Every five years the U.S. Bureau of Economic Analysis ("BEA"), a bureau within the Department of Commerce, requires U.S. persons with foreign affiliates to file Form BE-10. In the past, these forms were sent to those persons most likely to have such interests, typically large corporations. For 2015, there has...
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On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. TIPA is the latest "extender" package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years.
Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI"). The tax inflation adjustments for 2015 were released by the IRS on October 23, 2014. The highlights of changes to key pension contribution, compensation and benefit limits...
On September 17, 2014, the New Jersey Division of Taxation announced a limited tax initiative for individuals and businesses who have unpaid New Jersey tax liabilities. The years covered under the program are tax periods 2005 through 2013.
Recent amendments to the New York Tax Law have changed the payment and filing due dates of the Metropolitan Commuter Transportation Mobility Tax (MCTMT) for self-employed individuals. Individuals with net earnings from self-employment are required to make estimated MCTMT payments and to file annual MCTMT returns for the tax year. The new MCTMT payment and filing due dates now conform to the personal income tax payment and filing due dates. Effective for tax years beginning on or after January 1, 2015, estimated MCTMT payments are due on April 15, June 15, September 15, and January 15, and annual MCTMT returns must be filed by April 15. It should be noted that the payment and filing due dates for employers have not changed.
The Committee of Sponsoring Organizations of the Treadway Commission ("COSO") issued its new Internal Control - Integrated Framework in May 2013, updating the original Internal Control - Integrated Framework first published in 1992. The 2013 COSO Framework ("COSO 2013") sets forth the requirements for an effective system of internal control.
Earlier this year, the U.S. Tax Court made a controversial ruling regarding IRA rollovers that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow v. Commissioner, the court ruled that the one-rollover-per-year rule applies to all of a taxpayer's IRAs in aggregate, rather than on an account-by-account basis.
The offshore voluntary disclosure program ("OVDP"), available in various forms since 2009, allows taxpayers who have not properly filed their offshore bank account reports ("FBARs") to rectify these delinquencies. The biggest hurdle for many taxpayers entering the program has been the severe offshore penalty, which is currently 27.5% of the...
The research tax credit may, in many cases, save taxpayers substantial tax dollars.
This alert comes from the attorneys at Roberts and Holland LLP. The following PDF highlights the recent changes to the New York estate tax law, including the increased exemption amount, the "cliff" effect of the phase-out of the exemption for estates greater than 105% of the exemption amount, and the new...
Earlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.
The Earned Sick Time Act was initially enacted by the New York City Council on June 26, 2013, when it overrode Mayor Michael Bloomberg's veto.
New Jersey has a powerful new financial incentive program for retaining and attracting jobs.
The U.S. Department of the Treasury and the IRS have issued what is expected to be their final significant package of regulations implementing the Foreign Account Tax Compliance Act (FATCA).
The federal government announced today that companies employing between 50-99 full-time workers have until 2016 to comply with the mandate to offer health insurance as part of the Affordable Care Act (or "Obamacare").
As part of his executive budget, Governor Cuomo proposed a law change that would "unify" the New York estate and gift taxes so that taxable gifts made by a New York resident after March 31, 2014 will be included in the donor's taxable estate.
On November 26, 2013, the IRS issued final regulations addressing two new taxes under the Affordable Care Act that took effect January 1, 2013...
Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes to the Consumer Price Index ("CPI").
The IRS and Treasury recently issued final tangible property capitalization regulations.
On October 1, 2013, public health insurance marketplaces are scheduled to go "live," as mandated by the Patient Protection and Affordable Care Act of 2010.
The IRS has released its final regulations on the tax treatment of expenditures related to tangible property.
On August 29, the IRS issued Revenue Ruling 2013-17 clarifying that same-sex couples married in jurisdictions that recognize same-sex marriage will be treated as married for federal tax...
On June 26, the U.S. Supreme Court issued two landmark decisions.