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|Russian De-Offshorisation Legislation and Voluntary Disclosure: Which Way Now?|
Olga Boltenko, Ayshat Gaydarova, Evgenia Martin; Withers Bergman LLP;
June 17, 2015, previously published on June 10, 2015The new law on the taxation of controlled foreign companies (the 'CFC' law) and other anti-offshore measures effective as of 1 January 2015 have raised a number of questions for clients and advisers. A number of changes to the new laws were long anticipated and have now been passed by the...
|IRS Releases Interim Guidance for FBAR Penalties|
Paul L. Behling, Richard Cassell, Matthew Cullen, Michael Parets, Jay H. Rubinstein; Withers Bergman LLP;
June 17, 2015, previously published on June 9, 2015Many are now familiar with the famous Report of Foreign Bank and Financial Accounts (FBAR), a relatively small form that carries with it the threat of huge penalties in the case of a willful failure to file. As FATCA is upon us and each day brings new Non-Prosecution Agreements executed between the...
|Budget Take Two: Will Election Promises Be Made A Reality?|
Sophie Dworetzsky, Christopher Groves; Withers Bergman LLP;
June 17, 2015, previously published on June 10, 2015Income tax (along with National Insurance and VAT) is to be the beneficiary of the tax lock, so there will be no increases in tax rates over the course of this parliament. The most notable point of this legislation is what it leaves out, so there is no commitment to maintaining or raising the...
|Are Payments To Assisted Living Facilities Tax Deductible?|
Wayne L. Kaplan, Jonathan C. Sullivan; Ruskin Moscou Faltischek, P.C.;
June 17, 2015Currently, over one million Americans live in more than 28,000 assisted living facilities across the United States. Residents and their families often bear the costs of assisted living facilities from their own financial resources. Even though assisted living facilities continue to seek new ways to...
|Texas Lawmakers Approve an Across-The-Board 25 Percent Business Franchise Tax Reduction|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
June 17, 2015, previously published on June 4, 2015At the beginning of the 2015 legislative session, Republican lawmakers in Texas had the power and the surplus funds to cut taxes, divulged The Dallas Morning News. But “months of taunts, leaks, maneuvering, and angry protests—and above all, very poor communication—took a...
|Washington Court Rules Property Tax Incentive Benefitting Indian Tribes is Unconstitutional|
Debora E. Ramirez; Modrall Sperling;
June 17, 2015, previously published on June 12, 2015Agreements for payments in lieu of taxes (PILOTs or PILTs) are used frequently by local governments to incentivize private investment in facilities or infrastructure that will provide a public benefit. A recent case in the State of Washington highlights the risk of reliance on PILTs when a project...
|New Tax Rules for Spousal Trusts Could Have Severe Consequences: Reviews of Wills Strongly Advised|
Margaret E. Rintoul; Blaney McMurtry LLP;
June 17, 2015, previously published on June 9, 2015New tax rules for all trusts, including spousal trusts which have often been set up to protect the inheritance of the children from a prior relationship and, at the same time, provide for a second spouse, or to allow for a degree of income splitting, take effect next January 1.
|California Property Tax Development|
Bradley R. Marsh; Greenberg Traurig, LLP;
June 16, 2015, previously published on June 11, 2015SCA 5, introduced by State Senators Loni Hancock (Oakland) and Holly Mitchell (Los Angeles), proposes a constitutional amendment that would change California’s property tax assessment system.
|Update: Key Ruling Affecting Maryland Taxpayers with Out-of-State Income - Tax Refund Opportunity Now Available|
Michael R. Bartosik; Duane Morris LLP;
June 16, 2015, previously published on June 9, 2015Maryland residents who pay income tax to other states may be entitled to a refund of local income taxes paid in prior tax years. The U.S. Supreme Court in Comptroller of the Treasury of Maryland v. Wynne et ux. recently affirmed a Maryland Court of Appeals ruling that the state's personal income...
|Thailand Aims to Boost Struggling Economy with the Introduction of Inheritance Tax|
Phineas Hirsch; Withers Bergman LLP;
June 16, 2015, previously published on June 11, 2015With the British consul estimating that over 50,000 British nationals have chosen to make Thailand their permanent home, it will be of interest to the UK charities that the Thai government intends to introduce inheritance tax. The levy is expected to raise around THB3bn (GBP60m). The changes are...