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Free ABA telecon Nov. 16th: “Immigration and Tax Law: What's the Connection?”

"The Section of Litigation’s Immigration Litigation Committee is proud to present the next installment of our Lunch and Learn Series, “Immigration and Tax Law: What's the Connection?” The Lunch and Learn Series offers complementary teleconferences featuring prominent...

New Additions/Enhancements for Tax Professionals and Updates to the Almanac of the Federal Judiciary

Recently released on Lexis is the CCH source CCH 2007 through Current Tax Acts: Law, Explanation & Analysis, which will be updated whenever new major federal tax legislation is enacted. Also, Aspen's Almanac of the Federal Judiciary has been enhanced with judges' photos, where available,...

State Net Capitol Journal – March 4, 2013

Budget & Taxes VA PASSES TRANSPORTATION FUNDING OVERHAUL: On the final day of their legislative session, Virginia lawmakers approved a plan overhauling the way the state will pay for its roads, highways and mass transit. Under the plan, the state's 17.5 cents-per-gallon tax on gasoline...

State Net Capitol Journal – March 11, 2013

Budget & Taxes ONLINE SALES TAX PUSH CONTINUES DESPITE DISAPPOINTING RETURNS: State officials have viewed Internet commerce with dollar signs in their eyes for decades. The few that have managed to tap the spigot of online sales in a substantive way, however, aren't reaping the promised...

Statutes of Limitations for FBAR Noncompliance Related to Tax Noncompliance

A person commenting on an earlier blog asked the following question (modified slightly for clarity): Does the statute of limitations for the FBAR penalty (both civil and criminal) toll if the taxpayer is outside the U.S.? I answered at least the criminal part of the question in a comment reply...

State Net Capitol Journal – March 18, 2013

Budget & Taxes SOME LAWMAKERS PUSH FOR 'SIN TAX' ON GUNS: To some lawmakers in Congress and at least a half dozen states - particularly since the Newtown, Connecticut elementary school shooting - guns are a sin against society, like alcohol and cigarettes, and should be taxed accordingly...

A New Proposal to Promote American Manufacturing

In recent years U.S. multinationals have restructured themselves in a manner that allows them to greatly reduce their worldwide tax bill. This restructuring has been described in detail by the OECD andil and by the Joint Committee on Taxation . In a March 15 presentation at a conference on taxation and...

California Taxpayers Whipsawed!

QSBS Exclusion, Deferral Statutes Unconstitutional In August 2012, California's Second District Court of Appeal determined that the "qualified small business stock" (QSBS) exclusion and deferral statutes were unconstitutional. See Cal. Rev. & Tax. Code Sections 18038.5 and 18152...

Principal Comments on Unclaimed Deductions and Losses in Sentencing Tax Loss Determinations

The Sentencing Commission has received comments and testimony from principal constituents as to the issue of whether unclaimed deductions and credits should be permitted to reduce the tax loss in the critical tax loss calculation for sentencing purposes. The sentencing tax loss, like the loss in other...

State Tax Essentials: Corporate Income Tax Computations

by Robert Desiderio * Although there is some measure of conformity with the federal corporate income tax base, every state's statute makes its measure of tax corporate income different from the federal base. Typically, there are additions and subtractions from the adopted federal starting point...

State Net Capitol Journal – April 1, 2013

Budget & Taxes REBOUND SPURRING RAINY DAY DEBATE: During the recession, states raided their rainy-day funds to help plug budget holes. Now, with the economy rebounding, some states are running surpluses. Governors in several of them are pushing to boost those cash reserves higher, spurring...

State Net Capitol Journal – April 8, 2013

Budget & Taxes NY HIGH COURT UPHOLDS INTERNET AFFILIATE LAW: In the long-running feud over online sales taxes, the federal courts have consistently held that Internet retailers must have a "physical presence" such as a warehouse or employees in a state to be subject to that state's...

New York's Highest Court Affirms Constitutionality of Click-Through Nexus

Click-through nexus is a well-known term in the world of sales and use tax. It refers to the proposition that an internet vendor may be required to collect and remit sales tax on sales that originate from links placed on the websites of independent affiliates if that affiliate has nexus with the taxing...

Multistate Tax Compact: Is the End Near?

On March 8, 2013, South Dakota Governor Dennis Daugaard signed Senate Bill 239, which repealed all provisions of the Multistate Tax Compact from South Dakota law. While South Dakota does not have an income tax and didn't participate in the Multistate Tax Compact's Audit Program, the move to repeal...

The Sentencing Sophisticated Means Enhancement Is Not Easy to Avoid

The critical Sentencing Guidelines calculations for tax cases require a two step enhancement to the Base Offense Level for "sophisticated means" in the commission of the crime of conviction. S.G. 2T1.1(b)(2), here . Observers of the tax crimes scene have noted for some time that it does not...

State Net Capitol Journal – April 15, 2013

Budget & Taxes STATES' TRANSPORTATION FUNDING NEEDS TRUMPING TAX AVERSION: This month Virginia's Republican-controlled House and GOP-Democrat-split Senate gave final approval to a $6 billion transportation funding overhaul proposed by the state's Republican Gov. Bob McDonnell that...

State Net Capitol Journal – April 22, 2013

Budget & Taxes KS TAX REFORM WORST IN NATION: Joe Henchman of the conservative Tax Foundation and Nick Johnson of the left-leaning Center on Budget and Policy Priorities rarely agree on anything having to do with taxes. But when Governing magazine recently asked the two tax policy experts to...

Securities Brokers Get Another Reporting Compliance Break

IRC Section 6045 provides the broker reporting rules for certain securities, including debt instruments and options. Generally, for debt instruments acquired on or after January 1, 2013, brokers are required, when reporting the sale of the debt instrument to the IRS, to report the customer's adjusted...

Valuation of Artwork for Federal Estate Tax Purposes

Before valuing items of art, [ Estate of Elkins v. Comm'r , 2013 U.S. Tax Ct. LEXIS 6 (T.C. Mar. 11, 2013) ] held that pursuant to IRC Section 2703(a)(2) , the court would disregard an agreement made by the decedent by which he had waived his right to institute a partition action with respect to...

Bank Frey Executive and Swiss Lawyer Indicted

The USA for SDNY has announced, here , the indictment of Stefan Buck, head of "Bank 1" (Bank Frey), and Edgar Paltzer, a partner at a Swiss law firm, a dual U.S.-Swiss citizen, and a registered attorney in NY. (A copy of the indictment is here .) According to the press release, they "are...

Foley & Lardner: Developers Rejoice! IRS Issues "Begun Construction" Guidance

On April 15, 2013, the IRS released Notice 2013-29 addressing the eligibility for certain alternative energy projects to qualify for the renewable electricity production tax credit (PTC) under section 45 of the Tax Code. This guidance has been eagerly anticipated since the beginning of the year by developers...

John Doe Summons Issued to Wells Fargo for Records of CIBC FirstCaribbean International Bank Correspondent Account

DOJ has announced, here , that a district court approved John Doe Summons for records of CIBC FirstCaribbean International Bank's correspondent account at Wells Fargo, N.A. The goal of the summons is to "allow the IRS to identify U.S. taxpayers who hold or held interests in financial accounts...

Supreme Court Holds Severance Payments Are Taxable Wages

WASHINGTON, D.C. — (Mealey’s) Severance payments fall within the definition of wages in the Federal Insurance Contributions Act (FICA) and are taxable, the U.S. Supreme Court ruled March 25 ( United States of America v. Quality Stores, Inc., et al. , No. 12-1408, U.S. Sup. [ enhanced opinion...

Ballard Spahr LLP: Supreme Court Rules That Severance Payments Are Subject To FICA Taxes

By Wendi L. Kotzen, Timothy F. McCormack, and Christopher A. Jones The U.S. Supreme Court has unanimously held that payments of supplemental unemployment benefits (SUB payments) are taxable wages subject to FICA tax withholding. The Court’s decision in United States v. Quality Stores, Inc. ...