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|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...
|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...
|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...
|U.S. Supreme Court Agrees to Hear Case on Controversial Colorado “Tattletale” Use Tax Law|
McDonald Hopkins LLC;
July 18, 2014, previously published on July 10, 2014On July 1, 2014, the U.S. Supreme Court granted certiorari to Direct Marketing Association v. Brohl. This case arrives at the U.S. Supreme Court after the 10th Circuit Court declined to rule on the constitutionality of a 2010 Colorado use tax reporting law (Direct Marketing Ass'n v. Brohl, 735 F.3d...
|Illinois: Industrial Insureds May Be Required to Pay Taxes on Insurance Premiums|
McDonald Hopkins LLC;
July 18, 2014, previously published on July 10, 2014The Illinois General Assembly passed S.B. 3324 which imposes a 3.5 percent tax on paid premiums to unauthorized insurers by a certain class of businesses. The bill awaits Governor Patrick Quinn’s signature. If the bill is neither signed nor vetoed by August 14, it automatically becomes law.
|California: Sales and Use Tax Partial Exemption Goes Into Effect for Specified Industries|
McDonald Hopkins LLC;
July 18, 2014, previously published on July 10, 2014California law now provides for a partial exemption from state sales and use tax for equipment purchased for manufacturing, research and development by certain qualified purchasers and certain lessees, as of July 1, 2014. This partial exemption applies only to state sales and use tax and does not...
|Supreme Court Ruling Puts Inherited IRAs at Risk in Bankruptcy Proceedings|
Waller Lansden Dortch Davis LLP;
July 17, 2014, previously published on June 16, 2014The United States Supreme Court ruling in Clark v. Rameker could have an impact on what are sometimes an individual’s most significant legacy assets: individual retirement accounts, or “IRAs.” A participant’s IRA is generally afforded protection in bankruptcy proceedings....
|U.S. House Passes Permanent Internet Tax Freedom Act|
Michele Borens, Jonathan A. Feldman, Jeffrey A. Friedman, Todd A. Lard, Carley A. Roberts; Sutherland Asbill & Brennan LLP;
July 17, 2014, previously published on July 15, 014On July 15, the U.S. House of Representatives voted in favor of H.R. 3086, the Permanent Internet Tax Freedom Act (PITFA), by a voice vote. PITFA would permanently extend the moratorium on state and local taxation of Internet access and “multiple” or “discriminatory” taxes...
|Vermont Expands Taxation of Software to Include Remotely Accessed Prewritten Software|
Sutherland Asbill Brennan LLP;
July 17, 2014, previously published on July 15, 2014The Vermont Department of Taxes has released draft regulatory language regarding the collection of sales tax on remotely accessed prewritten software. In an effort to clarify further, the Department of Taxes will publish regulations to provide further guidance regarding the application of the tax....