Appel: Corporate Inversions Could Mean Big Tax Bills For Shareholders
While the equitable remedy of rectification is often sought as a means to address unintended tax consequences, rescission is also an available remedy in the appropriate cases. The British Columbia Supreme Court’s decision in...more
People want to pay their debts. If there is one thing I have learned over the last 11 years of practicing law is that people generally want to pay the debts that they have incurred. People usually hire me when they simply...more
Given the extensive use of euphemisms in the exotic dancing trade, we’ll apologize in advance for any unintended puns.
We’ve written on the issue of the classification of exotic dancers or strippers in the past [April...more
The transfer pricing case of McKesson v. The Queen has raised procedural issues that are without precedent in Canadian tax cases. This week, those procedural issues became a central part of the matters that will be considered...more
Nov. 3, 2014 -- Allen Appel, Professor at New York Law School and Director of the International Tax Program, talks with Lee Pacchia about corporate inversions....more
The New Jersey Division of Taxation (Division) is trying to help taxpayers resolve unpaid tax liabilities for tax periods 2005 through 2013. Through November 17, 2014, the Division is offering taxpayers that pay all tax and...more
In Maddin v. The Queen (2014 TCC 277), the taxpayer was a director of a corporation in the marble and granite industry (the “Corporation”) which failed to remit nearly $300,000 of source deductions related to salaries, wages...more
The highly-anticipated appeal to the Supreme Court of Canada in Guindon v The Queen has been scheduled for hearing on December 5, 2014, and the parties have now filed their factums in the appeal.
The appeal concerns...more
There has been a flurry of recent scrutiny and activity in the areas of foreign and domestic charities – few foreign charities remain on the list of qualified donees since the changes to the definition of “qualified donee” in...more
We’re starting off our new blog season after a bit of a break with a recap of two key exemption cases that will be making waves again soon. Specifically, on October 21, 2014 the New York Court of Appeals heard oral arguments...more
The small business deduction (“SBD”) is a tax-preference provided to certain privately-held Canadian corporations, and only in respect of certain types of income. More specifically, the SBD provides for a reduction of the...more
Notice 2014-58 adds some clarity to when the IRS will assert the strict-liability economic substance penalties and how they will determine the “transaction” that is disregarded under the Section 7701(o) economic substance...more
Most tax rectification cases address situations in which a professional advisor has made a mistake in the planning and execution of a transaction with the result that an unintended tax consequence follows (i.e., payment of a...more
An Indiana gambler lost another hand in the latest ruling by the Tax Court on his continuing discovery disputes with the Indiana Department of Revenue. On September 18th the Court denied Nick Popovich’s motion for default...more
In United States of America v. Estate of Robert Reitano, Civil Action No. 12-11944-RWZ, 2014 U.S. Dist. LEXIS 123200 (D. Mass. Sept. 4, 2014), the federal district court issued a warning shot to estate fiduciaries who fail to...more
CFOs of multinationals need to prepare by assessing how much their companies engage in profit shifting to cut their taxes.
Do you have responsibility, whether direct or dotted line, for the tax function in your...more
Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate.
To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest...more
Individuals and entities, including those from outside California, who invest in or do business through an out-of-state limited liability company (“LLC”) may be surprised to find out that they have filing obligations and tax...more
As we previously reported, on April 23, 2014, the United States Supreme Court heard oral argument in United States v. Clarke, a case which involved the extent to which a taxpayer may investigate the underlying reasons or...more
In Wells Fargo, the Court of Federal Claims held that a taxpayer may net underpayment balances and overpayment balances among merged entities under Section 6621(d). Section 6621(d) provides that, to the extent the “same...more
On January 10, 2014, McKesson Canada Corporation appealed the decision of the Tax Court of Canada in McKesson Canada Corporation v. The Queen (2013 TCC 404) (see Federal Court of Appeal File Nos. A-48-14 and A-49-14)....more
Former DOJ Tax Division AAG Kathy Keneally warned on June 24, 2014, that taxpayers should think carefully before signing a certification of non-willfulness and entering the IRS’s new Streamlined Filing Compliance Procedures....more
The Eleventh Circuit Court of Appeals, which hears appeals from the federal district courts in Florida, Georgia, and Alabama, ruled earlier this month that in order to impose penalties under IRC § 6701, the government bears...more
The European Court of Human Rights takes a stand on the ne bis in idem principle intervening on the relationship between administrative and criminal violations involving identical facts. Two recent decisions give interesting...more
Internal Revenue Code Section 409A (Section 409A) governs the federal income tax treatment of non-qualified deferred compensation and retirement plans and arrangements. Employer noncompliance in both documentation and...more
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