Mondaq USA: Tax
Cadwalader, Wickersham & Taft LLP
Senator Ron Wyden (D-OR) introduced a draft bill that would amend the Internal Revenue Code to revise the tax treatment of derivatives and their underlying investments, among other purposes.
Grant Thornton LLP
While full details on the integration plan are scant, the proposal is expected to include a deduction for dividends paid, with a nonrefundable withholding tax of 35% on both interest and dividends.
Grant Thornton LLP
The IRS has released new estimates showing that the annual "tax gap" has grown from $385 billion to $406 billion.
Proskauer Rose LLP
In April, the IRS issued proposed regulations interpreting deemed distributions under Section 305(c).
Reed Smith
The Florida Supreme Court upheld the imposition of a sales tax obligation on an in-state florist for all of its worldwide sales regardless of delivery destination.
Herrick, Feinstein LLP
I regularly advise art collectors on the sales tax consequences of their transactions and, more often than you might expect, collectors are taken aback by what I have to say.
Stoll Keenon Ogden PLLC
Kentucky Governor Matt Bevin vetoed House Bill 423, which contained the majority of proposed changes to Kentucky's tax code.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
On April 15, 2016, the IRS released a memorandum addressing the impact of so-called "bad boy" guarantees on the characterization of underlying partnership debt as recourse vs. nonrecourse under Section 752 of the Internal Revenue Code.
Grant Thornton LLP
The IRS has extended until Sept. 1, 2016, the deadlines for most income tax returns, income tax payments and other time-sensitive actions for taxpayers affected by storms and flooding in federally declared disaster areas in Texas.
Grant Thornton LLP
The IRS Small Business/Self-Employed (SB/SE) Division will likely move toward examining more business return categories, such as subchapter S corporations, and away from Form 1040 audits, a senior IRS official said May 6 in Washington.
Grant Thornton LLP
The IRS announced recently that it will not impose penalties under Section 6721 or Section 6722, which are related to information reporting, on eligible educational institutions with respect to Form 1098-T...
McDermott Will & Emery
After hearing argument, Judge Snyder ruled from the bench that the Diamond firm had failed to meet its burden of proving bad faith by the State in moving to dismiss the 201 lawsuits.
On April 28, 2016, the Ohio 2020 Tax Policy Study Commission (the "Commission") held a public hearing on the future of the Ohio historic preservation tax credit (the "OH HTC").
Grant Thornton LLP
The IRS expects to revise a number of existing user fees and to implement new user fees for some additional services in the "near future," the agency said.
Grant Thornton LLP
Specifically, such treatment would apply to reporting, record maintenance and associated compliance requirements that otherwise apply to 25% foreign-owned domestic corporations under Section 6038A.
Grant Thornton LLP
The IRS updated the deadlines and provided additional guidance (Notice 2016-31) for projects to qualify for the renewable electricity production tax credit (PTC) under Section 45...
Grant Thornton LLP
The taxpayer, Giant Eagle Inc., operates a chain of retail supermarkets, pharmacies, gas stations and convenience stores in the U.S. The taxpayer established a fuel rewards program in 1991.
Grant Thornton LLP
Robert Stack, deputy assistant secretary, International Tax Affairs at the Department of Treasury, recently said that the IRS is working to accept voluntary country-by-country (CbC) reports for the 2016 tax year.
McDermott Will & Emery
In November 2015, the Bipartisan Budget Act of 2015 instituted a new regime for federal tax audits of entities treated as partnerships for US federal income tax purposes effective 2018.
McDermott Will & Emery
On April 4, 2016, the Internal Revenue Service and US Department of the Treasury released proposed regulations under section 385 that will have dramatic implications for US corporate tax planning and compliance.
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Kaye Scholer LLP
G20 finance ministers last week finally approved the wide-ranging "BEPS" reforms to the international tax system.
Grant Thornton LLP
The IRS has released temporary and proposed regulations that bar partners from being treated as employees of a disregarded entity (DRE) owned by their partnership.
Morrison & Foerster LLP
The petitioners, Mr. and Mrs. Luizza, were nonresidents of New York. Mr. Luizza owned 100% of the stock of an S corporation that did business in New York and other states...
McDermott Will & Emery
Oral argument before the Ohio Supreme Court took place on May 3 in the three cases challenging Ohio's Commercial Activity Tax (CAT) nexus standard.
Milbank, Tweed, Hadley & McCloy LLP
On May 5, 2016, the IRS released Notice 2016-31, which clarifies the circumstances under which a taxpayer will be treated as having begun construction...
Morrison & Foerster LLP
On April 4, 2016, the Treasury Department and the Internal Revenue Service issued a sweeping package of new regulations intended to curtail inversion transactions
Butler Snow LLP
On April 18, 2016, the Mississippi Legislature passed Senate Bill 2858 and enacted the "Taxpayer Pay Raise Act of 2016."
Kramer Levin Naftalis & Frankel LLP
Corporate inversions have been at the forefront of discussions regarding international tax reform.
Reed Smith
This morning, a declaratory action was filed challenging the constitutionality of South Dakota's sales and use tax economic nexus legislation, which is scheduled to take effect Sunday, May 1, 2016.
TMF Group
Global expansion is high in the agenda for many US companies but along with new opportunities it also brings tax and accounting challenges.
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