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|Power Trip: How to Resolve Power Abuse in a 50/50 Business Partnership|
David E. Kay; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015What can you as a business owner do to protect your business or maximize its value if you lack the voting power to control the business? Entrepreneurs enter into 50/50 ownership situations, or worse, for a variety of reasons and with the best of intentions. Over time, one owner may prove to be more...
|IRS Green Lights Section 529A ABLE Disability Programs|
Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
June 18, 2015, previously published on March 15, 2015Pi Day comes but once a century, on 3/14/15. The Internal Revenue Service receives praise approximately as frequently. But the IRS deserves applause for its Notice 2015-18, released March 10, 2015, giving the green light to states to proceed with the establishment of tax-free investment programs...
|Inheritance Tax: Asserting Estate Liabilities|
Michael Rainer, Michael Rainer; GRP Rainer LLP;
June 18, 2015, previously published on June 17, 2015Those who inherit generally have to pay inheritance tax. Estate liabilities can be asserted in the context of inheritance tax. Whether something is considered to be an estate liability may be debatable.
|Think Your Income Tax Return Closed the Book on 2014? Taxpayers with Foreign Assets May Be Required to File a Report by June 30|
Rodney N. Anello; Duane Morris LLP;
June 18, 2015, previously published on June 16, 2015The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published final regulations for reporting bank accounts, securities accounts and other financial accounts located in a foreign country on FinCEN Report 114 (the successor to the previously-used TD F 90-22.1, Report of...
|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.
|IRS Guidance To Cap Potential FBAR Penalties|
Jeremiah Coder, Scott E. Fink, Barbara T. Kaplan; Greenberg Traurig, LLP;
June 17, 2015, previously published on June 10, 2015On May 13, 2015, the IRS issued guidance which establishes limits to the potential penalties that the IRS will assert for a taxpayer’s failure to file Foreign Bank Account Reports (FBARs). The guidance is designed to promote consistency by the IRS in administering its FBAR compliance program....
|Amazon’s Expansion into Ohio Triggers Tax on Online Purchases|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
June 17, 2015, previously published on June 4, 2015In a May 29, 2015, joint press release, Amazon.com Inc. and JobsOhio confirmed Amazon’s commitment to significant business development in Ohio. JobsOhio is a private, non-profit organization designed to drive job creation and new capital investment in the state. The group was involved in...
|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...
|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...
|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...