Tax Exemptions Income Taxes

News & Analysis as of

The Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New Jersey?

On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: - The New Jersey Estate Tax repeal will be...more

SCOTUS Asked to Hear Appeal Involving Constitutionality of Retroactive Tax Legislation

The Supreme Court of the United States has been asked to hear an appeal in a case involving the circumstances in which retroactive tax legislation will be constitutional. In Dot Foods, Inc. v. State of Washington...more

Changes to the principal residence exemption

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

New Jersey Phases in Full Estate Tax Repeal

On October 7, 2016, the New Jersey Legislature adopted a comprehensive tax package with important tax cuts, including an end to the estate tax by 2018. Specifically, the legislation provides the following: - The...more

Employee Benefits Developments - September 2016

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House

The House Tax Policy Review Committee held its second meeting on Tuesday, September 13th, to discuss income and sales tax issues and statistics. Gordon Shuford with the South Carolina Revenue and Fiscal Affairs Office made a...more

Taxation of termination payments – new government proposal will erode the scope of the £30,000 exemption

In July 2015, the government published a consultation on proposals to reform the tax treatment of termination payments, which was widely discussed with stakeholders. Nine months after the end of that consultation, the...more

Videocast: Sutherland SALT Scoreboard – 2nd Quarter Highlights [Video]

Sutherland SALT tracks and tallies significant state and local tax litigation wins and losses in the quarterly Sutherland SALT Scoreboard publication. In this videocast, Charles C. Capouet and Elizabeth S. Cha share the...more

IRS Announces Major Qualified Plan Determination Letter Program Change

The Internal Revenue Service has published very important new guidance on assuring employer sponsored pension and profit sharing plans qualify for tax exemption. Revenue Procedure 201637, 2016-29 Internal Revenue Bulletin,...more

IRS Issues Proposed Regulations Under Code Section 457

On June 21, 2016, the Internal Revenue Service (IRS) issued long-awaited proposed Treasury Regulations prescribing rules under Section 457 of the Internal Revenue Code (the "Code") for the income taxation of deferred...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

Tax Treaty Savings Clause Question

Facts: A U.S. citizen and permanent resident of Israel incurs capital gains from the sale of stock of a U.S. corporation. U.S. - Israel Income Tax Treaty Provisions: Article 15, Paragraph 1: “[a] resident of one of...more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

2015-16 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below....more

2016 Updated Rates, Exemptions, and Other Amounts

The IRS has released updated rates, exemptions, and other adjusted figures for the 2016 tax year. I keep summaries of these up-to-date on our firm’s website, and the site has now been updated for 2016. The updates include new...more

Treasury and the IRS Issue Proposed Regulations Implementing Supreme Court Same-Sex Marriage Ruling

In recent guidance, the Department of Treasury and the IRS issued proposed rules that clarify under the Internal Revenue Code (Code) that the terms “spouse” and “husband” and “wife” refer to individuals who are lawfully...more

Spotlight On Alabama: A Busy Tax Year in Review

It has been a busy year for developments in Alabama state taxation. In this tax alert we review many of the significant developments that have occurred over the last 12 months....more

Proposals to Simplify the Tax Treatments of Termination Payments

Broadly speaking, the position is currently that the first £30,000 of any non-contractual termination payment can be paid free of deductions for tax and national insurance (NI), and that most other payments are subject to tax...more

Tax Changes Made by Maine's 127th Legislature

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

Congratulations on the Birth of Your New Tax Exemption! (Tax Breaks for New Parents)

Planning for a new baby is a constant stream of decisions and questions concerning diapers, cribs, colors, daycare and more, all in the service of preparing your life for a new bundle of joy. What new parents forget in the...more

Spotlight on Louisiana: 2015 Legislative Session Increases Tax Burdens to Balance State Budget

Even though Louisiana's 2015 legislative session has concluded, the dust may be far from settled as to how increases in tax burdens meant to balance the State's budget will impact taxpayers. At least one industry trade...more

Private placements: a new UK withholding tax exemption

The Finance (No.2) Bill 2015 contains provisions for an exemption from the obligation to deduct UK income tax from yearly interest paid on “qualifying private placements”. This measure was first announced on 3 December...more

California (Finally) Conforms to Federal Treatment of UBTI in Charitable Remainder Trusts

One of the most important tax attributes of charitable remainder trusts is that they are exempt from income tax – except, that is, when it comes to unrelated business taxable income (UBTI) of these trusts. For decades the...more

IRS and Department of Treasury Release 2014-2015 Priority Guidance Plan

On August 26, 2014, the IRS and the Department of the Treasury issued the 2014-2015 Priority Guidance Plan. The Priority Guidance Plan includes 18 exempt organization law projects and four projects relating to charitable...more

The Eye of the Beholder

“A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform.” – former U.S. Senator Russell B. Long (D – Louisiana). “The precise point at which a tax deduction becomes a ‘loophole’...more

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