Mondaq USA: Tax
Grant Thornton LLP
The Senate Finance Committee is expected to hear testimony related to the regulation of paid tax return preparers on April 8.
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)".
Shearman & Sterling LLP
Leaders of the Permanent Subcommittee on Investigations urged the DOJ to seek extradition of Swiss residents charged with tax evasion offenses.
Shearman & Sterling LLP
The Court of Federal Claims refused to reconsider its decision that BB&T was not entitled to claim deductions for interest expenses on its STARS loan.
Shearman & Sterling LLP
The IRS revised Internal Revenue Manual 8.11.6 regarding penalties applicable for failure to file a Report of Foreign Bank and Financial Accounts.
Grant Thornton LLP
After several Commission reports and multiple drafts, Governor Andrew Cuomo signed the final FY14-15 New York State budget legislation.
Grant Thornton LLP
The U.S. Tax Court ruled that a trust can materially participate in trade or business activities based on the effort of its trustees.
Shearman & Sterling LLP
The IRS recently issued Notice 2013-69, providing additional guidance on the implementation of FATCA.
Shearman & Sterling LLP
The Second Circuit ruled that an intermediary or "midco" transaction was a fraudulent conveyance under New York state.
Shearman & Sterling LLP
The US Government’s recent crackdown on offshore tax evasion shows no sign of slowing down and appears to be expanding to include new jurisdictions.
Grant Thornton LLP
The IRS announced that virtual currency, such as Bitcoin, is treated as property for federal tax purposes.
Shearman & Sterling LLP
The Supreme Court ruled that San Antonio entrepreneur Red McCombs was liable for the 40 percent gross valuation-misstatement penalty under IRC § 6662.
Morrison & Foerster LLP
New York City Mayor Bill de Blasio has appointed Jacques Jiha to be the next Commissioner of the Department of Finance.
Morrison & Foerster LLP
The New Jersey Superior Court rejected the Director’s appeal from the Tax Court’s ruling that ordered the Director to pay a refund of Corporation Business Tax.
Grant Thornton LLP
In a private letter ruling (PLR 201412002), the IRS ruled that certain costs incurred by a corporate taxpayer to settle a lawsuit, including settlement payments and legal fees, were deductible as ordinary and necessary business expenses under Section 162.
Grant Thornton LLP
On March 24, Wisconsin Governor Scott Walker signed legislation which provides for individual income tax and property tax relief
Shearman & Sterling LLP
In addition to a discussion of the Supreme Court’s decision in "Woods v. Commissioner", this month’s issue features articles about a pair of recent decisions from the Southern District of New York regarding waiver of attorney client communications by disclosure to the SEC . . .
Reed Smith
Welcome to another edition of quarterly updates from Reed Smith on state tax developments in Illinois, providing you with insight and analysis on key cases, administrative releases, and legislation.
Proskauer Rose LLP
On April 2, 2014, the U.S. Internal Revenue Service issued Announcement 2014-17, which provides certain FATCA relief.
McDermott Will & Emery
Business owners should be aware that 100 hours of participation may be sufficient to generate active business income exempt from the 3.8 percent tax.
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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.
Moritt, Hock & Hamroff LLP
With the goal towards modernizing New York's estate and gift tax, Governor Cuomo has proposed changes to the estate and gift tax law.
Foley Hoag LLP
On July 1, 2014, FATCA will go into effect.
McDermott Will & Emery
Recently issued final regulations on the employer reporting requirements under the Affordable Care Act clarify and streamline the process for reporting information relating to the provision of minimum essential coverage and health insurance coverage offered under employer-sponsored plans.
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.
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.
Reinhart Boerner Van Deuren S.C.
Effective January 1, 2013, the Illinois estate tax exemption increased to $4 million, with a maximum rate of 16%.
Littler Mendelson
Despite the many Affordable Care Act implementation delays, rules governing the healthcare law’s various provisions have not stopped coming.
Dentons
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.
Patterson Belknap Webb & Tyler LLP
The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts.
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