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Tax update: Australian tax and GST treatment of bitcoin and other crypto-currencies

Earlier today the ATO released its long awaited public guidance on the Australian tax and GST treatment of bitcoin and other crypto-currencies. This guidance was originally scheduled to be released on 30 June 2014. It was...more

First Circuit Rejects Talley and Allows a Business Expense Deduction for Settlement Payments Made Under the False Claims Act

On August 13, 2014, the United States Circuit Court for the First Circuit rejected the United States’ request to deny Fresenius Medical Care Holdings Inc. from deducting a portion of a settlement payment to settle civil...more

Regulations Finalize Treatment of Basis of Indebtedness of S Corporations to Their Shareholders

Regulations issued July 23, 2014 finalize certain treatment of the basis of indebtedness of S corporations to their shareholders. The regulations adopt the June 2012 proposed regulations without substantive change, except for...more

California Taxpayers: Gillette Still an Option for the 2013 Return

What’s the Option? - We’re all still waiting for a final decision in Gillette. In the meantime, taxpayers have an option for the returns due this fall. They may compute their apportionment using one of the following...more

An Appreciation for Hedging Your Bets on Deferred Compensation

Under Section 457A of the U.S. Internal Revenue Code of 1986 (the “Code”), certain offshore and other entities are limited in their ability to provide tax-effective deferred compensation to providers of services to those...more

Give unto Caesar (but not a Dollar More!)-The Benefits and Planning Dexterity of the Charitable Lead Annuity Trust

Overview - I have to admit that I was a pretty good high school Latin student. In fact it may have been my best subject. When I got to West Point, I was in for very rude awakening. Not only did I realize too late that...more

IC-DISC Benefits Enhanced with Foreign Shareholders

Since the reduction in the individual tax rate on qualified dividends in 2004, the Interest Charge Domestic Sales Corporation (“IC-DISC”) has become an attractive vehicle to obtain a tax incentive for exporting U.S.-produced...more

Summary of IC-DISC Tax Benefits

Interest-Charge Domestic International Sales Corporations (“IC-DISCs”) offer significant potential tax benefits for U.S. companies that export U.S. manufactured products or certain engineering or architectural services with...more

Double Tax Bill: An Ethical Dilemma or a Bunch of Fraud?

Situation hopeless, but not serious...well maybe a little. $1.6 million serious. Hollywood icon, Robert Redford, is suing the New York State Department of Taxation and Finance claiming 'double taxation' - being over...more

Important Bill For Local Tax and Economic Development Changes is Mired in the Muck

The clock ran out on HB 1224 and we've had our fingers crossed for two weeks hoping that having the House and Senate both in session tomorrow might yield some legislative love and perhaps another look at HB 1224 -- which is...more

How Big Is My Partnership Agreement?

When parties intend to become partners, they typically enter into a written agreement with the terms of their arrangement; “handshake” deals are few and far between. This is certainly advisable, as people forget facts,...more

California Tax Developments - A Reed Smith Quarterly Update (2nd Quarter 2014)

Case Updates - California’s taxing agency gets reprimanded again; ordered to pay $2.6 million in attorneys’ fees. We previously reported on the Los Angeles Superior Court case Lucent Technologies, Inc., et al. v. Board...more

‘F’ Reorganization Is Not An Inversion Transaction

The hot tax policy discussion these days is about corporate inversions. Rather than entice capital to stay in the U.S. with favorable tax rates (i.e., using the carrot), it is being proposed to enhance corporate inversion...more

Is 2015 the Beginning of Mandatory Single Sales Factor Apportionment for D.C. Taxpayers?

On July 14, 2014, the Fiscal Year 2015 Budget Support Emergency Act of 2014 (2015 BSEA) was enacted after the D.C. Council voted to override Mayor Vincent Gray’s veto. The act includes a tax relief package recommended by the...more

Hobby Lobby ripples still being measured

How can the controversial decision in the Hobby Lobby contraception coverage case impact employers? The U.S. Supreme Court in June decided the controversial case of Burwell v. Hobby Lobby Stores Inc. The court ruled...more

For goodness sake! Taking cause-related marketing rules to heart

Whether it’s an organization that is close to the CEO’s heart, a response to a local tragedy, or a PR move to distract from some unpleasant news, there are times when extending a helping hand can also help a company’s bottom...more

New Jersey Issues Ominously Vague Guidance on New Click-Through Nexus Law

The New Jersey Division of Taxation issued a Notice last week that is hardly reassuring to remote sellers. The Notice basically paraphrases the new click-through statute, noting that the statutory definition of “seller” was...more

New York State Department of Taxation and Finance Releases Guidance on the Taxability of Computer Software

The New York State Department of Taxation and Finance (Department) has just released Tax Bulletin TB-ST-128 (Tax Bulletin), addressing how the state’s sales tax applies to sales of computer software and related services. The...more

Idaho Drafting Cloud Computing Regulation in the Wake of H.B. 598

The Idaho Sales Tax Rules Committee is currently revising Rule 027, Computer Equipment, Software, and Data Services, in response to the passage of H.B. 598. The Committee met for the last time on July 24 to discuss the draft...more

Food and Beverage News and Trends

Bill aims to impose federal excise tax on sugary drinks. On July 29, Representative Rosa DeLauro (D-CT) introduced a bill that would tax soda and other sugary drinks. The bill, which would levy an excise tax of one...more

Spotlight on Tennessee: 2014 Tax and Related Legislation

During the 108th General Assembly 2014 Session, the Tennessee Legislature considered several tax and related initiatives before adjourning in late April. Although the number of proposed tax and related initiatives this...more

The Illinois Two-Step: Final Sales Tax Sourcing Regulations May Cause Sales to be Sourced outside the State

Localities expecting more tax dollars due to the elimination of the controversial order acceptance test may be sorely disappointed. Application of the final sales tax sourcing regulations, effective as of June 25, 2014 (see...more

Local Law Shopping Through “Derivative Benefits”

Unlike U.S. persons who are subject to U.S. federal income tax on their worldwide income, foreign persons generally are subject to U.S. taxation on two categories of income: (i) certain types of passive U.S.-source income...more

The Corporate Inversion: From Obscure Strategy to Hot Trend

Capitalist ideals of “free enterprise” and “competition” make great debate topics, but when compared to the business-friendly tax codes of other nations the United States Tax Code cannot compete. With the highest corporate...more

New York Corporate Tax Reform: Benefits (and Burdens?) for Qualified New York Manufacturers

Earlier this year, New York enacted sweeping corporate tax reform that included a number of special benefits for qualified New York manufacturers. (For a discussion of this corporate tax reform, see our Special Report.) ...more

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