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

Amended Report is Not a Refund Claim

The Commonwealth Court of Pennsylvania en banc unanimously held that an amended report filed by a taxpayer could not be considered a petition for a refund of CNI Tax. Quest Diagnostics Venture, LLC v. Commonwealth, No. 782...more

Low Interest Rate Is High Time for Some Estate Planning Ideas

When practitioners and clients think of estate planning, several goals typically come to mind: (1) identifying family members and charitable organizations to whom or for whose benefit assets are to be given; (2) ensuring that...more

Politics of Hiking Earned Income Tax Credit More Intriguing than the Substance

For anyone awaiting the final resolution of the state budget for Fiscal Year 2016 (July 1, 2015 – June 30, 2016), one of the biggest question marks overs over the Earned Income Tax Credit (“tax credit”). The Senate...more

Supreme Court Approves Same-Sex Marriage: Tax and Legal Implications for Same-Sex Spouses

On June 26, 2015, the Supreme Court handed down its decision in the landmark case of Obergefell v. Hodges. The Court held that the Fourteenth Amendment to the United States Constitution requires all states to license a...more

Tax Newsletter - March/April 2015 (China & Hong Kong)

In This Issue: The People's Republic of China: - China Tightens Tax Control Over Cross-Border Intercompany Payments - China Provides Further EIT Incentives For Integrated Circuit Industry - Expansion of...more

No Theft Loss for Securities “Pump-and-Dump”

Pump-and-dump occurs when corporate officers or other shareholders fraudulently promote shares of a company and engage in fraudulent sales to increase the value of shares. This is injurious to other shareholders who suffer...more

The U.S. Supreme Court Finds a Constitutional Right to Same-Sex Marriage: Implications for Employee Benefit Plan Sponsors

On June 26, 2015, the U.S. Supreme Court issued a historic decision in Obergefell v. Hodges, holding that the Fourteenth Amendment’s Due Process and Equal Protection Clauses require states to allow same-sex marriage and to...more

Supreme Court Once Again Saves the ACA: Rules Yes on Tax Credits For Purchasers From a Federal Exchange

On June 25, 2015, the Supreme Court of the United States ruled that tax credits are available to individuals in states that have a federal Exchange under Section 1321 of the Affordable Care Act (the Act or the ACA). In a...more

ALJ Determines Taxpayer Settlement With the Internal Revenue Service Does Not Need to Be Reported to New York State

Taxpayers tend to face a difficult road when litigating tax disputes. We recently wrote about that here. It can be even more challenging, and costly, for taxpayers when they have to deal with more than one taxing authority on...more

2015 Oklahoma Tax Legislation: Wind Farm Tax Incentives, Tax Amnesty Program, Aggregate Income and Franchise Tax Return, Tax...

The Oklahoma Legislature enacted changes in Oklahoma tax laws in its 2015 session. The changes include a tax amnesty program for payment of delinquent taxes without interest or penalty during a two (2) month...more

Income tax consequences of US visas

Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences. A little advance planning with tax and immigration professionals can go a long way towards mitigating income...more

Connecticut Tax Developments 2015 - Tax Increases...Again

Four years after enacting the largest tax increase in Connecticut history, the Connecticut General Assembly has adopted a new $40.3 billion biennial state budget that contains $1.5 billion in tax and fee increases. Few...more

House Judiciary Committee Approves Three State Tax Bills

Yesterday, on June 17, 2015, three state tax bills were favorably reported to the United States House of Representatives (House) by the House Judiciary Committee (House Judiciary) after considering each during a half-day...more

New Maine Budget Would Make Numerous Tax Changes

Hoping to avoid a potential government shutdown, this week the Legislature passed a biennial budget that once again makes significant tax changes, but stops well short of the major tax reform desired by many legislators. The...more

Taxpayers Can Now Appeal Tax Disputes To A Court Without First Paying Tax, Penalties, and Interest

Michigan Taxpayers Now Have A Right To Appeal Tax Disputes to The Michigan Courts - Pre-Deprivation:  SB 100 Enacted To Eliminate The Prepayment Requirement For Appeals To The Michigan Court Of Claims. On June 16,...more

Tax Law Blog: National Society of Accountants Proposes a Tax Practitioners Bill of Rights

With the approach of our nation’s independence day, we are reminded of the values on which our country was founded: basic freedoms provided to all under the first ten amendments of the Constitution. Life, liberty, and the...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Maryland v. Wynne and Rules that Maryland Tax Scheme Is...

In This Issue: - Maryland’s Tax Scheme Ruled Unconstitutional - “FTC Generator” Case Update - FSA Rules that Equitable Disgorgement May be Deductible Expense - District Court Upholds Attorney Client...more

Estate Planning Pitfall: Your IRA owns real estate

Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more

Kyiv Tax Newsletter (Ukrainian)

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Kyiv Tax Newsletter

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Pay to Play? How States Handle Signing Bonuses for Athletes

Non-CPA sports fans (and athletes themselves) increasingly appreciate the tax aspects of luring the best free agent athletes to their teams. One recent example is the whopper of a contract that agent Scott Boras cooked...more

Foreign Citizen Living In the U.S.? Remember Your FBAR

If you are a foreign citizen that is considered to be a resident for U.S. income tax purposes, you need to be aware that your U.S. tax filing obligation is not limited to the income tax return. U.S. taxpayers (including...more

North Carolina General Assembly Week in Review

The Senate budget process continued this week, though at a slower pace than members had planned for in the schedule released last month. Budget votes originally scheduled for Wednesday and Thursday of this week were delayed...more

Innocent Spouse Relief and Recent Guidance

Generally, when you and your spouse file joint income tax returns, the law makes both you and your spouse responsible for the entire tax liability. This is called joint and several liability. Both spouses remain 100 percent...more

Outbound IP Transfer in an F Reorganization

In one corner, we have Code §368(a)(1)(F) which generally allows for a corporation to move from one jurisdiction to another without triggering gain or other immediate adverse income tax consequences. The purpose is to allow...more

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