Tax Rates

News & Analysis as of

Clinton Outlines Her Capital Gains Rate Hike

Following up on my post from last week, presidential candidate Hillary Clinton has now provided more specific information on her proposed capital gains rates hike. For high income filers (couples making at least $465,000...more

New York is Almost Open for Flying: A Sales and Use Tax Update

Piggy-backing on my colleague Drew’s sales tax update last week on new use tax rules for yachts already in effect, I’m writing with another timely update on New York’s soon-to-be-effective sales and use exemption rules for...more

Private Equity and Hedge Fund Managers Take Caution - Proposed Treasury Regulations Threaten Management Fee Waivers

On July 23, 2015, the Internal Revenue Service ("IRS") issued long-awaited proposed regulations discussing the taxation of management fee arrangements commonly used by private equity funds and their management. The proposed...more

Revamping U.S. Taxation of Multinational Corporations?

The Obama administration and top lawmakers are in discussions regarding a potential overhaul of how the United States taxes U.S. multinational corporations. Topics under consideration include eliminating the U.S. approach of...more

CRA: Bitcoins may be Specified Foreign Property

The CRA recently provided its views on whether digital currency, including Bitcoins, are considered “specified foreign property” under the foreign property reporting rules in section 233.3 of the Income Tax Act. Under...more

Business Succession Planning in the Current Tax Environment

Business succession planning in the current tax environment may require an adjustment in thinking from traditional planning. Traditional planning usually attempts to transfer ownership of the business to the next owner (often...more

Clinton to Propose Higher Capital Gains Rates

Hillary Clinton is expected to propose later this week a revamping of capital gains rates. While the specifics are not yet released, Clinton’s proposal is expected to increase the current maximum capital gains rate for...more

New York Is Open for Boating: A Sales and Use Tax Update

Fourth of July has come and gone. This year, nonresidents (more on this later) who brought a new boat to New York for the first time were hit with a breath of fresh air—and I’m not talking about the fresh air from [insert any...more

Connecticut Budget Set To Impact The State's Highest Earners

Governor Dannel Malloy recently signed a budget package, retroactive to January 1st of this year, which increases the income tax rate for the state's highest earners and makes some notable changes to estate taxes and probate...more

Guide To Doing Business in New Zealand: Taxation (Updated)

TAXATION - It is not possible to give a complete outline of the scope of the taxation system in this guide. A brief outline of the basic taxation principles and some of the major forms of taxation are discussed below....more

Foreign Resident Capital Gains Withholding Tax – Draft Legislation Released

On 6 November 2013, the Federal Government announced that it would introduce a 10% non-final withholding tax on the disposal of certain taxable Australian property by foreign residents. This measure aims to assist the...more

State Legal Marijuana Dispensaries Lose Out on Business Deductions

Federal income tax is a tax on “net” income – gross income less allowable deductions. Unless, however, you are a drug dealer – Code Section 280E does not allow sellers of federally controlled substances to deduct their...more

U.S. Supreme Court Strikes Down State Laws Banning Same-Sex Marriage - Same-Sex Couples Should Review Their Estate Planning...

The recent U.S. Supreme Court decision in Obergefell v. Hodges, 135 S.Ct. 1039 (June 26, 2015),answered definitively the lingering questions following the Court’s decision last year in Windsor about whether states could...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

U.S. state and local sales and use taxes: Bad news, good news and the smoke from a distant fire

Thousands of American subnational governmental units (states and localities) impose taxes. These taxes include “sales taxes,” which are imposed on sales to end users of goods and certain services, and “use taxes,” which are...more

Commission Payments to IC-DISC Recharacterized as Non-Deductible Dividends

In Summa Holdings, Inc. v. Commissioner, T.C. Memo 2015-119, the Tax Court recharacterized an exporter’s deductible commission payments made to an IC-DISC as non-deductible dividend payments to the exporter’s shareholders...more

Planning For Qualified Dividend Income When Taking Foreign Companies Public - Tax Update Volume 2015, Issue 2

Where Qualified Dividend Treatment Is Important, Serious Consideration Should Be Given to Ensuring the Company Is Eligible for Treaty Benefits Before Taking It Public. Dividends generally are taxed at ordinary income...more

Tax Policy Update

The top estate tax rate under Democratic presidential candidate Bernie Sanders’ proposal to tax the wealthiest Americans and narrow income inequality in the U.S. The proposal splits the estate tax into four brackets...more

Cook County Tax Rates Released

Yesterday the Cook County Clerk’s Office released the tax rates that will be used for the 2014 tax bills. Again this year, Cook County tax bills will go out on time. Tax bills are expected to be issued on July 1 with a due...more

Applicable Federal Rates - July 2015

Please see charts below for more information....more

South Carolina Legislative Update

The Senate last week approved an amendment to the South Carolina Pain Capable Unborn Child Protection Act and gave the bill second reading. The Senate also returned the proposed body camera legislation to the House with...more

Applicable Federal Rates – June 2015

Please see charts below for more information....more

Tax Policy Update

NUMBER OF THE WEEK: 40 percent. The average combined federal and state tax rate paid by most U.S.-based firms, according to a Wall Street Journal op-ed by James Freeman today, entitled “The Tax Takeover Craze.” Freeman claims...more

The Netherlands: resistance against different gambling taxes; complaint EC lodged

Yesterday, Dutch media reported that the proposed Remote Gambling Act (“RGA”) is subject to a complaint filed with the European Commission. The sector organization of slot machines, VAN, submitted the complaint stating that...more

Tax Policy Update

NUMBER OF THE WEEK: 6.5 percent. The tax rate at which companies could voluntarily repatriate their foreign earnings under the Invest in Transportation Act of 2015 (S. 981). Senators Barbara Boxer (D-CA) and Rand Paul (R-KY)...more

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