Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
News & Analysis as of

Santa Monica Takes Bold Steps to Enforce its Short-Term Rental Regulations

One of the chief issues facing local governments as they contend with regulation of short-term rental marketplaces is the trouble of enforcing whatever framework they develop. After passing tough regulations last week, the...more

Renewable Energy Update - May 2015 #3

Renewable Energy Focus - New legislation proposed to extend ITC: PV-Tech - May 20: A new piece of legislation has been proposed that would help extend the investment tax credit (ITC) for both residential and commercial...more

Dubai launches new design and e-commerce hubs

A cornerstone of Dubai's success in attracting businesses and encouraging growth across a diverse range of sectors has been the continued establishment of free zones. These special economic zones offer business-friendly...more

Massachusetts DOR May Lose Staff This Summer

The Massachusetts Department of Revenue (DOR) likely will have significantly less employees starting July 1, 2015, due to a Massachusetts employee retirement incentive program. Governor Charlie Baker recently signed...more

Data Security Breach at IRS Disrupts Taxpayers and Tax Professionals

The Internal Revenue Service (IRS) announced on Tuesday, May 26, 2015 that criminals had fraudulently obtained the tax returns and account information of more than 100,000 taxpayers. The criminals used this information to...more

Five Things You Should Know About the United States Supreme Court decision in Maryland v. Wynne

On May 18, 2015, the United States Supreme Court ruled in a 5-4 decision that Maryland’s personal income tax scheme violates the Commerce Clause of the United States Constitution by denying residents a full credit for...more

Exit Strategy Trends and Ways to Create Value

In This Presentation: - Current Market Trends We Are Seeing - Representative Case Study - Presenter Firm Service Offerings - Excerpt from Representative Case Study: - Introduction to Case...more

Estate Planning for Non-U.S. Citizens

In This Presentation: - Basic Rules - Determination of Residency for Estate Tax purposes - Tax Rules - Estate and Gift Tax Treaties - Asset Situs Rules - Taxation of Life Insurance...more

New York Issues Tax Advisory Opinion Regarding Cloud Computing Product

The new guidance addresses the New York sales and use tax treatment of cloud computing services. Background - On April 14, the New York State Department of Taxation and Finance (the Department) issued Advisory...more

IRS Issues Q&As on Information Reporting under Code Section 6055 and 6056

Thursday, the U.S. Internal Revenue Service issued new Questions & Answers regarding the Affordable Care Act’s reporting rules under Code Section 6055 and 6056. The categories under the guidance include: Basics of the...more

Can the Tax Man Come After Your Stored Gas?

The owner of 33 BCF of gas cant’ just stuff it in his pocket and move it county-to-county to avoid taxes. So, the question: Is gas in storage subject to ad valorem tax on personal property? The Harris County Appraisal...more

EB What? Considering Other Alternatives to the EB-5 Visa

Overview - The EB-5 Visa program has been widely promoted as a legal basis for foreign business owners to gain conditional residency followed by permanent residency in the United States. The program is a great solution...more

Ontario “Grandfathers” Tax Credit Rate Changes

When Ontario announced its 2015 budget, one particular proposed change was met with… well, let’s call it “concern” from the Ontario film and television production community: the reduction of the OPSTC and OCASE tax credits...more

Cayman Islands FATCA Compliance Deadlines Extended Again

The Cayman Islands announced the further extension of its FATCA registration and reporting deadlines, as follows... ...Cayman Islands investment entities that have been classified as “Reporting Cayman Islands Financial...more

North Carolina Moves Towards Single Sales Factor and Market Sourcing

An earlier Tax Alert discussed the possibility that North Carolina would adopt the single sales factor method of apportioning the business income of multi-state corporations. During the current legislative session, single...more

Baytex: ABQB Grants Rectification

In Baytex Energy Ltd. et  al. v. The Queen (2015 ABQB 278), the Alberta Court of Queen’s Bench considered whether rectification and/or rescission were available to address mistakes that could result in the taxpayer being...more

Second Circuit Rules FDCPA Does Not Require Disclosure of Settlement’s Tax Consequences

The U.S. Court of Appeals for the Second Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) does not require a debt collector to disclose the possible tax consequences of a debtor’s acceptance of a...more

Applicable Federal Rates – June 2015

Please see charts below for more information....more

Can the IRS Abate Interest and Penalties That Have Already Been Paid?

A taxpayer filed a late tax return, and paid with it interest and penalties based on the tax due. The taxpayer then filed a time-barred refund claim, providing that the tax amount due was overstated on the original return....more

The House Joins the Senate Finance Committee in Proposing FIRPTA Reform

FIRPTA real estate tax reform continues its momentum with the recent release of bill text for H.R. 2128, the latest House bill introduced by Kevin Brady (R-Texas) and J Crowley (D-NY). In connection with the filing of the...more

Senate Wants to Spend $2 Million to Gain Much More Than That in Tobacco Taxes

Before long we could have a new, state-funded team of revenue agents targeting the illegal sale of tobacco products in Massachusetts, a surprising profitable criminal endeavor. The Massachusetts Senate included $2...more

Supreme Court Update: Comptroller v. Wynne (13-485) And San Francisco v. Sheehan (13-1412)

We're back with the two remaining decisions from Monday, Comptroller v. Wynne (13-485) and San Francisco v. Sheehan (13-1412), two split decisions featuring strange bedfellows. The Justices' philosophical differences...more

North Carolina General Assembly Week in Review

The state House passed their two-year, $22.1 billion spending proposal early this morning on a vote of 93-23 after a long week of debate that saw delays because of the sheer number of amendments to the bill. House Bill 97,...more

It Takes Only One Retirement Plan Participant To Sink An Employer

There are a couple of songs that says it takes two, but that’s for love. When it comes to causing grief and heartache for retirement plan sponsor, it only takes one. The one is a plan participant who is adamant of making a...more

U.S. Taxpayers Living Overseas: The June 15th Automatic 2-Month Extended Deadline and Other Filings Extensions

While most U.S. taxpayers must file their taxes by April 15th, U.S. taxpayers living abroad have additional options to extend the deadline of their filing due date. These extensions provide convenience as well as important...more

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