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|North Carolina Legislative Tax Alert|
Charles B. Neely, Nancy S. Rendleman, Robert W. Shaw; Williams Mullen;
June 18, 2013, previously published on June 12, 2013For several months, the North Carolina Senate and House have considered competing tax reform proposals. On Monday, June 10, the House passed HB 998 on its third reading and sent it to the Senate for consideration. On Tuesday, June 11, the Senate rolled out its version of tax reform in a proposed...
|PCORI Trust Fund Tax is Deductible|
Jason P. Lacey; Foulston Siefkin LLP;
June 18, 2013, previously published on June 12, 2013An internal IRS memorandum released this week provides informal guidance clarifying that the PCORI trust fund tax is generally deductible for income-tax purposes when paid by an insurer or the sponsor of a self-insured plan.
|Internal Revenue Service Concludes that Fideicomiso or Mexican Land Trusts are not "Trusts" for United States Tax Purposes|
Lauren C. Liebes; Sheppard, Mullin, Richter & Hampton LLP;
June 18, 2013, previously published on June 17, 2013On June 6, 2013, the Internal Revenue Service issued Revenue Ruling 2013-14, which concludes that a Fideicomiso or a Mexican Land Trust (MLT) is not taxed as a “trust” for U.S. income tax purposes. While most practitioners have operated on that assumption, it is helpful to have official...
|Planning for Tax Credits Now Can Benefit Education in the Future|
Thomas A. Pendleton; MacDonald, Illig, Jones & Britton LLP;
June 18, 2013Many communities in Pennsylvania have established a goal of providing improved educational opportunities in order to decrease poverty and to close the gap between available jobs and the skills of graduates. The Pennsylvania Department of Community and Economic Development (“DCED“)...
|Michigan Court Allows Multistate Tax Compact Election|
Sutherland Asbill Brennan LLP;
June 17, 2013, previously published on June 11, 2013On June 6, 2013, the Michigan Court of Claims became the second court in the country to hold that the Multistate Tax Compact (the Compact) is a binding multistate compact that cannot be repealed by a separate, subsequent statute. Anheuser-Busch, Inc. v. Michigan Dep’t of Treasury, Case No....
|IRS Says PCORI Fees Are Deductible|
Emily Erstling, Paul M. Hamburger; Proskauer Rose LLP;
June 14, 2013, previously published on June 12, 2013As employers plan for paying various health care reform fees, one question that arises is whether the fees owed are tax deductible. In particular, it has been unclear whether the fees paid pursuant the Affordable Care Act to fund the Patient-Centered Outcomes Research Institute...
|Using Tax Credits to Maximum Benefit for Your Construction Project|
Christen C. Church; Gentry Locke Rakes & Moore, LLP;
June 14, 2013, previously published on June 3, 2013Developers have discovered the benefit of identifying early on if their projects are eligible to participate in tax incentive programs. The Federal Preservation Tax Incentives program alone has certified the rehabilitation of over 38,000 historic buildings, with investments totaling over $66...
|IRS Decision on Florida CDD: Commercial Is Out; Residential May Be In|
Miranda F. Fitzgerald, Jason W. Johnson, Michael Ryan; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
June 14, 2013, previously published on June 11, 2013Community Development Districts are creatures of state law. They are quasi-governmental entities typically created for the purposes of issuing tax exempt bonds in order to finance the construction of real estate development infrastructure. Approximately 600 CDD’s currently exist in Florida....
|Tax-Exempt Bonds: Post-Issuance Compliance|
June 14, 2013, previously published on June 11, 2013Does your district have outstanding tax-exempt bond obligations? If yes, the IRS is interested in:
|Why Is the Effect of Income Taxes Not Part Of An Earnings Capacity Analysis?|
J. Michael Flanagan; Flanagan and DiBernardo, LLP;
June 13, 2013, previously published by CounterPoint on April 2013"The only thing in life are death and taxes,"