Mondaq USA: Tax
Grant Thornton LLP
IRS Commissioner John Koskinen said in an interview last week that 2015 could present a very difficult filing season because of uncertainty about expired tax provisions.
Grant Thornton LLP
The IRS concluded that a corporation couldn’t take a carryover basis in certain assets acquired in a transaction in which Section 597 applies.
McDermott Will & Emery
The Internal Revenue Service (IRS) has drafted new rules relating to the filing of informal refund claims during an examination. An informal refund claim is a request for a refund by the taxpayer either in a written form, but not using a standard form (i.e., Forms 843 or 1120X), or by some other means as long as the required claim elements are identified.
Grant Thornton LLP
The IRS on Oct. 9 issued a notice providing additional guidance on the codification of the economic substance doctrine and related penalty amendments.
Grant Thornton LLP
Form 8955-SSA is used by plan sponsors to notify the Social Security Administration, via a filing made with the IRS, of participants who have separated from service.
McGuireWoods LLP
Two is the number of new corporate tax inversion deals announced since the U.S. Treasury Department issued new regulations Sept. 22 to make the deals more difficult.
Bradley Arant Boult Cummings LLP
Alabama taxpayers gained the ability to appeal final assessments issued by the Alabama Department of Revenue.
Reed Smith
From time to time, we’ll be using this space to discuss recurring Massachusetts state tax issues were seeing at audit and on appeal.
Reed Smith
The Appellate Tax Board held that orthopedic braces were exempt from sales and use tax when sold by a medical practice of orthopedic surgeons.
Kilpatrick Townsend & Stockton LLP
We consistently counsel parties to an M&A deal that results in a stepped-up tax basis in the assets of the target often has more value to a buyer than a transaction with no basis step up.
Menashe Cohen pleaded guilty to one count of filing a false income tax return for failing to report the existence of his Swiss and Israeli bank accounts.
McGuireWoods LLP
$1.64 Billion is the "break-up fee" that Illinois-based pharmaceutical company AbbVie Inc. must pay Ireland-based Shire Plc. for backing out of the $54 billion cross-border merger deal.
Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections.
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.
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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.
The IRS and Treasury Department announced a number of new regulations intended to make it more difficult to qualify for tax advantages associated with inversion transactions.
McGuireWoods LLP
On January 27, 2014, the Internal Revenue Service published Revenue Procedure 2014-18.
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.
Holland & Knight
The IRS announced substantial changes to both the Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer Taxpayers and the OVDP.
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.
Duane Morris LLP
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
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.
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.
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