdom made easier! In a recent decision, Relfo v. Vasani (2014) EWCA Civ 360, the Court of Appeal was confronted with the Liquidator being unable to show evidence of each transaction transferring monies through various bank accounts and ultimately being received by the recipient....
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About HMB Law

Welcome to HMB's SALT & Pepper blog. As the title suggests, this blog tracks important and emerging issues, trends and developments that affect our clients not only in State and Local Tax (SALT) but also in other disciplines and industries. This blog is designed to be a helpful resource. We hope our readers will find it practical, insightful and valuable.

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