News & Analysis as of

Goods and Services Tax

2017 Tax Update

by Davis Wright Tremaine LLP on

The current 2017 federal exemption against estate and gift taxes is $5,490,000 per person. This includes a $40,000 increase over the 2016 federal exemption based on an inflation adjustment. Such exemption may be used during...more

GST & Residential Property: Purchasers to pay GST to ATO

by K&L Gates LLP on

The Government announced in its 2017-18 Budget that, from 1 July 2018, purchasers of new residential premises (new homes / apartments) and subdivided residential lots will need to pay any applicable GST on the sale directly...more

Government turns GST on its head for new property sales

by Dentons on

Proposal: Purchasers to pay GST to the ATO - The Budget measures include a radical plan to shift the responsibility of accounting for GST from property developers to purchasers. Under the proposal, purchasers must remit...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Taxing the Digital Economy: Impending changes to GST in Singapore

by Dentons on

Should digital downloads, streaming services and online purchases from foreign entities be subject to goods and services tax (GST) in Singapore? How about off-premise cloud computing?...more

Tackling GST 'Leakage' is Key to Housing Supply, Affordability

by K&L Gates LLP on

Originally published in Australian Financial Review - March 28th, 2017. If the solution to housing affordability is increased supply, the GST rules for develop-to-rent (D2R) projects is a part of the problem. "New...more

The introduction of GST to India - What businesses should look out for in 2017

by Dentons on

The Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India and the GST council have decided to enforce GST from 1st July 2017....more

IRS Limiting GST Private Letter Rulings and Presubmission Conferences

by Charles (Chuck) Rubin on

At a recent Federal Bar Association Tax Law Conference, an IRS Chief Counsel branch chief advised that due to budget cuts: a. The IRS has temporarily suspended issuing private letter rulings regarding modifications to...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Potential Repeal of the ‘Death’ Tax

by McNair Law Firm, P.A. on

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

IRD consults on GST treatment of management fees and outsourced services

by DLA Piper on

'Questions we've been asked' (QWBA) are statements issued by the Office of the Chief Tax Counsel of the New Zealand Inland Revenue Department (IRD) in response to queries received on specific tax issues which are likely to be...more

IRS Permits Trust Division Without Adverse Federal Tax Consequences

by Charles (Chuck) Rubin on

In Private Letter Rulings 201702005 and 201702006, the IRS favorably ruled on federal tax consequences of a proposed trust division. But for a minor change in facts, the two rulings are identical, so we will focus only on...more

Federal Gift, Estate Tax and Generation-Skipping Transfer Tax Exemptions & the Gift Tax Annual Exclusion Amount Are Subject to...

by Dickinson Wright on

The exemptions were increased in 2017 from $5,450,000 to $5,490,000, and the annual exclusion remains the same at $14,000 per donee. These rules mean the following...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

CBSA Announces 2017 Trade Verification Priorities

by Bennett Jones LLP on

As has become its customary practice at this time of the year, the Canada Border Services Agency (CBSA) has published its trade verification (audit) priorities for the coming year. The audits will cover three programs that...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2016

by McGuireWoods LLP on

In an always-anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

A Comparison of Trump and House GOP Tax Reform Proposals

by Holland & Knight LLP on

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

IRS Revenue Procedure Confirms IRS Will Respect QTIP Elections When Portability Elections Also Made

by BakerHostetler on

The IRS resolved an important issue when it issued Revenue Procedure 2016-49, effective September 27, 2016, clarifying that the IRS would not disregard qualified terminable interest property (QTIP) elections for estates that...more

Updated Historical Transfer Tax Rates & Exemptions

by Charles (Chuck) Rubin on

Please see chart below for more information....more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Making Lifetime Gifts Saves Federal Taxes

by Perkins Coie on

Lifetime Gifts Yield Estate and Gift Tax Savings - The federal gift tax annual exclusion currently allows each individual to give up to $14,000 each year to an unlimited number of donees – entirely free of tax. (Under...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

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