This article explains the “self-certification” waiver of the 60 day roll over requirement based on the provisions of the recently released Rev. Proc. 2016-47. The IRS required certification foe a waiver is also included.
Archive for Tax Law Changes
In 2015, Nevada’s legislature was busy enacting controversial legislation aimed at raising revenue in the state. These laws are yet another challenge for businesses.
Last year, Senate Bill (SB) 483 was signed into law by Governor Sandoval and became known as the “Commerce Tax.” This new law went into effect on July 1, 2015 and applies to businesses whose Nevada gross revenue in a taxable year exceeds $4,000,000. Under the law, a “business entity” is defined as a corporation (both S and C), partnership, LLC and sole-proprietorship (i.e., those who file schedule C), just to name a few.
As I hear it, if the Netherlands were to substantively amend its ‘maximum 20% bonus of salary’ regulation, then the relocation decision for many EU facing funds would be an easy choice. But because of that regulation, it has created an opportunity for other cities to pitch to the institutions for the funds and trading business relocation.
California tax reform is getting an update. Well, sort of.
It’s sobering that California has not seen comprehensive tax reform since the Great Depression. To think that California taxes are a byproduct of economic trends and demographics is harrowing in and of itself. But realizing that, over the past seven decades, no politician or lawmaker wanted to stick up for their state is downright disgraceful.
Some basketball fans may remember the 1988 Summer Olympics in Seoul when, for the first time since the earth cooled, Team USA did not bring home a basketball gold medal. But NBA Commissioner David Stern had a plan: assemble a roster stocked with future Hall of Famers and allow them to run roughshod over any backwater country that dared show up for the opening tip. Read More
There were numerous public laws enacted in 2015 changing our federal tax system. The largest in terms of number of change (over 130) is Public Law 114-113 (12/18/15). See basics and links in my 1/10/16 post. That’s a lot of changes. There are a variety of effective dates including many that are retroactively effecting back to 1/1/15. Did we need all of these changes? I don’t think so. Or at least not all at once.
I want to note a few cautions based on what I’ve learned from reading this and thinking about it for the past several weeks. I’ve been covering many of these updates in update presentations I’ve been making for the past few weeks.
This is not all of the cautions. Please comment to this post if you have more to offer. Read More