News & Analysis as of

Tax Exemptions Exemptions

The next chapter - A new bond linking financial returns to environmental or social goals could thrive. But securities law...

by Morrison & Foerster LLP on

Shakespeare’s Juliet may not have ascribed great significance to a name but for securities lawyers and market participants alike there is significance to nomenclature. Social impact bonds, or investments that are intended to...more

ECJ rules bitcoin exchange is VAT exempt

by Dentons on

In the case of Skatteverket v. Hedqvist, the ECJ ruled that the exchange of traditional currency for bitcoin virtual currency and vice versa constitutes a VAT exempt supply of services under the VAT Directive. The ECJ ruled...more

Trusts, Estates, Exemptions and Taxes

by Lewitt Hackman on

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more

SEC Proposes to Narrow the Rule 15b9-1 Exemption from FINRA Membership

by Bracewell LLP on

On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed amendments to rule 15b9-1 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Rule 15b9-1 currently exempts certain...more

Indiana Property Tax Exemptions: Church Permitted To File Letter In Lieu Of Application; Trade Association Failed To Prove Split...

by Faegre Baker Daniels on

Church properly used letter of notification (and not official application) to claim exemption; previously granted exemption rolled forward. The Indiana Board of Tax Review applied a 100% property tax exemption to a church...more

Grave decisions for Cemetery Association and Office Building Owner; Tax Court rejects two petitions to enjoin collection of...

by Faegre Baker Daniels on

A longstanding exemption is denied. In Washington Park Cemetery Association, Inc. v. Marion County Assess et al., Cause No. 49T10-1404-TA-10, the non-profit Association owned a cemetery, mausoleum and crematory complex in...more

Maryland Phases-In Increased Exemptions for Estate Tax

Currently, in addition to any federal estate tax, Maryland imposes an estate tax on property that passes upon the death of an individual on the amount of the decedent’s taxable estate in excess of $1 million. The maximum rate...more

Personal Property Exemption Deadline Next Monday

by Miller Canfield on

The deadline to file for Michigan’s new Personal Property Tax Exemption is next Monday, February 10, 2014. In 2012, Gov. Snyder signed the law providing a personal property tax exemption to taxpayers who own equipment...more

Recaps from Proskauer’s 18th Annual Trick or Treat Tax Exempt Seminar

Proskauer’s 18th Annual Trick or Treat Seminar was held on Thursday, October 31. The Seminar discussed: - Statutory Authority of New York Attorney General’s Charities Bureau - Proposed Revisions to New...more

Public Concerns Lead IRS to Offer Expedited Process for New Social Welfare Organizations

by BakerHostetler on

A wide array of organizations can qualify to be recognized as exempt from federal income taxes. Most noted of late are those organizations which are structured to “promote social welfare” and which can seek tax-exempt status...more

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

by Morrison & Foerster LLP on

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

In Annual Procedure Update (Usually a Yawner), IRS Imposes 27-Month Deadline For Filing Exemption Applications For All Types of...

The IRS continues to implement the “three years and you’re out” rule for Form 990 non-filers added by the Pension Protection Act of 2006 (the “PPA”)....more

Ringing in the New Year with Revised Estate and Gift Tax Laws

Congress has averted the so-called fiscal cliff by passing the "American Taxpayer Relief Act of 2012" (the "Act") on January 1, 2013, which President Obama signed into law the following day. The good news is we finally have...more

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