Writings by Frank L. Brunetti

Frank Brunetti has been practicing law for over thirty years in the areas of estate and wealth preservation, tax planning for business entities and complex tax matters. He is admitted to the New Jersey and New York Bars as well as the United States Tax Court.

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Sen. Dick Durbin Urges Hospira Not To Invert

After finding some success in pressuring Deerfield, Illinois-based Walgreens not to invert, Sen. Dick Durbin has set his sights on another multinational in his home state. The Senator sent a letter to the CEO of Lake Forest, Illinois-based Hospira on Aug. 14, urging them not to undergo a corporate inversion, according to The Chicago Tribune. An […]

Author: Frank L. Brunetti

August 27, 2014

20 profitable U.S. companies Paid No Corporate Income Tax Last Quarter

Corporate taxation has become an important issue in the U.S., as budget deficits loom and an important election approaches. Many U.S. companies have said that high corporate income tax is onerous and reduces their ability to compete globally. According to USA Today analysis of S&P Capital IQ data, however, there were at least 20 companies […]

Author: Frank L. Brunetti

August 20, 2014

Democrats Ask Obama To Act Alone On Inversions

A few key Democratic Senators have asked President Barack Obama to act alone to end the practice of corporate inversions. Sen. Dick Durbin, D-Illinois; Sen. Elizabeth Warren, D-Massachusetts; and Sen. Jack Reed, D-Rhode Island, sent Obama a letter Aug. 5 asking that he pass an executive order to eliminate or reduce the tax breaks companies see by […]

Author: Frank L. Brunetti

August 14, 2014

House Republicans Talk About Repealing the Estate Tax

Republicans may cast a vote this year to repealing the estate tax in the U.S., according to House Ways and Means Chairman Dave Camp, R-Michigan, Bloomberg reported. Camp told reporters July 30 that a number of House members haven’t had a chance to cast their vote on the issue yet. “It’s been a long time since […]

Author: Frank L. Brunetti

August 8, 2014

New Jersey Updated Sales Tax Matrix

New Jersey Sales Tax Matrix The New Jersey Division of Taxation has updated its taxability matrix and certificate of compliance. (Taxability Matrix, N.J. Division of Taxation, 08/01/2014; Certificate of Compliance, N.J. Division of Taxation, 07/01/2014.) The matrix provides administrative definitions, inclusion or exclusion form sales tax, statutory /rule citation and comments. the matrix also provides […]

Author: Frank L. Brunetti

August 7, 2014

Mark Cuban Protests Tax Inversions

Billionaire investor and Dallas Mavericks owner Mark Cuban has a message for U.S. multinational corporations considering an inversion. “If I own stock in your company and you move offshore for tax reasons I’m selling your stock,” Cuban said in a series of tweets. “There are enough investment choices out there.” Corporate inversions refer to the […]

Author: Frank L. Brunetti

August 6, 2014

Treasury Secretary urges Congress to end inversions

Treasury Secretary Jacob Lew sent letters to the top lawmakers on the House Ways and Means Committee and the Senate Finance Committee on July 15, in an attempt to effect action on the issue of corporate tax inversions, according to The New York Times. Inversions are the controversial – but popular – practice of merging with […]

Author: Frank L. Brunetti

July 28, 2014

House Votes To Make Bonus Depreciation Tax Cut Permanent

The U.S. House of Representatives voted July 11 to make permanent a temporary tax cut that allows businesses to write off 50 percent of the cost of new equipment in the year that it is purchased, according to The Associated Press. Proponents of the break argue that it makes it easier for businesses to invest […]

Author: Frank L. Brunetti

July 25, 2014

New Jersey Gives $260 Million Tax Break To Holtec International

Making a surprising move amid the state’s budget crisis, New Jersey officials approved the third-largest economic subsidy in their state’s history on July 10, according to The Star-Ledger. The package of tax credits – worth $260 million over the course of the next 10 years – will go to energy company Holtec International, which plans […]

Author: Frank L. Brunetti

July 16, 2014

Some States Cut Taxes July 1

A number of states across the U.S. have elected to lower corporate tax rates and increase tax credits as of July 1, reversing the trend of increasing taxes in order to shore up deficits that began after the recession. According to Stateline, a nonpartisan new service of the Pew Charitable Trusts, Indiana and Rhode Island businesses […]

Author: Frank L. Brunetti

July 7, 2014

House Makes Small-Business Tax Break Permanent

The House voted to make a tax break that allows small businesses to write off up to $500,000 in equipment purchases permanent on June 19, amid a push to end the annual process of renewing tax extenders. Tax extenders are breaks for individuals and corporations that expire and are renewed on a regular basis. The vote […]

Author: Frank L. Brunetti

June 30, 2014

Medtronic the Latest Company to Propose Tax Inversion

Yet another U.S. health care company is set to take part in a corporate inversion, in which a U.S.-based firm merges with a foreign company in order to take advantage of lower tax rates abroad. Medtronic Inc. is set to become the largest company yet to perform a tax inversion with its plans to merge with former-U.S. company Covidien […]

Author: Frank L. Brunetti

June 25, 2014

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