Corporate Taxes

News & Analysis as of

Global Tax News - July 2015

EUROPEAN UNION RE-LAUNCHES FORMULARY APPORTIONMENT: KEY POINTS ABOUT THE CCCTB The European Commission has recently released a Communication to the EU Parliament calling for a re-launch of its proposal from 2011...more

New Stock Identification Requirements for New York Corporate Tax Exemption

Effective for tax years beginning on or after January 1, 2015, pursuant to legislation enacted last year, income from "investment capital" is exempt from New York State franchise tax for corporate taxpayers otherwise subject...more

IRS Establishes 80% Threshold for Energy Companies to Apply When Determining Whether “Substantially All” of a Major Component Has...

On July 6, the Internal Revenue Service (IRS) Large Business and International Division issued a Directive1 to IRS agents regarding how to determine when a major component pertaining to steam or electric generation property...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update: July 2015

This is a brief update on recent Pennsylvania tax developments. Amended Return “Trap”—Court Holds That Amended Return Was Not a Petition for Refund; Possible Legislative Fix? - On June 9, the Commonwealth Court issued a...more

New Law Doubles the Penalties for Failure to File Correct Tax Information Returns and Provide Payee Statements

On June 29, President Obama signed into law the Trade Preferences Extension Act of 2015. Quietly embedded in Section 806 of this new law is a provision that doubled the cap on penalties, from $1.5 million to $3 million, for...more

New Trade Act Hikes Penalties for Information Return Failures

The newly-enacted Trade Preference Extension Act boosts the penalties for failing to provide accurate information returns to the IRS and payees – such as Forms W-2, 1098, and 1099, as well as Forms 1095-B and 1094-B. The...more

Converting a Profits (or Carried) Interest Into a Capital Interest Tax-Free, Even if it is a Marketable Security

In CCA 201517006 (dated 10/9/14 and released 4/24/15), the general partner of a publicly traded partnership (PTP) had, in addition to its capital interest, a profits interest in the PTP called “incentive distribution rights”...more

The UK Summer Budget - Private Equity and Investment Management

The Chancellor of the Exchequer’s Summer Budget on 8th July introduced a series of unexpected tax changes affecting the private equity and investment management industry along with the promise of further changes to come....more

Focus on Tax Controversy - Summer 2015

The French 3 Percent Distribution Tax: Claiming a Refund - Since December 2012, French companies have been liable for a 3 percent tax on distributions to their shareholders (3 Percent Tax), but practitioners have widely...more

Question on 'Another Agenda' Made Senate Debate on Tax Credit Crackle

“What else is going on here?” That’s what Bruce Tarr of Gloucester kept asking his Massachusetts Senate colleagues on the afternoon of Tuesday, May 19....more

Could Maryland v. Wynne Result in NY Refunds?

A new U.S. Supreme Court case, Maryland v. Wynne, will likely have a broad impact on various state taxation schemes, and it could create the potential for refunds for numerous taxpayers. Taxpayers who have paid tax to...more

Tax Policy Update

The number of additional months of funding for transportation projects under a $8 billion bill introduced late last night in the House. Notably — as anyone on Sesame Street could tell you — the number 5 is not the same as the...more

MoFo New York Tax Insights - Volume 6, Issue 7 - July 2015

In This Issue: - Important Changes at NYS and NYC Tax Agencies - Court of Appeals Upholds Constitutionality of Taxing Nonresidents on Gain from S Corporation Stock Sale in Two Separate Decisions - NYC Tribunal...more

Family Limited Partnerships: Are Discounts Disappearing?

“Family limited partnerships” – that is, family investment entities usually structured as LLCs or limited partnerships – have been a popular estate planning technique for years. Generally speaking, a client can transfer...more

UK Summer Budget 2015: Osborne's 'Big Summer Budget' – the key measures impacting business

The first fully Conservative Budget for 18 years, following the end of the Coalition as a result of the May general election, was anticipated to be a 'Big Budget' but in truth it was a mixed bag: the game changers are the...more

UK Summer Budget 2015

On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more

House Dems Tun Argument Lost by Senate Republicans into Win at the End

Here’s one way to think of the controversy over how the state should fund an increase in the Earned Income Tax Credit (“tax credit”), a benefit for low-income working families: the Minority Republican Leader of the...more

U.S. state and local sales and use taxes: Bad news, good news and the smoke from a distant fire

Thousands of American subnational governmental units (states and localities) impose taxes. These taxes include “sales taxes,” which are imposed on sales to end users of goods and certain services, and “use taxes,” which are...more

Inside the New York Budget Bill: Department Issues Guidance Regarding Investment Capital Identification Procedures

On July 7, 2015, the New York Department of Taxation and Finance issued guidance (TSB-M-15(4)C, (5)I, Investment Capital Identification Requirements for Article 9-A Taxpayers) on the identification procedures for investment...more

Environmental Protection Tax Law of the People’s Republic of China (2015 Draft)

June 10, 2015 marked the day that the Chinese government released a new draft law for public comment. China’s increased awareness of the long lasting effects of pollution on the country’s land, water, and people is reflected...more

Tax Measures in the UK 2015 Summer Budget

The new tax announcements are designed to improve productivity and correct imbalances in the tax system. On 8 July, UK Chancellor of the Exchequer George Osborne made a number of announcements relating to the tax system...more

Private Equity Newsletter - Summer 2015 Edition: Indian Private Equity: Taxation and Trends

With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year,...more

Taxpayer wins landmark decision regarding the UK tax treatment of US LLCs

Following the taxpayer’s victory in the recent Supreme Court decision of HMRC v Anson, UK resident members of Delaware LLCs may now be entitled to claim relief against their UK tax liabilities for US tax paid on their share...more

UK Supreme Court case of Anson v. HMRC [2015] UKSC 44

Delaware LLC held to be UK tax transparent - The UK Supreme Court has handed down its judgment on the final appeal in the Anson case, in which it treated a taxpayer's interest in a Delaware LLC as transparent for UK tax...more

Master Limited Partnership Parity Act Reintroduced To House And Senate

On June 24, 2015, the Master Limited Partnership Parity Act (S. 1656) was reintroduced in the House and the Senate. The legislation would provide investors in renewable energy projects with tax breaks that are currently...more

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