This post is a follow-up to a previous post on McDermott’s Inside SALT blog from April 21, 2016.
President Obama’s Administration Continues Its Quest to Limit the Ability to Defer Income Under IRC § 1031
As reported in my November 2014 blog post, President Obama’s administration wants to limit taxpayers’ ability to defer income under IRC § 1031.
Although important for all families, estate planning is critical for those with a special needs child or spouse.
Sole Proprietorships: A sole proprietorship is an unincorporated business owned by one owner who is referred to as a “sole proprietor.”
The federal government has brought the first ever criminal securities fraud charges in connection with a municipal bond financing, following an investigation by U.S. Attorney for the Southern District of New York Preet Bharara, according to recent news reports.
In a 4-4 decision, the U.S. Supreme Court affirmed the Nevada courts’ exercise of jurisdiction over the California Franchise Tax Board (FTB), but held, by a majority of the justices, that the taxpayer could only receive the damages Nevada provides for suits by private citizens against Nevada agencies.
Senator Rand Paul (R-KY) and six other plaintiffs’ efforts to challenge parts of the Foreign Account Tax Compliance Act (FATCA) were thwarted when the US District Court for the Southern District of Ohio dismissed their claims for lack of standing. Crawford v. Dep’t of Treasury, S.D. Ohio, US District Court for the Southern District of Ohio No. 3:15-cv-00250, (April 26, 2016). A copy of the ruling can be accessed online.
What is a business’ responsibility regarding unclaimed property reporting?
In its recent Private Letter Ruling No. 143010942 (April 21, 2016), the Tax Policy Division of the Texas Comptroller of Public Accounts provided guidance for apportioning certain advertising revenues under the revised Texas franchise Tax, the so-called “margin tax.”
The Internal Revenue Service (IRS) announced on Tuesday, April 26 that victims of the deadly floods that took place on April 18, 2016 will have until September 1st to file their tax returns and make tax payments.