Tax Refunds

News & Analysis as of

October 31 Amendment Deadline for Bank Holding Company Tax Allocation Agreements

On June 19, 2014, the federal banking agencies issued a final Addendum to their Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure which may require non-S corporation bank holding company...more

Deadline Looming to Amend Your Tax Allocation Agreement

The October 31st deadline to review and revise your tax allocation agreement is rapidly approaching. Banks and their holding companies need to ensure their agreements are in compliance with new regulatory guidance that,...more

New Jersey Refund Opportunities Associated with the Deductibility of Other States’ Taxes

On October 2, in PPL Electric Utilities Corporation v. Director, Division of Taxation, No. 000005-2011, the New Jersey Tax Court determined that federal deductions for the taxpayer’s payments of Pennsylvania gross receipts...more

Court Weighs in on Deadline for Filing FTC Refund Claims

On September 19, 2014, the U.S. Court of Federal Claims issued its opinion in Albemarle Corp. v. United States, No. 12-184T, holding that it lacked jurisdiction over the taxpayer’s claim for refunds based on foreign tax...more

Recent New Jersey Tax Court Decision Creates Income Tax Refund Opportunity

In the recently decided case PPL Electric Utilities Corp. v. Director, Drinker Biddle was successful in convincing the New Jersey Tax Court that neither the Pennsylvania capital stock tax nor the gross receipts tax are...more

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from...more

Tax Refund Identity Theft – Could it Happen to You?

We are all familiar with identity theft. A person gets access to your Social Security number and uses it to open credit card accounts in your name. He charges thousands of dollars, and you have no idea what has happened until...more

Cook County Ordered to Start Processing Use Tax Refund Claims By September 24, 2014

On September 17, 2014, the Circuit Court of Cook County entered summary judgment in favor of the Chicagoland Chamber of Commerce, represented by Reed Smith LLP (“Reed Smith”), on the remaining count of their Complaint...more

MoFo New York Tax Insights - Volume 5, Issue 9 - September 2014

In This Issue: - ALJ Upholds Denial of Sales Tax Refund Because Vendor Failed to First Make Refunds to Customers - HMO Held Exempt from New York City General Corporation Tax - State Tax Department Issues...more

California Federal Court Holds Bank Responsible For Funds Subject To IRS Levy On Customer’s Account

On August 15, the U.S. District Court for the Central District of California held that a bank responded too slowly to a government levy on a customer’s account and was therefore responsible for funds subsequently removed by...more

First Circuit Rejects Talley and Allows a Business Expense Deduction for Settlement Payments Made Under the False Claims Act

On August 13, 2014, the United States Circuit Court for the First Circuit rejected the United States’ request to deny Fresenius Medical Care Holdings Inc. from deducting a portion of a settlement payment to settle civil...more

California Taxpayers: Gillette Still an Option for the 2013 Return

What’s the Option? - We’re all still waiting for a final decision in Gillette. In the meantime, taxpayers have an option for the returns due this fall. They may compute their apportionment using one of the following...more

Spotlight on Tennessee: 2014 Tax and Related Legislation

During the 108th General Assembly 2014 Session, the Tennessee Legislature considered several tax and related initiatives before adjourning in late April. Although the number of proposed tax and related initiatives this...more

Economic Development Law Alert: Idaho Targets Job Creation With New Refundable State Income Tax Credit for Business

Job creation efforts in Idaho received a boost earlier this month, when a new refundable state income tax credit for new or existing businesses went into effect. The Idaho Reimbursement Incentive Act creates a tax credit that...more

More Post-Windsor Tax Guidance: IRS Issues Letter Outlining Steps for Individuals to Obtain Tax Refunds for Same-Sex Spousal...

On June 27, 2014, the IRS published a letter outlining the steps taxpayers should take in order to obtain a refund for taxes paid on the value of employer-sponsored health coverage provided to an employee’s same-sex spouse....more

Out-of-State Companies Might Be Owed Tax Refunds Under Michigan’s Multistate Tax Compact Election Decision

A Multistate Tax Compact (MTC) election is applicable to both the net income base and modified gross receipts base of the Michigan Business Tax (MBT), the Michigan Supreme Court ruled in International Business Machines v....more

Supplemental Interagency Guidance on Tax Allocation Agreements

The federal bank regulators recently issued additional guidance on intercompany income tax allocation agreements between holding companies and their depository institution subsidiaries. Intended to clarify the ownership of...more

French 3 Per Cent Tax on Distributions: French Subsidiaries of Foreign Companies Should Consider Claiming a Refund

Scope of The 3 Per Cent Tax - The 3 per cent tax is levied on dividend distributions and/or deemed dividend distributions by French companies, French permanent establishments and other French entities that are liable...more

Oklahoma Capital Gain Deduction Upheld by Oklahoma Supreme Court

The Oklahoma Supreme Court has ruled that the Oklahoma income tax capital gains deduction is allowable and does not violate the Commerce Clause of the U.S. Constitution. The denial of the deduction to an out-of-state company...more

Recent Sentences for Federal Tax Crimes in 2014 – Part 3

Today we conclude our review of recent sentences imposed in federal tax crime cases in 2014. In our two previous posts here and here, we reviewed sentences relating to Foreign Bank Account, Tax Evasion, Employment Tax, False...more

Choice of Forum in Federal Excise Tax Refund Cases

To challenge an administrative determination and assessment of federal excise tax, taxpayers in refund cases have a choice of two different federal courts to bring an action: the U.S. federal district court and the U.S....more

CFPB sends complaint solicitation as IRS refund check stuffer

As it reportedly did last year, we understand the CFPB is again this year soliciting consumer complaints through the use of a stuffer sent with IRS refund checks mailed to consumers. The stuffer indicates that it is...more

Employers Who Paid FICA Taxes on Severance Pay in 2010 Should Consider Filing Protective Refund Claims by April 15, 2014

The Supreme Court has yet to issue a ruling in the Quality Stores case to decide whether supplemental unemployment compensation benefit payments—a term which includes severance pay—should be subject to FICA taxes. We have...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (February 24, 2014)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments....more

The Stimulus Shall Continue: IRS Gives OK to Current Refundings of Recovery Zone Facility Bonds

The Internal Revenue Service has announced in Notice 2014-9 that current refunding issues of Recovery Zone Facility Bonds qualify as tax-exempt provided that the current refunding issue meets certain requirements. Generally,...more

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