Canadian AML Law

by Jeffrey R. Simser and Robert G. Kroeker * Introduction ... The AML regime in any country is apt to be vexing and complex. Canada's is no exception.. Overview of AML Law in Canada Canada is a country of immense size, bordered by the Atlantic, Pacific and Arctic oceans as well as by...

Strengthening Procedures Against Tax Evasion

by Henry Christensen III * The events involving Union Bank of Switzerland ("UBS") have resulted in federal criminal prosecutions, a deferred prosecution agreement between the U.S. Department of Justice and UBS and a separate global settlement between the U.S. Department of Justice, the Swiss...

Effectively Integrating Tax and Transfer Pricing Requirements with Enterprise Resource Planning

by David A. Nickson, Andrew J. Hwang and Elizabeth A. Sweigart * As multinational enterprises continue to expand through acquisition and organic growth, the need for accurate and timely reporting of operational and financial data has never been more critical. Companies rely on their management information...

Tax Effects of Sun Capital Partners III, LP for Non-U.S. Private Equity Funds

In Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund [724 F.3d 129 (1st Cir. 2013)], the First Circuit held that one of two private equity funds (the two funds were Sun Capital Fund III and Sun Capital Fund IV) with an investment in a portfolio company managed...

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...

Hacked Sony E-Mails Show Executives Closely Tracking Film Incentives

A cache of e-mails from Sony Pictures Entertainment shows that studio executives at the highest levels are constantly tracking changes in the availability and use of film incentives. For instance, the inbox of Amy Pascal, the chair of the company's motion picture group, shows that film incentives...

Ingersoll-Rand Not Subject to U.S. Federal Contract Ban for Inverters

Ingersoll-Rand, a former New Jersey company that provides heating and cooling equipment and maintenance services to U.S. federal government agencies, was reportedly granted immunity from a ban on awarding federal contracts to inverted companies, despite a history of redomestication in tax havens. A global...

Medtronic Derivative Suit Challenging Gross-Up Payments Stalls

The U.S. District Court for the District of Minnesota on December 22 denied a motion for preliminary injunction seeking to enjoin Medtronic Inc. from reimbursing its board members for any IRC Section 4985 excise tax liability caused by its proposed merger and inversion deal with Ireland-based Covidien...