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

Burr Alert: Physicians, Surgery Centers and Taxes

Since the enactment of the net investment income tax ("NIIT") in 2012, physicians and other taxpayers owning multiple business interests have had to make educated choices based upon accounting projections and SWAGS when...more

The Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New Jersey?

On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: - The New Jersey Estate Tax repeal will be...more

What Is Carried Interest?

During the second presidential debate, one of the few things that both candidates agreed on was doing away with carried interest as part of their proposed tax changes. But they never explained what it is. So what was is...more

Many South Carolina Tax Law Changes in 2016; Overall Tax Structure to be Reviewed in 2017

The South Carolina Department of Revenue (SCDOR) released its annual tax legislative update on October 10, 2016 in SC Information Letter #16-11. The guidance provides a summary of significant changes in tax and regulatory...more

SCOTUS Asked to Hear Appeal Involving Constitutionality of Retroactive Tax Legislation

The Supreme Court of the United States has been asked to hear an appeal in a case involving the circumstances in which retroactive tax legislation will be constitutional. In Dot Foods, Inc. v. State of Washington...more

United States Olympians Score a Win against the 'Victory Tax'

On October 7, 2016, President Obama signed into law the United States Appreciation for Olympians and Paralympians Act (the “Act”), H.R. 5946. The Act amends Internal Revenue Code § 74, which governs the taxation of prizes and...more

MoFo Tax Talk - Volume 9, No. 3

IRS Issues Proposed Regs on RIC Commodity Investments - On September 27, 2016, the IRS issued proposed regulations (the “Proposed Regulations”) providing guidance relating to the income test and asset diversification...more

Changes to the principal residence exemption

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

[Webinar] Business Planning in Light of Proposed Regulations under Code § 2704 - October 27th, 12:00p.m. CT

In this webinar, Steve Gorin, the author of his quarterly newsletter, will discuss the proposed regulations under IRC § 2704 that would increase the valuation of business entities in many cases. Attendees will learn when the...more

Be Aware Belgium - September 2016

Under the principle of proportionality, can a serious cause be dismissed considering that the sanction resulting from the serious cause is unreasonable? In a judgment dated 6 June 2016 (S.15.0067. F/1, available through...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

New Jersey Phases in Full Estate Tax Repeal

On October 7, 2016, the New Jersey Legislature adopted a comprehensive tax package with important tax cuts, including an end to the estate tax by 2018. Specifically, the legislation provides the following: - The...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine Community College System Seeks Increase in State Funding - In the upcoming...more

EU court eases formal invoice requirements for input tax deduction

According to two milestone decisions in September 2016 of the EU Court of Justice (Senatex, case C-518/14 and Barlis 06, case C-516/14) formal invoice requirements for input tax deduction have been eased. Taxpayers should...more

MoFo New York Tax Insights - Volume 7, Issue 10

Recent unpublished NYC Department of Finance Letter Rulings - We have obtained under the Freedom of Information Law several Finance Letter Rulings of interest, most involving the New York City real property transfer tax,...more

Tax Tribunal Strikes Down Limitation on Credit for Taxes Paid to Other States

Readers may recall that Alabama Act 2012-427 permitted Alabama residents that owned interests in multistate pass-through entities (e.g., LLCs, partnerships, and S corporations) to claim a credit against their Alabama income...more

Tax Complications of a $1 Billion Dollar Net Operating Loss

Recently, The New York Times shared information that presidential candidate, Donald Trump, declared a loss of $916 million on his 1995 income tax returns. In response, there has been much speculation that Donald Trump may...more

Employee Benefits Developments - September 2016

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

IRS Offer in Compromise: Tips to Settle Your Tax Debt

An IRS Offer in Compromise may be a great way for you settle your tax debt with the IRS and some states like New York also have Offer in Compromise (OIC) programs that will permit you to settle your state tax debt. The...more

HMRC to change taxation of termination payments from April 2018

Currently, employees may receive the first £30,000 of any termination payment free of income tax and national insurance contributions (NICs) as long as they are not receiving a payment pursuant to their contract of...more

2016 New York Tax Update: Highlights and Lowlights

There wasn’t much in the way of substantive New York tax changes in the 2017 budget bill that Governor Andrew Cuomo signed in April. Or at least wasn’t much in the way of changes that affect the day-to-day practices of the...more

Wealth Management Update - October 2016

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House - September 2016

The House Tax Policy Review Committee held its third meeting on Tuesday, September 27th, to review property taxes across South Carolina. Frank Rainwater, Executive Director of the South Carolina Revenue and Fiscal Affairs...more

PA Supreme Court Declares Portion of Slot Machine Tax Unconstitutional; Provides Possible Preview of Pending NOL Cap Case

The Pennsylvania Supreme Court finds municipal share assessment unconstitutional. The Court held that the municipal share assessment, imposed on slot machine revenue, is a non-uniform progressive rate structure that violates...more

US Citizenship Renunciation Procedures in Canada

The US constitution protects a US citizen from automatic loss of citizenship. Expatriation can only occur through the voluntary, intentional commission of an expatriating act that is stipulated by statute. A person who...more

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