Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
Four years ago, the Texas Legislature replaced the franchise tax with a new business tax commonly known as the "margin tax." The Texas comptroller has published very little administrative guidance interpreting the new tax laws. This lack of guidance provides planning opportunities for taxpayers.
Margin Tax – Overview
The margin tax revised and expanded the franchise tax by changing the tax base, lowering the rate and extending coverage to all active businesses receiving state law liability protection. Under the margin tax, limited partnerships became subject to business tax for the first time.
The margin tax levies a tax of up to 1 percent on a taxable entity's "taxable margin," which is an amount equal to either (a.) the taxable entity's total revenue minus cost of goods sold (COGS) or (b.) the taxable entity's total revenue minus aggregate wages and compensation. Taxable margin is capped at 70 percent of total revenue.
The margin tax includes several exemptions and limitations. For example, taxable entities with total revenue of less than $1 million are exempt from tax through fiscal year 2011. Thereafter, taxable entities with total revenue of less than $300,000 will remain exempt and those taxable entities with total revenue of $300,000-$1 million will benefit from a graduated system of deductions.
The margin tax introduced "combined reporting" to Texas. Entities that share more than 50 percent common ownership and are engaged in a "unitary business" must calculate their margin tax liability on a combined basis as if they were a single taxpayer.
The lack of administrative guidance provides the opportunity for taxpayers to take aggressive, but not unreasonable, positions because they will not be constrained by unfavorable interpretive precedent. Potential opportunities include the following:
If you have questions related the Texas Margin Tax or other tax issues, please contact Allen B. Craig III (email@example.com or 713.276.5570) or any other member of the Gardere Tax Team.
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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