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

Fate of Proposed Surtax on Millionaires Could Hinge on Three Simple Words

The plan to have Massachusetts collect about $2 billion more per year through a new 4% income surtax on millionaires seems to be encumbered by an unavoidable-but-possibly-fatal vulnerability. The weakness consists of...more

North Carolina Legislative Report

Lawmakers returned to Raleigh for the Regular Session April 25, 2016. The MVA Public Affairs Legislative Report on North Carolina will be distributed weekly during session to keep you up to date on the latest legislative...more

IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having...more

First of Two Constitutional Conventions on Millionaire Surtax Was a Doozy

It was one of the more fascinating events to occur at the State House in a long time, this joint session on Wednesday afternoon, May 18, of the House of Representatives and Senate, or constitutional convention as it’s called...more

Tax Treaty Savings Clause Question

Facts: A U.S. citizen and permanent resident of Israel incurs capital gains from the sale of stock of a U.S. corporation. U.S. - Israel Income Tax Treaty Provisions: Article 15, Paragraph 1: “[a] resident of one of...more

The Hidden Cost Of “Going Home” — the Expatriation Tax for Long-Term Permanent Residents Who Return to Their Home Countries

People immigrate to the United States for many different reasons. Many come here for work reasons and, somewhere along the way, obtain permanent resident status, otherwise known as holding a “green card.” They may work in the...more

Law And Accounting Committee Summary Of Current FASB Developments

In March, 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Account. This update simplifies accounting for share-based...more

Higher Learning: A Potentially Expensive Lesson About 529 Plans

A “529 qualified tuition plan” is an education savings plan designed to encourage and help families set aside funds for future college costs. It’s named after Section 529 of the Internal Revenue Code, which created this type...more

A State Nexus Study: Avoiding Imminent Audits by Revenue-Thirsty States

We are seeing a heavy uptick in audit activity for closely held businesses, particularly in the area of sales and use tax audits to generate much needed revenue to fund services, entitlement programs and to meet budget...more

Recent Alabama Tax Developments

The Alabama Legislature adjourned sine die on May 4 bringing the 2016 Regular Session to an end. The 2017 Regular Session is scheduled to begin in February and there have been reports of a potential special session later in...more

Home Stretch-Second to Last Week

Closed-door talks aimed at striking a budget agreement began Monday with a consensus that the divide over transportation needs to be solved before lawmakers can make real progress. Gov. Mark Dayton proclaimed the initial...more

Does Anybody Really Know What Time It Is?

In Notice 2016-27, 2016-15 IRB 1, the IRS has again delayed the initial due date for providing statements to the IRS and to beneficiaries under the “consistent basis reporting” rules for estate and income tax purposes until...more

FASB modifies accounting rules for stock-based compensation

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. ...more

Partnerships: IRS Extends Prohibition on Treating Partners as Employees

Employees of partnerships, LLCs or their disregarded entity subsidiaries who receive equity in such entities may be treated as “self-employed” for tax purposes. On May 3, 2016, the US Treasury Department (Treasury)...more

South Carolina Department of Revenue Audits

The South Carolina Department of Revenue (SCDOR) administers the state’s tax laws. Like the IRS, SCDOR audits tax returns, but only certain returns subject to South Carolina tax, such as South Carolina income tax returns,...more

Spotlight on Alabama: Department of Revenue Announces 2016 Tax Amnesty Program

The Alabama Department of Revenue (DOR) has announced the conditions, requirements and limitations of its tax delinquency amnesty program for 2016 (the Amnesty Program), pursuant to the Alabama Tax Delinquency Amnesty Act of...more

Filling the UK pensions gap - Employers are scrambling to placate top earners with more attractive options for tax relief...

The speculated sweeping pensions tax relief measures in the 2016 budget failed to materialise, much to the relief of nervous benefits managers across the United Kingdom. Although this major overhaul has been averted (or,...more

Key Economic Incentives for Businesses Considering a Florida Location

The State of Florida offers economic incentives to businesses that are thinking about locating—or relocating—in Florida. These incentives target corporate headquarters and certain high growth industries. In addition, many...more

FASB Improves Employee Share-Based Payment Accounting

As part of an ongoing Simplification Initiative, the Financial Accounting Standards Board (the “Board”) recently issued an Update to Accounting Standards Codification (ASC) Topic 718, which deals with stock-based...more

Your daily dose of financial news The Brief – 5.9.16

Friday’s jobs report underwhelmed, but it shouldn’t necessarily put off a June rate hike by the Fed, says the Journal, especially given the news that wages climbed last month – WSJ... Fair Game got downright monarchical...more

Recent Connecticut Tax Law Developments

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...more

Neither a Partner nor Employee Be: Treasury and the IRS Issue Regulations Clarifying the Employment Tax Treatment of Partners in...

The Treasury Department (Treasury) and the Internal Revenue Service (Service) have issued temporary regulations (Regulations) clarifying the federal employment tax treatment of the owners of partnerships and other entities...more

Treasury Proposes Fundamental New Limitations on Related Party Lending Transactions – With Retroactive Effect!

The U.S. Treasury Department has very recently and unexpectedly released significant guidance that promises, if finalized, to fundamentally limit the circumstances under which related corporations (and, in some cases,...more

New Regulations Squash Planning Tool for Avoiding Self-Employment Tax and Related Employee Benefit Issues

Tax practitioners often face this issue: client is a limited liability company taxed as a partnership for federal income tax purposes (“LLC”), and it wants to issue equity to a current employee (“Individual”) without...more

Tax Increases Part of Governor Wolf’s 2016-2017 Proposed Budget

On February 9, amidst the Commonwealth’s longest-ever budget standoff over the 2015-2016 budget, Governor Wolf presented his 2016-2017 budget address to the General Assembly with combative and pointed remarks. While there...more

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