The inflation adjustments for tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts....more
Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more
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
As noted in Pillsbury’s May 12, 2011 Advisory, Going Global with US Employee Stock Plans, sponsors of global stock plans must navigate a host of legal and tax regimes to maintain compliance with applicable rules and laws....more
Planning a vacation this summer but don't know how to finance it? Consider renting out your personal residence while you are away and pocketing the rental income tax-free!...more
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
On June 26, 2013, a majority of the Supreme Court held in United States v. Windsor that Section 3 of the Defense of Marriage Act (DOMA), which defined marriage for purposes of federal law as the union of a man and a woman, is...more
The Internal Revenue Service (IRS) has released a final report (the “Report”) summarizing its findings from a study focused on the level of compliance by tax-exempt colleges and universities with respect to unrelated...more
The U.S. Supreme Court’s ruling in United States v. Windsor will forever change many facets of the lives of same-sex couples....more
On 21 June 2013, Law Decree no. 69 of 21 June 2013 (the Decree) was published in the Official Gazette.
Among many other provisions aimed at supporting the Italian economy, the Decree significantly extends the scope of...more
In this presentation:
- Eligible Organizations: Those qualified under Section 501(c)(3) of the Internal Revenue Code.
- More complicated than the typical bank loan.
- To qualify for tax exemption, the...more
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
The United States is one of only two countries in the world that taxes its citizens and residents on their worldwide income. Therefore, a U.S. taxpayer who earns only foreign-source income will be subject to U.S. federal...more
As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. ...more
On April 5, 2013, the Internal Revenue Service ("IRS") published proposed regulations ("Proposed Regulations") providing guidance regarding certain aspects of Section 501(r) of the Internal Revenue Code ("Code"), which...more
Reform of taxation of free floating dividends for corporate income tax purposes
The German Parliament (Bundestag) and the German Federal Council (Bundesrat) reached an agreement regarding the taxation of free floating...more
Congress recently made permanent the “portability” of a predeceasing spouse’s unused estate tax exemption (currently, $5.25 million per spouse)....more
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more
For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10...more
It has often been said that the only things in life that are certain are death and taxes. Until two weeks ago, the “taxes” part of that phrase was not so certain. However, on January 2, 2013 President Obama signed the...more
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “Act”).
Among its provisions, the Act extends a tax benefit whereby capital gains from the sale or exchange of certain...more
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
Although the American Taxpayer Relief Act of 2012 (“Fiscal Cliff Legislation”) passed last week does not contain any sweeping changes targeted at U.S. taxpayers living abroad, a number of provisions are relevant to such U.S....more
On Jan. 2, 2013, President Obama signed the “American Taxpayer Relief Act of 2012” (the “Act”) which was passed by the House and Senate the previous day to avoid the so-called “fiscal cliff.” The Act prevents many of the tax...more
Market commenters have suggested that billions of dollars in municipal bonds may be subject to par redemptions if the much-discussed “28% cap” on the value of certain federal income tax deductions or exclusions is enacted and...more