Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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FATCA Violation Underlies Latest US Tax and Securities Fraud Charges

Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation. On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in...more

Minnesota Issues Revenue Notice Regarding Apportionment of Compensation Paid to Nonresident Corporate Board Members

On August 25, 2014, the Minnesota Department of Revenue released Revenue Notice 14-02, which provides an alternative method of apportioning compensation earned by certain corporate directors who are not residents of Minnesota...more

PA Tax Law News - September 2014

In This Issue: - Sales Factor Sourcing of Services & Intangibles - Nonresident Limited Partners Liable for Personal Income Tax - PA Appeal Systems Changes Update - Personal Responsibility for...more

A (Somewhat) Brief History of Local Sales Taxes

Though usually a sure-fire cure for insomnia for anyone other than a policy wonk or local government finance officer, local sales taxes have been a hot topic of debate recently in three high-profile news stories. ...more

Guide To Doing Business in Australia: Taxation

TAXATION - It is not possible to give a complete outline of the scope of the taxation system in this guide. A brief outline of the basic taxation principles and some of the major forms of taxation are discussed below....more

Cap-Subject H-1Bs Will Be Effective October 1

On October 1, 2014, FY 2015 H-1B cap-subject visa petitions will be valid. Individuals in possession of valid H-1B petitions must take appropriate action to demonstrate work authorization for the petitioning employer. For...more

Canadian government vs. Ottawa think tank - a battle of bias

Classic case of they said, they said - Last year, the Canada Revenue Agency began auditing an Ottawa-based think tank, accusing the company of being “biased and one-sided.” Now, more than 400 academics are demanding...more

Private Ruling Endorses Taxpayer-Friendly Reading of “Qualified Small Business” Under Section 1202

On September 5, 2014, the Internal Revenue Service (“IRS”) released Private Letter Ruling 201436001 (the “Ruling”), which found that a company providing products and services primarily within the pharmaceutical industry was a...more

Fall Legislative Session Preview

With fall in the air, the General Assembly returns to Harrisburg on Monday, September 15 after a two-month summer break. There are only 11 session days scheduled for the remainder of the session, and with November’s election...more

The Mergers & Acquisitions Review: Eighth Edition: Chapter 11: British Virgin Islands

I OVERVIEW OF M&A ACTIVITY - British Virgin Islands (BVI) companies are employed in geographically diverse corporate structures, with the effect that gradually improving global economic conditions have started to...more

How to Land Projects in California

Until recently, California’s state-level economic development cupboard was looking a little bare — its 400 redevelopment agencies were dissolved in February 2012, property tax increment financing has been discontinued and...more

Misclassification of Employees As Independent Contractors In the News

Media outlets throughout the country have recently reported that it appears there was little to no oversight to ensure contractors, which were working on projects receiving federal stimulus money, were not misclassifying...more

IRS Affirms Treatment of Short Sales for UBTI Purposes

Since there are many hedge funds that utilize short selling as part of their investment strategy, it is important for hedge fund investors, including tax exempt organizations, to understand the U.S. tax treatment of these...more

Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056

Employer Shared Responsibility Penalties - There are two types of employer shared responsibility payments, also known as pay or play penalties, under the Affordable Care Act (ACA). The first penalty under Internal...more

Why Does My Joint Venture Pay Corporate Taxes? When Tax Status Doesn’t Match State Form

Most of the time the state-law classification of an entity and its federal income tax classification match. A corporation will be taxed as a corporation and a partnership will not be taxed, instead merely filing an...more

Interest Income Risk On Unpaid Related Party Loans

If interest is not timely paid on related party indebtedness, the payee may need to report original interest discount income. How often do you see or implement interest-bearing related party loans (e.g., among family...more

September and October 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

RRSP Eligibility for Renewable Energy Co-Operatives: Could there be a solution at last?

One of the major obstacles facing renewable energy co-operatives is the concern that, although they are a co-operative for the purposes of the Cooperative Corporations Act (Ontario) (the “CCA”), they may not be co-operatives...more

New Amendment To The France-Luxembourg Tax Treaty: Capital Gains On Sale Of Real Estate Entities Will Be Taxable In The State...

Based on the press release issued by the Luxembourg Ministry of Finance (MoF), the amendment allocates the right to tax capital gains realised upon the sale of stock, shares or other rights in companies, trusts or any other...more

Illinois Enacts Legislation Imposing a Self-Procurement Tax While Also Narrowing the Industrial Insured Exception for Transacting...

Illinois will soon begin taxing self-procured insurance premiums for the first time, as required by Senate Bill 3324, now Public Act 98-0978 (the Act). The Act, which was signed into law by Governor Quinn on August 15, was...more

Advertisement Tax

On 15 August 2014 a new act (Act no. 22 of 2014) entered into force in Hungary, setting out the rules of a new tax category: advertisement tax. According to the act, an advertisement is subject to the tax if it is published...more

Gariepy: When is a director’s resignation effective?

In Gariepy v. the Queen (2014 TCC 254), the Tax Court considered (i) whether two directors had effectively resigned from their positions, and (ii) if not, whether the directors were duly diligent in seeking to prevent the...more

Personal Responsibility for PA Tax Assessments

Under Pennsylvania law, there are important exceptions to the general rule that officers, employees and owners of a corporation or limited liability company have no personal liability for the business’s unpaid tax...more

OECD Publishes its Standards for the Automatic Exchange of Information

On July 21, the Organisation for Economic Co-operation and Development (OECD) published its Standard for Automatic Exchange of Financial Account Information in Tax Matters. The report contains the OECD’s model competent...more

IRS Internal Memorandum Advises That Self-Employment Tax Applies to Profits From an Investment Manager

On September 5, 2014, the Office of Chief Counsel, Internal Revenue Service (IRS) released an internal generic legal advice memorandum advising an IRS field agent that the statutorily provided “limited partner” exception to...more

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