The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 re-emphasized the need for a Chapter 13 debtor to commit all of his or her disposable income to repaying creditors during bankruptcy.
For businesses aiming to expand their reach or those interested in enjoying the benefits of operating in an environment that welcomes them, the U.S. Virgin Islands provides such a location.
Progress always requires change, and progress in the way we tax tangible property is no exception. The tangible property rules have long been one of the murkier areas of the federal tax code. But new regulations — the last piece of which was issued in September — clarified the rules for acquiring, improving, maintaining and disposing of tangible property used in a trade or business.
IRS Treats U.S. Fund Manager As Agent of Foreign Investor – Subjecting Investor to US Trade or Business Taxation
In CCA 201501013, the IRS found that an offshore fund making loans to U.S. borrowers was engaged in a U.S. trade or business where multiple loans owned by the fund were originated by an agent of the fund.
In Private Letter Ruling 201432002 (the “PLR”), the IRS ruled that a foreign-to-foreign “F” reorganization did not implicate the Section 7874 anti-inversion rules.
As reported in my January 21, 2014 blog post, federal budget cuts continue to hit the IRS hard. In the Consolidated Appropriations Act of 2014, our lawmakers cut the Service’s budget by more than $500 million. The Continuing Appropriations Resolution, 2015, signed by President Obama on September 19, 2014, gave the Service about a $350 million budget setback.
This is part II of a two part series on marijuana excise taxes. In part I, I discussed various rationales behind excise taxes and how those rationales do or do not apply to cannabis.
Marketplace Fairness Act Meets Another Detour As a New Proposal Circulates for Online Sales Tax Simplication
Is the new Congress planning to alter some of the unpopular provisions of the 2013 Marketplace Fairness Act? It sure seems like it.
What can you do when the IRS is misbehaving and it directly affects you?