Mondaq USA: Tax
Grants of equity awards are an important component of employee compensation in the United Kingdom - just as they are in the United States.
The Internal Revenue Service recently issued Revenue Ruling 2013-14, which concludes that a Fideicomiso or a Mexican Land Trust is not taxed as a "trust" for U.S. income tax purposes.
Does your business provide cloud-based computing services to customers in various states or outside the country?
A financial services firm providing integrated investment portfolio management services to institutional clients in exchange for a single charge is not required to collect New York sales tax on its charge for those services.
The Illinois Appellate Court has affirmed a trial court’s decision to grant a preliminary injunction that prevented the Illinois Department of Revenue from recouping sales tax revenue from the City of Kankakee.
Beginning January 1, 2014, West Virginia has enacted sales and use tax nexus provisions that expand the definition of "retailer engaging in business in this state" to include out-of-state retailers that have certain in-state affiliates.
Self-directed IRAs, which allow the IRA owner to make direct investments in real estate or in non-publicly traded corporations, are increasingly popular.
Victims of the Oklahoma tornado have been granted an extension for filing and tax payment deadlines by the IRS.
The Supreme Court on May 28 declined to hear the appeal of a historic rehabilitation tax credit partnership that claimed the Third Circuit Court of Appeals erred when it held the partnership’s private-sector equity investor was not a bona fide partner and could not claim the rehabilitation tax credits.
In In Re: The Majestic Star Casino, LLC, No. 12-3200 (3rd Cir. May 21, 2013), Don Barden owned 100% of the outstanding stock of Barden Development Inc. (BDI), an S corporation for federal income tax purposes.
The IRS has announced the inflation-adjusted amounts for contributions, plan deductibles and out-of-pocket expenses for health savings accounts (HSAs) for 2014.
Section 166(a)(1) permits a deduction for any debt that becomes worthless in a taxable year, and Section 166(a)(2) provides that Treasury may allow a deduction for debt when it is partially worthless to the extent that the debt is charged-off within the taxable year.
In an important taxpayer victory, a Minnesota District Court ruled in favor of Wells Fargo, holding that the measurement and analysis of its uncertain tax positions was protected from disclosure by the work product privilege.
Despite the Department of the Treasury's Financial Crimes Enforcement Network publishing final regulations for reporting bank accounts, securities accounts and other financial accounts located in a foreign country on Form TD 90-22.1, Report of Foreign Bank and Financial Accounts, many taxpayers remain confused regarding the filing requirements, including the fast-approaching and accelerated filing deadline.
The controversy over the Internal Revenue Service’s handling of applications for tax exemption from conservative groups has put the tax agency in the hot seat.
Perhaps you just learned from the IRS that your tax-exempt organization has been selected for examination.
Jerald August’s blog post "Tax Strategies for Funds Investing In China: China Tax Authorities Aggressively Enforcing GAAR," was repurposed and translated and will appear in "Dividing Point".
The staff of the Senate Finance Committee recently issued the seventh in a series of reports outlining alternatives for the members of the committee to consider as they begin work on tax reform legislation.
On May 7, 2013, a complaint was filed against Cook County to enjoin the county from enforcing its newly enacted Cook County Personal Property Use Tax.
Proposed New York Laws Would Reform Governance Rules for Nonprofits.
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The Defense of Marriage Act (DOMA) defines marriage at the federal level as a legal union between one man and one woman and excuses states from any obligation to recognize same-sex marriages recognized in any other state.
This may be the final year that the so-called Bush tax cuts remain in effect, unless Congress acts to further extend them.
The IRS Integrity and Verification Operations group is delaying a number of taxpayer refunds to screen for identity theft and refund fraud.
Effective January 1, 2013, the Illinois estate tax exemption increased to $4 million, with a maximum rate of 16%.
On January 17, 2013, the United States Treasury Department released final regulations under the Foreign Account Tax Compliance Act.
On January 2, 2013, the Department of Treasury and Internal Revenue Service (collectively "IRS") published proposed regulations ("Proposed Regulations") on the Affordable Care Act's employer shared responsibility provisions, also known as the "Play or Pay" mandate.
On May 6, 2013, the United States Senate passed the Marketplace Fairness Act of 2013 (the "Act") by a vote of 69 to 27.
The uncertainty of the last two years was put to rest on January 2, 2013 when President Obama signed into law the "American Taxpayer Relief Act of 2012".
The Social Security Administration has announced an increase in the Social Security taxable wage base in 2013 from $110,100 to $113,700.
The Patient Protection and Affordable Care Act has gone from a distant deadline to an imminent reality, with the controversial "play or pay" provisions scheduled to take effect on January 1, 2014.
