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|Brazil Update: Capital Gains Tax Developments and Adoption of the Hague Apostille Convention|
S. Wade Angus, Marcello Hallake, Sanjiv K. Kapur, Luis Riesgo; Jones Day;
February 4, 2016, previously published on January 2016Two recent legal developments in Brazil are included in this Alert: a decision by the Brazilian Federal Revenue Service confirming that any increased capital gains rates approved by Congress in 2016 will not take effect until 2017, and Brazil's adoption of the Hague Apostille Convention, which will...
|Holding Company Gets Factored Out of Parent's Colorado Combined Return on the Reg.|
Todd G. Betor, Eric J. Coffill; Sutherland Asbill & Brennan LLP;
February 4, 2016, previously published on February 3, 2016On January 20, a Denver trial court ruled that Agilent Technologies World Trade, Inc. (World Trade), a holding company with no property or payroll of its own, cannot be included in its parent’s combined corporate income tax return. The court found that World Trade did not meet the definition...
|So Misunderstood? Illinois DOR Adopts Special Sales Factor Rules for Hedging and Foreign Currency Transactions|
Elizabeth S. Cha, Charles C. Kearns; Sutherland Asbill & Brennan LLP;
February 3, 2016, previously published on February 2, 2016Effective for tax years beginning on or after January 5, 2016, the Illinois Department of Revenue adopted amendments to 86 Ill. Adm. Code Sec. 100.3380 that establish special rules for the inclusion in the Illinois sales factor of certain (1) income, gains and losses from hedging transactions; and...
|Technical Support: Tennessee Publishes Guidance on Sales Tax Treatment of Computer Software Maintenance Contracts|
Charles C. Kearns, Chris M. Mehrmann; Sutherland Asbill & Brennan LLP;
February 3, 2016, previously published on February 02, 2016The Tennessee Department of Revenue has issued guidance explaining that the retail sale of, use of, or subscription to a computer software maintenance contract is subject to sales and use tax when: (1) the maintenance contract is sold as part of a taxable sale of computer software; (2) the...
|New Tennessee Reporting Requirements for Banks and Online Payment Networks|
Charles Reid Barrineau, Edward H. Brown, Joshua A. Ehrenfeld, James M. McCarten, Allen Sullivan; Burr & Forman LLP;
February 3, 2016, previously published on January 2016With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to file.
|Corporate & Regulatory Compliance: Are You Asking the Right Questions?|
Michael L. Aguirre, John Kaufmann; Greenberg Traurig, LLP;
February 2, 2016, previously published on January 21, 2016Due to regulatory changes made in response to the financial crisis of 2008, market participants entering into over-the-counter derivative transactions and their associated agreements face a vastly different landscape than several years ago. Competing (and sometimes inconsistent) legal regimes...
|A Direct Shot: Georgia Department of Revenue Proposes Regulation Eliminating Refund Interest for Direct Pay Permit Holders|
Jonathan A. Feldman, Hanish S. Patel; Sutherland Asbill & Brennan LLP;
February 2, 2016, previously published on February 1, 2016The Georgia Department of Revenue issued a proposed regulation amending the use of direct pay permits for state and local sales and use taxes. The proposed regulation would cause all current permits to expire on December 31, 2016, and require all current holders to reapply and agree to certain...
|Open for Nonbusiness: Oregon Tax Court Holds Insurance Company's Gain Was Nonbusiness Income|
Open Weaver Banks, Hanish S. Patel; Sutherland Asbill & Brennan LLP;
February 2, 2016, previously published on February 1, 2016The Magistrate Division of the Oregon Tax Court held that an insurance company’s gain from the sale of a subsidiary and income from a holding company both constituted nonbusiness income. The court found that the acquisition and sale of a 40% owned subsidiary that operated as a third-party...
|Alabama Tax Tribunal Rules That Freight Charges Not Subject to Sales Tax|
Jessica A. Eisenmenger, Leah Robinson; Sutherland Asbill & Brennan LLP;
February 2, 2016, previously published on February 1, 2016The Alabama Tax Tribunal ruled that freight charges paid by the seller but passed through on an invoice to the customer are not subject to sales tax. Alabama law exempts shipping and freight charges “paid by the purchaser” from sales tax. Chief Tax Tribunal Judge Bill Thompson ruled...
|Tax Base Creep: Ohio Asserts Expanded Taxability of Electronic Information Services, Internet Access|
Zachary T. Atkins, Madison J. Barnett; Sutherland Asbill & Brennan LLP;
February 1, 2016, previously published on January 29, 2016The Ohio Department of Taxation issued a revised information release announcing its new positions regarding sales and use tax on electronic information services used in business. In the release, the Department takes the position that taxable electronic information services can include, among other...