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|International Crackdown: Tax Authorities Look to Employment Structures in Initiating Audits|
Rebecca L. Marks, Bonnie Puckett; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.;
June 8, 2016, previously published on May 26, 2016In structuring their workforces abroad, taxes are a major driving force for employers—and if recent government initiatives are any indicator, employers should take care when considering the tax implications of their staffing decisions.
|Potential Texas Margin Tax Refund Claim|
C. Stephen Davis, G. Michelle Ferreira, William H. Gorrod, Courtney A. Hopley, Barbara T. Kaplan; Greenberg Traurig, LLP;
June 8, 2016, previously published on May 25, 2016The Texas Supreme Court’s decision in Hallmark Marketing provides a potential Texas margin tax refund claim for taxpayers that recognized net losses on investments and capital assets.
|Local Tax Collectors Must Conduct Annual Tax Sales!|
Wesley M. Plaisance; Breazeale, Sachse & Wilson, L.L.P.;
June 8, 2016, previously published on May 2016As the competition at annual Parish tax sales increases especially with a number of Parish Tax Collectors using an online platform for the sales, clients frequently ask me about investing in local tax sales. However, not all local tax collectors across the state have been conducting tax sales for...
|In Wake of the Panama Papers, Treasury Proposes New Reporting Requirements for Foreign-Owned Legal Entities|
Jodi L. Avergun, Keith M. Gerver, Mark P. Howe, Joseph V. Moreno, Linda Z. Swartz; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on May 18, 2016On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification number (“EIN”), maintain adequate records of certain...
|NYC Extends Tax Credit Available to Biotech Companies|
Daniel I. DeWolf, Sohail Itani; Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
June 6, 2016, previously published on May 4, 2016In late 2015, New York City Mayor Bill de Blasio signed into law a three-year extension of NYC’s biotechnology tax credit. The credit, which was set to expire on January 1, 2016, is now available through December 31, 2018. Generally, the biotech tax credit allows emerging biotech companies to...
|Properly Winding Up a Business Means Paying the Bills|
Andrew C. Voorhees; Weltman, Weinberg & Reis Co., L.P.A.;
June 6, 2016, previously published on April 26, 2016Whether it is time to retire, sell a business or simply close its doors, there are steps that must be taken to comply with Ohio law. Ohio Revised Code § 1701.86 provides the framework for voluntarily dissolving a corporation. It lists the notices and certificates required by the State.
|Regulatory Landscape of Cross-Border E-Commerce in China Enters a New Spring|
Yin Dai, David J. Ettinger; Keller and Heckman LLP;
June 6, 2016, previously published on May 17, 2016In the spring of 2016, China is carrying out a series of new policies to reform its management of cross-border E-commerce (CBEC). While the reforms mainly focus on adjustment to the tax policies that apply to CBEC, in April, China published the List of Products Eligible for CBEC(known as the...
|Good News on “Bad Boy” Guarantees - IRS Reverts to Prior Position in Recent Legal Advice Memorandum|
Daniel O. Gaquin, Sohail Itani, Jeffrey A. Moerdler, Abraham A. Reshtick; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
June 6, 2016, previously published on May 12, 2016On April 15, 2016, the IRS released a generic legal advice memorandum (GLAM 2016-001) (the “April GLAM”) addressing the impact of so-called “bad boy” guarantees (also known as nonrecourse carve-out guarantees) on the characterization of underlying partnership debt as...
|Renewable Energy Tax Credits: Recent IRS Notice Favorable to the Renewable Energy Industry|
Roy W. Gillig, Sohail Itani; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
June 6, 2016, previously published on May 17, 2016On May 5, 2016, the IRS released new guidance regarding the renewable energy production tax credit (“PTC”) and energy investment tax credit (“ITC”) which most in the renewable energy industry will find favorable.
|South Dakota: Unique Nexus Provision Triggers Immediate Lawsuits|
David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
June 2, 2016, previously published on May 5, 2016Since lawmakers began to realize how much revenue they are losing to out-of-state retailers that cannot be compelled to collect sales taxes, there has been much hand wringing about how to mitigate their losses while still remaining within the bounds of the law. The problem stems from the 1992...