Mondaq USA: Tax
Jones Day
As a part of the OECD/G20 project to combat base erosion and profit shifting, the OECD released the first set of reports and recommendations on September 16, 2014.
Rackemann, Sawyer & Brewster PC
Careful attention should be given to the manner in which the income and gain from the property will be taxed in addition to the other aspects of ownership.
Grant Thornton LLP
A group of taxpayers was allowed to file a combined New York corporation franchise tax return because it met the substantial intercorporate transactions test for combination.
The Brattle Group, Inc.
The RTC has been a subject of debate. Many have argued that the policy has been a cost-effective means of stimulating research that is necessary to keep U.S. enterprises competitive, given similar tax incentives provided in other countries.
Moodys Gartner Tax Law LLP
On October 8, 2014, the IRS issued FAQs clarifying its amnesty programs for non-compliant taxpayers who want to catch-up on their U.S. tax filing obligations.
Grant Thornton LLP
The Texas Comptroller of Public Accounts has provided the certification required to enact reduced Revised Texas Franchise Tax rates for 2015 reports.
Kilpatrick Townsend & Stockton LLP
Under the economic substance doctrine, certain tax benefits with respect to a transaction are disallowed if the transaction does not have economic substance or lacks a business purpose.
Kilpatrick Townsend & Stockton LLP
The Foreign Account Tax Compliance Act, commonly known as FATCA, was signed into law on March 18, 2010.
Waller Lansden Dortch & Davis
Article from Waller Law.
Grant Thornton LLP
IRS Commissioner John Koskinen warned that the IRS may have to delay the start of the 2015 filing season, as well as the processing of refunds.
Grant Thornton LLP
The Sixth Circuit Court of Appeals ruled on Oct. 1, 2014, that the taxpayer wasn't entitled to approximately $445 million in additional interest from the government.
Grant Thornton LLP
The court agreed, holding that the refund claim wasn’t timely and granted the government’s motion to dismiss.
Grant Thornton LLP
The IRS allowed individual shareholders of an S corporation to increase their basis in the stock of the S corporation.
Grant Thornton LLP
A full-time employee is defined as an employee who works an average of 30 or more hours per week.
Waller Lansden Dortch & Davis
Article from Waller Law.
McGuireWoods LLP
53 is the percentage of Americans who disapprove of the job President Obama is doing according to the latest Gallup poll.
Grant Thornton LLP
Final regulations amend the regulations originally issued under HIPAA regarding excepted benefits, including dental and vision benefits.
Grant Thornton LLP
Final regulations provide an exception to the general rule that local lodging expenses incurred by or on behalf of an individual are personal expenses that are not deductible.
Grant Thornton LLP
In an IRS chief counsel advice memorandum released Sept. 26 (CCA 201439001), the IRS concluded that it generally would not support imposing the simplified production method on restaurants if the taxpayers are willing to develop and implement a reasonable facts-and-circumstances method instead.
Grant Thornton LLP
An affiliated group of corporations is not entitled to deduct its members' net operating losses (NOLs) reported on separate Missouri returns in prior years.
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Grant Thornton LLP
The IRS issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Ostrow Reisin Berk & Abrams
Cash contributions are fundamental sources of revenue for your organization; however, do not underestimate the importance and value of receiving gifts-in-kind.
Duane Morris LLP
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
McGuireWoods LLP
On January 27, 2014, the Internal Revenue Service published Revenue Procedure 2014-18.
Holland & Knight
The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the OVDP.
Kilpatrick Townsend & Stockton LLP
While FATCA was signed into law in March 2010, it is taking effect in stages with key deadlines staggered over several years.
Fox Rothschild LLP
you are like most advisors, you probably have clients who scrambled to complete gifts at the end of 2012, before anyone knew what Congress would do about the gift, estate and generation-skipping transfer tax (GST) exemptions.
Reed Smith
Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
Form 8938 (Statement of Foreign Financial Assets), introduced in 2011 as part of the Foreign Account Tax Compliance Act (FATCA), requires taxpayers to report their foreign assets, subject to minimum values, and indicate where the related income is picked up on their tax return.
Dentons (US)
On December 30, 2013, the US Treasury Department (the "IRS") published a package of proposed, temporary, and final regulations relating to Passive Foreign Investment Companies ("PFICs") and their shareholders.
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