Mondaq USA: Tax
Duane Morris LLP
From 1 January 2015, VAT payable on the supply of digital services will be determined by the location of the consumer in all circumstances.
ACT
Securitisation was introduced in Malta’s legal framework in 2006 through the enactment of the Securitisation Act. New rules were then introduced in 2011 which provide rules regulating the taxation of income derived by a securitization vehicle together with the deductions which a securitization vehicle may be entitled to in terms of Malta’s income tax legislation.
Fox Rothschild LLP
In a recently released technical advice memorandum, the IRS ruled that reliance on counsel must be reasonable in order to seek abatement of excise taxes resulting from an excess benefit transaction.
Fox Rothschild LLP
On January 13, 2015, a bipartisan group of Senate lawmakers announced legislation to repeal a tax on medical devices, which was implemented to partially fund the Patient Protection and Affordable Care Act (PPACA).
Grant Thornton LLP
The Michigan Court of Claims has upheld the validity of legislation that retroactively repeals the Michigan statutes adopting the Multistate Tax Compact effective January 1, 2008.
Ostrow Reisin Berk & Abrams
The new IRS regulations are going to create many accounting questions and tax issues for the 2014 tax year.
Grant Thornton LLP
The IRS released on Jan. 2 its annual guidance related to obtaining private letter rulings, technical advice and the list of issues on which the IRS would not issue a ruling.
Grant Thornton LLP
The new Republican-controlled Congress convened for the first time on Jan. 6, and Republicans in the House of Representatives immediately adopted a new rule for how to score tax legislation.
Venable LLP
In last night's State of the Union address, President Obama referenced his desire to close tax "loopholes" that are commonly used by wealthy individuals and families.
Grant Thornton LLP
In a private letter ruling (PLR 201451009) released in December 2014, the IRS ruled two professional corporations owned by an individual could join a consolidated group of corporations.
Grant Thornton LLP
The IRS, the Department of Labor and the Department of Health and Human Services recently issued proposed regulations (REG-132751-14) that would amend existing regulations regarding excepted benefits.
Grant Thornton LLP
The Tax Increase Prevention Act extended 50% bonus depreciation for property placed in service in 2014 and extends the ability to claim unused alternative minimum tax credits in lieu of bonus depreciation.
Grant Thornton LLP
The IRS has issued proposed regulations under Section 453B relating to the nonrecognition of gain or loss on certain dispositions of an installment obligation.
Grant Thornton LLP
One of the safe harbors for determining whether expenditures are repairs or improvements is similar to the safe harbor issued for wireline telecommunications networks in Rev. Proc. 2011-27.
Grant Thornton LLP
In a recent private letter ruling, the IRS said a partnership that reduced the maximum selling price of property below the property’s basis was able to claim a loss under Section 165...
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
The recently-enacted federal ABLE statute provides a long-awaited vehicle for tax-exempt investing to meet future disability-related expenses of disabled individuals.
Mayer Brown
The Tax Reform Act of 1986 enacted section 41 of the Internal Revenue Code setting forth the requirements that research projects must meet to qualify for a research tax credit.
Fenwick & West LLP
This Client Alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended.
Caplin & Drysdale
A proposal by the Mayor of New York City to change the City's corporate tax structure would, for the first time, tax certain businesses that have no physical presence in New York City but that do business in the City or with City residents.
Reed Smith
There is much to consider in 2015 with respect to unclaimed property. Here are some of the highlights and action items to focus on as you move into the new year:
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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.
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.
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.
Carter Ledyard & Milburn
Non-U.S. individuals making direct investments in the United States face a bewildering U.S. tax regime.
Duane Morris LLP
On June 18, 2014, the Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs.
McDermott Will & Emery
FATCA went into effect on July 1, 2014, after numerous delays and multiple rounds of administrative guidance.
McGuireWoods LLP
On January 27, 2014, the Internal Revenue Service published Revenue Procedure 2014-18.
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.
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.
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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