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|CRA Considers Tax Treatment of Crowdfunding|
Dentons Canada LLP;
March 7, 2014, previously published on March 3, 2014Hot on the heels of the CRA’s recent publication of a “fact sheet” on its views on the tax treatment of Bitcoin currency (which has been in the news recently), the CRA has published two technical interpretations on the tax treatment of “crowdfunding“.
|House Ways and Means Committee Releases Proposal on Tax Reform|
Duane Morris LLP;
March 7, 2014, previously published on February 28, 2014On February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released his plan for U.S. federal tax reform by introducing draft legislation called the "Tax Reform Act of 2014." The proposal is intended to simplify the Internal Revenue Code and strengthen the economy...
|Action Needed by March 31, 2014 to Avoid Proposed Changes to New York Estate Taxes and Trust Income Taxes|
Barbara E. Little; Schnader Harrison Segal & Lewis LLP;
March 7, 2014, previously published on March 3, 2014If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day.
|UK LLP and Partnership Tax Changes on 6 April 2014|
Sophie Donnithorne-Tait, Stuart Sinclair, Hugo Webb; Bingham McCutchen (London) LLP;
March 6, 2014, previously published on February 26, 2014HM Revenue & Customs has now published revised guidance on the new legislation for taxing certain members of UK limited liability partnerships (“LLPs”) as employees, available here. The “salaried members” rules will take effect from 6 April 2014, despite calls for a...
|1099C: Is a Creditor’s Ability for Future Collection Impaired?|
Keri Ebeck; Weltman, Weinberg & Reis Co., L.P.A.;
March 6, 2014, previously published on February 23, 2014The Internal Revenue Service (IRS) has promulgated Section 1.6050P-1 of Title 26 of the Code of Federal Regulations. Under 26 C.F.R. §1.6050P-1(a), “any applicable entity...that discharges an indebtedness of any person ....of at least $600 during a calendar year must file an information...
|The Harder They Come: An Overview of Financial Instrument and Institution Provisions in the Ways & Means 2014 Tax Reform Proposals|
Mark H. Leeds; Mayer Brown LLP;
March 6, 2014, previously published on March 3, 2014There are a lot of lost causes in the federal income tax arena. It certainly seems the more ambitious the plan, the less likely it will receive serious consideration. Remember the tax proposals in the Simpson-Bowles Plan? That’s OK, neither do we.
|US Tax Proposal Could Have Adverse Impact on Renewable Energy Industry|
Jeffrey G. Davis; Mayer Brown LLP;
March 6, 2014, previously published on February 27, 2014On February 26, 2014, US House Committee on Ways and Means Chairman Dave Camp released draft tax reform legislation entitled the Tax Reform Act of 2014 (the “Draft”). According to Chairman Camp, the overarching goal of the Draft is to “fix America’s broken tax code by...
|Significant Progress Made on the OECD’s BEPS Action Plan|
Charles-Albert Helleputte, Thomas Kittle-Kamp, Jason M. Osborn, Astrid Pieron, Dina Scornos; Mayer Brown International LLP;
March 6, 2014, previously published on February 28, 2014This Legal Update is the second in a series that Mayer Brown Tax lawyers are publishing on key developments at the national and international levels related to the Organisation for Economic Co-Operation and Development’s (“OECD”) Action Plan on Base Erosion and Profit Shifting...
|Proposed Changes to the New York Estate Tax|
Harter Secrest Emery LLP;
March 6, 2014, previously published on February 12, 2014As part of his 2014-2015 budget, Governor Cuomo has proposed making significant changes to the New York State estate tax. This will describe the changes and point out some of the implications of those changes on estate planning, assuming the proposal is enacted in its current form. It is important...
|Timeline for FATCA Compliance for Japan-Based Investment Managers and Funds|
Bingham McCutchen LLP;
March 6, 2014, previously published on February 26, 2014The U.S. Internal Revenue Service (“IRS”) and U.S. Department of Treasury (“Treasury”) released a comprehensive set of final regulations relating to the implementation of the Foreign Account Tax Compliance Act (“FATCA”) last winter. Moreover, on June 11, 2013,...