Tax Rates

News & Analysis as of

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

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

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The Pennsylvania capital stock and franchise tax was finally repealed as of December 31st 2015 after several attempts by previous administrations and the current governor to phase out this antiquated tax.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

Pennsylvania Capital Stock Tax Phased Out; LLCs Now Are the Entity of Choice in PA; Procedure for Filing Final Returns

Until it expired at the end of 2015, Pennsylvania Capital Stock Franchise Tax (CSFT) was imposed on all limited liability companies (LLCs), corporations, joint-stock associations, and business trusts doing business in or...more

PATH Act Creates New FIRPTA Withholding Tax Rate and Exemption for Foreign Pension Funds

The Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), signed into law on December 18, 2015, has resulted in a number of changes to the taxation of investments in U.S. real property by foreign investors. Among...more

Real Property and Equities Transactions: Withholding is Now the First Port of Call

At present, capital gains and capital losses made by foreign residents are disregarded unless the asset being disposed of is taxable Australian real property (TARP). To ensure that foreign residents actually pay tax on...more

New Tax Conditions for Foreign Investment in Australia - Treasurer to Impose Tax Conditions on all Foreign Investment Applications...

On 22 February 2016, the Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia, published a media release regarding new requirements for foreign investment applications to ensure foreign companies investing in...more

New FIRPTA Exceptions Provide Opportunities for Foreign Pensions and Investment Funds

The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) authorized the United States to tax foreign persons on the gain from the disposition of U.S. real property or U.S. real property interests (USRPIs). Recently,...more

Lawmakers May Be Revisiting the Tax Gap

The Department of the Treasury estimates the annual federal “tax gap” (the difference between what taxpayers should have paid and what they actually paid on a timely basis) exceeds $450 billion. IR-2012-4 (January 6, 2012). ...more

Foreign Films Take a TRIP to France

Tax Rebate Changes - In 2016, France increased its efforts to attract foreign films by loosening language restrictions and increasing the amount of tax rebates available for films that are shot in France. In the past,...more

Poland: Wealth Tax on Bank and Insurance Assets Effective from 1 February 2016 - On 15 January 2016, the Polish parliament passed...

At the same time, the legislator decreed that this new wealth tax will not affect the terms and conditions governing the rendering of financial and insurance services under contracts concluded prior to 1 February 2016....more

Withholding Tax Set to Increase

The Foreign Investment in Real Property Tax Act (FIRPTA) subjects foreign sellers to U.S. tax when they sell their interest in real property located in the U.S., including interests in companies that predominately hold real...more

Gifts to a Special Needs Trust Can Be Larger Than You May Think

The federal gift tax system is one of the most misunderstood concepts in special needs planning, and for good reason: it's incredibly complicated. This complexity has resulted in the propagation of one of the most common...more

New IRS Form Required for Estate Basis Reporting Due Feb. 29

On January 29, 2016, just as tax season is heating up, the IRS released the final version of Form 8971 "Information Regarding Beneficiaries Acquiring Property From a Decedent," and its instructions. As a part of the Surface...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Legislature Delays Passage of a Tax Conformity Bill - The Appropriations Committee worked on...more

Greek Shipowners Consider Exodus as Crisis Leads to Proposed Higher Taxes

Greek shipowners facing proposed higher taxes due to the Greek financial crisis are considering an exodus from the country, which would be a blow to the economy and Greek ports such as the Port of Piraeus, pictured above....more

Legal Trends: Tax

Elected in October 2015, Canada’s new Liberal government has proposed a tax platform featuring significant changes, including a four per cent increase (to 33 per cent) in the federal tax rate for individuals on income over...more

Tax Burden of Highest Earning Taxpayers Back on the Rise

This graphic from The Wall Street Journal shows that the share of taxes paid by the top 400 taxpayers is back on the rise (using 2013 tax data), as higher U.S. tax rates take effect....more

Art Basel: implicaciones tributarias para coleccionistas de arte estadounidenses e internacionales

Desde su lanzamiento en 2002, Art Basel Miami Beach se ha transformado en la que muchos consideran la feria de arte más prestigiosa e influyente de las Américas. La edición de 2014 recibió a más de 70 000 visitantes...more

A New Tax System For Managed Investment Trusts

The Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (Bill) was tabled in Parliament on 3 December 2015, along with three supporting bills. If passed in its present form, the Bill will...more

Highlights of Tax Code Amendments in 2016

On 20 October 2015 the President of the Republic of Azerbaijan signed into law amendments to the Tax Code 2000, which are effective from 1 January 2016....more

Capital Gains – Not so Taxing for Receivers and Liquidators?

The High Court of Australia has settled an important issue causing Insolvency Practitioners some concern involving Capital Gains Tax (CGT) and when a trustee (which includes Receivers and Liquidators) must retain funds to pay...more

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