Mondaq USA: Tax
Morrison & Foerster LLP
In Luxembourg the Economic and Financial Affairs Council has achieved a political agreement on proposed amendments to the EU Parent-Subsidiary Directive.
Grant Thornton LLP
The House passed a measure to make bonus depreciation permanent by a vote of 258–160 on July 11.
Grant Thornton LLP
The House and Senate tax writing committees have approved different packages of revenue offsets to pay for a short-term extension of highway funding.
Grant Thornton LLP
The Supreme Court ruled that a taxpayer has a right to conduct an examination of IRS officials regarding their reasons for issuing a summons.
Grant Thornton LLP
The Fifth Circuit Court of Appeals ruled that a taxpayer is allowed to adjust base period expenses if projects or costs for the credit year are determined to not be qualified.
Grant Thornton LLP
The Michigan Supreme Court has held that a purchaser of tangible personal property was not entitled to an exemption from Michigan use tax for sales tax paid.
Shearman & Sterling LLP
Circular 230 contains the ethical rules that govern practice before the IRS. On June 9, 2014 the IRS issued new regulations that make significant changes to Circular 230.
Shearman & Sterling LLP
The Organization for Economic Cooperation and Development recently held its annual tax conference in Washington, DC.
Shearman & Sterling LLP
On June 18, 2014, the IRS announced that it will permit resident US taxpayers to participate in its streamline OVDP filing compliance program.
Shearman & Sterling LLP
The Southern District of New York, in Schaeffler v. United States, recently denied a petition to quash an IRS summons for a tax memorandum.
Shearman & Sterling LLP
On June 19, 2014, the United States Supreme Court held that a taxpayer has a right to examine IRS officials regarding their purpose of issuing a summons.
Shearman & Sterling LLP
In addition to a discussion of the Supreme Court's recent decision in Clarke, this month's issue features articles regarding the Southern District of New York's decision in Schaeffler.
Fox Rothschild LLP
When people hear planned giving, they usually think of bequests and other gifts to charities that take place after death designed to minimize estate and inheritance taxes.
McDermott Will & Emery
On June 18, 2014, the New York State Department of Taxation and Finance published a revised version of its Nonresident Audit Guidelines.
Fox Rothschild LLP
As recently reported by the tax press, a Senate panel recommended on July 21 that the IRS step up its enforcement of the structured financial product referred to as "basket options" and related strategies, penalize banks that facilitate such tax avoidance, and revamp the rules governing large partnership audits.
Mayer Brown
A common parenting conundrum is presented by the larger sibling who continually uses force to get his or her way with their smaller counterpart.
Grant Thornton LLP
The state’s Revenue Commissioner properly issued a variance requiring a telecommunications company to apportion sales using market-based sourcing based on a customer’s billing address.
Drinker Biddle & Reath LLP
Although not expressly stated, the new form is undoubtedly part of the IRS’s current effort to alleviate the huge backlog of pending applications awaiting IRS review.
Arent Fox LLP
The House of Representatives approved by a 277–130 vote a bill containing permanent extension of several tax incentives related to charitable deductions.
Milbank, Tweed, Hadley & McCloy LLP
The United States Court of Federal Claims recently granted partial-summary judgment to Wells Fargo & Company in a significant interest netting case.
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McDermott Will & Emery
2014 presents particular challenges with respect to the Report of Foreign Bank and Financial Accounts.
Holland & Knight
The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the OVDP.
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.
Reinhart Boerner Van Deuren S.C.
The purpose behind most revisions to Circular 230 has been to encourage practitioners to engage in quality and appropriate tax practice.
Fox Rothschild LLP
IRS Commissioner John Koskinen indicated that the IRS will most likely modify in the "very near future" its offshore voluntary disclosure program.
Shearman & Sterling LLP
The July 1, 2014 deadline is approaching for the implementation of certain requirements of foreign financial institutions and certain non-financial foreign entities under FACTA.
Grant Thornton LLP
The IRS released the final version of Form W-8BEN-E, "Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)".
WTAS
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.
Holland & Knight
Foreign financial institutions must perform due diligence to identify their U.S.-owned accounts and report them to the IRS, as well as act as a withholding agent for payments to other foreign entities.
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.
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