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"Nonprofit Traps and Pitfalls"

Many of us lawyers are involved with nonprofits. Some of us assist clients in incorporating and providing legal advice to nonprofits, and others of us serve on nonprofit boards. Nonprofit law is surprisingly complex. ...more

Must Domiciliary State And Local Taxes Provide A Credit For Taxes Imposed By Other Jurisdiction?

Many states and local jurisdictions impose income taxes on all of the income of their residents. Some of this income may be from sources outside of the state or locality, and thus the source of income jurisdiction may also...more

Tax Planning for the Privatization of the Space Industry

The privatization of the space industry has seen dramatic growth in recent years, and it appears that more significant developments are on the horizon....more

Client Alert: Colorado Bill S.B. 73 Establishes Income Tax Credit for Cleanup of Contaminated Brownfield Sites

As a lawyer in Colorado focusing a large part of my practice on environmental due diligence including Brownfield sites, I had the great pleasure of participating in the drafting of Senate Bill 73, which was signed into law by...more

David: Charitable Tax Credit Allowed For Amounts Paid For Inflated Donation Receipts

Where a taxpayer receives an inflated donation receipt, may the taxpayer claim a charitable donation credit for the cash amount of the gift?...more

Georgia’s Limited Tax Credits for Interactive Entertainment Producers

On April 15,[1] Georgia passed a law[2] amending its tax code to provide a limited tax credit to qualified interactive entertainment companies. The law provides incentives for mid-size game developers who demonstrate...more

Alabama Legislative Update—Rounding the Corner in the Last Lap: An Update on Pending and Recently Enacted Tax Legislation

The 2014 regular session of the Alabama legislature has been underway for over two months and is nearing its end. The legislature is off this week for Spring Break, then returns on Tuesday, April 1, for three final meeting...more

Camp Goes All-In with Comprehensive Tax Plan: Highlights, Tax Reform Status and Impact on Taxpayers

On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”). That proposal seeks to cut marginal tax rates...more

Proposed Carried Interest Legislation Takes A Different Approach

On February 26, 2014, U.S. Rep. David Camp (R-MI), chairman of the House Ways and Means Committee, released a draft of the Tax Reform Act of 2014 (TRA 2014), which would provide for the most significant tax reform since the...more

Winthrop & Weinstine Summary of Revenue Procedure 2014-12

Scope of the Guidance & General Information - 1. Application of the Guidance is limited to allocations of HTC from Buildings that are placed in service on or after December 30, 2013. 2. This means the Guidance...more

Domestic double taxation relief applicable to capital gains derived by EU resident entities on disposal of shares in Spanish...

Following the non-discrimination principle, in response to an appeal dated 25 Octobe the Spanish Supreme Court has applied a tax credit to avoid double taxation, provided in the Corporate Income Tax Law for Spanish resident...more

Important 2014 Tax Developments

The list is not intended to be exhaustive. - Income: IRS rules that incentives to health care professionals and hospitals for using electronic records are income to those receiving the...more

eTrends - Reminder: New Withholding Allowance Certificate is Required for Wage Payments Made On or After January 1, 2014

As a result of changes in North Carolina’s state income tax law, employees must complete a new Employee’s Withholding Allowance Certificate, Form NC-4 or Form NC-4EZ, so that employers can withhold the correct amount of North...more

CRS Report on the Administration’s Proposal to Repeal Tax Breaks for the Oil & Gas Industry

The Congressional Research Service (CRS) on October 30 published a report on the Obama Administration’s proposal to repeal or modify certain tax benefits provided to the oil and gas industry. ...more

Sweeping Changes to the Pennsylvania Tax Code - The Passage of Pa. House Bill 465

House Bill 465, also known as Act 52, was signed into law by Pennsylvania Governor Tom Corbett on July 9, 2013. The Bill makes substantial changes to the Pennsylvania tax code as an integral part of the 2013–2014 budget....more

Supreme Court DOMA Decision—Part I: Fringe Benefits and Other Tax Implications

On June 26, 2013, the Supreme Court of the United States issued its highly anticipated decision in United States v. Windsor, ruling that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional....more

Alberta Flood 2013: CRA Extends Tax Filing Deadlines and Offers Guidance to Taxpayers

While the immediate business disruptions resulting from the recent flooding in Southern Alberta have, to some extent, been dealt with, the hard work of rebuilding has only just begun. ...more

Getting Ready for the Main Course: Senate Finance Committee Leaders Outline "Blank Slate" Approach to Tax Reform

The momentum toward comprehensive tax reform accelerated significantly on June 27th, 2013, when the bipartisan leaders of the Senate Finance Committee, Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), sent...more

California Enterprise Zone Program Modified with New Incentive Programs - New Economic Development Tax Credits Available for...

Yesterday, Governor Brown signed into law AB 93, legislation that will institute two new tax exemption programs for manufacturing and bio-tech equipment, add a hiring credit for employment in specified geographic areas and...more

Comparison of Economic Development Incentives for South Carolina and North Carolina

In This Presentation: - Business Consideration – Electricity Rates - South Carolina vs. North Carolina - Corporate License Fees/ Franchise Taxes - Income Tax Rates (C Corps) - Income Tax...more

Department of Revenue Issues Guidance on the Alabama Accountability Act of 2013

On June 21, the Alabama Department of Revenue (“ADOR” or “Department”) released proposed rules interpreting the landmark Alabama Accountability Act of 2013 (“AAA” or “Act”), Acts of Alabama 2013-64, as amended by Acts of...more

"Star Wars" – How to Win the Tax Battle When Your Talent Clients Work Abroad

In this article: - Income Tax - Other Foreign Taxes -- Vat And Social Security Taxes - Foreign Tax Credit Planning - U.S. Withholding Obligations - Use Of Loan Out Company -...more

Wrap-Up of Alabama Legislature Actions

The Alabama Legislature adjourned near midnight on May 20, closing a session that saw lawmakers grant final passage of the two operating budgets and of amendments to the controversial Alabama Accountability Act. With respect...more

New Mexico 2013 Tax Legislation Update

The recently concluded 2013 regular session of the New Mexico Legislature resulted in legislation enacting several significant changes to New Mexico’s tax programs, the majority of which are business friendly. Most of the...more

U.S. Department of the Treasury Announces $3.5 Billion in Federal New Markets Tax Credit Allocation Authority

Yesterday the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) announced the award of $3.5 billion in Federal New Markets Tax Credit (NMTC) allocation authority through its...more

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