Tax Reform

News & Analysis as of

Summary of the 2014 Mississippi Taxpayer Fairness Act

This omnibus tax legislation, House Bill No. 799, was signed into law by Governor Phil Bryant on April 11, 2014, after passing the House of Representatives by a unanimous vote 121-0, and by a Senate vote of 40-9. This...more

Legislative Update from NCSHA Conference

In previous Housing Plus blog posts we’ve discussed various tax credit proposals that have been released since the beginning of the year, which include the comprehensive tax reform proposal from House Ways and Means Committee...more

Tax Reform Act of 2014: Potential Impact on Tax-Exempt Organizations

Many of the provisions in the proposed Tax Reform Act of 2014 (“TRA 2014”) released earlier this year would adversely impact tax-exempt organizations. For example, TRA 2014 would remove the long-time exclusion from unrelated...more

Recognizing Boycott Requests in International Transactions

Most American companies who do business internationally know that U.S. law prohibits them from agreeing to participate in foreign boycotts that the U.S. does not sanction. Most also know that the law prohibits an American...more

Galachiuk: TCC Clarifies Due Diligence Defence Under 163(1)

Subsection 163(1) of the Income Tax Act (the “Act”) imposes a penalty of 10% on an amount that a taxpayer fails to report in his/her return where there has been a previous failure to report income in any of the three...more

Congress Turns Tax World Upside Down with New Focus on Corporate Inversions

Interest in corporate inversions has revived on Capitol Hill. Recent publicity surrounding pending deals has triggered comments and legislative proposals from tax writers and other members and stirred up the debate about...more

Corporate Inversions Showing No Signs of Slowing Down

In a corporate inversion, a U.S. corporation (typically the parent of an affiliated group) becomes a wholly owned subsidiary of a foreign corporation (through a merger into the foreign corporation’s U.S. subsidiary) or...more

European Commission Uses EU State Aid Rules Against Aggressive Tax Planning by Multinational Companies

EU Member States are prohibited from granting to companies selective advantages that qualify as State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union (TFEU) without the prior...more

Is Your Company Prepared For The Potential Impacts Of The Stop Corporate Inversions Act of 2014

As Congress Seeks Additional Funding, Inversion Proposal Emerges - Throughout the past several weeks, Pfizer’s attempt to acquire AstraZeneca has garnered significant congressional and media attention. Pfizer, a U.S....more

International Tax Compliance Update: IRS Hints at Coming Changes for Certain OVDP Filers

Remarks on Monday by John Koskinen, the Commissioner of Internal Revenue, indicate that the IRS is close to conceding to outside pressure to more clearly distinguish between Offshore Voluntary Disclosure Program (OVDP) filers...more

Spain: New limits to the tax deductibility of interest

The Spanish Government has asked an experts committee to prepare a report with proposals for the tax reform that the Spanish Government is currently drafting. One of the proposals of the committee is to establish a new...more

Weekly Wrap

A super-busy week in Raleigh - HB 1050 - Omnibus Tax Changes was signed by the Governor after the House concurred in the Senate changes. It is now Session Law 2014-3...more

North Carolina Legislative Report

The General Assembly’s Short Session began Wednesday, May 14, 2014. The MVA Public Affairs Legislative Report on North Carolina will be distributed weekly to keep you up to date on the latest legislative issues facing the...more

Proposed Section 752 Regulations and LIHTC Transactions: Part II

In a previous post earlier this week, I described the proposed regulations under Section 752 of the Internal Revenue Code (the “Proposed Regulations”), and in particular, the proposed changes to the rules regarding the...more

New Corporation Tax Notices and Statements

In 2013, the Pennsylvania Department of Revenue implemented a “modernized” computer system for processing corporate tax returns and maintaining corporate tax accounts for Capital Stock Tax, Foreign Franchise Tax, Corporate...more

Hump Day Update

My head is spinning. Is yours? Happy Hump Day! Last night the Senate Finance Committee had an unusual - and unusual - evening meeting to take up it's version of HB 1030 - Omnibus Tax Changes. Two hours later the bill...more

Proposed Section 752 Regulations and LIHTC Transactions: Part I

One of the hot topics at the recent ABA Taxation Section meetings in Washington, D.C. was the IRS’s proposed regulations regarding the allocation of partnership recourse and nonrecourse liabilities under section 752 of the...more

Weekly Update from the NC State House - May 2014: After a very busy first two days of session last week, the General Assembly...

Another Hectic Week - After a very busy first two days of session last week, the General Assembly returned to Raleigh this week with a fully packed agenda. Among other things, they took up fracking, regulatory reform,...more

The Construction Advantage – Issue 5

In our fifth issue of The Construction Advantage, we discuss some potential federal tax legislation, the time of accrual for a statute of limitation on an indemnity obligation, and a payment bond case recently decided by a...more

Omnibus Tax Bill Passes the House. On to the Senate.

After two days of debate HB 1050 - Omnibus Tax Changes passed the House. (Bills that raise revenue must be have 2nd and 3rd readings on separate days)....more

New York State Tax Reform Update

Qualified manufacturers subject to the New York State Business Corporation Tax may now pay no tax on business income earned in New York....more

Update on Maryland Estate Tax

Maryland Governor Martin O’Malley has signed into law H.B. 739 (the “New Law”), which contains revisions to the Maryland estate tax law. Specifically, the New Law gradually increases the Maryland estate tax exemption amount...more

Maryland Governor Signs Estate Tax Changes into Law

Maryland estate tax law is changing and it is likely to have an impact on your estate plan. On May 15, 2014, Governor O'Malley signed a bill increasing the amount of wealth that can pass to heirs free of Maryland estate tax,...more

Maine Tax Alert: Interesting Tax Changes Made By Maine's 126th Legislature (And One By Maine Revenue)

The 2nd Regular Session of the 126th Legislature has adjourned and as usual the Taxation Committee had a number of issues to address. However, unlike last session, the issues tended to be narrow and targeted, as opposed to...more

Recent Changes to New York Estate and Income Tax

On March 31, 2014, the New York State legislature passed and Gov. Andrew Cuomo signed into law the New York State 2014-2015 Budget Bill (the “New Law”), which contains a number of revisions to the New York State estate tax...more

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