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Construction Tax Planning: A Proactive Approach To Accelerated Depreciation Planning

Peter Scalise

A properly designed and implemented Construction Tax Planning engagement will proactively identify additional tax savings related to new and/or planned construction projects. It should be duly noted that a Construction Tax Planning engagement should not be confused with a Cost Segregation engagement as there are several noteworthy differences between a Cost Segregation Engagement and a Construction Tax Planning Engagement.

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Passive Activities—What Is A Rental Activity?

John Stancil

This is part 1 of 5 in a series on Passive Activities.

Many things can be classified as rental activities. You rent a car; you book a hotel room; you lease an office machine; you pay for a parking space. All of these fall under the broad category of being rental activities. However, there is a more limited definition of a rental activity for passive loss purposes. If a rental activity is not considered passive, it is treated as a business.

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Paying Too Much CGT? Pravin Gordhan’s Tax Rate Reprieve!

Hugo Van Zyl

During February 2016, the beleaguered South African Minister of Finance, Pravin Gordhan made a serious attempt to balance government’s books. Being an election year, the increase in wealth taxes went down well with the grassroots support base of the ruling ANC.

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101 Countries Now Committed To OECD Common Reporing Standards

Ron Marini

According to an OECD announcement on May 12, 2016 global tax transparency forum, Panama, Vanuatu, Bahrain, Lebanon, and Nauru have now formally committed to share financial account information automatically with other countries using the Common Reporting Standard (CRS). This raises to 101 the number of jurisdictions committed to implement information sharing in accordance with the OECD’s Common Reporting Standard.

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Seminar—U.S. International Taxation & Compliance—Boston, August 15-16, 2016

Kat Jennings

This intermediate tax planning session is for law and accounting firm professionals who advise clients on structuring cross border transactions, and on international tax planning and controversy matters; in-house tax professionals involved in cross-border and internal planning and in IRS audits and appeals of international issues; and tax attorneys who want to stay on top of what’s happening in the international tax arena. (Field of Study: Taxes)

Earn Up to 15 CPE/CLE Credits

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IRS To Use Foreign Bank Account Info To Scrutinize Forgiven Taxpayers

Ephraim Moss

Since their inception in 2009, the IRS tax amnesty programs have been fairly successful in encouraging delinquent taxpayers to come forward and disclose their offshore activities to the IRS. As the IRS receives more bank account information from foreign institutions however, it may begin to revisit amnesty applications to see whether the bank account info provides evidence that forgiven taxpayers did not in fact qualify for amnesty.

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Tax Havens Coming Clean and Becoming Transparent

Ron Marini

The Cayman Islands has gazetted the Confidential Information Disclosure Law 2016, thereby repealing the Confidential Relationships (Preservation) Law with immediate effect as of June 2016. The old law was seldom used but was often cited as evidence of Cayman’s secrecy. The new law returns liability for breach of confidence to the common law and rules of equity, as in the United Kingdom.

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Tax Credits For Education Expenses—Part II: The Lifetime Learning Credit (LTC)

Harold Goedde

This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)

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Owner of Costa Rican Call Center and Two Others Plead Guilty To Defrauding Elderly Through Offshore Sweepstakes Scheme

William Byrnes

Two U.S. citizens and a Canadian citizen have pleaded guilty for their roles in a $9 million sweepstakes fraud scheme to defraud hundreds of U.S. residents, many of them elderly, announced Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division and U.S. Attorney Jill Westmoreland Rose of the Western District of North Carolina.

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State Income Taxes Play A Role In Free Agency

Ron Marini

According to Law360, the free agent signing period in the NBA this month saw players inking huge contracts, but while team names and deal numbers dominated the headlines, experts say the tax implications of those moves often play an unheralded but critical role in determining where the leagues’ stars call home.

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Hot Issues In U.S. International Taxation & Compliance—Boston, August 2016

Kat Jennings

As more U.S. corporations look for tax advantages overseas, the U.S. international tax laws and proposed new regulations will have a greater impact on U.S. businesses and transactions. These international tax rules affect not only large U.S. and foreign-based multinationals, but also increasingly affect mid-sized and smaller firms, financing transactions, mergers and acquisitions, currency translations and other commercial activity. As a result, a working knowledge of these international tax rules is importance to a wide variety of tax professionals. This seminar is designed for those with experience in U.S. tax law and transactions at companies who we have significant cross-border activities.

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The Tax Implications Between New Vehicles—Class 10 And Class 10.1 Assets

Grant Gilmour

Any vehicle with a purchase cost of over $30,000 can be classed as a luxury vehicle (a 10.1 asset). This classification restricts the amount of depreciation that can be deducted from income which reduces your corporate expenses and increases your corporate tax. It also limits the amount of Goods and Service Tax (GST) that can be recovered. The determining factor is whether the vehicle is a passenger vehicle or a motor vehicle by Canada Revenue Agency’s definitions.

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