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.
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.
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.
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)
June 15, 1215. No Taxation Without Representation!
A phrase thought to belong to the US revolutionaries was actually rooted in principle in chapter 12 of the Magna Carta. Like those who revolted against England’s policy, the Baron’s believe that rampant taxation was a signature of tyrannical government.
Under current tax law, a donor may deduct fair market value for certain non-cash contributions of a capital asset to IRS qualified tax-exempt organizations. This provision in the law has been a great benefit to organizations as well as donors.
For example, assume a taxpayer owns a capital asset such as a tract of unimproved land. The land has a cost basis to the taxpayer of $10,000 but its fair market value is $50,000. If this land has been owned by the taxpayer for more than 12 months, he or she gets a deduction equal to the fair market value when donated to an IRS qualified tax-exempt organization. So the taxpayer gets a $50,000 deduction for an asset costing him or her $10,000 and does not pay any tax on the appreciated amount. Read More
This is what happened on the last day of July this year (2015): President Obama signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act (The Act). An unlikely vehicle for deadline changes, but it did make some really important changes to Tax Law & Revenue Provisions, including:
1. FinCEN Form 114 (FBAR) filing and extension deadlines;
2. Tax Filing Deadlines;
3. Changes to consistent basis reporting between the estate and the person acquiring the property from the decedent.
Point #3 above modifies due dates for Trust returns: Foreign trusts with US Owners and Read More
Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.”
First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or your own automobile. Meals and incidentals are not deductible as travel expenses, but you can deduct meals as an entertainment expense as long as certain conditions are met (see below).
Second, you can deduct away from home travel expenses, including meals and incidentals, but if your employer reimburses your travel expenses your deductions are Read More
One of the classic Paper Chase cases, albeit from a different first-year course than the one that the late, great John Houseman taught, is 1891’s O’Brien v. Cunnard S.S. Co., Ltd. Mary O’Brien, an Irish immigrant on board a ship from Queenstown to Boston, held up her arm to be vaccinated against smallpox, a duty which the ship’s surgeon dutifully performed. She later claimed that the vaccination was an assault because the doctor “used force on the plaintiff against her will” and that he was “negligent” during the procedure, although the facts are a bit hazy as to exactly what this learned physician did, or did not, do. Although Ms. O’Brien was a new citizen, she apparently knew enough about the system to call a lawyer and sue everyone in sight.
The Massachusetts Supreme Court eventually ruled that Ms. O’Brien consented to the Read More
On February 13 of 2015, The Internal Revenue Service (hereinafter the “Service”) streamlined the methodology for small business owners to comply with the Final Treasury Regulations (hereinafter the “regulations”) governing Tangible Property with newly released administrative authority.
Revenue Procedure 2015-20 permits small businesses to change a method of accounting under the regulations on a prospective basis for the first taxable year beginning on or after January 1 of 2014. Moreover, the Service is waiving the arduous requirement to file a Form 3115 Read More
Our federal tax system includes numerous dollar amounts, such as for the standard deduction amount, personal exemption amount, credits, where different tax rates start and end, and defining the parameters of a “small taxpayer.” Some of these amounts are adjusted for inflation and others are not. Should they all be? That’s a good question.
I think where the tax rates of the graduated rate system start and end should be adjusted annually for inflation. This prevents “bracket creep” where a taxpayer is pushed into a higher tax bracket just because their income increased by the rate of inflation (yet their buying power and sense of wealth remained the same). The same logic calls for adjusting the standard deduction and personal exemption amounts. Read More
It’s unlikely anyone missed the news stories about marijuana sales becoming legal on January 1, 2014 in Colorado. The Huffington Post reported on January 8, 2014 that sales in the first week were about $5 million. That also generated a lot of tax revenue for the state because Proposition AA* that Colorado voters passed in November 2013 allows for a 15% excise tax when unprocessed retail marijuana is sold by a cultivation facility to a retailer AND a 10% sales tax (on top of the normal Colorado sales tax of 2.9%) when the retailer sells the marijuana. That proposition suggested that $70 million would be generated annually with the first $40 million to be used for public school capital construction. Additional revenues would be used to enforce regulations on the retail marijuana industry and the balance for other needs (apparently at the discretion of the Read More
Canada Just Passed Law Increasing Exclusion Rate For Capital Gains To 66.6%
Biden Proposes Highest Capital Gains Tax in Over 100 YEARS
What Is The BEAT For MNEs?
Event Waivers And Releases
Learn IRS Site Publications On Tax Credits That Are Not Easy To Find
Recent Comments