Mondaq USA: Tax
McGuireWoods LLP
Last Tuesday’s midterm election results signaled major changes coming to Capitol Hill in 2015.
Dickinson Wright PLLC
As a part of the so-called "Cromnibus" bill, Congress has extended dozens of expired "temporary" tax breaks for 2014.
Ostrow Reisin Berk & Abrams
If you have not reported UBI correctly, your organization may be responsible for back taxes, interest and penalties.
Holland & Knight
Near the end of 2014, both donors and charities have reasons to celebrate. The Senate passed the House bill known as the Tax Increase Prevention Act of 2014 (H.R. 5771) to extend various tax provisions, including the IRA charitable rollover provision.
Dentons (US)
President Obama is expected to sign bill extending tax provisions that expired at end of 2013.
Grant Thornton LLP
Recently, the world’s governing bodies reigning over accounting practices issued a new revenue recognition principle that must be adopted by Jan. 1, 2017, for most public companies and Jan. 1, 2018, for most private companies.
Grant Thornton LLP
On October 2, the Oregon Supreme Court ruled that property used by a taxpayer to provide cable television and Internet access services was subject to central assessment for property tax purposes, and therefore its intangible assets were subject to tax.
McGuireWoods LLP
Sen. Tom Coburn (R-OK) is the one and only lawmaker in the Senate who has said he would put a hold on the extenders package if it came up for a stand-alone vote in the Senate.
Morrison & Foerster LLP
The New York City Chief ALJ has issued a decision holding that Astoria Bank was not required to include in its bank tax returns its Connecticut subsidiary that held non-New York mortgage loans.
Caplin & Drysdale
Switzerland will now more liberally permit disclosure of bank account information to the U.S. government without advance notice to the account owner.
Grant Thornton LLP
The House of Representatives voted to approve a one-year agreement that would retroactively restore nearly all of the 50-plus tax provisions that expired at the end of 2013.
Grant Thornton LLP
The IRS concluded that a taxpayer’s gain from the sale of a debt instrument was characterized as ordinary because it was a recovery of a prior bad debt deduction under Section 166.
Morrison & Foerster LLP
The New Jersey Supreme Court issued its decision in United Parcel Service General Services Co. et al. v. Director, Division of Taxation.
Grant Thornton LLP
The IRS concluded that payments made to a limited liability company that is not taxed as a corporation are subject to the information reporting requirements under Section 6041.
Arent Fox LLP
US fashion companies owned by foreign parent companies routinely encounter transfer pricing issues.
MNP
By now, it is well-known in Canada that U.S. citizens must file U.S. tax returns, no matter where they live.
Troutman Sanders LLP
In prior advisories, we have discussed the new withholding tax law commonly known as "FATCA" (standing for "Foreign Account Tax Compliance Act").
McGuireWoods LLP
Describing the Stamp Duty Land Tax (SDLT) as "one of our worst-designed and most damaging of all taxes," Chancellor George Osborne yesterday abolished the "single slab rate" SDLT regime and replaced it with a new "marginal rates" system.
Reed Smith
Early this month, the Appellate Tax Board issued a decision involving the application of Massachusetts use tax to trucks that could have implications for all transportation companies doing business in the Commonwealth.
Fenwick & West LLP
The connective tissue between these two seemingly contradictory statements is a profession by the OECD that all the OECD is trying to do is cure abuse.
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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.
McGuireWoods LLP
On January 27, 2014, the Internal Revenue Service published Revenue Procedure 2014-18.
McDermott Will & Emery
FATCA went into effect on July 1, 2014, after numerous delays and multiple rounds of administrative guidance.
Pepper Hamilton LLP
It has been estimated that annual gift card sales have reached approximately $110 billion as a result of an increase in gift card offerings from financial services firms.
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.
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.
Proskauer Rose LLP
On October 31, 2013, the Internal Revenue Service (IRS) released Notice 2013-71 (Notice), which modifies the "use or lose" rule for health flexible spending accounts (health FSAs) to allow a $500 annual carryover of unused contributions, provided that cafeteria the plan offering the health FSA does not incorporate the "grace period" rule.
Duane Morris LLP
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
Fisher & Phillips LLP
The IRS handed health care flexible spending account participants an early Christmas present on Halloween when it modified cafeteria plan "use-it-or-lose-it" rules.
Blank Rome LLP
With the recent expansion of Blank Rome’s Los Angeles office and the addition of a San Francisco office, the Private Client Group has planted its flag on the West Coast.
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