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Tag Archive for Tax Law

A Brief Overview of the Judicial Reasoning That Has Thwarted Foreign Asset Protection Trusts

Hale Stewart, Tax Advisor

As I have documented previously, there are several cases where courts have ruled against the grantors of a foreign asset protection trust, thereby nullifying the asset protection benefit. In this post, I want to briefly sum up the judicial reasoning used by the courts to thwart these trusts.

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Canadian Tax Help – Income Sprinkling Proposed Tax Changes

What are the proposed tax changes on sprinkling income using private corporations?

The Canadian government is proposing restrictions on income sprinkling to family members through dividends and capital gains. This targets private companies using shareholdings or a trust to split income among family members. Read more

Canadian Tax FAQs – Proposed Canadian Tax Changes

What are the proposed tax changes to private corporations that the Canadian government made in July 2017 and what do these changes mean for my company?

On July 18, 2017, the Canadian government proposed tax changes in an effort to remove tax advantages that small business owners have and address aggressive tax planning strategies involving the use of private corporations. These proposed changes are open for discussion until October 2, 2017, before being formally submitted for legislation. Read more

Minnesota Sales Tax Exemption For Capital Equipment

In 2015, Minnesota sales & use tax law changed to provide taxpayers with an upfront sales tax exemption on eligible capital equipment purchases. To claim this Minnesota sales tax exemption at the time of purchase, taxpayers should present a fully executed Minnesota sales tax exemption certificate.  If Minnesota sales tax is paid at the time of purchase, taxpayers may still submit subsequent refund requests. Note that purchases of qualifying capital equipment made before July 1, 2015 are eligible for Minnesota sales tax refunds as well as long as they are within the 42-month open statute of limitations allowed under Minnesota’s sales & use tax law. Read more

Kanye West And Captive Insurance—There Is A Connection

My knowledge of popular culture is at best limited – and quickly declining. I know who Kanye West is. That’s it. But despite my less than literate knowledge of popular culture, this story from the Washington Post perfectly illustrates why he should have had a captive: Read more

U.S. Expat Mistakes: Part II

I have been on many online forums, message boards, and groups for U.S. citizen expats over the past few years. Most posts you see are ones with frantic U.S. citizens overwhelmed with U.S. tax rules & regulations they have to keep up with. This, in addition to keeping up with their resident country’s tax laws, must drive one crazy. These forums provide quick answers; no wonder they are so popular! Read more

Determining Tax Residency In The United States

John Richardson

The advent of the OECD Common Reporting Standard (CRS) has illuminated the issue of tax residency and the desire of people to become tax residents of more tax favorable jurisdictions. It has become critically important for people to understand what is meant by tax residency. It is important that people understand how tax residency is determined and the questions that must be asked in determining tax residence. Tax residency is NOT necessarily determined by physical presence.

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Italian Supreme Court Ruling On Beneficial Ownership

Marco Rossi

With its ruling n. 27113/2016 issued on December 28, 2016, the Italian Supreme Court interpreted and applied the beneficial ownership provision of article 10 of the tax treaty between Italy and France, for the purpose of determining whether a French holding company, wholly owned by a U.S. corporation, was entitled to the imputed credit granted under that treaty in respect of dividends received from an Italian subsidiary.

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Is Your Refund Part Of The $1B Unclaimed?

Barry Fowler

If you haven’t filed your 2013 taxes you could have a refund among the more than $1 billion that the IRS has stated is unclaimed.

That’s right. Just recently the IRS stated that it has more than $1 billion worth of unclaimed tax refunds for people who have not filed their 2013 taxes. They indicate that there are roughly 1 million people who have not filed and have not claimed their refunds.

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ACA Replace Proposal & Insurance Company Compensation

Annette Nellen

The tax law is difficult to understand due to its numerous special rules. This is apparent on just about every news show about the House Republican/President Trump’s bill to replace/repair the Affordable Care Act (aka Obamacare). Last night, I saw a bit of a CNN town hall with HHS Secretary Tom Price. Questions were raised about the bill providing significant benefits to high income/wealthy individuals. In addition to repeal of the Net Investment Income Tax (Section 1411), a comment was made by the CNN reporter about repealing the ACA rule regarding a compensation limit on high compensation of health insurance companies.

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TaxConnections Worldwide Tax Blogs Honors Ronald Marini

Kat Jennings

Every week, until the end of the year, we will be celebrating one of our top writers on TaxConnections.

This week we are honoring Ronald Marini.

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The Interpretation of US Tax Treaties

John Richardson

Domestic Law, Foreign Law, or the Intent of the Treaty

 

On August 5, 2016 the United States Court of Appeals for the District of Columbia Circuits issued it’s decision in the Esher case.

This important case is: FRENCH TAXES US COURT REVERSAL 5 AUG 2016 (1)

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