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Landmark Tax Credit Scholarship Program Upheld by Alabama Supreme Court

On March 2 in an 8-1 decision, the Alabama Supreme Court upheld the constitutionality of the Alabama Accountability Act of 2013 (the “Act”) in Magee et al. v. Boyd et al. The massive 222-page opinion affirmed in part, but...more

Property Valuation Topics: Winter 2015

Thorny Exemption Issue Discussed - Limited Liability Company X owns property in the Town of Windham which it leases to Corporation Y. Both entities are tax exempt under the Internal Revenue Code. Both entities...more

Federal Mortgage Programs are Exempt from County Transfer Tax

In City of Spokane v. Fed. Nat. Mortgage Ass'n (December 30, 2014, No. 13–35655) ____ F.3d.___, the Ninth Circuit Court of Appeal recently affirmed that federal mortgage programs and administering entities, such as Fannie Mae...more

Supreme Court Will Hear Same-Sex Marriage Issue

The U.S. Supreme Court will hear arguments in four same-sex marriage cases in April, potentially settling the divisive issue by the end of the current term. The justices will consider an appeal from the 6th Circuit decision...more

In Florida, Recognition of Same-Sex Marriage Will Impact Employers

On January 6, Florida became the 36th state to recognize same-sex marriage. This development came as the result of several recent state and federal court decisions finding Florida's ban on same-sex marriage an...more

The Year in White-Collar Crime: A Look Back Helps Us See Ahead

The Justice Department’s white-collar agenda in 2014 was marked by skyrocketing corporate settlements and continued reliance on deferred and non-prosecution agreements, coupled with compliance monitors. Several significant...more

Guindon: SCC Hears Arguments in Penalty Case

The Supreme Court of Canada heard oral arguments today in the case of Guindon v. The Queen (Docket No. 35519). At issue in the case is the nature of the third-party penalty in section 163.2 of the Income Tax Act....more

U.S. Supreme Court Update - September 2014

The Supreme Court is set to hear three state tax cases during its 2014-2015 term. The three cases, Alabama Department of Revenue v. CSX Transportation, Inc.; Comptroller of the Treasury of Maryland v. Wynne; and Direct...more

FATCA: Trapped by the Land of the Free?

The Foreign Account Tax Compliance Act (FATCA) has been billed as the U.S.’s bold effort to go after tax dodgers and cheats. The picture painted is that of greedy rich people secreting their fortunes in offshore accounts and...more

Indiana Supreme Court Refuses To Apply A Company’s Foreign Source Dividend Deduction To Its NOL Calculations

On August 25, 2014, the Indiana Supreme Court issued its decision in Indiana Department of State Revenue v. Caterpillar, Inc., holding that the plain meaning of the Indiana tax statutes prohibited the company from increasing...more

Property Tax Foreclosure: Tax Authority May Have to Pay for Equity in Property

A chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The bankruptcy court agreed that the transfer was a fraudulent conveyance, but...more

Politics and the Pulpit—Political Activity by Nevada Religious Institutions

Are you part of a church or religious organization in Nevada? If so, the subject of how ?far, or even whether the church can become involved in political activity may have crossed your ?mind. As we head into the Fall 2014...more

Monthly Benefits Update - July 2014

Two federal appeals courts issued contradictory rulings on the validity of subsidies for the purchase of health insurance under the federal marketplace established pursuant to the Affordable Care Act (ACA). On July 22, a...more

Benesch Perspectives - July 2014 Newsletter

In this issue: - Not-for-Profit Spotlight - Giving to Religion Trending Downward for a Decade - What You Can Learn from Giving 2014 - Is the Front Door Closing on the Parsonage...more

Mortgagee Lacks Standing to Appeal

A panel of a Commonwealth Court held that a mortgagee is not an aggrieved party for purposes of standing to take an appeal of the assessment of real property. Mountain Manor Development Company LP v. Monroe County Board of...more

Will the Zwerner FBAR Fine Pass Constitutional Muster?

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

California Federal Court Allows City’s Fair Housing Case To Proceed

On May 28, the U.S. District Court for the Central District of California held, without addressing the merits, that the City of Los Angeles has standing to pursue Fair Housing Act and restitution claims against a mortgage...more

FBAR Penalty to Face Excessive Fines Clause Test

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

IRS Sharpens Its Sword Of Damacles

In a jury verdict this wake in the Southern District of Florida, the IRS has a sharpened Sword of Damacles to hang over the head of FBAR reporting violators. In U.S. v. Zwerner, a jury found that Carl Zwerner WILLFULLY failed...more

How The Windsor Decision Applies To Retirement Plans

The Internal Revenue Service recently furnished employers with welcome guidance concerning coverage of same-sex spouses in qualified plans. In a new Notice, the Service discusses how qualified arrangements such as...more

Will the German interest deduction limitation rules be found unconstitutional? Action steps for taxpayers as the courts decide

In a decision dated December 13, 2013 but only published recently, Germany’s Federal Tax Court has suspended execution of a German corporate income tax assessment to the extent that it was levied on the basis of the...more

New IRS Rules on Same Sex Marriages and How the Rules Affect Employer-Sponsored Retirement Plans

In the U. S. Supreme Court's decision in United States v. Windsor (Windsor), the Court held that, for federal purposes, Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. Although the dispute in the Windsor...more

IRS Issues Additional Guidance On The Treatment Of Same-Sex Spouses For Retirement Plan Purposes

IRS Notice 2014-19 provides long-awaited guidance on the application of the decision in United States v. Windsor to retirement plans qualified under Internal Revenue Code (“IRC”) Section 401(a). For tax-qualification...more

April Fools? No Joke, Virginia Law Limiting Addback Exceptions To Be Applied Retroactively for 10 Years

On April 1, 2014, Virginia Governor Terry McAuliffe signed HB 5001. This law imposes severe restrictions on the existing exceptions to intangible expense addback to Virginia taxable income. Specifically, the new law limits...more

MoFo New York Tax Insights - Volume 5, Issue 3 - March 2014

In This Issue: Court of Appeals Reverses Gaied “Permanent Place of Abode” Decision; ALJ Holds That Certain Data Processing Services Furnished to Broker-Dealers Are Not the Licensing of Software; Trial Court Allows...more

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