Tax Rates

News & Analysis as of

Applicable Federal Rates - August 2016

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Doing Business in India? Time to Catch Up on GST Implications!

The introduction of a Goods and Services Tax “GST” in India is quickly approaching and will have an impact on all global businesses. Our friends at Khaitan & Co., one of the oldest and largest Indian law firms, recently put...more

What Does Brexit Mean for UK Tax?

Once the formal procedure under Article 50 of the Lisbon Treaty is initiated by the United Kingdom, the government will negotiate the terms of its exit from the European Union. Whilst we must accept that this is a period of...more

Buyer Beware: South Carolina Unemployment Insurance Taxes

Many businesses are purchased in South Carolina every year. Many of these same businesses, however, have high worker unemployment claims, and are paying high South Carolina Unemployment Insurance taxes to the state to fund...more

Brexit - What Now For Your Business

So, the UK has voted to leave the EU. Everyone has their own opinion and we've all seen the news reports and various viewpoints but what does this result mean for you in practical terms and where do we go from here? Here's...more

New Hampshire Enacts Business-Friendly Tax Changes

Three business-friendly tax bills have become law in New Hampshire. Each bill will result in tax reductions for those able to take advantage of them. The New Hampshire Business Profits Tax generally “piggybacks” on the...more

Applicable Federal Rates – July 2016

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Federal Tax Overpayment & Underpayment Interest Rates–3rd Quarter 2016

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Taxpayer Required to Pay Tax Twice on the Same Income - Tax Court Unsympathetic

A taxpayer in the medical supply business received payments from Cigna before 2005. He reported those items in income and paid federal income tax on them. A dispute later arose and the taxpayer returned payments to...more

Rhode Island Proposes Innovative Approach to Reduce Premium Tax Rate

Parallel bills proposing to reduce the current two-percent Rhode Island insurance premium tax are before both the Rhode Island House and Senate. Working with the Rhode Island Department of Business Regulation, Representative...more

Global Tax News - Japan: does reduction in corporate effective tax rate mean actual reduction of tax burden?

Japan’s amended Corporation Tax Act is now in force. Pursuant to the act, which came into force on 1 April 2016, the corporate tax rate has been reduced from 23.9 percent to 23.4 percent, with effect from the business...more

Nassau County's New "Disputed Assessment Fund" is Likely to Raise Tax Rates

Commercial property owners in Nassau County take note: tax rates for your properties are likely to increase. For years, when property owners successfully challenged their real property assessments in Nassau County, the...more

Applicable Federal Rates - June 2016

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Recent Alabama Tax Developments

The Alabama Legislature adjourned sine die on May 4 bringing the 2016 Regular Session to an end. The 2017 Regular Session is scheduled to begin in February and there have been reports of a potential special session later in...more

Recent Indian Tax Treaty Changes Affecting Nonresident Investments into India - Termination of Capital Gains Exemption under the...

India and Mauritius entered into a Protocol amending the double-tax treaty between India and Mauritius (the “2016 Protocol”) on May 10, 2016. Under the 2016 Protocol, following a grace period and subject to a grandfather...more

Marital Deduction Trusts and Expatriates – More Questions Than Answers

If an expatriate dies and leaves property to a U.S. citizen or resident spouse, can a marital trust be used to defer or avoid the transfer tax imposed under Section 2801? Both the Code and the Regulations seem to say yes, but...more

IRS Shuts Down Work Around for Treating a Partner as an Employee

The IRS has long taken the position that a partner cannot also be an employee of the partnership. The prohibition also applies to persons that hold equity in a limited liability company ("LLC") that is taxed as a partnership...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

Tax Liability for Net, Net Gifts

In Steinberg v. Commissioner, 145 T.C. No. 7 (September 16, 2015), an 89 year old donor made a $109 million taxable gift to her four daughters. The gift was made after the donor and the daughters entered into a gifting...more

IRS Sets Short Fuse for Comments, Guidance on New Partnership Audit Rules

As if it wasn’t going to be busy already, the Internal Revenue Service (“IRS”) has set Tax Day, April 15, 2016, as the due date for comments on significant new partnership audit rules. This new law, which was enacted as part...more

New York State Bill Would Alter Taxation of Carried Interest

A bill recently introduced in the New York State Assembly would impose additional tax on carried interest. The taxation of carried interest has been widely discussed over the last decade, with a number of bills introduced...more

Applicable Federal Rates - April 2016

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UK Budget 2016 – Overview

The Chancellor has presented a packed March Budget bursting at its seams with measures impacting businesses and individuals alike... ..The first reference to tax in his statement was to "tax avoidance" and that tells...more

Pennsylvania State Tax Update: Capital Stock and Franchise Tax Finally Meets Its Demise

The Pennsylvania capital stock and franchise tax was finally repealed as of December 31st 2015 after several attempts by previous administrations and the current governor to phase out this antiquated tax. The tax has been...more

Real Estate Update: Australia's foreign investment regime reloaded and recent developments

On 22 February 2016, the Australian Federal Government announced the introduction of various tax compliance obligations that are to be included as conditions of future Foreign Investment Review Board (FIRB)...more

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