News & Analysis as of

Business Taxes

Liquidating A Partnership Interest? Beware The Effects Of Partnership Indebtedness

by Farrell Fritz, P.C. on

Setting the Stage- Over the last couple of months, I’ve encountered several situations involving the liquidation of a partner’s interest in a partnership. Years before, the partnership had borrowed money from a third party...more

VAT In the UAE - What Your Business Needs to Do

by Bracewell LLP on

The UAE will introduce value added tax (“VAT”) at the rate of 5% from 1 January 2018. The basic principle underpinning the introduction of VAT is to further improve the economic base of the UAE. This is a significant...more

23 States Join the Multistate Tax Commission Amnesty Ending on October 17, 2017: “Fulfillment by Amazon” Companies Targeted

This article provides practitioners with a practical overview of (1) the changing law of nexus; (2) the Multistate Tax Commission Amnesty Program ending on October 17, 2017; and (3) on-going state voluntary disclosure...more

My Business Owes IRS Employment Taxes: What Do You Do? IRS Employment Taxes and “Trust fund Recovery Penalty” (Part 7)

by McNair Law Firm, P.A. on

Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more

Withdrawing Your Business From New York? Did You Pay The Exit Tax?

by Farrell Fritz, P.C. on

Departing Individuals- Many of you may know that an individual who changes his status from New York (“NY”) resident to nonresident is required to accrue to the period of his NY residence – i.e., include in his final NY tax...more

Waiver of Penalty and Interest Offered for Payment of Delinquent Taxes

by GableGotwals on

The Oklahoma Tax Commission (OTC) has announced that it is offering a limited-time program to encourage the filing and payment of delinquent taxes. The program provides for waiver of all penalty and interest if certain types...more

Next Steps on Tax Reform Expected Later this Fall

by Baker Donelson on

Long a priority of House and Senate Republicans and the White House, expect tax reform to take center stage this fall. Originally, the White House was expected to drive the discussion over tax reform and promised to release a...more

The IRS Has a Lien Against Me: What Do You Do? Tax Lien Release and Discharge (Part 6)

by McNair Law Firm, P.A. on

Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more

Relief For Late Partnership Filings

by Farrell Fritz, P.C. on

Oops?- Are you a member of a partnership or of a limited liability company that is treated as a partnership for tax purposes (a “partnership”)? Did your partnership file its 2016 tax return late this year? How about K-1s?...more

Purchases of Truck Leasing Company not exempt from Indiana Sales and Use Tax under Public Transportation Exemption

by Faegre Baker Daniels on

In Schilli Leasing, Inc. v. Indiana Dep’t of State Rev., Cause No. 49T10-1306-TA-00054 (Aug. 31, 2017), the Indiana Tax Court denied the public transportation exemption from sales and use tax for purchases of a truck leasing...more

Reading the Tea Leaves on Trump Tax Reform

by Charles (Chuck) Rubin on

In a recent speech, President Trump did not provide much detail in regard to the tax reform proposals that are expected soon, or his particular desires. ...more

The IRS Has Extended Tax Deadlines for Victims of Hurricane Harvey

by Jackson Walker on

The Internal Revenue Service has provided for a measure of relief to individuals and businesses that have been impacted by Hurricane Harvey. As described in Information Release-2017-135, the relief extends the deadline to...more

Are You Ready for the New Partnership Audit Regime?

by Pessin Katz Law, P.A. on

The Bipartisan Budget Act of 2015 (129 Stat. 584, Public Law 114–74, Nov. 2, 2015, H.R. 1314) (the “Act”) contains a new partnership audit regime the implementation of which will begin for audits of partnership tax returns...more

You Owe IRS Taxes: What Do You Do? The Offer in Compromise (Part 5)

by McNair Law Firm, P.A. on

Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise”...more

Limited-Time Tax Amnesty for Marketplace Sellers

The Multistate Tax Commission (“MTC”) has implemented a limited-time voluntary disclosure initiative for online marketplace sellers (the “VDI”). The VDI creates an opportunity in many states to have a retailer’s historic...more

Trouble Keeping Track of Automobile-Related Expenses? There’s an App for That

If you provide your employees with company-owned or company-leased vehicles, you know that it is not always easy for your employees to keep track of all of their automobile-related expenses. To meet Internal Revenue...more

Gross Receipts From Sales of Exported Goods Not Subject To Virginia BPOL Taxes

by Williams Mullen on

On August 24, 2017, the Supreme Court of Virginia issued a tax ruling that is favorable to Virginia taxpayers with international exports. As background, Virginia localities are permitted to impose the Business, Professional...more

“S” Corporation Status, For An LLC?

by Farrell Fritz, P.C. on

Choice of Entity- One of the first decisions – and certainly among the most important – that the owner of a new business must make is the form of legal entity through which the business will be operated. This seemingly...more

Currently Not Collectible Taxes: What Do You Do? (Part 4)

by McNair Law Firm, P.A. on

If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more

Tax Payment Plans: What Do You Do? (Part 3)

by McNair Law Firm, P.A. on

If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can “seller-finance” and offer a payment plan with the taxpayer. The primary benefit of a payment plan is that...more

IRS and States Crack Down on POS Systems: Zapper Software

by Bowditch & Dewey on

A good point of sale (“POS”) system is critical for any business engaged in sales to the public and having one in place goes a long way to ensuring that revenue and profits are being reported properly to federal, state and...more

Cumplimiento Fiscal Internacional

by Foodman CPAs & Advisors on

Detectar, disuadir y responder al incumplimiento internacional son desafíos clave que enfrentan las autoridades tributarias de todo el mundo. El incumplimiento fiscal internacional es un problema significativo reconocido por...more

AFRICA - A Legal Guide for Business Investment and Expansion: Nigeria

1 .What role does the government of nigeria play in approving and regulating foreign direct investment? Due to the economic benefits that accompany Foreign Direct Investment (FDI), the Nigerian government strives to...more

Can Foreign Partners Now Exit Partnerships Tax Free?

by Bracewell LLP on

In Grecian Magnesite Mining v. Commissioner (“Grecian Magnesite”) the Tax Court held that a non-U.S. partner's gain from the redemption of its partnership interest was neither U.S. source income nor income effectively...more

Jones Presents at NCBA Estate Planning and Probate Section Annual Meeting

by Moore & Van Allen PLLC on

Charlotte Wealth and Estate Planning Member Chris Jones spoke at the North Carolina Bar Association (NCBA) Estate Planning and Probate Section Annual Meeting in Kiawah Island, SC on July 28. The presentation titled,...more

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