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|Change in One-Per-Year Rollover Rules on IRA|
Jana M. Luttenegger; Davis, Brown, Koehn, Shors & Roberts, P.C.;
July 26, 2014, previously published on July 25, 2014Typically a taxpayer does not have to include in gross income an amount distributed from an IRA if the funds are placed into another IRA within 60 days. This is often called a rollover. To avoid abuse of the exclusion, it only applies to one IRA rollover in a 12 month period. Historically the IRS...
|Will There Be Tax Credit Subsidies for Health Coverage Purchased on the Federal|
Thora A. Johnson, Elizabeth C. Keenan, Ralph S. Tyler; Venable LLP;
July 25, 2014, previously published on July 23, 2014There is no letup in the intensity of the litigation wars surrounding the Affordable Care Act (ACA) or in the significance of the matters at issue. In 2012, the Supreme Court narrowly upheld the ACA in the face of a full-scale attack while invalidating the ACA's Medicaid expansion requirements. A...
|Five Reasons Why You Need a Good Succession Plan Now|
Liza C. Moore; Foster, Swift, Collins & Smith, P.C.;
July 25, 2014, previously published on July 18, 2014Remember the old saying “failing to plan is planning to fail”? Here are five reasons why you need a good succession plan now.
|Puerto Rico: A Haven for Manufacturers?|
Rosana M. Gutierrez; Foley & Lardner LLP;
July 25, 2014, previously published on July 23, 2014Perhaps not surprisingly to those familiar with the tropical island, manufacturing remains a key driver of economic activity in Puerto Rico. Indeed, manufacturing accounts for 45% of Puerto Rico’s GDP (compared to 11% in the U.S.) and over 20% of the island’s jobs. Many U.S....
|Wyoming DOR Publishes Guidance Addressing the Sales Tax Treatment of Cloud Computing Services|
Sutherland Asbill Brennan LLP;
July 24, 2014, previously published on July 21, 2014 The Wyoming Department of Revenue has published guidance addressing the sales tax treatment of a broad range of computer sales and services, including cloud computing, web hosting, and data storage.
|New Tax Treaty Between Mexico and United Arab Emirates Enters into Force|
Rodrigo Gómez, Karl L. Kellar, Andrés Lieja, Luis Ignacio Martel, Luis Rodrigo Salinas; Jones Day;
July 24, 2014, previously published on July 2014The Mexico-United Arab Emirates tax treaty, signed on May 20, 2012 (the "Treaty"), entered into force on July 9, 2014 after its publication in the Mexican Official Gazette. Pursuant to Article 28, the Treaty will be applicable on January 1, 2015. The Treaty results from Mexico's...
|Transitional Rules for The Wills, Estates And Succession Act|
Peter J. Glowacki, Scott Kerwin, Tamara G. Wong; Borden Ladner Gervais LLP;
July 24, 2014, previously published on July 21, 2014The Wills, Estates and Succession Act (“WESA”) came into force on March 31, 2014. The WESA is both a consolidation and a substantial overhaul of British Columbia’s legislation relating to wills and estates. Amendments to the Supreme Court Civil Rules also came into effect on March...
|The Sky is Really Falling|
James M. Kane; Chamberlain, Hrdlicka, White, Williams & Aughtry;
July 24, 2014, previously published on July 9, 2014The advent of the early 2013 Congressional $5.0 million estate exemption also gave us a vastly more complicated income tax system that will apply to a large number of estates.
|Required Summer Reading: Guidance Issued on the Tax Treatment of Guaranteed Minimum Benefit Hedges and Identified Mixed Straddles|
Dennis L. Allen, Thomas A. Gick, Jerome B. Libin, Jeffrey H. Mace, Michael R. Miles; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 23, 2014Treasury and the IRS offered two pieces of highly anticipated guidance on July 18 that are particularly relevant to the life insurance industry.
|Conjunction Junction: Michigan Supreme Court Holds "And" Means "And" for Use Tax Exemption|
Nicole D. Boutros, Timothy Gustafson, Timothy A. Gustafson; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 21, 2014 The Michigan Supreme Court held that a taxpayer claiming a Michigan use tax exemption for sales tax “due and paid” on its purchases of tangible personal property must demonstrate that it actually paid sales tax on such property. The taxpayer provided a marine transportation service to...