LexisNexis® Legal Newsroom
Taxing the Corporation: Home Depot and the State's Claim of Right

The Arizona Court of Appeals recently issued a decision in the Home Depot case , which involves determining when the state has jurisdiction to tax a corporation. The case is about a domestic multi-state business but it has interesting implications for the taxation of multinationals. In brief, Home Depot...

Political Pushback on FATCA

By Prof. William H. Byrnes IV and Dr. Robert J. Munro * ...The Joint Statement between the U.S., France, Germany, Italy, Spain and the United Kingdom regarding an intergovernmental approach to improving international tax compliance and implementing FATCA laid the foundation for the U.S. commitment...

FATCA - FI Account Remediation

by Prof. William H. Byrnes IV and Dr. Robert J. Munro * Editor's Note: The following excerpts are from Chapter 4 of the forthcoming 2014 edition of LexisNexis® Guide to FATCA Compliance by William Byrnes and Robert Munro, scheduled for publication in March 2014. Chapter 4 contributors: Jason...

FATCA in Canada: Constitutional Challenge Mounting

A group of Canadians has put together a campaign to explore the constitutional violations posed by FATCA in Canada. Some of these issues were raised by pre-eminent constitutional scholar Peter Hogg, in this letter to Finance . Others arise because of the adoption of the intergovernmental agreement (IGA...

FATCA Compliance Programs

By Prof. William H. Byrnes and Dr. Robert J. Munro * Editor's Note: The following is an excerpt from Chapter 2 of the 2014 edition of LexisNexis Guide to LexisNexis® Guide to FATCA Compliance by William Byrnes and Robert Munro, published February 2014. Chapter 2 contributors: Jeffrey Locke...

2014 Expanded EU Savings Directive Adoption Announced

On Saturday, March 22, 2014 the EU Council’s General Secretariat announced that it will adopt major amendments to the EU Directive on taxation of savings income at its next meeting. The amendments will address the current loopholes, such as application to trusts, to foundations, and to investment...

Transfer Pricing and Foreign Tax Credit Analysis for Inter-Branch Transactions

by Dale Bond, Elizabeth Sweigart and Alan Fischl * Conventionally, the structuring and pricing of transactions between US taxpayers and their related parties — or transfer pricing — has been considered the realm of large, multinational enterprises with the US Internal Revenue Service ...

View all the federal, state and international tax news headlines for April 3rd from TaxAnalysts® on LexisNexis Tax Center

View all the federal tax news headlines for April 3rd from TaxAnalysts® on LexisNexis Tax Center View all the state tax news headlines for April 3rd from TaxAnalysts® on LexisNexis Tax Center View all the international tax news headlines for April 3rd from TaxAnalysts® on LexisNexis...

Belgium Lists Tax-Exempt Legal Arrangements

A royal decree published on March 28 establishes the form of a new return that Belgian resident individuals must use to declare whether they, their spouse, or their minor children are the founder or beneficiary of a "legal arrangement," and another royal decree published on April 2 lists the...

From the NYT: Lessons for International Tax from Oregon's Role as Sales/Use Tax Haven

Today's [April 13, 2014] NYT has an article entitled " Buyers Find Tax Break on Art: Let it Hang Awhile in Oregon ." The artful dodge is accomplished via simple arbitrage between a source, an intermediary, and a residence jurisdiction, so the story gives a nice illustration of a phenomenon...

Analysis of New 2014 Form W-8IMY and W8-BEN-E

On April 30, 2014 the IRS released the new Form W-8IMY (“ Form W-8IMY ”), formally replacing its 2006 predecessor W-8IMY. This new Form W-8IMY has 28 parts, whereas the previous August 2013 FATCA draft W-8IMY only contained 26. The new 2014 Form W-8IMY is vastly different from the seven-part...

Treasury Notice 2014-33

Treasury released Notice 2014-33 on May 2. Notice 2014-33 provides aspects of temporary relief for five areas of FATCA compliance: 1. 6 month extension (from July 1, 2014 until December 31, 2014) for characterizing as “pre-existing” the obligations (including accounts) held by an entity;...

Virtual Currency Regulatory Developments

By Prof. William H. Byrnes IV and Dr. Robert J. Munro * Editor's Note : The following is an excerpt from the e-book only title Money Laundering, Asset Forfeiture, and Recovery and Compliance - A Global Guide , by William Byrnes and Robert Munro. Chapter contributors : Emmanuel Rayes is a May 2014...

NYU Summer Institute in Taxation

Dates: July 14-25, 2014 Location: The Westin New York at Times Square New York, NY Join today's leading national and international tax authorities during a series of in-depth sessions on state and local taxation, partnerships, consolidated returns, trusts and estates, federal wealth tax, and...

View all the federal, state, and international tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center

View all the federal tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center View all the state tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center View all the international tax news headlines for October 8th from TaxAnalysts® on LexisNexis...

EU to Investigate Amazon Tax Ruling for State Aid Breach

The European Commission on October 7 formally launched an investigation into whether Amazon's Luxembourg subsidiary received a favorable transfer-pricing-related tax ruling that violates EU state aid rules. According to a commission release, the investigation focuses on a tax ruling granted by the...

Filing Compliance Procedures Challenge U.S. Taxpayers Residing Overseas

Generally, [the 2012 Offshore Voluntary Disclosure Program] OVDP is designed for those delinquent U.S. taxpayers who have been holding financial assets overseas, have not been disclosing such assets to the U.S. government, have not been reporting the income produced from such assets, and...

Transfer Pricing and International Taxation: A Continuing Problem for Taxing Authorities

by Mary Riley * It is a general maxim that taxpayers want to minimize their tax liability to the greatest extent possible. However, taxpayers who overzealously pursue this aim risk crossing the line separating permissible tax avoidance from impermissible tax evasion. In the realm of international...

Intercompany Agreements for U.S.-Based Multinational Enterprises

On September 16, 2014, the Organisation for Economic Co-operation and Development (OECD) released its final guidance on transfer pricing documentation and country-by-country (CbC) reporting. Developed as a replacement for the existing Chapter V (Documentation) of the Transfer Pricing Guidelines for Multinational...

Canadian Government and GlaxoSmithKline Settle Transfer Pricing Case

The Canada Revenue Agency and GlaxoSmithKline Inc. have settled the groundbreaking transfer pricing dispute over whether the company was justified in taking licensing arrangements into account to determine the intercompany pricing of the active ingredient in its brand-name drug Zantac, Tax Analysts has...

Reports Show Mixed Results for Canada's APA and MAP Programs

The completion rate for Canada's advance pricing arrangements increased for the second year in a row in fiscal 2014-2015, but there was a major increase in the backlog of mutual agreement procedure cases during that same period, according to annual progress reports released on August 17. Fiscal 2014...

Microsoft Spars With IRS Over Retention of Quinn Emanuel

At an August 25 evidentiary hearing, Microsoft Corp. and the IRS finally had the opportunity to joust in person over the legitimacy of the agency's use of Quinn Emanuel Urquhart & Sullivan LLP in what the Justice Department Tax Division's counsel described as one of the largest audits the...

Swiss Government Pushes to Scrap Popular Privacy Proposal

The Swiss Federal Council (executive branch) on August 26 rejected the popular cross-party "Yes to the protection of privacy" initiative and recommended that the parliament do the same, saying the proposal would significantly interfere with tax and prosecution procedures and could lead to inaccuracies...

Denmark Investigating $933 Million Dividend Tax Fraud

The Danish government on August 26 said it is investigating whether a network of nonresident companies obtained tax refunds totaling DKK 6.2 billion (about $ 933 million) by falsifying documents to show that they paid foreign taxes on dividends from fictitious shareholdings in companies based in Denmark...

China Aims Tax Breaks at Small Businesses to Bolster Economy

With China transitioning from an investment- to a consumption-driven economy, the State Council on August 19 extended tax breaks to more small businesses in a bid to create jobs, boost domestic consumption, and seed economic growth. The Central Bank estimated GDP growth at 7 percent in 2015, the lowest...