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COMMONWEALTHCourt Rules that Pennsylvania Municipalities May Not Impose Business Privilege Tax on Rental Real Estate Business
In a decision with wide-ranging implications and potential refund opportunities, Pennsylvania’s Commonwealth Court ruled on September 19th that Pennsylvania municipalities (other than Philadelphia) may not impose their business privilege tax ("BPT") on a rental real estate business.
United States
9 Oct 2014
Letters From Abroad: U.S. Taxpayers Receiving Letters From Their Foreign Banks May Have One Last Opportunity To Avoid Criminal Prosecution And Increased Civil Penalties
Foreign banks from around the world are sending letters to account holders that they believe have, or had, a U.S. tax nexus requesting information to determine whether such account holders have disclosed their foreign bank accounts to the Internal Revenue Service.
United States
5 Feb 2014
Brazil’s New Anti-Bribery Act Goes Into Effect In January 2014—Is Your Company Ready?
Brazil's stringent new anti-bribery law, the "Clean Companies Act,"1 takes effect on January 29, 2014 and will, for the first time, subject Brazilian and multinational companies operating in Brazil to severe civil and administrative sanctions for bribing domestic or foreign government officials.
United States
19 Dec 2013
Pennsylvania Enacts "Delaware Loophole" Closer And Other Significant Tax Changes
Pennsylvania's governor signed House Bill 465 into law, making changes to Pennsylvania's taxation of corporations, partnerships, and individuals.
United States
25 Jul 2013
Tax Update For Small Business Owners
Small business owners may be scratching their heads as to how the recently enacted American Taxpayer Relief Act of 2012 will affect them and their businesses.
United States
13 Mar 2013
Congress Passes American Taxpayer Relief Act And Averts Most Tax Elements Of The Fiscal Cliff
On January 2, 2013, President Obama signed into law via the autopen, the American Taxpayer Relief Act of 2012 (H.R. 8) (the "Act"), legislation that brings an eleventh-hour end to most of the controversial fiscal cliff negotiations.
United States
9 Jan 2013
FATCA Update: Treasury Department Extends Due Diligence Deadlines And Announces It Is Engaging With More Than 50 Countries To Crack Down On Offshore Tax Evasion
In Announcement 2012-42, the U.S. Treasury Department announced that due diligence deadlines under the Foreign Account Tax Compliance Act (FATCA) are being extended in light of voluminous comments received in response to proposed regulations issued in February 2012.
29 Nov 2012
Internal Revenue Service Annouces Streamlined Compliance Procedures For Non-Resident, Non-Filing Taxpayers
The Internal Revenue Service has implemented a new procedure designed to allow qualifying non-resident U.S. taxpayers to return to tax compliance in a streamlined manner.
United States
30 Oct 2012
FBAR Reminder: U.S. Taxpayers Must Report Foreign Bank Accounts By June 29, 2012
The annual deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly known as the "FBAR" form) is fast approaching.
United States
25 Jun 2012
National Updates For Nonprofit Organizations Committee Newsletter
ABA Business Section Newsletter for Nonprofit Organizations
United States
15 May 2012
Prepare For Round 3: IRS Reopens Offshore Voluntary Disclosure Program
On January 9, the Internal Revenue Service ("IRS") reopened its Offshore Voluntary Disclosure Program ("OVDP") for U.S. taxpayers holding undisclosed foreign bank accounts.
United States
16 Jan 2012
Renewable Energy Update: Recent Treasury Guidance on the "Beginning of Construction" for the Section 1603 Cash Grant Program
On June 25, 2010, the U.S. Treasury Department released additional guidance in the form of 25 frequently asked questions and answers (FAQs) with respect to the "beginning of construction" requirement for renewable energy projects that may be eligible for a cash grant in lieu of an investment tax credit under section 1603 of the American Recovery and Reinvestment Act of 2009.
United States
21 Jul 2010
Common Pitfalls For Exempt Organizations Using The Internet
A wide range of issues arise when a tax-exempt organization has a Web site. This advisory highlights some areas which should be reviewed on a regular basis to ensure that your organization is complying with applicable laws and protecting its intellectual property.
United States
25 Feb 2010
IRS Releases Governance Check Sheet
The IRS recently released a Governance Check Sheet which will be used by IRS revenue agents during an audit of public charities described in Section 501(c)(3) of the Internal Revenue Code.
United States
16 Dec 2009
IRS Issues New Guidance To Nonprofit Supporting Organizations
The IRS has issued new guidance regarding supporting organizations, which are entities that obtain public charity status by virtue of their relationship with other public charities.
United States
27 Oct 2009
Textron En Banc Reversal
En banc First Circuit reverses panel decision in Textron holding 3-2 that “work product privilege does not apply” to tax accrual workpapers. The Court’s decision may be read narrowly to apply to tax workpapers both relating to tax shelters and prepared under “compulsion of the securities laws and auditing requirements.”
United States
19 Aug 2009
Health Care Reform And Tax-Exempt Hospitals
Health care reform is the current top agenda item for the Senate Finance Committee.
United States
29 May 2009
IRS Imposes Additional Penalty On Public Companies That Fail To Disclose Tax Penalties In SEC Reports
A public company that files periodic reports with the Securities and Exchange Commission (“SEC”) under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is required to disclose certain tax penalties in its Annual Report on Form 10-K.
United States
12 Mar 2009
Tax Extenders And Alternative Minimum Tax Relief Act Of 2008
On October 3, 2008, following weeks of contentious negotiations between the House and Senate, Congress approved and the President signed into law a comprehensive tax extenders bill as part of H.R. 1424, the Emergency Economic Stabilization Act of 2008.
United States
7 Oct 2008
Tax-Exempt Hospitals Facing Increasing Scrutiny
On April 4, 2008, the front page of the “Wall Street Journal” contained an article discussing the large profits many tax-exempt hospitals are experiencing, outpacing those of their for-profit counterparts.
United States
29 Apr 2008
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