Tax Rates

News & Analysis as of

Do I Owe Income Taxes When I Rent Out My Home?

Over the summer, Brad Bevos’ company relocated him from Austin to Springfield, Illinois. A University of Texas alum and huge Longhorn football fan, the move bummed Brad because he won’t be able to attend home games this...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

While overall there is little activity in the General Assembly, the House Revenue Committee is meeting today for a hearing on an interesting piece of property tax legislation. The hearing is on HB4363, which would create the...more

Hillary Clinton Advises of Changes She Would Make to the Estate Tax Rate

And its not downward – surprise! Last week, Hillary advised that she would like to move the highest estate tax rate from its current 40% to 65%. ...more

Applicable Federal Rates - October 2016

Please see charts below for more information....more

New FAQs Clarify Shareholder Approval Rules For Stock-For-Tax Withholding

It has been close to a decade since the New York Stock Exchange (NYSE) last updated its set of frequently asked questions (FAQs) regarding equity compensation plans. On August 18, 2016, the NYSE released updated FAQs and,...more

California Ballot 2016: Pros and Cons of Props 62-67

This is part three of our ongoing series, California Ballot 2016, summarizing each of the 17 state-wide measures voters will encounter on the November ballot. Click these links: Props 51-56, or Props 57-61 to catch up on the...more

Understanding the Tax Consequences of Inheriting a Roth IRA

Passing down a Roth IRA can seem like a good idea, but it doesn't always make the most sense. Before converting a traditional IRA into a Roth IRA to benefit your heirs, you should consider the tax...more

Alabama Amends Captive Insurers Act

On April 26, 2016, Alabama Governor Robert J. Bentley approved House Bill No. 270, which revised Alabama’s Captive Insurers Act. The revised Captive Insurers Act went into effect on July 1, 2016, and included amendments to...more

New Countries Eligible for Italy's White List

In the Official Gazette No. 195 of 22 August 2016, the Italian Government published the Ministerial Decree of 9 August 2016 (the "Decree") that amended the list of countries and territories "allowing an adequate exchange of...more

Cancellation of CFC Loans to US Shareholders – Should the Service Get a Second Bite at the Apple?

The Service generally has three years after a return is filed to assess any tax due for that year. There are a number of exceptions to this general rule, such as where a taxpayer files a false return or omits more than 25...more

California Ballot 2016: Pros and Cons of Props 51-56

Californians must decide on 17 initiatives in the November election this year, and those are just the proposed measures of state-wide concern. Never mind the many local initiatives affecting counties and neighborhoods. The...more

Applicable Federal Rates - September 2016

Please see charts below for more information. ...more

Digitally Delivered Products Now Subject to Sales Tax in Pennsylvania - Tax Update Volume 2016, Issue 3

The implementation of sales tax on the thousands of services that are delivered digitally can prove vexing. Have you downloaded a book recently or sent an e-card? Is your billing address in Pennsylvania? If so, as of August...more

2016 Captive Insurance Update | Issue 2 | 2016

Governor Peter Shumlin (D-Vt.) is not running for re-election this fall, so Vermont will have a new governor in January 2017. In addition, the Commissioner of the Vermont Department of Financial Regulation (DFR), Susan...more

New bill on Luxembourg 2017 Tax Reform - On 26 July, 2016 the Luxembourg Government presented to Parliament bill of law n°7020,...

Bill of law n°7020 amends and confirms the new tax measures previously announced: 1. Corporate income tax (CIT) 1.1 Introduction of a 17 year limitation on the use of tax losses as from 2017 The limitation will...more

Applicable Federal Rates - August 2016

Please see charts below for more information....more

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

Please see charts below for more information....more

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

Please see Charts below for more information....more

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

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