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|Is Your Joint Venture GST/HST-compliant?|
Charlene Schafer; McCarthy Tétrault LLP;
July 23, 2014, previously published on July 22, 2014There is less than 6 months remaining until the expiry of the Canada Revenue Agency’s (“CRA”) administrative tolerance for non-compliant joint venture nominee corporations to report and claim input tax credits (“ITC’s”) in respect of GST/HST payable on behalf of...
|Raising Money? Don’t Forget About the Tax Credits|
Foley Lardner LLP;
July 23, 2014, previously published on July 18, 2014With many states continuing to use tax credits to seed entrepreneurial growth, entrepreneurs and legal counsel must understand the applicable state-sponsored programs and position qualifying businesses to take advantage of these programs. Some government officials and scholars debate the extent to...
|Do What I Say, Not What I Do: The US Internal Revenue Service Finalizes Changes to the Mixed Straddle Rules|
James R. Barry, George W. Craven, Mark H. Leeds; Mayer Brown LLP;
July 22, 2014, previously published on July 21, 2014In 1981, when Congress enacted the straddle rules preventing selective loss recognition, it directed the IRS to allow taxpayers to recognize built-in gain and loss on mixed straddles. In response, the IRS wrote regulations that permit such gain and loss recognition. The IRS has changed its view and...
|Excess Lines Association of New York Advises on Foreign Account Tax Compliance Act (FATCA) Compliance|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
July 22, 2014, previously published on July 18, 2014In Bulletin No. 2014-15 issued yesterday, July 17, 2014, the Excess Lines Association of New York ("ELANY") responded to questions it has received to date about the implementation of the Foreign Account Tax Compliance Act ("FATCA"), which is scheduled to go into effect under its...
|Property Tax Freeze Credit Guidance and Reporting Requirements|
Lamb Barnosky LLP;
July 22, 2014, previously published on July 18, 2014In April, we sent you a memorandum (copy attached) outlining what you need to do to adopt a"freeze-compliant budget" and allow your eligible residents to claim the real property tax freeze credit. This week, the New York State Department of Taxation and Finance issued guidance related to...
|Wheaton College Order Changes Landscape of Contraceptive Mandate for Religious Nonprofit Organizations|
Jim Rourke; Nexsen Pruet, LLC;
July 22, 2014, previously published on July 9, 2014Last Thursday, while many of us were preparing for the long weekend ahead, the U.S. Supreme Court was hard at work, issuing an order that may have far-reaching implications for religious nonprofit organizations.
|Is Your Out-of-State LLC “Doing Business” in California?|
D. Matthew Richardson, Dina B. Segal; Sheppard, Mullin, Richter & Hampton LLP;
July 21, 2014, previously published on July 15, 2014Individuals and entities, including those from outside California, who invest in or do business through an out-of-state limited liability company (“LLC”) may be surprised to find out that they have filing obligations and tax liabilities in California as a result of California’s...
|Amendments May Be Needed In the New Tax Landscape|
William P. Ellsworth; Chuhak & Tecson, P.C.;
July 21, 2014, previously published on June 26, 2014The current iteration of the federal estate tax affects well under one percent of the population at death. With the estate tax exclusion now permanently set at $5,000,000 and indexed for inflation, a married couple with a basic estate plan utilizing both spouses’ exclusion amounts would need...
|5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning|
Dana B. Perry; Chambliss, Bahner & Stophel, P.C.;
July 21, 2014, previously published on July 2014Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in...
|IRS Amends Regulations for Written Tax Advice: Say Goodbye to the Circular 230 Disclaimer at the End of Emails|
Rachel F. Kelman; Wilson Elser Moskowitz Edelman & Dicker LLP;
July 19, 2014, previously published on July 16, 2014 Effective June 12, 2014, the IRS has announced revisions to Circular 230: Regulations Governing Practice Before the Internal Revenue Service that are designed, in part, to provide a more flexible standard for all written tax advice. The regulations require that practitioners base all written advice...