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Documents on Taxation, Government
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|Municipal Bond Interest Paid By a Bond Insurer After an Issuer’s Bankruptcy Discharge Can Remain Tax-Exempt|
Maxwell D. Solet, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
February 27, 2015, previously published on December 22, 2014In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus on whether municipal bond interest paid by a bond insurer after the...
|IRS Provides Interim Guidance as to Private Business Use and Accountable Care Organizations and Expands Safe-Harbors for Qualified Management Contracts|
Joe E. Forrester, Christie Lombard Martin, Antonio D. Martini; Edwards Wildman Palmer LLP;
February 17, 2015, previously published on November 2014On October 24, 2014, the IRS published Notice 2014-67 (the “Notice”) which provides interim guidance for determining whether a State or local government entity or 501(c)(3) organization that benefits from tax-exempt bond financing will be considered to have private business use of its...
|Tax Extenders Bill Likely to Pass by Year End|
Mark D. Klimek; McDonald Hopkins LLC;
February 13, 2015, previously published on December 12, 2014The 2014 “Tax Extenders” bill was passed by the House of Representatives last week, paving the way for a last-minute reprieve for many popular tax breaks. It still requires approval by the Senate and the President, but all indications are that this will happen by the end of the year....
|Ohio and Delaware Alert Taxpayers of End of Year Deadlines|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
February 13, 2015, previously published on December 31, 2014The Cleveland Plain Dealer reports that under a program approved by voters in 2009, Ohio veterans who served in Iraq from March 19, 2003, to Dec. 31, 2011, have until Dec. 31, 2014, to apply for their Ohio Veterans Bonuses. According to the article, the bonus is not subject to state or federal...
|Process this - South Carolina Concludes Web-Based Insurance Claim Processing Application Not Subject to Sales Tax|
Open Weaver Banks, Jessica L. Kerner; Sutherland Asbill & Brennan LLP;
February 5, 2015, previously published on January 8, 2015The South Carolina Department of Revenue determined that charges for a web-based application used to process insurance claims are the sale of a non-taxable data processing service rather than a communications service. The company providing the service collects claims information for a customer from...
|Coop Employees See Added Pension Security|
Sutherland Asbill Brennan LLP;
February 4, 2015, previously published on December 18, 2014President Obama recently signed into law a new measure to ensure that current coop employees under the age of 62 maintain access to the “quasi-retirement” feature of the NRECA Retirement Security Plan. Absent the new law, these employees would not receive the full distribution earned...
|Michigan Sales and Use Tax Audits|
Nicholas M. Oertel; Foster, Swift, Collins & Smith, P.C.;
December 1, 2014, previously published on October 21, 2014Every year, the Michigan Department of Treasury audits Michigan businesses for compliance with the Sales and Use tax laws. Oftentimes, those audits result in tax assessments that are disputed by the taxpayer. But, how does a taxpayer navigate the audit process and challenge a tax assessment?
|States Approve Numerous Tax-Related Measures in the Midterm Elections 2014|
David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
November 22, 2014, previously published on November 13, 2014Several states approved tax-related measures in this midterm election. These include a constitutional ban on income tax, an income tax cap, and a millionaire tax.
|Sixth Circuit Sharpens Ford’s Focus on Payment of Overpayment Interest|
Timothy Santoli, Ryan Zucchetto; Dentons Canada LLP;
November 21, 2014, previously published on October 30, 2014While it appears that Ford’s petition for certiorari to the Supreme Court yielded Ford some of the answers it was looking for, Ford is still without the approximately $470 million in what it argues is overpayment interest. As we discussed in a previous article, the Supreme Court asked the...
|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...