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|Legislature Revises Affiliate Nexus Law Previously Voided by State Supreme Court|
McDonald Hopkins LLC;
June 18, 2014, previously published on June 12, 2014On May 30, 2014, the Illinois legislature passed a new and improved law aiming to collect sales tax revenue from e-commerce transactions occurring in the state. Senate Bill 352 (the New Law) amends several portions of the Illinois Use Tax Act and the Service Use Tax Act.
|Governor Signs Bill Permitting a Beach Preservation Tax|
McDonald Hopkins LLC;
June 18, 2014, previously published on June 12, 2014In an effort to maintain and preserve beachfront property, Governor Haley of South Carolina signed S. 503, which authorizes certain municipalities to add a beach preservation fee to any already-existing accommodations tax.
|Bill Accelerating Certain Tax Cuts is Sent to Governor’s Desk|
McDonald Hopkins LLC;
June 18, 2014, previously published on June 12, 2014The Ohio mid-biennium budget bill, H.B. 483, has been sent to Ohio Governor John Kasich for his expected signature. While there are numerous changes enacted under H.B. 483, several will reduce the income tax liability of Ohioans.
|Louisiana Court Holds Video-on-Demand is not Subject to Sales Tax|
Sutherland Asbill Brennan LLP;
June 17, 2014, previously published on June 12, 2014Yesterday the Louisiana 24th Judicial District Court held that a cable service provider’s video-on-demand and pay-per-view video programming are not tangible personal property subject to sales tax. Jefferson Parish had alleged that the programming could be seen and heard and thus fell within...
|IRS Announces New Program to Audit Section 409A Compliance|
Marla J. Blackburn Aspinwall, Stombock Megan A.; Loeb & Loeb LLP;
June 17, 2014, previously published on June 2014Internal Revenue Code Section 409A (Section 409A) governs the federal income tax treatment of non-qualified deferred compensation and retirement plans and arrangements. Employer noncompliance in both documentation and administration of plans or arrangements subject to Section 409A can lead to harsh...
|California Court of Appeal Broadens Exemption for Intangible Assets|
Zachary T. Atkins, Douglas Mo; Sutherland Asbill & Brennan LLP;
June 17, 2014, previously published on June 15, 2014The California Court of Appeal held that the San Mateo County Assessor illegally assessed the intangible assets of the Ritz-Carlton Half Moon Bay Hotel. This is the first appellate decision to follow Elk Hills Power, LLC v. Board of Equalization, 57 Cal.4th 593, 304 P.3d 1052 (2013) (reported by...
|IRS Issues Retroactive Relief Requirement for Delinquent Retirement Plan Form 5500|
Brenna Clark, Adam B. Cohen, Andrea M. Gehman, Michael A. Hepburn, Paul R. Lang; Sutherland Asbill & Brennan LLP;
June 17, 2014, previously published on May 28, 2014Until now, those who used the Department of Labor’s Delinquent Filer Voluntary Compliance Program (DFVCP) to obtain relief from penalties for failing to timely file Form 5500 automatically qualified for relief from the related Internal Revenue Service (IRS) penalties. Pursuant to IRS Notice...
|Michigan Court of Appeals Holds that Checkpoint Is an Information Service. If Only the Department of Treasury Had a Subscription...|
Timothy A. Gustafson, David A. Pope; Sutherland Asbill & Brennan LLP;
June 17, 2014, previously published on June 15, 2014The Michigan Court of Appeals held that Thomson Reuters’ sale of Checkpoint, an online tax and accounting research program, was the sale of a nontaxable information service and not tangible personal property for purposes of Michigan’s use tax. The Michigan Department of Treasury argued...
|Industrial Revenue Bond Basics|
Alan Hall; Rodey, Dickason, Sloan, Akin & Robb, P.A.;
June 17, 2014, previously published on May 23, 2014Industrial revenue bonds (IRBs) are the pre-eminent economic development tool in New Mexico. Since 1985, well over one hundred series of bonds totaling several billion dollars have been issued by approximately 30 municipalities and counties, ranging in size from Albuquerque to Red River. A wide...
|Potential Structures for Canadians Acquiring U.S. Real Estate Property|
Jonathan M. Charron; Perley-Robertson, Hill & McDougall LLP/s.r.l.;
June 17, 2014, previously published on May 28, 2014This article summarizes potential ways to structure or restructure the ownership of personal - use real property situated in the U.S. for Canadians, the purpose of which is to reduce or eliminate potential exposure to U.S. taxation.