Search Results (1461)
Documents on Taxation, Banking & Financial Services
Show: results per page
|Estate, Gift and Trust Provisions in New York State 2014-15 Budget: New York State 2014-15 Budget Makes Changes to the Taxation of Estates and Gifts and the Income Taxation of Certain Trusts|
Sullivan Cromwell LLP;
April 15, 2014, previously published on April 4, 2014On March 31, 2014, Governor Andrew Cuomo signed into law the New York State 2014-15 Budget (the “Budget”). This memorandum describes the changes made by the Budget to the taxation of estates and gifts and the income taxation of certain trusts. We will be distributing a separate...
|IRS Says Bitcoin Isn’t Money|
Joel Cazares; Sheppard, Mullin, Richter & Hampton LLP;
April 11, 2014, previously published on April 7, 2014On March 25, 2014 the IRS issued Notice 2014-21, which describes how the IRS will interpret existing general tax principles to apply to transactions using “virtual currencies” such as Bitcoin. This Notice is the most recent in a line of similar regulatory pronouncements issued by...
|Regulatory and Tax Issues Posed By Convertible Virtual Currencies|
Charles K. Kolstad, D. E. Wilson; Venable LLP;
April 8, 2014, previously published on April 2014Not surprisingly, the question is how Convertible Virtual Currencies (CVCs) such as Bitcoin should be classified for tax purposes. Given the treatment of CVCs by the Financial Crimes Enforcement Network (FinCEN) in FIN-2013-G001, it is not surprising that the Internal Revenue Service also concluded...
|Virtual Reality: IRS Provides Guidance on the Treatment of Bitcoin and Other Virtual Currency Transactions|
Robert S. Chase, Jonathan Goldman, Daniel R.B. Nicholas, Amish M. Shah, Rich Sun; Sutherland Asbill & Brennan LLP;
April 4, 2014, previously published on March 31, 2014On March 25, 2014, the Internal Revenue Service (IRS) issued Notice 2014-21 (the Notice), which provides guidance regarding the tax treatment of Bitcoins and other virtual currency through a series of “frequently asked questions” (FAQs). The Notice provides that virtual currency is...
|The IRS: Taking the “Coin” Out of Bitcoin|
Sutherland Asbill Brennan LLP;
March 28, 2014, previously published on March 26, 2014The IRS released guidance on March 25 that Bitcoins and other virtual currency should be treated as property for U.S. federal income tax purposes, and not as a currency. In addition to the determination that virtual currency is property, the IRS notice made clear that some of the typical rules on...
|New Focus on Tax Sharing Agreements for Financial Institutions|
David A. Froling, Jeffery E. Smith; Vorys, Sater, Seymour and Pease LLP;
March 20, 2014, previously published on March 14, 2014As most bankers know, Ohio adopted a new Ohio Financial Institutions Tax (FIT), which is based on a consolidated entity formula explained below. Given the new consolidated approach to taxing financial institutions with a presence in Ohio and the bank regulatory issues that accompany any type of...
|US Treasury Releases Substantial FATCA Guidance|
John L. Harrington, Jeffrey H. Koppele, Marc D. Teitelbaum; Dentons Canada LLP;
March 12, 2014, previously published on March 6, 2014Continuing its implementation of the Foreign Account Tax Compliance Act (FATCA), the US Treasury Department recently released a package of proposed and temporary regulations.
|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.
|Massachusetts Governor Proposes Insurance Industry Pass-Through Tax|
Andrew D. Appleby, Scott A. Booth; Sutherland Asbill & Brennan LLP;
March 4, 2014, previously published on January 28, 2014The Massachusetts Governor released his proposed fiscal year 2015 budget, which includes a tax provision that is targeted directly at the insurance industry. Currently, income earned by pass-through entities, such as partnerships, owned by licensed life or property and casualty insurers is excluded...
|Pennsylvania Supreme Court Deposits Bank's Uniformity Claim in the Recycling Bin|
Andrew D. Appleby, Zachary T. Atkins; Sutherland Asbill & Brennan LLP;
March 3, 2014, previously published on January 8, 2014The Pennsylvania Supreme Court held that treating a merger between two in-state banks differently than a merger between an in-state bank and an out-of-state bank did not violate the Uniformity Clause of the Pennsylvania Constitution. If two in-state banks merged, Pennsylvania law formerly required...