Under current law, advertising costs are fully deductible as an ordinary business expense. As our DLA Piper colleagues Evan Migdail and Bruce Thompson write in a new client alert: “Both the House and Senate Tax Committee chairmen are considering proposals to limit the deduction for advertising expenses.”
The United States Department of Justice and the National Office of the Internal Revenue Service are continuing to press forward with enforcement efforts to deal with those individuals and other persons who have not complied with required reportings of their foreign bank accounts, filing false or incomplete federal income tax returns and not making the required filings with their income tax return.
Using Parent Stock in Funding a Controlled Foreign Subsidiary’s Compensation Stock Arrangement: A Remake of the “Killer B” Transaction?
The Internal Revenue Service warned the international tax planning community that it will take a hard look if not deny the intended substance to certain transactions that have the effect of end-running the repatriation of foreign based accumulated earnings.
On November 8th, the Massachusetts Department of Revenue revised and reissued Letter Ruling No. 12-8, originally released July 16, 2012.
Estate Planning and Former Spouses: Updating Your Will, Life Insurance and Other Beneficiary Designations Following a Divorce
Following a divorce, you should carefully review your estate plan to ensure that your former spouse will not receive any unintended distributions from your estate.
Earlier this fall, the National Park Service celebrated the 35th anniversary of the popular Federal Preservation Tax Incentives Program, which has helped in the preservation of historic structures across the U.S. and particularly in Ohio with its wealth of historic buildings.
The Supreme Court of Canada Takes a Cautious Step Toward Approving Agreements Correcting Errors in Tax Planning and Implementation
On November 28, 2013, the Supreme Court of Canada released one decision in two appeals concerning a taxpayer’s ability to correct an error in an agreement entered into for tax planning purposes.
As a general rule, any debt cancelled or forgiven by a creditor must be added to the individual’s income for tax purposes. At the end of the year, a creditor who cancels of forgives a debt must send an IRS Form 1099-c to the Internal Revenue Service and to the taxpayer.