The Treasury Department announced draft changes for the U.S. Model Income Tax Treaty — the baseline text used by the Treasury Department when it negotiates tax treaties.
New York State Tax Department Switches Banks – Affecting Tapayers with Debit Blocks On Their Accounts
The New York State Tax Department is switching banks – and that should make you sit up and take notice if you or your clients use debit block services to electronically pay one or more New York State taxes.
In the 05/20/2015 email edition of Accounting Today, there is a article by William Hughes and Doug Peterson of Valuation Research Corporation entitled “Valuations Provide Support for Ad Valorem Tax Savings.”
Virtual currency developments continue to emerge, including state tax guidance, a court decision on deductibility of losses, and the Uniform Fiduciary Access to Digital Assets Act (the “Act”).
Though no one would say oil prices are near the levels operators would find “comforting,” there clearly has been some relief as prices have steadily risen over the last few weeks from lows approaching $40 a barrel to what appears to be at least a temporary resting point in the $55-60 a barrel range.
At some point in its existence, a corporate-owned business– even one that is closely held– may have to reconsider its corporate structure.
Even excellent leaders make their share of mistakes.
In accordance with ORS § 314.402, the Oregon Department of Revenue (“DOR”) shall impose a penalty on a taxpayer when it determines the taxpayer “substantially” understated taxable income for any taxable year.
In April 24’s Federal Register, the IRS released proposed regulations (REG-108214-15) to restrict when a foreign insurance company’s income can be excluded as passive income by giving a more strict definition for the “active conduct of an insurance business” exemption under IRC section 1297(b)(2)(B).
The Tax Court recently ruled that a taxpayer was liable for self employment tax based on its status as a partner, even though the partnership had elected out of the partnership tax rules.