Mondaq USA: Tax
Blank Rome LLP
Judge Gideon Tucker perhaps said it best when he wrote in 1866 that "no man’s life, liberty, or property are safe while the Legislature is in session."
McDermott Will & Emery
The taxpayer’s victory in the "Aragona" decision makes it easier for a trust to materially participate in a business or real estate activity.
Fox Rothschild LLP
In PLR 201416006 (4/18/2014) the Service ruled that a taxpayer could successfully effectuate a reverse like-kind exchange under §1031, and in accordance with the safe harbor guidance issued in Rev. Proc. 2000-37, 2000-2 C.B. 308 ..
McDermott Will & Emery
The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts.
Reed Smith
Last year the Appellate Tax Board issued a decision expanding the application of the sham transaction doctrine.
Reed Smith
The New Jersey Division of Taxation will release new regulatory guidance regarding the sales tax treatment of software and related services.
Reed Smith
The Department ruled that the members of an LLC qualified as mutual fund services corporations for tax purposes.
Reed Smith
The Department of Revenue announced that the period for commenting on the proposed market-based sourcing regulations has been extended to May 19, 2014.
Patterson Belknap Webb & Tyler LLP
We previously alerted you to proposed legislation affecting New York estate tax law.
Waller Lansden Dortch & Davis
Article from Waller Law.
BakerHostetler
As the 2014 tax filing season progresses the Internal Revenue Service has issued warnings to taxpayers about convincing fraudulent email messages and telephone calls seeking payments or personal information that will enable the scammer to directly or indirectly steal from the victim.
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.
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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.
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.
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.
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%.
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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