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Documents on taxation
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|IRS Seeks Comments to Promulgate Regulations for New Tax Examination and Collection Regime for Partnerships and LLCs|
Charles M. Ruchelman; Caplin & Drysdale, Chartered;
March 18, 2016, previously published on Match 18, 2016Late last year, Congress completely overhauled the rules by which the Internal Revenue Service ("IRS") examines partnerships and limited liability companies ("LLC"). With the stroke of a pen, Congress repealed over three decades of the Tax Equity and Fiscal Responsibility Act of...
|Continuing Developments in Tax Law|
Ralph Cuervo-Lorens; Blaney McMurtry LLP;
March 18, 2016, previously published on March 14, 2016As tax-reporting season nears, millions of tax returns will be filed. At the same time, a similar number of criminal type offences will be committed with little or no appreciation of their implications and often even unwittingly. The criminal offence in question is tax evasion. Increasingly in the...
|IRS Warns of Phishing Scam Involving Tax-Related Information|
Justin Edward Herdman, Jay Johnson, Todd S. McClelland; Jones Day;
March 17, 2016, previously published on March 2016According to the IRS, a new phishing scheme is on the rise that targets employee W-2 forms and related records. As part of the scheme, a fake email purportedly from the CEO or another company executive is typically sent to a payroll or HR professional requesting employee W-2 forms and/or other...
|IRS Guidance on Unconditional Opt-Out Payments|
Eva A. Rasmussen; Clifton Budd & DeMaria, LLP;
March 16, 2016, previously published on March 16, 2016Many employers offer employees a cash incentive (an "Opt-Out Payment"), if they waive coverage under the employer’s health plan. The rationale is that the Opt-Out Payment is less expensive than the employer's cost in subsidizing the coverage. Employers that offer Opt-Out Payments...
|Store Credits Not Subject to Unclaimed Property, Says California Court|
Wilson G. Barmeyer, Holly H. Smith, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
March 15, 2016, previously published on March 15, 2016In a decision with potentially broad implications, a California Superior Court has held that merchandise credits not redeemable for cash are not subject to California's Unclaimed Property Law (UPL). The court also held that these credits qualified for exemption under the California unclaimed...
|Florida Renews Its Membership: Florida DOR Finds Certain Online Membership Benefits Not Subject to Tax|
Hanish S. Patel, Marc A. Simonetti; Sutherland Asbill & Brennan LLP;
March 15, 2016, previously published on March 14, 2016The Florida Department of Revenue (DOR) determined that the sale of certain online membership benefits—early, exclusive access to products and deals and unlimited cloud data storage—were not subject to Florida sales tax or the Communications Service Tax (CST). However, the DOR added...
|New Taxation Conditions to be Imposed on Investors as Australia's Foreign Investment Law Overhaul Continues|
Mark Crean, Brett Heading; Jones Day;
March 15, 2016, previously published on March 2016On 22 February 2016, the Treasurer of the Commonwealth of Australia announced new taxation conditions for foreign investors seeking to acquire Australian assets or shares in Australian companies. Depending on the type and domicile of the investor and the nature and monetary value of the proposed...
|Arizona: Lawmakers Consider First-In-The-Nation Tax Credit for Gun Training|
Chad Arfons, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
March 15, 2016, previously published on March 3, 2016At the end of January, Arizona House Majority Leader Steve Montenegro introduced HB 2494, which gives a maximum $80 tax credit to a gun purchaser for the costs of training courses or classes taken by the taxpayer, the taxpayer’s spouse or dependent. The bill’s language establishes that...
|The End of an Era—IRS Issues Additional Guidance on End of Determination Letter Application Program|
Brenna M. Clark, Adam B. Cohen, Paul R. Lang, Alice Murtos, Meredith L. O'Leary; Sutherland Asbill & Brennan LLP;
March 15, 2016, previously published on March 15, 2016In 2015, the Internal Revenue Service (IRS) announced changes to its existing determination letter program, namely that the staggered remedial amendment cycle for individually designed retirement plans would end effective January 1, 2017, and the scope of the program would be limited to initial...
|IRS Releases Proposed Regulations Defining a “Political Subdivision” For Purposes of Determining Eligibility to Issue Tax-Exempt Bonds|
Rene Adema Moore, Dee P. Wisor; Butler Snow LLP;
March 15, 2016, previously published on March 1, 2016On February 22, 2016, the Internal Revenue Service (the “IRS”) released proposed treasury regulations (the “Proposed Regulations” ) to provide guidance as to how the IRS intends to prospectively define a “political subdivision” for purposes of allowing political...