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|Update: Form 1023 EZ Released for Small Nonprofits|
Jana M. Luttenegger; Davis, Brown, Koehn, Shors & Roberts, P.C.;
July 15, 2014, previously published on July 2, 2014It seems as soon as I blogged about the draft Form 1023-EZ, the IRS released the final form. So, this will serve as an update and follow-up to my June 30, 2014 post. on the Form 1023-EZ, the IRS has now released Form 1023-EZ, the instructions, and Rev. Proc 2014-40 setting for procedures under the...
|New EUCJ Case On Dividend Withholding, Q2 Noteworthy Case Law, Amending Finance Law For 2014, And Parent-Subsidiary Directive Modification|
Nicolas André, Lodewijk P.W. Berger, Siamak Mostafavi; Jones Day;
July 14, 2014, previously published on July/August 2014The present French Tax Update will look over (i) a new case pending before the European Union Court of Justice ("EUCJ") that involves the dividend withholding applied under Dutch tax law ("SG Case"), (ii) recent case law decisions issued by the EUCJ, the French Constitutional...
|VAT on Listed Buildings|
Withers Bergman LLP/Withers LLP;
July 14, 2014, previously published on June 30, 2014Listed building VAT relief for residential property was abolished in 2012. At Withers we have taken some soundings concerning any changes in the behaviour of residential property owners arising from the removal of VAT relief on approved alterations. We have asked whether this has caused more or...
|Offshore Bank Accounts Must Be Reported By June 30, 2014|
William A. Buck, Carly R. Schimizzi; Leech Tishman;
July 14, 2014, previously published on June 17, 2014U.S. Taxpayers are required to disclose ownership of or signature authority over any offshore bank account that had a balance of $10,000 or more at any point during calendar year 2013. This requirement also applies to multiple offshore accounts which have a maximum aggregate balance of more than...
|Helping Reduce the Financial Burdens of K-12 Education: Iowa Tuition and Textbook Tax Credit|
Eric Fischer; Nyemaster Goode P.C.;
July 14, 2014, previously published on July 9, 2014The Iowa Tuition and Textbook Tax Credit is an income tax credit for eligible education expenses incurred for dependent K-12 students. Dependent children must have attended a school in Iowa that is accredited and is not operated for profit. The tax credit is an easy way for Iowans to reduce their...
|State Decree No. 44.886/2014: Tax Amnesty Program for the State of Rio de Janeiro|
Carolina M. Bottino, Roberta P. Caneca, Ivan Tauil; Tauil & Chequer Advogados in association with Mayer Brown LLP;
July 14, 2014, previously published on July 10, 2014On 07/03/2014, in the Official Gazette of Rio de Janeiro, State Decree No. 44.886/2014 was published. It modifies the previous ruling concerning ICMS Convention No. 128/2013. This Convention authorizes the State of Rio de Janeiro to implement a Tax Amnesty Program to waive or reduce penalties and...
|SEC Provides Helpful Guidance on Accredited Investor Verification|
Stacie Sawchak Aarestad, Matthew C. Dallett, Stanley Keller, Eugene W. McDermott; Edwards Wildman Palmer LLP;
July 14, 2014, previously published on July 2014On July 3, 2014, the staff of the SEC’s Division of Corporation Finance issued guidance on reasonable steps to verify the accredited investor status of purchasers for purposes of the Rule 506(c) exemption that permits general solicitation. The guidance, which is in the form of several...
|Income Tax - Transfers of Family Business to Children Tax Free|
Pessin Katz Law P.A.;
July 10, 2014, previously published on June 26, 2014In Bross Trucking, Inc., TC Memo 2014-10, the United States Tax Court ruled that a taxpayer’s wholly-owned corporation that ceased operations due to its difficulty with regulatory authorities had no goodwill. As a result, even though the taxpayer’s sons started a new business that had...
|Detroit Bankruptcy Update: Sixth Circuit Throws Wrench into Restructuring Timetable|
Scott St. Amand, J. Ellsworth Summers; Rogers Towers, P.A.;
July 10, 2014, previously published on July 8, 2014Earlier this month the Sixth Circuit Court of Appeals ruled that the appeal of Syncora Guarantee Inc. must be heard by the lower federal district court before the bankruptcy court may conduct its trial on the city’s proposed Chapter 9 restructuring plan, which is scheduled to begin on August...
|Control Is Everything|
Pessin Katz Law P.A.;
July 10, 2014, previously published on June 30, 2014In Private Letter Ruling 201423043, (“PLRs” only apply to the taxpayer involved but are often used as “guidance”, and not “precedent”, by taxpayers and the IRS.) the IRS ruled that a surviving spouse could roll over her deceased husband’s Roth IRA payable...