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|Ability of Insurance Carriers in California to Obtain Insureds’ Income Tax Returns Despite the Income Tax Privilege|
Douglas K. Wood; Morris Polich & Purdy LLP;
August 22, 2016, previously published on July 29, 2016California Insurance Code Section 2071 acknowledges that tax returns are privileged but may be necessary for a carrier to process a claim.1 However, in practice, when an insured or their representative asserts the income tax privilege, often that is the end of the discussion. That need not be the...
|Tennessee Takes Out-of-State Sales Tax into Its Own Hands|
James L. Jim Catanzaro, Nicole Osborne; Chambliss, Bahner & Stophel, P.C.;
August 18, 2016, previously published on July 20, 2016Currently, only out-of-state retailers with a physical presence, including personnel, in Tennessee are considered to have a "nexus" with the state. This means they are required to collect and remit sales or uses tax on all sales, whether orders are taken in person, by phone, or by mail....
|School Is Out and Summer Employment Is In: Tax Tips for Students|
Duane Morris LLP;
August 17, 2016, previously published on July 21, 2016Employment during the summer is a great opportunity for students to build a résumé, gain experience, create valuable connections and develop some financial independence. Summer jobs can also provide students with spending money, assist with college tuition payments (or more...
|Changes to India-Mauritius-Singapore Tax Treaties - Mind the Gap?|
Duane Morris LLP;
August 17, 2016, previously published on August 1, 2016As many are now aware, the double tax avoidance arrangement (DTAA) between India and Mauritius was amended through the protocol released last month. The direct impact summarized in one line is as follows:
|Opting-In: Treasury Regulations Provide Rules for Electing into the New Partnership Audit Regime Early|
Robert S. Chase, Reginald J. Clark, Thomas A. Cullinan, Joseph M. DePew, Daniel R. McKeithen; Sutherland Asbill & Brennan LLP;
August 17, 2016, previously published on August 15, 2016As reported in a prior Sutherland Legal Alert, the Bipartisan Budget Act of 2015 (the 2015 Budget Act) makes significant changes to the procedural rules governing federal income tax audits and judicial proceedings that apply to partnerships and other entities (such as limited liability companies or...
|The Voluntary Payment Doctrine Defense Is Alive and Well in Illinois|
John M. Allan, Patrick J. Beisell, David E. Cowling, Mark P. Rotatori, E. Kendrick (Ken) Smith; Jones Day;
August 16, 2016, previously published on August 2016The issue of tax overcollection has triggered a spate of consumer fraud lawsuits (often in the form of class actions) across the country, and it has affected some of the United States’ largest corporate businesses. On July 5, 2016, the Appellate Court of Illinois (Fifth District) held that...
|IRS Clarifies Income Inclusion Rules in Section 50(d)(5) for Partnerships and S Corporations|
Jonathan R. Katz, Ravinder P. Khinda; Jones Walker LLP;
August 11, 2016, previously published on July 2016On July 21, 2016, the IRS released temporary and proposed regulations that address income inclusion with respect to lessees of investment tax credit property when owners treat the lessees as having acquired the property for investment tax credit purposes. The rules apply when a partnership or an S...
|U.S. Treasury Releases Long-Awaited Final Arbitrage Regulations|
Linda L. D'Onofrio, Vanessa Albert Lowry; Greenberg Traurig, LLP;
August 10, 2016, previously published on August 2, 2016On July 18, 2016, the U.S. Department of the Treasury (Treasury) promulgated long-awaited final regulations (the Final Regulations) under Section 148 of the Internal Revenue Code of 1986, as amended (the Code), relating to arbitrage restrictions that finalize numerous provisions of prior proposed...
|New Changes to Florida Beverage Laws Start Today|
Jacqueline Bozzuto, Tara L. Tedrow; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 10, 2016, previously published on July 1, 2016Changes to Florida’s Beverage Laws have drawn attention and controversy over recent years as groups ranging from small craft breweries to major retail vendors have lobbied for legislative amendments to the State’s regulations. As of July 1, 2016, a host of changes to Florida’s...
|A Little Corporate Housekeeping Can Help Avoid a Big Mess|
Stephen P. Katz; Peckar & Abramson A Professional Corporation;
August 9, 2016, previously published on May 2016Now that tax season is over, and we’ve finally caught a breath after fi ling our tax returns in a timely fashion, it is a good time to consider some corporate housekeeping tips that will help keep intact the limitation of liability that corporate entities provide to their shareholders. While...