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|Seven Bps or Just a Blip - Obama Proposes New Fee on Financial Institutions|
Sutherland Asbill Brennan LLP;
February 13, 2015, previously published on January 26, 2015On Saturday, January 17, 2015, President Obama released a Fact Sheet outlining a new plan to “to simplify our complex tax code for individuals, make it fairer by eliminating some of the biggest loopholes, and use the savings to responsibly pay for the investments we need to help middle class...
|2015 Commercial Property Tax Appeals|
Thomas J. Denitzio, John J. Reilly; Greenbaum, Rowe, Smith & Davis LLP;
February 12, 2015, previously published on February 2015Some of New Jersey’s commercial, industrial and multi-occupancy property owners have seen signs of an economic rebound, but many continue to face challenges to their bottom line precipitated by factors such as lower rental incomes and higher vacancy rates. Others may face property value...
|New Federal Law Allows Savings Accounts for Individuals with Disabilities|
Michael A. Bush; Bowles Rice LLP;
February 9, 2015, previously published on January 13, 2015Effective January 1, 2015, the Achieving A Better Life Experience Act (ABLE), a new federal law, provides another tool for special needs planning.
|IRS Announces New Standard Mileage Rates|
Mitch A. Maahs; Davis, Brown, Koehn, Shors & Roberts, P.C.;
February 6, 2015, previously published on January 14, 2014For those who are frequently on the road for work, the costs of operating and maintaining a vehicle can represent a substantial business expense. In computing the deductible costs of operating a vehicle for business, a taxpayer may elect to calculate expenses using the standard mileage rate....
|Louisiana Court Holds Video-on-Demand and Pay-Per-View Are Not Tangible Personal Property|
Michele Borens, Jonathan A. Feldman, Jeffrey A. Friedman, Todd A. Lard, Carley A. Roberts; Sutherland Asbill & Brennan LLP;
February 6, 2015, previously published on December 23, 2014Today the Louisiana Fifth Circuit Court of Appeal held that a cable television provider’s video-on-demand (VOD) and pay-per-view (PPV) programming services are not tangible personal property and therefore not subject to sales tax. Newell Normand, Sheriff and Ex-Officio Tax Collector for the...
|Fractional Interests in Art and Other Valuation Challenges|
Quincy Cotton, Stuart J. Gross, Mark David Rozen; Roberts & Holland LLP;
February 6, 2015, previously published on November 2014Several recent valuation cases are of interest to our clients and friends. One fairly high-profile case involved the estate tax valuation of fractional interests in valuable works of art (the court accepted fractional interest valuation discounts between 51.69% and 79.74%!). Several other...
|Braun v. Wal-Mart Stores, Inc: Opening the Door to Class Actions?|
Thomas W. Curvin, Irene A. Firippis, Patricia A. Gorham, Allegra J. Lawrence-Hardy, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
February 6, 2015, previously published on December 30, 2014In Braun v. Wal-Mart Stores, Inc.,1 the Pennsylvania Supreme Court upheld a $187 million jury verdict in favor of class action plaintiffs. The rationale of the ruling raises the concern that Pennsylvania state courts may become a favored destination for forum shopping class action plaintiffs.
|Treasury Softly Launches myRA Program|
Brenna M. Clark, Adam B. Cohen, Brittany Edwards-Franklin, Andrea M. Gehman, Michael A. Hepburn; Sutherland Asbill & Brennan LLP;
February 6, 2015, previously published on January 5, 2015In December 2014, the Treasury Department opened the myRA (my Retirement Account) program to employers and employees. President Obama announced the myRA program in his 2014 State of the Union Address. The program is intended as an introductory retirement savings program for employees who do not...
|VAT on Services Supplied to Pension Schemes: Revised HMRC Guidance|
Ian Wright; Mayer Brown International LLP;
February 6, 2015, previously published on November 2014On 25 November 2014, HM Revenue & Customs (“HMRC”) published two pieces of new guidance on the charging and recovery of VAT on administration and investment management services provided to pension schemes. The guidance was required as a result of last year’s Court of Justice...
|Dozen It Make Sense? Florida Delivers Sourcing Guidance for Online Service Provider's Twelve Types of Sales|
Jessica A. Eisenmenger, Timothy A. Gustafson; Sutherland Asbill & Brennan LLP;
February 6, 2015, previously published on December 30, 2014In a Technical Assistance Advisement, the Florida Department of Revenue determined the proper sourcing methodology for income from twelve different types of sales by an online service provider (OSP) for Florida sales factor purposes. The OSP collects data that it distributes to its customers by a...