Tax Law – May 24, 2012

by Charles (Chuck) Rubin on 5/23/2012

An accounting firm operated as a C corporation. The firm paid substantial fees to three related entities created by the founding shareholders of the firm. The fees were so high as to reduce the net income of the firm to a de...more

by Charles (Chuck) Rubin on 5/21/2012

Taxpayers are requiring to have a taxpayer identification number to file returns and provide to payors, so that their tax data can be adequately tracked and reported. While most U.S. individuals will use their social security...more

by The Rosenbaum Law Firm P.C. on 5/17/2012

When you are purchasing a home computer these days, it can often be confusing if you are not well versed in the jargon. While selecting between a Mac and a PC or a laptop vs. a desktop is easy, the other details can be...more

by Proskauer Rose LLP on 5/16/2012

In 2009, Her Majesty's Revenue & Customs ("HMRC") in the UK announced that, for partnerships filing UK tax returns, each partner was required to have a unique taxpayer reference number ("UTR"). This primarily affected...more

by Karanovic & Nikolic Law Office on 5/14/2012

I. Amendments to the Law on Corporate Income Tax (page 2) The duration of the tax exemption period for investment in underdeveloped regions has been extended (page 2) — Certificates of tax residency finally introduced...more

by Armstrong Teasdale LLP on 5/14/2012

In January 2012, the Internal Revenue Service (“IRS”) announced its third Offshore Voluntary Disclosure Program (“OVDP”) aimed at U.S. taxpayers who have failed to report income from foreign accounts. Under the OVDP,...more

by Sedgwick LLP on 5/10/2012

What Is an ESOP? First and foremost, an ESOP is an employee benefit plan that is qualified for tax-favored treatment under the Internal Revenue Code of 1986, as amended (IRC). However, an ESOP can also be a tool of...more

by Fraser Milner Casgrain LLP on 5/9/2012

The Federal Court of Appeal has once again affirmed the importance of Generally Accepted Account Principles (GAAP) in computing liability for the large corporation tax (LCT) applicable prior to 2006 while rejecting the...more