Tax Law | JD Supra Legal News, Updates, Analysis, & Information

Deadline to Make Portability Election Extended

by Partridge Snow & Hahn LLP on 2/22/2012

The Internal Revenue Service has issued guidance which allows estates of individuals who died during the first six months of 2011 to extend the deadline to make a portability election. The portability election is the ability...more
Legal Alert: Social Security Tax Break Being Extended to Year-End

by Ford & Harrison LLP on 2/22/2012

On February 18, 2012, the Senate passed a bill that extends the tax break on the employee portion of the Social Security Old-Age, Survivor and Disability Insurance tax (OASDI) through the end of 2012. The House of Representatives...more
Tax Primer for Filing your 2011 Taxes

by Fein, Such, Kahn & Shepard, P.C. on 2/22/2012

It's that time of year when we are all hunkering down getting our documents together to file our income taxes. While we recently blogged about proposed changes to the tax code, filing your taxes deals with the laws that are in...more
New U.S. Tax Basis Reporting Rules Imposed on Certain Securities Issuers

by Patterson Belknap Webb & Tyler LLP on 2/22/2012

U.S. and non-U.S. issuers of specified securities are subject to new U.S. tax basis reporting obligations under Section 6045B of the U.S. Internal Revenue Code of 1986, as amended (Code), which was enacted as part of the Energy...more
The Upcoming 2012 Canadian Federal Budget

by Moodys LLP Tax Advisors on 2/22/2012

As mentioned in an earlier post, the Federal Budget is usually the place where most tax proposals arise. Accordingly, tax practitioners are keenly interested in the detailed Budget proposals that get released. However, as we have...more
Unpaid Federal Taxes, Lead to Federal Tax Liens

by Candida (CJ) Griffin, Esq. on 2/22/2012

Proving that celebrities are not above the law, the IRS recently served rapper Lil’ Kim with a tax lien for allegedly dodging more than $1 million in taxes. While it is celebrity tax stories that most often make the headlines,...more
Treasury Department Issues Proposed Regulations Under FATCA and Unveils Bilateral Agreements for Partner Countries With Respect to...

by Bracewell & Giuliani LLP on 2/22/2012

This update is a follow-up to our May 6, 2010 publication, HIRE Act of 2010 - Increases Need for International Tax Compliance, with respect to the new information reporting obligations for foreign financial institutions...more
The Fight Over the Un-dead Parent

by James McDonough on 2/22/2012

Frank Brunetti and I were discussing business succession plans for a client the other day, and he uttered the phrase that is the title of this blog post. It will stay with me forever, because every business attorney has seen family...more
NINTH CIRCUIT REJECTS “WHOLE BUSINESS ENTERPRISE” - PART 2 OF 2

by Joel Glucksman on 2/22/2012

In my prior post on this topic, I noted that a “single asset real estate” debtor has but a very limited window in which to hide in bankruptcy before the inevitable unfolds. The Congressional history for this change that added the...more
NINTH CIRCUIT REJECTS “WHOLE BUSINESS ENTERPRISE” EXCEPTION

by Joel Glucksman on 2/22/2012

A late January ruling by the Ninth Circuit Court of Appeals has gladdened real estate lenders and struck terror into the hearts of developers. Essentially, the court prevented a major real estate developer from using the “whole...more
How Nonprofits Can Avoid the Legal Pitfalls of Telecommuting Employees

by Venable LLP on 2/22/2012

As technology for the home office improves, more nonprofits and employees are taking advantage of the benefits of telecommuting. Laptops are lighter, faster, and more portable. Smartphones, iPads, and other e-readers...more
If It’s Too Good To Be True…

by Davis, Brown, Koehn, Shors & Roberts, P.C. on 2/21/2012

Joe Kristan, of the venerable Roth & Company P.C. Tax Update Blog, raises an important issue that all taxpayers should keep in mind. Joe reminds us to beware of promises of fast, dramatic tax relief. Whenever a notice of...more
Importance of Good Record keeping in Taxes

by Darrin Mish, Tampa Tax Attorney on 2/21/2012

Everyone knows you have to keep accurate records when it comes to reporting your taxes. But it is also a pain in the neck to have to keep accumulating receipts, check buds, invoices etc. for years “just in case”. It is...more
The Golden Ruehl: The Final Word on the Taxation of Leasehold Improvements in Florida?

by Akerman Senterfitt on 2/21/2012

On January 3, 2012, the First District Court of Appeals affirmed the trial court's holding that leasehold improvements constructed under two commercial leases were not subject to sales and use tax. Florida Department...more
Economic Strategic Commission – Advancing Entrepreneurship in New Hampshire

by Sheehan Phinney Bass + Green PA on 2/21/2012

During the 2011 legislative session, Senate Bill 92 (SB 92) was adopted establishing a statutory commission to “review the relationship between business and government.” This description understates the purpose and...more