On August 6, 2015, the IRS issued Notice 2015-54 (the "Notice"), which states that the IRS and Treasury Department intend to issue regulations under section 721(c) of the Internal Revenue Code of 1986 (the "Code") to...more
The Internal Revenue Service has issued new guidelines that should be advantageous for employers that sponsor 401(k) and 403(b) plans. The new rules reduce and, in some cases, completely eliminate the windfall in favor of...more
I did not grow up watching much TV, or at least TV programming in English, growing up in the Panama Canal Zone. The Military’s AFRTS did not come on the air each day until around 4;30 in the afternoon. In the...more
An increasing number of Americans are opting for an expatriate life. In fact, as MSN reports, more Americans than ever have renounced their U.S. citizenship in the first quarter of 2015. Moving abroad and getting a new...more
Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more
I was at the PPLI conference in Boston a week and a half ago. Usually it is the same group of people saying the same things. However, this year was a little different. I have lived through several cycles of evolution of the...more
If a substantial portion of a person’s wealth is tied up in a family or closely held business, he or she may be concerned that the estate will lack sufficient liquid assets to pay estate taxes. If that’s the case, heirs may...more
Tax Planning 101 says to defer income into the next year if you can, since it is better to pay a tax later than sooner. You get to keep the money in your account and can earn interest (good luck with that with today’s...more
An IRA can be a valuable estate planning tool, offering tax-deferred growth (tax-free in the case of a Roth IRA) and asset protection. But two recent developments create traps for the unwary: the “one-rollover-per-year” rule...more
In a recently released Chief Counsel Advice Memorandum (the “Memorandum”), the IRS Office of Chief Counsel (International) addressed an interesting and somewhat creative internal financing structure deployed by a taxpayer...more
Draft Salaried Member Legislation -
Following the publication of further guidance on February 21, 2014, Her Majesty’s Revenue & Customs (HMRC) in the U.K. has today issued revised “salaried member” legislation in...more
A transfer restriction on its own is not sufficient to defer tax on a compensatory equity grant. This proposition is highlighted by final regulations issued by the IRS on Feb. 25th under Internal Revenue Code section 83. The...more
Late last month, the Treasury Department issued proposed regulations that address partnership liabilities (section 752) and disguised sales of property (Internal Revenue Code section 707). If enacted, the section 752...more
Jeffrey L. Rubinger is a partner in Bilzin Sumberg Baena Price & Axelrod's Miami office. He practices in the area of domestic and international taxation.
Originally Published on Law360 - January 31, 2014. ...more
On August 30, 2013 the Treasury Department released final regulations regarding guidance on Section 362(e)(2), preventing the duplication of loss when property containing a net built-in loss is transferred to a corporation in...more
For many Americans, IRAs (individual retirement accounts) are popular and viable options for retirement savings. An IRA allows an individual to put away a certain amount of funds each year, without immediately being subject...more
The Supreme Court of Canada recently endorsed a fundamental principle in Canadian tax law – namely that absent sham or statutory recharacterization rules, “tax law applies to transactions governed by, and the nature and legal...more
Uninteded tax consequences of a contract can be avoided by rectification, the Supreme Court of Canada ruled in Québec v Services Environnementaux AES inc., 2013 SCC 65 (AES).
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
Many South Florida-based companies conduct business operations throughout Latin America. Typically, these operations are conducted through wholly-owned foreign subsidiaries.
Originally Published in Law360 - October 29,...more
Code §6166 can be a lifesaver for estates with large business assets. The provision will allow qualifying estates to defer payment of estate taxes on their business interests, and then pay off the tax liability over a 10 year...more
A. Overview -
This executive summary is intended to outline the use of private placement insurance contracts as a funding vehicle for nuclear decommissioning trusts (NDT). As of the end of 28 investor-owned and 28...more
IRS modifies rules allowing the deferral method of accounting for advance payments received for the sale of gift cards that are redeemable by an unrelated party.
On July 24, the Internal Revenue Service (IRS) released an...more
On January 8, 2013, we published a newsletter (a copy of which can be found here) detailing the Franchise Tax Board's ("FTB") questionable legal and policy decision to begin collecting on a retroactive basis approximately...more
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