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|Oregon Test Drives Gas Tax Alternative|
McDonald Hopkins LLC;
June 2, 2015, previously published on May 22, 2015The debate over a long-term transportation bill inevitably breaks down over the question of how to pay for it. The trust fund is currently funded by a federal gas tax. But, over the last few years more and more have begun to question whether or not there is a better and smarter way to raise the...
|Time Ticking on Tax Reform|
McDonald Hopkins LLC;
June 2, 2015, previously published on May 22, 2015Few issues have gotten more attention over the last couple years as comprehensive tax reform - and yet it appears the window of opportunity to get something done is closing yet again.
|Better Out than In: Texas Court Upholds Property Tax Assessment on Stored Natural Gas|
Open Weaver Banks, Olga Jane Goldberg; Sutherland Asbill & Brennan LLP;
June 1, 2015, previously published on May 29, 2015A Texas court ruled that natural gas stored in an underground reservoir is subject to property tax, whether or not the gas is in interstate commerce. Without actually deciding whether the natural gas was in interstate commerce, the Houston Court of Appeals (1st District) held that tax on the stored...
|Validus Affirmed for All the Right Reasons - The FET Does Not Apply to Wholly Foreign Reinsurance Transactions|
Dennis L. Allen, Thomas A. Gick, Jeffrey H. Mace, Michael R. Miles, Mary E. Monahan; Sutherland Asbill & Brennan LLP;
June 1, 2015, previously published on May 29, 2015On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the first case to involve a challenge to the Internal Revenue Service’s...
|IRS and DOJ To Build New Tax Fraud Cases Using Data Collected in Voluntary Compliance Programs|
Jeremiah Coder, Jared E. Dwyer, G. Michelle Ferreira, Scott E. Fink, Courtney A. Hopley; Greenberg Traurig, LLP;
May 29, 2015, previously published on May 20, 2015On May 8, 2015, the United States Department of Justice announced that it had entered into a “non-prosecution agreement” (NPA) with Swiss bank Vadian Bank AG under the Department of Justice’s (DOJ) Swiss bank program. In its press release announcing the NPA, the DOJ said,...
|States Establish Hurricane Preparedness Tax Holidays Around Memorial Day 2015|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
May 29, 2015, previously published on May 14, 2015The Atlantic hurricane season runs from June 1, 2015, to Nov. 30, 2015. Experts’ initial predictions are that the 2015 Atlantic hurricane season may be one of the least active in decades; an early April outlook called for seven named storms, three of which are hurricanes, whereas the 30-year...
|New Bank of Israel Directive is Prompting Canadian Taxpayers to Bring Their Tax Affairs in Order|
Alex Klyguine; Borden Ladner Gervais LLP;
May 29, 2015, previously published on May 21, 2015The Bank of Israel has recently implemented measures that are designed to minimize legal and reputational risks for Israeli banks. The Bank of Israel circulated a draft directive for all Israeli banks by virtue of which all foreign (non-Israeli resident) account holders must sign a declaration that...
|Washington Plays the Name Game: Domain Name Registration Services Are Subject to Sales Tax|
Andrew D. Appleby, Jessica A. Eisenmenger; Sutherland Asbill & Brennan LLP;
May 29, 2015, previously published on May 28, 2015The State of Washington Department of Revenue issued public guidance explaining that the initial sale of a domain name by a registrar is subject to retail sales or use tax. A domain name is a unique name that allows users to access a website without using the website’s Internet Protocol (IP)...
|Pay Attention! Louisiana House and Senate Committees To Hear Several Key Tax Bills Next Week|
Matthew A. Mantle, Kimberly Lewis Robinson; Jones Walker LLP;
May 28, 2015, previously published on May 15, 2015The Senate Revenue and Fiscal Affairs Committee met Monday, May 11th to hear a series of tax bills, including bills to implement combined reporting and an add-back provision for corporate income tax and clean-up provisions for the Louisiana Board of Tax Appeals.
|Tennessee Follows Illinois and Expands Direct Placement Tax on Non-Admitted Insurance|
Andrew D. Appleby; Sutherland Asbill & Brennan LLP;
May 28, 2015, previously published on May 27, 2015Illinois enacted a direct placement tax on non-admitted insurance in 2014. However, there is a strong movement in Illinois to repeal or narrow the tax. Tennessee has now legislatively expanded its direct placement tax on non-admitted insurance, falling in line with many other states, including...