By H. Jacob Lager of Zuber & Taillieu
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
The U.S. House of Representatives has passed the American Jobs and Closing Tax Loopholes Act (House amendment to Senate amendment to HR 4213), a package of tax proposals which the House claimed will help create or save more than a million American jobs by restoring credit to small businesses and extending tax incentives for American R&D and energy, among others. More...
A bill that combines proposals from the House of Representatives, Senate and the Obama Administration seeks to uncover taxable assets in overseas accounts. More...
The California State Assembly has approved by a vote of 41 to 28 legislation (“AB 1178”) that would classify income from offshore tax havens as domestic income for tax purposes. More...
The State of Virginia Senate has passed by a unanimous vote of 40-0 SB 452, a legislation that authorizes third party intermediaries (i.e. online travel companies) to collect retail sales and use taxes on the full price paid for hotel accommodations. More...
The California State Senate has passed legislation that requires online retailers like Amazon.com and Overstock.com to collect taxes from its customers as part of a massive government effort to shore up revenues in the face of a $20 billion budget short fall. More...
The California Commission on the 21st Century Economy has released its draft legislative proposals on tax reform. More...
This California Board of Equalization (“Board”)-sponsored bill would require consumers who have failed to report use tax to the Board on their taxable purchases for the preceding year to report the use tax on the income tax returns for the taxable year in which the liability for the qualified use tax was incurred. More...
Hawaii is the latest state to try securing tax revenues from online sales. More...
California Assembly Bill 178 (“AB 178”) seeks to provide a level playing field to ensure that California businesses, both brick and mortar and e-commerce, do not face an unfair competitive disadvantage against out-of-state internet retailers. More...
Rep. John S. Tanner has introduced on April 23, 2009 a legislation would extend through January 2015 the look-through treatment of payments between related controlled foreign corporations. More...
