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|New Jersey Tax Sale Law Gives Purchaser of a Tax Sale Certificate a Tax Lien on the Underlying Property|
Duane Morris LLP;
July 9, 2014, previously published on June 30, 2014The New Jersey Supreme Court, in In re: Princeton Office Park, L.P. v. Plymouth Park Tax Services, LLC, determined that under the Tax Sale Law, N.J.S.A. §§ 54:5-1 to -137, a purchaser of a tax sale certificate acquires a tax lien, not a lien securing the property owner's obligation to pay...
|The 2014 Voluntary Disclosure Program: Important Changes for the Still Non-Compliant Taxpayer with Foreign Accounts|
Seth J. Entin, G. Michelle Ferreira, Courtney A. Hopley; Greenberg Traurig, LLP;
July 8, 2014, previously published on June 20, 2014On June 18, 2014, the Commissioner of the Internal Revenue Service (IRS), John Koskinen, announced significant changes to the IRS’s offshore voluntary disclosure program (referred to as the “2014 OVDP”). The changes to the program are described in this Alert. The changes are...
|Construction Innovations Yield Tax Benefits|
Padric Kelly O'Brien; Taft Stettinius & Hollister LLP;
July 8, 2014, previously published on June 30, 2014An Internal Revenue Service determination released earlier this year may be valuable to both real estate developers and manufacturers of certain types of drywall systems. We’ll explain both the ruling and how it may affect these businesses.
|House Judiciary Committee Passes Permanent Internet Tax Ban|
McDonald Hopkins LLC;
July 4, 2014, previously published on June 26, 2014On June 18, 2014, the House Judiciary Committee of the U.S. Congress passed the Permanent Internet Tax Freedom Act bill by a 30 to 4 vote, moving it forward to be considered by the House of Representatives. The Permanent Internet Tax Freedom Act bill seeks to modify the Internet Tax Freedom Act by...
|Kentucky: Governor Signs Small Business Tax Credit Law|
McDonald Hopkins LLC;
July 4, 2014, previously published on June 26, 2014Kentucky Gov. Beshear signed H.B. 301, a law designed to help make it easier for Kentucky small businesses to receive nonrefundable tax credits from the Small Business Tax Credit Program (the Program). Some of the main changes are measuring new job positions in a more flexible manner. The time at...
|Normative Ruling No. 1,474/14|
Roberta P. Caneca, Marina Cyrino; Mayer Brown LLP;
July 4, 2014, previously published on June 25, 2014On June 18, 2014, Brazilian Tax Authorities enacted Normative Ruling No. 1,474, including certain Swiss companies incorporated as holding company, domiciliary company, auxiliary company, mixed company and administrative company as privileged tax regimes, when the corporate income tax collected by...
|Illinois Provides Guidance on Characterization and Sourcing of Cloud Computing Receipts for Sales Factor Apportionment Purposes|
McDonald Hopkins LLC;
July 4, 2014, previously published on June 26, 2014On April 24, 2014, the Illinois Department of Revenue (the Department) replied to a request for a Private Letter Ruling requesting a ruling that the taxpayer’s (Company’s) “dedicated hosting, cloud computing and remote customer support are services for Illinois sales factor...
|Florida's Bob Ross Cloud: Happy, Puffy and Tax-Free|
Andrew D. Appleby, Stephen Burroughs; Sutherland Asbill & Brennan LLP;
July 3, 2014, previously published on June 25, 2014The Florida Department of Revenue determined that the sale of remote storage and cloud computing services, along with related data transfer fees, are information services not subject to Florida sales tax or Communication Service Tax (CST). The taxpayer’s remote storage service grants...
|Latest Swiss Cross-Border Tax Investigation Reflects Wider US Enforcement Agenda|
Ryan Dennis Junck, Sean P. Shecter; Skadden, Arps, Slate, Meagher & Flom LLP;
July 3, 2014, previously published on June 26, 2014Authorities in the U.S. continue to crack down on foreign financial institutions that have allegedly aided U.S. taxpayers in evading their tax obligations. On May 19, 2014, Credit Suisse AG pled guilty to conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other...
|A Smorgasbord of State Tax Issues: Virginia Addresses Entity Classification, Nexus and Subject-to-Tax Add-Back Exception|
Andrew D. Appleby, Kathryn E. Pittman; Sutherland Asbill & Brennan LLP;
July 3, 2014, previously published on June 27, 2014In a post-audit challenge by a taxpayer, the Virginia Tax Commissioner addressed entity classification, nexus and royalty add-back issues. The Commissioner found that the taxpayer did not provide sufficient evidence that its single member LLC was a disregarded entity or that certain entities were...