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IRS Issues Additional Guidance On The Treatment Of Same-Sex Spouses For Retirement Plan Purposes

IRS Notice 2014-19 provides long-awaited guidance on the application of the decision in United States v. Windsor to retirement plans qualified under Internal Revenue Code (“IRC”) Section 401(a). For tax-qualification...more

April Fools? No Joke, Virginia Law Limiting Addback Exceptions To Be Applied Retroactively for 10 Years

On April 1, 2014, Virginia Governor Terry McAuliffe signed HB 5001. This law imposes severe restrictions on the existing exceptions to intangible expense addback to Virginia taxable income. Specifically, the new law limits...more

MoFo New York Tax Insights - Volume 5, Issue 3 - March 2014

In This Issue: Court of Appeals Reverses Gaied “Permanent Place of Abode” Decision; ALJ Holds That Certain Data Processing Services Furnished to Broker-Dealers Are Not the Licensing of Software; Trial Court Allows...more

Newsletters - Feb 28, 2014: The Elevator Speech Overview

The U.S. House and Senate were both in session this past week, returning from a week long work period in district. The National Governors Association (NGA) met in Washington DC for their annual winter meeting, discussing...more

MoFo New York Tax Insights - Volume 5, Issue 2 - February 2014

In This Issue: Governor Cuomo Releases Ambitious 2014-15 Executive Budget; Third Department Holds Transfer of Condemned Property Did Not Occur Until After Gains Tax Was Repealed; Trial Court Upholds Constitutionality...more

Courts are Consistently Ruling that the Act of Production Privilege Will Not Defeat Grand Jury Subpoenas Calling for Foreign Bank...

On December 13, 2013, the United States Court of Appeals for the Fourth Circuit issued its decision in United States of America v. Under Seal. On December 19, 2013, the U.S. Court of Appeals for the Second Circuit issued its...more

Variations for Bank Shares Tax Valuations Tolerable

A plurality of the full Pennsylvania Supreme Court held that the disparity in valuations that results from the application of the statutory averaging formula for valuations and a combination provision are not...more

Fourth Circuit Court of Appeals Holds that Required Records Exception Trumps Fifth Amendment

On December 13, 2013, the Fourth Circuit Court of Appeals in United States v. Under Seal, 2013 U.S. App. LEXIS 24785 (4th Cir. Va. Dec. 13, 2013), held that the required records doctrine applies when the government subpoenas...more

Monthly Benefits Update - November 2013

Health & Welfare Plans - Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate - The United States Supreme Court has agreed to hear two cases challenging...more

State + Local Tax Insights -- Fall 2013

In This Issue: “Occasional Sales” and Single Sales Factor Apportionment in California; Upcoming Speaking Engagements; State Taxation of Financial Institutions; Applying the True Object Test to Determine the Taxability...more

Offshore Accounts Holders Have No Fifth Amendment Protections

In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the “required records doctrine” to compel taxpayer’s to produce what may be incriminating evidence of ownership or control of...more

Corporate tax reform is coming to Switzerland

Tax experts in Switzerland now predict that certain Swiss tax regimes – the cantonal tax regime, the holding regime and, in particular, the auxiliary company regime, will ultimately need to be repealed. A repeal of...more

How Does DOMA Ruling Affect Your Estate and Tax Planning?

The Supreme Court’s decision in Windsor v. U.S. has effectively struck down Section 3 of the Defense of Marriage Act, also known as DOMA, retroactively. Here are some tax advantages now available to married same-sex...more

60 Acres And A Lawsuit Challenging The FTB’s Interpretation of “Doing Business”

Swart Enterprises, Inc. is an Iowa corporation. It operates a farm of some 60 acres of crop land in Kansas. Swart has no physical presence in California. It owns no real or personal property in California. It has no...more

IRS Seeking 50% x 4 Penalties In FBAR Nonreporting Case

Taxpayers are required to disclose their ownership interests in foreign bank and financial accounts by filing a Form TD F 90-22.1, ...more

Merchants Challenge Constitutionality of New York’s ‘No Credit Card Surcharge’ Law

Five merchants and their principals have filed a lawsuit in federal district court in New York challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. New...more

Texas Adds Reverse Mortgage Constitutional Amendment To November Ballots

On May 22, the Texas legislature adopted a joint resolution, SJR 18, to propose an amendment to the Texas Constitution to allow a reverse mortgage for the purchase of a homestead property....more

Supreme Court Settles Fifth Amendment Required Records Issue in Context of Offshore Bank Accounts

On May 13, 2013, the Supreme Court denied a taxpayer’s petition for certiorari regarding the Seventh Circuit’s August 27, 2012, decision applying the Required Records Exception to override the taxpayer’s Fifth Amendment...more

Court Prohibits Bond Expenditure on Stadium Lighting Because Lighting Was Not Specifically Listed as Contemplated Project

The California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of...more

Court of Appeal Narrowly Reads School Bond Measure Language In Siding with Taxpayer Group’s Challenge To High School Stadium...

The California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of...more

"No State Income Tax" Constitutional Amendment to be Submitted to Tennessee Voters in November 2014

On April 8, 2013, the Tennessee House of Representatives passed Senate Joint Resolution 1 by a vote of 80-8, giving final approval to a proposed constitutional amendment to ban a state income tax in Tennessee on payroll and...more

Legal Alert: A Royal Opportunity: Amendments to New York’s Royalty Expense Add-back Statute Leave the Income Exclusion Intact for...

On March 28, 2013, the New York State Legislature passed budget legislation (S.2609D/A.3009D) that replaces the existing New York State and City related - party royalty add - back requirements with provisions based on the...more

Eleventh Circuit Court of Appeals Sustains Required Records Exception to the Fifth Amendment

On February 7, 2013, the U.S. Court of Appeals for the Eleventh Circuit affirmed the decision of the U.S. District Court for the Northern District of Georgia holding that the Required Records Exception overrides a...more

California’s Attempt to Retroactively Tax its Residents

In Cutler v. Franchise Tax Board, a case litigated by Reed Smith, a California Court of Appeal held that the California property and payroll requirements of California’s Qualified Small Business Stock provisions were invalid....more

Will The Debt Ceiling Standoff End Up In Court? [Video]

Jan. 17 (Bloomberg Law) -- Bob Rice, Managing Partner at Tangent Capital Partners and a former federal prosecutor, talks with Bloomberg Law's Lee Pacchia about the potential for the debt ceiling fight to end up in the court...more

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