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 New York State Department of Taxation and Finance (‘Department”) has issued a tax guidance relating to the definition of a sales vendor. More...
The Missouri Department of Revenue (“DOR”) has issued a letter ruling, stating that a company’s (“Applicant”) software implementation services sold with computer software are subject to state sales or use tax. More...
The California State Board of Equalization (“BOE”) has issued a release stating that a number of voter-approved sales and use tax increases – designed to provide revenue for local purposes – will take effect July 1, 2009. More...
In a general information letter (“GIL”), the Illinois Department of Revenue (“Department”) has stated that neither the transfer of canned computer software nor the subsequent software updates will be subject to Retailers' Occupation Tax under 86 Ill. Adm. Code 130.1935 if transactions for the licensing of computer software meet all of the criteria provided in subsection (a)(1) of Section 130.1935. More...
The New York State Department of Taxation and Finance (”Department”)has issued an advisory opinion stating that petitioner Electronic Mortgage Affiliates Inc.’s (“petitioner”) charges for access to its Web-based mortgage loan origination and processing product are subject to sales tax . More...
The California Board of Equalization (“BOE”) has issued amendments to Regulation 1591 relating to medicines and medical devices in order to clarify the rule on taxation of permanently implanted medical devices. More...
In an interpretative decision, the Australian Taxation Office (“ATO”) has ruled that a taxpayer can not claim a deduction under subsection 40-25(1) of the Australian Income Tax Assessment Act 1997 (“ITAA”) for the decline in value of rights to virtual land which he starts to hold upon payment of a capital amount to the provider of an online role-playing game. More...
Revenue Ruling 2009-11 provides that differential pay that employers pay to their employees that leave their job to go on active military duty is subject to income tax withholding, but is not subject to Federal Insurance Contributions Act (“FICA”) or Federal Unemployment Tax Act (“FUTA”) taxes. More...
Before leaving the United States or any of its possessions permanently or for an extended amount of time, all U.S. resident aliens and nonresident aliens (with certain exceptions) must prove they have met all federal tax requirements, the Internal revenue Service (“IRS”) held in a fact sheet. More...
This revenue procedure provides information to any individual who failed to meet the eligibility requirements of §911(d)(1) of the Internal Revenue Code (“IRC”) because adverse conditions in a foreign country precluded the individual from meeting those requirements for taxable year 2008. More...
