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Documents on Taxation, Banking & Financial Services
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|Financial Institution Cannot Assign Loans Based on Activities of Third Parties, Says Massachusetts Supreme Judicial Court|
Zachary Atkins, Prentiss Willson; Sutherland Asbill Brennan LLP;
February 26, 2015, previously published on February 25, 2015The Massachusetts Supreme Judicial Court (SJC) refused to allow a taxpayer, a financial institution, to assign its loan portfolios based on the location of third-party loan servicing activities for purposes of calculating its financial institution excise tax property factor. The taxpayer earned...
|Bank Leumi Agreement with Department of Justice Results in Disclosure of Identities of 1,500 U.S. Account Holders|
Jon Grouf, James J. Holman, Hope P. Krebs, Anthony D. Martin, Megan R. Worrell; Duane Morris LLP;
February 17, 2015, previously published on January 12, 2015These developments raise many significant issues for U.S. persons with undisclosed accounts at Bank Leumi with respect to potential criminal prosecution, civil examinations and the availability of the Offshore Voluntary Disclosure Program and the Streamlined Programs for residents and nonresidents.
|Florida: Pre-filed Bills Propose Tax Cuts in Three Areas|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
February 13, 2015, previously published on December 11, 2014At the end of Jan. 2014, Florida Gov. Rick Scott released his “It’s Your Money Tax Cut Budget” for fiscal year 2014-2015. As he repeated when he unveiled his budget, Gov. Scott’s tenure has focused on cutting taxes, reducing spending, and reducing debt. It is, therefore, not...
|New Federal Law Allows Savings Accounts for Individuals with Disabilities|
Michael A. Bush; Bowles Rice LLP;
February 9, 2015, previously published on January 13, 2015Effective January 1, 2015, the Achieving A Better Life Experience Act (ABLE), a new federal law, provides another tool for special needs planning.
|New IRS Streamlined Filing Procedures Expands Eligibility to Us Residents and Foreign Residents|
Shannon Smith Retzke; Withers Bergman LLP;
November 28, 2014, previously published on November 20, 2014For the first time, the Internal Revenue Service (IRS) streamlined filing procedures are available to US resident taxpayers who have unreported foreign income or financial accounts. The new streamlined procedures also eliminate the risk assessment process associated with the old streamlined...
|Ignoring IRS Notice of Deficiency May Leave Taxpayer With No Recourse for Contesting Tax Liability|
Jill Misener, David J. Moise; Withers Bergman LLP;
November 28, 2014, previously published on November 20, 2014The US Tax Court recently held in Onyango v. Comm’r 142 T.C. 24 (2014) that a taxpayer could not contest a tax liability prior to making payment where the Internal Revenue Service (IRS) issued a valid Notice of Deficiency and the taxpayer failed to take advantage of previous opportunities to...
|Eurasian Economic Union|
Victoria Simonova; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014On 29 May 2014, the presidents of Kazakhstan, Russia and Belarus signed an agreement (the "Treaty") in Astana on the Eurasian Economic Union (the "EaEU" or the "Union"). The Treaty will enter force on 1 January 2015. According to the Treaty, the Union is an...
|New Provisions Concerning Thin Capitalization in Poland|
BSJP Brockhuis Jurczak Prusak Sp.k.;
October 31, 2014On the 1st January 2015 the provisions regarding tax deduction of the interest paid for the loans provided by the related companies (thin capitalization) are about to change.
|Canadian Back-to-Back Loan Proposals|
Nigel P.J. Johnston, Gabrielle M.R. Richards; McCarthy Tétrault LLP;
October 22, 2014, previously published on October 15, 2014The 2014 federal budget included measures (Budget Measures) intended to eliminate the use of back-to-back loans to avoid the thin capitalization rules and/or withholding tax on interest paid to non-arm’s length non-residents so as to protect the Canadian tax base from erosion by limiting the...
|VAT Groups: Potential VAT Costs for Financial Groups as ECJ Recognises Intra-Entity Supplies between US Head Office and VAT-Grouped Branch|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 10, 2014The European Court of Justice has decided that IT services provided by Skandia America Corporation to its Swedish branch should be recognised for VAT purposes because the Swedish branch was part of a VAT group.