Tax Law | JD Supra

SYNOPSIS - TAX INFORMATION - JURISDICTION – NIGERIA

by Oserogho & Associates on 5/19/2013

Nigeria’s fiscal operations adhere to the Federal System of Government. The government’s fiscal authority is based on a three-tiered tax structure divided between the Federal, State and Local Governments, with the Federal...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

FBAR Filing Due for Foreign Financial Account Holders

by Michael Cho | Berkeley Research Group, LLC on 5/18/2013

The 2012 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is due June 30, 2013. An employee or officer who has signature or other authority over, or financial interest in, foreign financial accounts is...more

Good Governance for General Counsel: What Your Board Needs to Know Now

by Ober|Kaler on 5/18/2013

A host of regulatory and finance reforms have ushered in significant changes for health care entities, and likewise, for the boards that guide them. How can general counsel broach these changes with their boards and steer...more

Cook County, Illinois, Use Tax Update

by Stanley Kaminski | Duane Morris LLP on 5/18/2013

On May 20, 2013, Cook County Use Tax returns are required to be filed for all businesses in Cook County, Illinois, and individuals in Cook County who owe such use tax for purchases made in April 2013 from sellers located...more

Did Sergio Garcia Lose in Match Play with the IRS?

by Duane Morris LLP on 5/17/2013

One of the most recognizable names in professional golf—although not the most winning name, having never won a major golf tournament—is Sergio Garcia. He is especially known for his tree shots, the latest of which was a...more

Under The Dome: Inside The Maine State House 5-17-13

by Pierce Atwood LLP on 5/17/2013

Under the Dome: Inside the Maine State House is a weekly update that provides a high-level overview of recent activity at the Maine State House. Governor’s Fourth and Fifth Vetoes of the Session Sustained - Last week,...more

Reed Smith Marcellus Shale Tax Update - Recycle, Reuse, Reduce Your Tax Burdens

by Stephen Blazick, Daniel Dixon, Lee Zoeller | Reed Smith on 5/17/2013

Pennsylvania’s broad mining exemption from sales and use tax also includes an exemption for pollution-control devices that is less well known than the general exemption for mining equipment. The pollution-control exemption...more

IRS, Treasury Department Issue Proposed Rules Governing Minimum Value, Affordability, and Wellness Programs

by Alden J. Bianchi | Mintz Levin - Employment, Labor & Benefits on 5/17/2013

A key policy goal of the Patient Protection and Affordable Care Act (the “Act”) is the expansion of health insurance coverage to all Americans. The concepts of “minimum value” and its correlate “actuarial value” speak to the...more

Congress Reinstates Income Tax Advantages for Conservation Easements

by Womble Carlyle Sandridge & Rice, PLLC on 5/17/2013

Executive Summary: Congress has temporarily reinstated certain income tax advantages for donations of conservation easements. These advantageous provisions are scheduled to expire at the end of 2013....more

Big Incentives for Investments in Cybersecurity

by Javier Siervo | Berkeley Research Group, LLC on 5/17/2013

Recently, Maryland Governor Martin O’Malley signed into law the Cybersecurity Investment Incentive Tax Credit. The credit is to be used against the state income tax of a Maryland cybersecurity company. To be eligible for the...more

IRS Announces Plans To Look Into UBTI Reporting On A Broader Scale

by Deirdre Mitacek | Cullen and Dykman LLP on 5/17/2013

On May 8, 2013, the House Ways and Means Subcommittee on the Oversight of Tax-Exempt Organizations held a hearing on the College and University Compliance Project Final Report (“Final Report”) issued by the IRS on April 25,...more

Insights - Spring 2013: Developing Federal Common Law of Successor Liability

by Regina Joseph | Shumaker, Loop & Kendrick, LLP on 5/17/2013

When a purchaser acquires substantially all the assets of a seller, the purchase agreement typically provides that the purchaser does not assume seller’s liabilities except to the limited extent specifically set forth...more

Raising the Stakes of Worker Misclassification Yet Again

by Morgan Lewis on 5/16/2013

New requirements under the Patient Protection and Affordable Care Act are set to intensify state and federal governments' crackdown on worker misclassification....more

Be Careful If ROBS Is Your Business Financing Strategy

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/16/2013

Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more

The Current IRS Firestorm over Conservative Political Nonprofits: Any Lessons for the Rest of the Tax-Exempt Community?

by Jeffrey S. Tenenbaum | Venable LLP on 5/16/2013

Jeff Tenenbaum discusses the IRS’ inappropriate flagging of conservative political groups for additional review during the 2012 election season On May 10, 2013, the nonprofit tax bar – and much of the country – was...more

IRS Releases "Dirty Dozen" Tax Scams for 2013

by Ronald Adams on 5/16/2013

Some of this year's top scams are directed at innocent taxpayers, while others are committed by taxpayers in a futile and costly attempt to avoid taxes. For each of the last several years, the Internal Revenue Service has...more

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

by Wilson Sonsini Goodrich & Rosati on 5/16/2013

On May 10, 2013, the Internal Revenue Service (IRS) and Treasury Department released the long-awaited final regulations under Section 336(e) of the Internal Revenue Code, treating certain sales, exchanges, and distributions...more

Tax-Efficient Capital Vehicles for Unregulated Utilities: REITs, MLPs and Up-Cs Considered

by Nickolas Gianou, David Levy, Sean Shimamoto | Skadden, Arps, Slate, Meagher & Flom LLP on 5/15/2013

Over the last several years, a confluence of political and market developments have made capital for renewable energy projects harder to come by, which has affected the ability of unregulated affiliates of public utilities...more

IRS Scandal UPDATE: DOJ And FBI Launch Criminal Probe

by William McGinley | Patton Boggs LLP on 5/15/2013

The Washington Post is reporting that Attorney General Eric Holder disclosed during a press conference today that he has ordered the Department of Justice and Federal Bureau of Investigation to probe the IRS’s targeting of...more

Budget 2013-14: The Government targets multinationals to recover from the GFC - Baker & McKenzie

by Dixon Hearder, Amrit MacIntyre, John Walker | Baker & McKenzie Australia on 5/15/2013

The Treasurer has delivered the 2013-14 Budget. With the Treasurer noting that almost $170 billion has been wiped off tax receipts since the GFC, a series of measures increasing the tax burden of multinationals, foreign...more

Oregon Tax Credit Opportunities

by Michael Batelli | Berkeley Research Group, LLC on 5/15/2013

The Oregon Department of Revenue, in conjunction with the Oregon Film and Video Office, will auction 12,000 income tax credit certificates, worth $500 each, for a total of $6 million....more

Alabama Legislative Update – Week 13: Budgets Approved, Medicaid and Tax Bills Sent to Governor Bentley

by Denise Killebrew, Dennis Nabors | Baker, Donelson, Bearman, Caldwell &... on 5/15/2013

With the constitutional deadline of midnight on the 30th day closing in, Alabama lawmakers worked at a feverish pace to complete work on some of the most substantial and controversial legislation in the 2013 session....more

Tax Changes Loom in the President’s 2014 Budget Proposal

by Les Williams | Niles, Barton & Wilmer, LLP on 5/15/2013

The White House recently released its Fiscal Year 2014 budget proposal, and there are many suggested changes that will impact individuals, businesses, and estates. Several of these proposals—particularly on the estate and...more

IRS Scandal’s Next Question: Who Received The Information From The Conservative Groups?