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

Tax Newsletter - March / April 2016 (China and Hong Kong)

Welcome to the latest issue of our Tax Newsletter. In this issue, we have covered a number of developments and cases in the PRC and Hong Kong which could impose legal and tax implications to your business. In the PRC, an...more

New Tax Guidance on Wrongful Imprisonment Damages

At the end of 2015, Congress eliminated some of the uncertainty regarding the tax treatment of damages for wrongful imprisonment. Newly enacted Internal Revenue Code section 139F provides that gross income does not include...more

Small Business Investors Can Save Big with New IRS Code Amendments

Recent amendments to the Internal Revenue Code of 1986 (the Code) have significantly expanded the opportunity for tax savings under Section 1202. Section 1202, which was originally added to the Code in 1993, provides relief...more

Brexit: Key Tax Implications for Alternative Investment Funds and Investment Managers

The result of the UK’s referendum of 23 June 2016 was announced today as a victory for ‘Brexit’ - in other words, for the UK to exit the European Union. This decision is expected to have significant ramifications for the...more

News from Second and State

Weekly Wrap: - With the end of the fiscal year looming, it’s been all budget all the time in Harrisburg. The House of Representatives returned on Monday with the intention to continue daily voting sessions until the...more

Alert: The Tax Implications of Brexit

There are no immediate tax consequences of the Brexit vote. When the UK leaves the EU (which should not be for a period of at least two years) customs duties and tariffs may change depending on the outcome of...more

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

El FBAR y La Declaración de Impuestos Se Sincronizan

La presentación de la declaración de impuestos (el 15 de Abril para los individuos) y el formulario de FinCEN -Informe 114, conocido como FBAR (el 30 de Junio para todos los contribuyentes) no estaban alineadas, y no existía...more

The FBAR and Tax Return are now in Sync!

The filing of the tax return (April 15 for individuals) and Report FinCEN Form 114, known as FBAR (June 30 for all taxpayers) were not aligned, and that there wasn’t an extension available for the FBAR. This disconnect is...more

All Assets Are Not Created Equal When It Comes to IRA Rollovers (PLR 201547010)

When the taxpayer in PLR 201547010 decided to invest his IRA assets in a partnership, he forgot to check whether his IRA provider was able to hold an interest in a partnership as an investment in the IRAs for which it served...more

Legislative Update

With negotiations on the budget bill (HB 1030) still continuing outside the public view, this week the General Assembly focused on other issues. Tax Proposals; Services Tax Clarifications and New Market Jobs Act - ...more

The Side of Tax Reform They’re Not Telling You

Deep-sixing property taxes is a popular pledge on the state and local campaign trail. But the promise is only half the story. Citizens need to ask: “And then what?” Like a climbing wall, eliminating property taxes may...more

North Carolina Legislative Newsletter

I-77 Managed Lanes - On June 2, the House voted 81-27 to approve HB 954, which would terminate the contract between NCDOT and I-77 Mobility Partners for the I-77 managed lanes project north of Charlotte. The bill has...more

IRS Clarifies that Indirect Owners of Disregarded Entities Are Liable for Self-Employment Tax

The IRS recently released temporary regulations clarifying that an employee of a disregarded entity is liable for self-employment tax if the employee is a partner in the partnership that owns the disregarded entity. See...more

Georgia’s ‘Y’allywood’ Film Tax Credits Irresistible to Buyers

“Y’allywood” is quickly supplanting “Hotlanta” as the cringe-worthy, yet seemingly ubiquitous term used to describe Atlanta’s new starring role. Like it or not, Y’allywood aptly captures the moment and growing trend that...more

Hundreds of Objections Later, Indiana Tax Court Awards Attorney’s Fees in Income Tax Appeal; Court Dismisses Untimely Assessment...

In two opinions issued March 7, 2016, the Indiana Tax Court dealt another hand in the ongoing (and seemingly never-ending) discovery dispute between Gambler Nick Popovich and the Department of Revenue, awarding Popovich...more

Privacy Tip #39 – Be Wary of IRS Phone Scams

Although the IRS has warned taxpayers on multiple occasions about IRS phone scams, consumers continue to be victims. A lucrative scam for years, which according to the IRS, has cost victims more than $26 million since 2013,...more

Recreational Cannabis — Section 280E and Tax Efficient Structuring

I. The Conflict: The long arm of federal law Recreational cannabis businesses operate in a world of conflicting state and federal laws. Several states have legalized recreational cannabis, yet, under federal law, cannabis...more

My “Flippín” House?

Tax Strategies to Reduce Taxation and Build Wealth for House Flippers - Overview - I seem to be perpetually out to lunch. When I step on the scale too, this point is further confirmed. I do not know why I have...more

Rethinking Choice of Entity — Section 1202 Stock

We tax advisors spend plenty of time assessing whether a particular business is better suited operating as a flowthrough entity or as a tax-paying “C corporation.” Flow-through entities generally include sole...more

New IRS Regulations Subject Certain Partners to Self-Employment Taxes

On May 3, 2016, the U.S. Department of the Treasury issued new temporary and proposed regulations (Temp. Treas. Reg § 301.7701-2T) addressing the tax treatment of partners of a partnership that is the sole owner of an entity...more

Innocents Abroad: Benefit and Compensation Considerations

Carrie: Thank you again for all your help over the past few weeks as we address our concerns with employees going abroad. We previously talked about offer letters and employment agreements. I know you covered some of...more

Taxpayer Required to Pay Tax Twice on the Same Income - Tax Court Unsympathetic

A taxpayer in the medical supply business received payments from Cigna before 2005. He reported those items in income and paid federal income tax on them. A dispute later arose and the taxpayer returned payments to...more

Charitable Remainder Trusts: A Viable Strategy for Building Wealth, Maximizing Tax Deductions, and Supporting a Beloved Charity

While most of us think of charitable giving around the holidays (or around tax time!), for many it is prudent to plan your giving to receive all of the benefits that are available to you. Planned giving comes in many forms...more

Connecticut Tax Developments

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

1,234 Results
|
View per page
Page: of 50
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×