The general rule is that personal expenses are almost never deductible by taxpayers on Schedule “A” (Itemized Deductions) of their personal returns.
The Supreme Court is hearing oral arguments Wednesday, March 4 on certain aspects of the Affordable Care Act. This has the potential to unravel President Barack Obama’s beloved health care plan.
Many western consumer firms operating in India have been successful at adapting to the country’s unique market challenges, which range from distinct consumer tastes and preferences to the logistical challenges of reaching a population that is still overwhelmingly rural.
Earlier today, February 27th, the Texas Supreme Court denied the Comptroller of Public Accounts’ petition for review in Hegar, et. al. v. Cirrus Exploration Company, No. 14-0292.
Recently, the Government Accountability Office examined the IRS’ ability to effectively oversee the operations of exempt organizations.
On Feb. 11, 2015, the biennial budget bill appropriating money for 2015 and 2016 was introduced in the Ohio House of Representatives.
The IRS Announces That Its Offshore Voluntary Disclosure Program Will Remain Available to Taxpayers Indefinitely—is This Good News?
In 2009, the Service introduced its first Offshore Voluntary Disclosure Program (“OVDP”). As a result of this program, more than 50,000 taxpayers have come forward and disclosed offshore financial accounts.
In Poland the Tax Office operates a system whereby you can seek prior confirmation of the tax treatment which would be applied to any proposed business activity.
In the recent decision in Matter of Greater Jamaica Dev. Corp. v. New York City Tax Commn., 111A.D.3d 937, 975 N.Y.S.2d 749 (2d Dep’t 2013), the Appellate Division, Second Department held that five public parking garages owned and operated by a not-for profit entity whose purpose was to promote the cultural and economic development of the “downtown” area of Greater Jamaica in New York City were fully tax exempt as a part of a “charitable organization” under Real Property Tax Law §420-a.
A U.S. shareholder of a controlled foreign corporation (CFC) is required to include in its gross income its pro rata share of the CFC’s subpart F income and/or the amount determined under Section 956 with respect to such shareholder, regardless of whether any actual distributions are made to such shareholder.