Income Taxes

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
News & Analysis as of

Doing Business in Latin America and The Caribbean: Ecuador

Situated on the northwest coast of South America, the Republic of Ecuador encompasses an area of approximately 256,549 square kilometers, or 99,438 square miles. Ecuador is a constitutional, democratic, sovereign and...more

Taxpayer Victory Helps Trusts Holding Business and Real Estate Avoid Tax

One of the most vexing tax issues remaining unresolved since the 1986 enactment of the passive loss (PAL) rules is whether business or rental income earned by a trust can be active income and whether business or rental losses...more

International Update - Tax Executives Institute PowerPoint Presentation

In this Presentation: - Topics - Inversion - Inversions – How Did We Get Here? - Impact Of The §367 Regulations - 2003 – Enactment of §7874 - §7874 - Determining “Ownership” - Treasury Regulation...more

Tax Tail Wags The Dog: Misunderstanding Imputed Interest

Tax professionals (accountants and lawyers) have an unfortunate tendency to transmute tax rules into general legal rules. Worse yet is the tendency of tax professionals to spread the gospel, as it were, and create legions of...more

Georgia’s Limited Tax Credits for Interactive Entertainment Producers

On April 15,[1] Georgia passed a law[2] amending its tax code to provide a limited tax credit to qualified interactive entertainment companies. The law provides incentives for mid-size game developers who demonstrate...more

Doing Business in Latin America and The Caribbean: Dominican Republic

The Dominican Republic offers outstanding advantages to foreign and national investors. The significant incentives and facilities offered by the Dominican State complement the many inherent factors that make this Caribbean...more

PA Senators Pushing to Replace School Property Taxes with Expanded Personal Income and Sales Taxes

A number of Pennsylvania State Senators continue to push for legislation to eliminate school district property taxes in Pennsylvania. They would replace the lost revenues by increasing the statewide Personal Income Tax rate...more

New York’s New Changes to Estate, GST and Income Tax Laws

New York has recently passed new laws that significantly reform its current estate, generation-skipping transfer (GST) tax and income tax scheme. This Private Client Group Client Alert provides a brief overview of New York’s...more

New York State Legislation Alert: April 2014

New York’s recently passed legislation, effective April 1, 2014, significantly changes its estate tax regime and income tax regime for certain trusts. This Alert discusses the implications of this legislation....more

McIntyre: Not What You Bargained For?

When are the parties to a civil tax dispute bound by agreed facts from a criminal proceeding? This was the question considered by the Tax Court of Canada on a Rule 58 motion made by the taxpayers in McIntrye et al v....more

Stay Ahead Of The Curve When Choosing Desired Tax Treatment

A foreigner starting business in the U.S. usually hires attorneys for visas, leases and licenses. The tax advisor comes later, when returns loom. This tendency is unfortunate because entering the U.S. starts the clock for...more

Defending Federal and State Tax Audits For High-Income Taxpayers

In 2013 the IRS audited slightly over one taxpayer in nine[1] with an income of $1 million or more.[2] This audit rate represents a sharp 69 percent increase from the 6.42 percent audit rate that similar high-income...more

Taxation Of Copyright Sales: Ordinary Income Or Capital Gain?

Tax day presents several interesting questions for copyright holders, not the least of which is how the Internal Revenue Service (IRS) will treat income from the sale or exclusive license of a copyright. If a copyright is a...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Woods v. Commissioner, Holds for IRS on Jurisdictional and...

In this issue: - US Supreme Court Imposes Valuation-Misstatement Penalty in TEFRA Proceeding - Southern District of New York holds Cooperation with Government Waives Attorney-Client Privilege - IRS Issues...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

View From McDermott: Expanded In-Plan Conversion Opportunities Will Boost Roth 401(k) Balances

The number of defined contribution plans (including 401(k), 403(b) or 457(b) plans) with a Roth feature has grown significantly in recent years. Roth 401(k) is gaining popularity due in part to tax hedging or tax...more

Why Tax-Exempt Organizations Should Plan for Joint Ventures

Non-profit organizations, which are exempt from federal income tax under Internal Revenue Code section 501(c)(3) (each a “Tax- Exempt Organization”), may find it necessary or beneficial for their operational goals to enter...more

IRS: Bitcoin Not A Currency For Tax Purposes

As expected, the U.S. Internal Revenue Service has provided some guidance on the U.S. tax treatment of Bitcoin. In Notice 2014-21 (March 25, 2014), the IRS stated that Bitcoin is property and not currency for tax...more

MoFo New York Tax Insights - Volume 5, Issue 4 - April 2014

In This Issue: City ALJ Holds First Amendment Requires Exercise of Discretionary Authority for Sourcing Receipts from Providing Credit Ratings; Tribunal Affirms Partial Day Count for Statutory Residency Purposes; ALJ...more

File your taxes on time. That's an order!

OK, so I was kidding a bit, but not much. Notice that I didn't say that you needed to pay those taxes (maybe you can't), but you need to file them on time. The point is, in the event that later on you consider filing...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

Dechert OnPoint: The Housing Finance Reform and Taxpayer Protection Act of 2014

Following on the heels of last year’s bi-partisan “Housing Finance Reform and Taxpayer Protection Act of 2013”, which was introduced into the Senate by Senators Corker and Warner, a similar bill was recently introduced in the...more

Taxation of Carried Interest Under Chairman Camp’s Tax Reform Proposal

On February 25, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) issued a sweeping tax reform discussion draft, numbering almost 1,000 pages (the Discussion Draft). This alert summarizes proposals included in...more

The New Massachusetts Income Sourcing Rules For Corporate Services: Massachusetts DOR Issues Working Draft of Implementing...

On July 24, 2013 the Massachusetts General Court enacted an $800 million transportation bill. This bill, inter alia, revised the Massachusetts corporate sourcing rules for the sale of services. The bill became effective as of...more

Battuta D'arresto Per La Voluntary Disclosure

Come annunciato, l'articolo 1 del decreto legge 28 gennaio 2014, n. 4 (pubblicato in G.U. n. 23 del 29 gennaio 2014 – di seguito "Decreto") in materia di "Voluntary Disclosure" o "Collaborazione Volontaria" per il rientro dei...more

618 Results
|
View per page
Page: of 25