Mondaq USA: Tax
Day Pitney LLP
In a case of first impression, in a decision issued on Friday, June 26, the Tax Court of New Jersey invalidated the real property tax exemption of Morristown Memorial Hospital...
Withers LLP
The US voluntary disclosure landscape has changed dramatically over the last 12 months.
Fox Rothschild LLP
The IRS has established a new procedure for issuing estate tax closing letters.
Cadwalader, Wickersham & Taft LLP
A taxpayer's failure to properly disclose a reportable transaction is a strong indication that the taxpayer did not act in good faith with respect to the transaction...
McDermott Will & Emery
The IRS has advised that the flip partnership guidelines under Rev. Proc. 2007-65, 2007-2 C.B. 967, do not apply to solar facilities or other projects claiming the Section 48 investment tax credit.
Fox Rothschild LLP
The Israel Tax Authority announced yesterday that the deadline for registration of Family Trusts (sometimes referred to as Relatives Trusts), which are trusts created by a living U.S. grantor for the benefit of at least one Israeli resident beneficiary, has been extended from June 30, 2015 to December 31, 2015.
Grant Thornton LLP
On June 19, Louisiana Governor Bobby Jindal signed several bills amending significant income and franchise tax provisions that are generally effective July 1, 2015.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
The IRS's recently-published proposed regulations for Section 529A qualified ABLE programs have taken some wind out of the sails of state program administrators and potential program managers...
McGuireWoods LLP
NUMBER OF THE WEEK: $3 Trillion. The projected addition to the federal deficit over 10 years if Republican presidential hopeful Rand Paul's flat-tax proposal went into effect, according to a Tax Foundation analysis of the plan.
Mayer Brown
President Bill Clinton famously attempted to come to terms with the meaning of the verb "is" when he was caught engaging in hanky-panky at the White House: "It depends on what the meaning of the word 'is' is.
Withers LLP
State and local income tax issues do not often reach the US Supreme Court. Recently they did.
Withers LLP
On June 4, 2015, following extensive negotiations between the legislature and the Governor's office, the Connecticut General Assembly passed H.B. 7061 (the "Budget Bill") into law.
Collins Barrow National Incorporated
If you are a U.S. citizen living outside of the United States and you have not been filing your U.S. personal income tax and financial reporting forms, it is time to consider your options.
Morrison & Foerster LLP
Beginning in 2015, corporate tax reform has resulted in full unitary combination in New York State and City, which is intended to limit controversies over combination.
Grant Thornton LLP
The Tax Court in Stough v. Commissioner (144 T.C. No. 16) sustained an accuracy-related penalty for a taxpayer's treatment of a lump sum payment received under the terms of a lease agreement.
Grant Thornton LLP
The IRS ruled in a chief council advice memorandum (CCA 2015-22-005) that a corporate officer of a common parent of a consolidated group must sign Form 2848...
Grant Thornton LLP
The IRS issued amendments (T.D. 9713) to the regulations under Section 6045A to delay until 2016 the new broker basis and premium reporting requirements that apply to transfers of debt instruments.
Grant Thornton LLP
The IRS issued temporary regulations under Treas. Reg. Sec. 1.337(d)-3T (T.D. 9722) that are intended to prevent corporate taxpayers from using a partnership to circumvent gain...
Grant Thornton LLP
Republicans are considering new ways to enact a series of trade initiatives with tax revenue raisers after congressional Democrats blocked the bills in a series of votes.
Grant Thornton LLP
The House voted 280–140 on June 18 to repeal the medical device excise tax. The bill (H.R. 160) now moves to the Senate, where it will face significant hurdles.
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Duane Morris LLP
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
Withers LLP
Many are now familiar with the famous Report of Foreign Bank and Financial Accounts, a relatively small form that carries with it the threat of huge penalties in the case of a willful failure to file.
Dentons (US)
Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
On May 22, the Massachusetts Senate unanimously approved a $38.1 billion budget for FY2016.
Mayer Brown
The Organisation for Economic Co-operation and Development has released its "Country-by-Country Reporting Implementation Package".
McDermott Will & Emery
FATCA went into effect on July 1, 2014, after numerous delays and multiple rounds of administrative guidance.
Troutman Sanders LLP
The incentives, which together accounted for $11.5 billion in forgone revenue from fiscal year 2004 through 2013, are key drivers of construction and employment, industry trade groups argue.
Proskauer Rose LLP
Companies are subjected to a patchwork of different tests for determining whether their workers are employees or independent contractors.
Stites & Harbison PLLC
An important deadline is approaching for those with foreign bank or financial accounts.
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