New Jersey’s Estate Tax Repealed
October 21, 2016
As reported in our previous alert (click here), it was expected that Governor Chris Christie would sign into law a bill that would repeal the New Jersey estate tax and on October 14th, he did just that. This new law also increases the New Jersey gas tax, increases the pension and retirement income exclusion, reduces the New Jersey sales and use tax, provides an additional income tax exemption for veterans, and raises the New Jersey Earned Income Tax Credit.
Treasury Releases Final Debt-Equity Regulations – Part I
October 20, 2016
On October 13, 2016, the Department of the Treasury (Treasury) issued final and temporary regulations under Internal Revenue Code (IRC) Section 385 to curb earnings stripping by treating certain related-party debt instruments as equity for tax purposes.
New Jersey Legislature Passes Bill to Eliminate Estate Tax
October 10, 2016
The New Jersey Legislature voted this past Friday, October 7, 2016, to repeal the state ’s estate tax, as part of a deal that included a gasoline tax increase of 23 cents per gallon. The current $675,000 estate tax exemption will increase to $2 million for decedents dying on or after January 1, 2017, and the estate tax will be fully repealed for decedents dying on or after January 1, 2018. The New Jersey inheritance tax has not been repealed.
Financial Services Alert: New York Proposes Cybersecurity Regulations for Financial Services Companies
September 22, 2016
New York Department of Financial Services (DFS) has significantly raised the bar for cybersecurity programs, releasing regulations on September 13, 2016 slated to go into effect on January 1, 2017. The regulation will affect all entities with a DFS “license, registration, charter, certificate, permit, accreditation or similar authorization under the banking law, the insurance law or the financial services law.” The regulation requires each entity’s Board of Directors to file an annual certification of compliance with the superintendent of DFS. We recommend that covered entities begin evaluating the requirements and preparing plans, as remediation initiatives may require several months to complete.
Tax Alert: Newly Released Section 409A Proposed Regulations Governing Deferred Compensation Plans
September 19, 2016
On June 21, 2016, the IRS issued highly-anticipated proposed regulations under Sec. 409A governing deferred compensation plans. The newlyreleased proposed regulations modify and clarify policies that have been in place for over a decade.
IRS Relaxes 60-Day Tax-Free Retirement Plan or IRA Rollover Requirement
September 6, 2016
A distribution from a retirement plan is generally taxable unless it is rolled over into a retirement plan or IRA within 60 days. In most cases this would make the distribution non-taxable, assuming the recipient is eligible to make pension rollovers and the distribution itself is eligible for a rollover.
Taxpayers with Interests in Family Held Entities Urged to Consider Transfer Tax Planning While Discounts Remain Available
August 23, 2016
Proposed regulations under Internal Revenue Code Section 2704 were issued by the Department of the Treasury on August 2nd and may severely restrict or even eliminate the availability of discounts in transfer tax planning.
FASB Issues New Guidance on Not-For-Profit Entities Financial Statement Reporting
August 19, 2016
Yesterday, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2016-14), Presentation of Financial Statements of Not-For-Profit Entities. The FASB believes that these changes to financial statements and note disclosures will both simplify and improve financial statement reporting and increase relevance for donors, grantors, creditors and other users.
Other Recent Alerts
Financial Advisory Services Alert: Are You Prepared?
July 26, 2016
New York State Issues New BSA/AML/OFAC Transaction Monitoring and Filtering Program Regulation (Part 504)
Brexit and Its Potential Impact on U.S. Multinationals
The expected departure of the United Kingdom (UK) from the European Union (EU) is undoubtedly a surprise to many businesses and their professional advisors. Even though there was much speculation about the possibility of an “exit” vote, “smart money” seemed to believe it likely that the UK would remain in the EU.
Broker/Dealer Alert:Auditors Play a Critical Role Within the Securities Industry
June 28, 2016
The nonperformance of an auditor can have serious consequences to a broker-dealer. Sub standard audits may result in reperformance, recall or reports and referrals to regulators, such as FINRA and the SEC.
June 1, 2016
Beginning January 1, 2017 Medicare clinicians are responsible for compliance with the Medicare Access & CHIP Reauthorization Act (MACRA). The program serves to ease the Medicare reporting burden by combining existing quality programs into a new framework. MACRA is centered on rewarding clinicians for high quality care and penalizing non-compliance. The recently released Proposed Final Rule details the wide range of eligibility, program requirements, and ensuing incentives/penalties.
Tax Alert: New DOL Overtime Rules to Have Substantial Impact on Employers
May 18, 2016
On May 18, 2016, President Barack Obama announced publication of the final Department of Labor (DOL) rule on overtime. This is the first time since 2004 that the salary threshold entitling workers for overtime was raised. Although the new rule does not become effective until December 1, 2016, employees should begin examining its impact now. It is anticipated that employers will either provide overtime benefits or raise salaries to the newly mandated levels.
Tax Alert: Bad Boy Guarantees: Recourse or Nonrecourse Debt?
May 11, 2016
A recent legal memorandum (CCA 201606027) released by the IRS Office of Chief Counsel on February 5, 2016 has called into question an industrywide practice involving “bad boy guarantees” and how such clauses impact a debt that would otherwise be classified as non-recourse debt or qualified nonrecourse debt.
Tax Alert: Massachusetts Amnesty Program Set to Expire on May 31, 2016
May 9, 2016
The 2016 Massachusetts Amnesty Program, “MA TAX AMNESTY 2016” is open to individuals and businesses to become compliant on past due taxes and save on penalties.
Tax Alert: US Treasury Addresses Inversions and Intercompany Debt
April 29, 2016
The Department of the Treasury (Treasury) has issued proposed regulations under Internal Revenue Code (IRC) Section 385 that, if finalized, would treat certain related-party debt instruments as equity for tax purposes.
Tax Alert: Breaking News - IRS Delays Filing Deadline to March 31, 2016 for Form 8971
February 11, 2016
As reported in our previous Alert on this topic, The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which was signed into law on July 31, 2015, requires Executors of estates who are required to file Form 706, United States Estate (and Generation Skipping Transfer Tax) Return, to report the estate tax value of property distributed or to be distributed from the estate.
Tax Alert: New Form 8971 Has Been Issued by the IRS - Executors Have Filing Deadline of February 29, 2016
February 11, 2016
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which was signed into law on July 31, 2015, requires Executors of estates who are required to file Form 706, United States (and Generation Skipping Transfer Tax) Return, to report the estate tax value of property distributed or to be distributed from the estate. The purpose of this provision of the law is to ensure consistency in basis reporting between an estate and its beneficiaries.
Tax Alert: Two Timely Elections Trustees and Executors Should Consider Now
February 4, 2016
Trustees and executors have the ability to make certain elections on or before March 7, 2016 that could affect 2015 tax returns both for the trusts and estates for which they are fiduciaries as well as the beneficiaries of those trusts and estates.
Tax Alert: New York State Tax Reform Negatively Impacts Nonresident S Corporation Shareholders
February 4, 2016
With the 2015 tax filing season upon us, now is a good time to revisit the facts surrounding the allocation of S Corporation income for New York non-residents.
Tax Alert: Connecticut Modifies Tax Laws Effective in 2015 & 2016
January 18, 2016
In response to an outcry from business owners about onerous new tax provisions set to take effect in 2016, Connecticut Governor Dannel P. Malloy signed a special session budget bill that modifies legislation enacted earlier in 2015.
Tax Alert: Final Phase-Out of Capital Stock and Foreign Franchise Tax
January 18, 2016
Governor Tom Wolf recently announced the successful January 1, 2016 completion of the phase-out of Pennsylvania’s Capital Stock and Foreign Franchise tax, calling it “an unfair tax on business” that he was committed to eliminating.
Tax Alert: 2015 Tax Extenders and Omnibus Bills Enacted
December 23, 2015
Before departing Washington last week, Congress and President Obama continued the recent trend of last-minute tax break extensions. The Protecting Americans from Tax Hikes Act of 2015 (“PATH”) was signed into law on December 18, 2015, extending and modifying numerous tax incentives and, breaking with recent tradition, even made a number of provisions permanent. We’ve summarized some of the most important tax breaks below and have included a detailed list of modified provisions.
Tax Alert: 2015 New Tax Act Has Favorable Provisions for Real Estate
December 20, 2015
The Protecting Americans from Tax Hikes Act of 2015 (“PATH”), enacted into law on December 18, 2015, extended many popular tax provisions that had expired at the end of 2014 and made some permanent. Several of these provisions are beneficial for real property investments. PATH also includes several provisions that modify the tax rules relating to REITs.
Tax Alert: 2015 Tax Planning Guidelines for Individuals & Businesses
December 10, 2015
With the end of 2015 quickly approaching, now is an excellent time to evaluate your overall tax position, whether it is from a personal or business perspective. But where to begin? The future is uncertain, as 2016 is an election year and both parties, as well as the candidates, have their own agendas with respect to the U.S. tax system. For many people, the task of planning for taxes may seem daunting.
Tax Alert: OECD Issues Final BEPS Project Reports
December 7, 2015
On October 5, 2015, the Organization for Economic Cooperation and Development (OECD) released its final reports on the Base Erosion and Profit Shifting (BEPS) project. The BEPS project is an initiative to reform the international tax system to prevent multinational companies from artificially shifting profits between tax jurisdictions. The final reports are a comprehensive set of measures designed to be implemented via treaties and countries’ domestic tax laws.
Tax Alert: Notice 2015-82 Increases Repair Regulations De Minimis Rule Limit
December 7, 2015
The Internal Revenue Service (IRS) issued final regulations (the “repair regulations”) regarding whether to capitalize or deduct amounts paid to acquire, produce, or improve tangible property on September 17, 2013. The regulations were effective for years beginning on or after January 1, 2014.
M&D Alert: Retail/Restaurant Remodel and Refresh Safe Harbor Created
November 25, 2015
In order to reduce disputes regarding the deductibility or capitalization of remodel-refresh costs incurred by qualified retail and restaurant businesses, the IRS issued Revenue Procedure 2015-56 on November 19, 2015. For tax years beginning on or after January 1, 2014, qualified retail establishments and restaurants have the opportunity to take advantage of a safe-harbor method to determine if remodel-refresh expenditures are deductible under IRC §162, or capitalized under IRC §263 or IRC §263A.
Tax Alert: Recent Budget Completely Overhauls Partnership Audit Regime
November 10, 2015
A complete overhaul of the rules governing Internal Revenue Service (“IRS”) audits of partnerships was included in the Bipartisan Budget Act of 2015 (H.R. 1314) that was signed into law on November 2, 2015. The changes will apply to all partnerships—from single-member LLCs to major hedge funds—and are intended to generate revenue by streamlining audits to increase their number and effectiveness. Although the new regime is effective for tax years beginning after Dec. 31, 2017, taxpayers will need to consider how it will impact their current and prospective partnership interests to avoid being caught off guard.
HealthCare Reform Alert: Health Care Reform Tax Compliance and Tax Law Update
November 5, 2015
Is your organization in compliance with the Affordable Care Act? In this alert we address New Reporting Requirements for Applicable Large Employers under the ACA, and Upcoming Tax Law Developments including The Cadillac Tax, and Protecting Affordable Coverage for Employees Act (PACE).
Health Care Alert: Meaningful Use: Stage 2 Modifications
October 28, 2015
The Meaningful Use Final Rule for 2015-2017 is finally here! The Rule significantly modifies the timeline and requirements for all providers, especially those striving to attest to Stage 2. By easing the program’s demands, CMS has created an opportunity for more providers to be able to attest if they are able to make the most of the rest of this calendar year.
M&D Alert: What the October 1, 2015 Credit Card Processing Upgrade Means for Retailers
October 1, 2015
Consumers are rightly alarmed at the level of theft of credit and debit card information from retailers in recent years. Target, Walmart, TJX, and Home Depot, as well as many other retailers and businesses have suffered these attacks, and 80% of credit card fraud is estimated to be the result of counterfeiting using such stolen card information.
Tax Alert: Washington State Enacts New Nexus Standards
September 4, 2015
Effective Sept. 1, 2015, economic nexus standards will now apply to most out-of-state businesses making wholesale sales into Washington. These entities will be subject to the wholesaling business and occupation (B&O) tax on wholesale sales delivered into the state for the current year if they met any of the following economic nexus thresholds during the prior calendar year:
Tax Alert: What Can Woody Hayes Teach Us About Tax Amnesty Programs?
August 27, 2015
States are getting more sophisticated in the ways they identify delinquent taxpayers. If a revenue department finds the taxpayer first, taxes are imposed (which often include all unfiled years with no limitation, no matter how far back), penalties are assessed, and interest accrued from the original filing due date. A little upfront work, however, may save a taxpayer thousands of dollars.
Tax Alert: Recently Enacted New York State Estate Tax and Personal Income Tax Changes
August 19th, 2015
The New York State Department of Taxation and Finance recently issued Technical Memorandum TSB-M-15(3)M explaining 2015-2016 state budget legislative amendments which modified estate tax reforms that were enacted in 2014.
Tax Alert: Partner Beware: The Unexpected Virtue of Knowing New York Sales and Use Tax Law
August 12, 2015
The last thing a partner or member of a limited liability company expects is to be assessed for the LLC or partnership’s failure to collect or pay sales and use tax. Although New York’s longstanding principle has been to collect sales tax from passive investors, a recent Tax Appeals Tribunal decision was particularly harsh.
Tax Alert: Trade and Highway Bills Hold Surprises and Changes
August 11, 2015
The Trade Bill contains hidden surprises, including penalties for taxpayers who file incorrect information returns or furnish incorrect payee statements.
Tax Alert: Significant Changes to Tax Return Due Dates
August 11, 2015
On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236) into law. Among other changes, the new law modifies the due dates for several common tax returns.
Tax Alert: Connecticut Tax Reforms Enacted
July 27, 2015
Significant tax reform measures have been signed into law in Connecticut, with the greatest impact expected to be from the mandatory combined filing for unitary groups of corporations. Due to an outcry by many major corporations headquartered in Connecticut, this combined filing provision has been deferred until tax years beginning on or after January 1, 2016, while all of the other changes have effective dates in 2015.
Supreme Court Rules in Favor of Marriage Equality
July 7, 2015
On June 26, 2015, the United States Supreme Court ruled in a 5-4 decision on a series of consolidated cases known as Obergefell v. Hodges, that the 14th Amendment guarantees the right of same-sex couples to marry. The landmark ruling found that States are required to issue marriage licenses to same-sex couples and must recognize same-sex marriages performed in other states.
Ireland Prepares to Introduce the Knowledge Development Box (KDB)
June 18, 2015
It was recently announced that Ireland is to launch a new tax incentive – the Knowledge Development Box which will provide an effective tax rate for intellectual property below the Irish headline rate of 12.5%. Coupled with an attractive R&D tax credit regime, this new incentive is intended to encourage companies to locate high value roles associated with the development of intellectual property in Ireland. The incentive will come into force in early 2016.
U.S. Supreme Court Rules on Constitutionality of Maryland Personal Income Tax Credit – Will Other Jurisdictions Be Impacted?
June 9, 2015
In a landmark decision, the U.S. Supreme Court recently ruled in Comptroller of the Treasury of Maryland v. Wynne that Maryland’s failure to allow a personal income tax credit for taxes paid to other jurisdictions against the county portion of its resident income tax is unconstitutional.
Real Estate Investment and Jobs Act of 2015: The Arrival of FIRPTA Reform
May 18, 2015
A foreign person that is neither engaged in the conduct of a United States trade or business nor considered a U.S. resident based on the substantial presence test is typically not subject to U.S. tax on capital gains from U.S. sources. However, the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) generally treats a foreign person’s gain or loss from the disposition of a U.S. real property interest as income effectively connected to a U.S. trade or business. Consequently, the gain or loss is subject to taxation in the U.S. at applicable income tax rates. Such treatment is inconsistent with most other U.S. investments by foreign persons.
U.S. Commerce Department Form BE-10 – Mandatory Filing
May 15, 2015
With the last survey conducted in 2009, two types of party are potentially subject to the 2014 reporting requirement. First, any U.S. person (which includes an individual, branch, partnership, associated group, association, estate, trust, corporation, other organization or government) that had a direct or indirect ownership or control of ten percent (10%) or more of the voting stock of an incorporated foreign business or an equivalent interest in an unincorporated foreign business enterprise during the 2014 year must report such interest though Form BE-10. Second, any party contacted by the Bureau of Economic Analysis in connection with the survey must either report any foreign affiliate interests as explained above or file a Form BE-10 “Claim for Not Filing” informing the Bureau that they do not have a foreign affiliate.
United States Investment in French Real Estate: Refund Opportunities On Capital Gains Taxation
April 29, 2015
Over the past 10 years the aggregate fair market value of real property located in France has almost doubled, attracting a range of U.S. investors including equity funds, real estate companies and wealthy individuals. Most of them are in a position to realize a substantial capital gain should they now decide to sell their French properties.
Tax Provisions in the Administration’s Fiscal Year 2016 Budget
April 22, 2015
President Obama’s proposed 2016 budget contains new provisions as well as some from previous budgets – it includes plans to revise the U.S. international tax system, the taxation of domestic corporations and provisions affecting individuals.
NYDFS Calls for Insurers' Cyber Security Information by April 27
April 10, 2015
On March 26, the Superintendent of the New York Department of Financial Services (NYDFS) issued a letter detailing requirements for insurers to provide information related to their cybersecurity programs and practices. Due April 27, the short response time has created a sense of urgency among insurers.
Anchors Aweigh! The 2015-2016 New York State Budget Bill
April 8, 2015
The New York State Legislature recently passed the 2015-2016 Budget Bill (the “Budget Bill”), provisions of which alter New York State and New York City tax law, modify last year’s state corporate income tax reform and even provide incentives to purchase a private plane or yacht.
Tangible Property Regulations for Small Taxpayers
February 24, 2015
Recently released Revenue Procedure 2015-20 contains a simplified procedure to implement tangible property regulations for small taxpayers. Small taxpayers who choose to apply the tangible property regulations prospectively to amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014 have the option of making certain tangible property changes in their method of accounting on the federal tax return without including Form 3115. Audit protection is not given to these taxpayers for taxable years beginning prior to January 1, 2014. Additionally, no “look-back” to obtain an additional tax deduction in 2014 is available.
Two Timely Elections Trustees and Executors Should Consider Now
February 20, 2015
Trustees and executors have the ability to make certain elections on or before March 6, 2015 that could affect 2014 tax returns both for the trusts and estates for which they are fiduciaries, as well as the beneficiaries of those trusts and estates.
Illinois Tax Rate Change
February 2, 2015
Due to a sunset provision in 2011 state tax law, the Illinois Income Tax rate for individuals, trust and estates has decreased from 5% to 3.75% effective January 1, 2015. The new rate applies to Illinois taxable investment income, employee and unemployment compensation, gambling and lottery winnings.
New York City Announces Proposal to Reform the City's Corporate Tax
January 15, 2015
On January 12, 2015 Mayor de Blasio announced a proposal to reform the City’s corporate tax structure to bring consistency with the changes that were passed in last year’s New York State budget. The proposal, which is intended to be revenue neutral, would be retroactive to January 1, 2015.
Guide for Controllers 2014/2015
January 14, 2015
Controllers are presented with many tasks at the end of the calendar year. This guide provides guidance, reminders, and tips about certain responsibilities that will need your attention in the next few weeks, and includes an update of rates and limits for 2015.
Extension of Popular Tax Provisions Is Now Law
December 19, 2014
A number of popular and important tax provisions that expired as of the beginning of 2014 have recently been given a retroactive one-year extension by Congress. While not all of the expired provisions were extended, those that were (which include the most important expired deductions and credits) should provide relief to taxpayers - both individuals and businesses.
2014 Tax Planning Guidelines for Individuals & Businesses
December 10, 2014
Benjamin Franklin is often quoted as having said that “nothing is certain except death and taxes”. Interestingly enough, Franklin wasn’t talking about death or taxes. He was writing to a friend about the relatively new American Constitution. Franklin actually wrote “Our new Constitution is now established, and has an appearance that promises permanency, but in this world nothing can be said to be certain, except death and taxes.”
WeiserMazars Tax Alert: Ireland Very Much Open for Business as "Double Irish" is Filtered Out
November 24, 2014
The Irish government’s Budget 2015 contains a number of measures which will impact companies doing business in the country including a range of attractive tax measures to encourage foreign direct investment into Ireland and the end of availability of the “double Irish” tax structure as of January 1, 2015.
WeiserMazars Tax Alert: Internal Revenue Service Delays Effective Date of Regulations Regarding Estates and Non Grantor Trusts Costs Subject to the 2% Floor Limitation
October 16, 2014
The Internal Revenue Service (IRS) recently issued final regulations, effective for taxable years beginning on or after May 9, 2014, identifying which expenses incurred by an estate or non-grantor trust are subject to the 2% floor for miscellaneous itemized deductions for income tax purposes.
WeiserMazars Tax Alert: The New Jersey Division of Taxation is Offering Taxpayers an Opportunity to Resolve Unpaid Tax Liabilities
October 6, 2014
The New Jersey Division of Taxation is providing businesses and individuals with existing tax liabilities an opportunity to resolve these matters. Under the initiative, taxpayers can pay any outstanding tax bills with reduced or eliminated penalties, no collection costs, and no recovery fees. The initiative is open to taxpayers who have outstanding tax liabilities for the tax periods 2005 through 2013 and the initiative will run until November 17, 2014. Learn more in our latest Tax Alert.
WeiserMazars Tax Alert: Refund Opportunities for United States Pensions Investing in the European Union
September 24, 2014
United States-based funds that invest in the European Union (EU) may have the opportunity for significant refunds based on improper tax withholding by EU member nations. Many estimate that the refunds available to investors may exceed €3 billion.
WeiserMazars Tax Alert: A Friendly Reminder: COD Income Recognition Deferred Under IRC § 108(i) Starts NOW (2014)
August 13, 2014
Time is up! Taxpayers who availed themselves of the income deferral benefits under Internal Revenue Code (IRC) § 108(i) for cancellation of debt income (“COD income”) realized in 2009 and 2010 must start recognizing such deferred income ratably over the next five taxable years beginning in 2014.
2014 Audit Year Developments for Broker-Dealers
August 4, 2014
Effective for fiscal years ending on or after June 1, 2014, audits of non-public broker-dealers will now be under Public Company Oversight Board (PCAOB) standards, rather than Generally Accepted Auditing Standards (GAAS).
WeiserMazars Tax Alert: New Jersey Enacts Legislation Adopting Click-Through Nexus
July 22, 2014
On June 30, legislation was enacted in New Jersey creating a rebuttable presumption that New Jersey Sales Tax nexus exists when one sells tangible personal property, digital products, or services through an independent contractor who refers customers to the seller via a link on their internet website. Once nexus is established, the business becomes a vendor and has an obligation to collect sales tax on all New Jersey sales.
WeiserMazars Tax Alert: Offshore Accounts - August 4th Disclosure Deadline
July 21, 2014
As the Department of Justice (DOJ) works to rein in bank secrecy, time is running out for certain taxpayers with undisclosed offshore accounts. On June 20, 2014, the IRS released a list of Foreign Financial Institutions currently under investigation by the DOJ, accountholders of which have until August 4th to enter the IRS’ Offshore Voluntary Disclosure Program (OVDP) to disclose foreign accounts, or face a 50% penalty on the account’s highest balance.
WeiserMazars Tax Alert: IRS Unveils "Taxpayer Bill of Rights"
July 5, 2014
The IRS unveiled the formal adoption of a Taxpayer Bill of Rights (“TBOR”) on June 10, 2014. After seven years, and following extensive discussions with the Taxpayer Advocate Service, the IRS’s symbolic gesture of mirroring this new document after the U.S. Constitution’s Bill of Rights is perhaps indicative of an attempt to deal more fairly with taxpayers and better communicate the rights and protections available in dealing with the IRS.
WeiserMazars Tax Alert: IRS Expands Streamlined Procedures Available Under Modified Offshore Voluntary Disclosure Program
June 23, 2014
On June 18, 2014, the Internal Revenue Service (“IRS”) announced its modifications to the 2012 Offshore Voluntary Disclosure Program (“OVDP”), effective on or after July 1, 2014. The modifications include both a substantial expansion to the IRS’s Streamlined procedures and increased penalties under the OVDP.
Infrastructure Finance Alert
June 10, 2014
On May 21, 2014, the United States Congress passed the Water Resources Reform and Development Act (WRRDA), the latest of the Water Resources Development Acts (WRDAs) that have been passed over the past 40 years - most recently in 2007 - in a public effort to address some of the country’s main water challenges. The tally of votes - 412 in favor to 4 in opposition - illustrates the depth of bi-partisan support for this new regulation.
NonProfit Alert: New York State Nonprofit Revitalization Act and Executive Order 38
June 9, 2014
Many of the provisions of the NYC Nonprofit Revitalization Act will take effect on July 1, 2014. It will require time and effort to respond to this legislation by modifying existing policies or developing new policies and procedures for governance and oversight by an organization’s management and Board. Areas that will be impacted include Audit Committee, Conflict of Interest and Whistleblower policies. While you may have these policies in place, you still need to ensure your policy is compliant with the new law.
WeiserMazars Tax Alert: IRS Issues Guidance on the Tax Treatment of Bitcoin
May 1, 2014
On March 25, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-21 providing guidance on the tax treatment of virtual or cryptocurrencies, such as Bitcoin. The IRS Notice provides clarity on the tax treatment of virtual currencies, but may ultimately hinder its use in commercial transactions.
WeiserMazars Tax Alert: Major Changes Enacted for New York Trust, Estate, and Gift Tax Regimes
WeiserMazars Tax Alert: Major Changes to Business Taxes from the New York State 2014-2015 Budget
April 24, 2014
On March 31, 2014, Governor Cuomo signed into law the New York State 2014-2015 budget. The $140 billion budget contains a number of dramatic changes to the taxation of residents and businesses operating in New York. In these alerts, we will provide a brief overview of some of the most important changes to New York tax law contained in the budget.
WeiserMazars Tax Alert: Supreme Court's Woods Decision Expands Scope of Valuation Misstatement Penalty
April 21, 2014
On December 3, 2013, the United States Supreme Court decided U.S. v. Woods, the outcome of which may expand the scope of the valuation misstatement penalty, particularly in the case of deduction items reported by partnerships and S-corporations. The decisions may have wide-ranging effects, potentially subjecting owners of partnerships and S-Corporations to 40% penalties if they claim flow-through deductions in excess of their outside basis.
WeiserMazars Tax Alert: U.S. Supreme Court Declines Opportunity to Review New York's "Amazon Click-Through Nexus Law"
March 28, 2014
The popularity of Internet purchases combined with the large number of states facing economic challenges has led many state taxing authorities to explore new ways to tax online sales. The U.S. Supreme Court recently denied a request to review these laws, upholding the New York Court’s finding that the click-through nexus standard for out-of-state internet sellers was constitutional.
WeiserMazars Tax Alert: New York State Bank Tax Reform
March 21, 2014
On January 21, 2014, Governor Andrew Cuomo released his Executive Budget for the 2014-2015 fiscal year. The budget incorporates a number of changes to bank and corporate franchise taxes that, if the legislation is passed, will be effective as of January 1, 2015 and will have a profound effect on the taxation of banking corporations operating in New York State.
WeiserMazars Tax Alert: Proposed Regulations on Recourse Liabilities and Disguised Sales - Use of Bottom Dollar Guarantees at Risk
March 21, 2014
Proposed regulations recently released by the Internal Revenue Service and the Treasury Department (the “Proposed Regulations”)—if finalized— will seriously restrict the use of “bottom-dollar guarantees” and impact leveraged partnership structures. The Proposed Regulations contain important changes to recourse liability allocations among partners, clarify rules relating to “disguised sales,” and propose a different approach to determine the sharing of nonrecourse liabilities.
WeiserMazars Tax Alert: New York High Court Overrules Tax Tribunal's Interpretation of Residency Requirements
February 20, 2014
On February 18, 2014, the Court of Appeals of the State of New York, in Matter of Gaied v. New York State Tax Appeals Tribunal (“Gaied”), criticized the Tax Tribunal’s determination that a man who owned a home used by his parents in Staten Island maintained a “permanent place of abode” in New York City and was subject to New York State income tax on his worldwide income.
WeiserMazars Tax Alert: Potential Changes May Require Taxpayer Action by April 1
February 18, 2014
The budget bill proposed by Governor Cuomo contains significant changes to the State of New York’s gift, estate, and generation skipping transfer taxes as well as the taxation of income from certain trusts, changes which may require taxpayer action by April 1. Learn more in our latest Tax Alert.
WeiserMazars Tax Alert: Two Timely Elections that Trustees and Executors Should Consider Now
February 7, 2014
Trustees and executors can make certain elections on or before March 6, 2014 that could affect 2013 tax returns for the trusts and estates for which they are fiduciaries as well as the beneficiaries of those trusts and estates. Read more in our latest Tax Alert.
WeiserMazars Tax Alert: Summary of Federal Tax Provisions that Expired in 2013
February 3, 2014
Many widely utilized tax credits, deductions, and special provisions expired at the end of 2013. While it has been customary for these popular benefits to be reinstated annually, there is no guarantee that any of the provisions will be extended during 2014 and made retroactive to the beginning of the year. Read our latest Tax Alert for more information.
WeiserMazars LLP's 2013 Year End Guide for Controllers
December 13, 2013
Controllers are presented with many tasks at the end of the calendar year. This memo is intended to provide guidance, reminders, and tips about certain responsibilities that will need your attention in the next few weeks, and includes an update of rates and limits for 2014.
WeiserMazars LLP Tax Alert: 2013 Tax Planning Guidelines for Individuals & Businesses
December 2, 2013
Plan to select the better filing status option when filing your 2013 tax returns. In general there are several ways in which you can file an income tax return: married filing jointly, head of household, single, and married filing separately. Learn more on how to plan for taxes both for yourself and for businesses in our most recent Tax Alert.
WeiserMazars LLP Tax Alert: IRS Filing Delay and Other Updates
November 1, 2013
In the aftermath of the federal government shutdown, the Internal Revenue Service announced on October 22nd that the start of the 2014 federal filing season will be delayed. Initially scheduled to begin on January 21, 2013, the IRS is anticipating a delay of one to two weeks, stating that they would start accepting 2013 individual returns “no earlier than January 28 and no later than February 4.”
WeiserMazars LLP Tax Alert: Private Equity Must Be Wary of Unfunded Pension Pans Following Sun Capital Decision
October 11, 2013
On July 24, 2013 the First Circuit of the U.S. Court of Appeals ruled that a private equity fund met the “trade or business” requirement of 29 U.S.C. 1301(b)(1), and therefore, may be held jointly and severally liable for the unfunded pension obligation of one of its portfolio companies (“withdrawal liability”). The Court rejected the District Court’s finding that private equity funds are merely passive investors, attributing the activities of the Fund’s agent, the general partner, to the Fund. Read more in our alert.
WeiserMazars LLP Tax Alert: Final Tangible Property Repair Regulations Summary
September 26, 2013
On September 13, 2013, the IRS and Treasury Department released final regulations regarding the deduction and capitalization of expenditures related to tangible assets (the “Repair Regulations”). The final regulations for IRC Sections 162(a) and 263(a) modify and supersede temporary regulations issued on December 31, 2011 and will generally apply to all taxpayers that acquire, produce, or improve tangible property on or after tax years beginning after January 1, 2014.
WeiserMazars LLP Tax Alert: IRS Revenue Ruling Clarifies Federal Tax Impact of Supreme Court's Windsor Decision
September 11, 2013
On August 29, 2013, the IRS issued Revenue Ruling 2013-17, which clarified certain unanswered questions following the Supreme Court's decision in United States v. Windsor. In this case, the Supreme Court struck down section 3 of the Defense of Marriage Act (DOMA), which had defined marriage for federal law purposes as a union between one man and one woman. For further discussion of the Windsor decision, please see our previous Tax Alert.
Broker Dealer Auditing Changes Are Here
September 10, 2013
On August 2, 2013 the Securities and Exchange Commission (“SEC”) issued final rule, Release No. 34-70073, Broker Dealer Report, (the “Release”), which requires significant changes for broker dealers, including on audits of non-listed, but registered broker dealers. Read more in our alert.
WeiserMazars LLP Tax Alert: The Affordable Care Act
September 4, 2013
Under the Patient Protection and Affordable Care Act (the "ACA"), individuals who are not otherwise covered by a health plan providing affordable coverage with a minimum value must now acquire such coverage. Learn more about what this means for you and your business in our most recent Tax Alert.
WeiserMazars LLP Tax Alert: OECD Tackles Base Erosion and Profit Sharing
August 15, 2013
The Organization for Economic Cooperation and Development (“OECD”), at the request of the G20, reported on its progress with respect to base erosion and profit shifting at the G20 February 2013 meeting. The action plan, discussed here, was introduced at the G20 Finance Ministers meeting in Moscow in July 2013.
WeiserMazars LLP Tax Alert: Pennsylvania Enacts Significant Tax Law Changes
July 17, 2013
Signed into law by Governor Corbett on July 9, 2013, Pennsylvania House Bill 465 brings substantial tax law changes to the Tax Reform Code of 1971. It is estimated that the legislation will generate a net increase of up to $60 million in revenue during fiscal year 2013-14 through varied modifications to the Pennsylvania tax code.
WeiserMazars LLP Tax Alert: FATCA Update
July 12, 2013
The IRS has issued Notice 2013-43, which will be published in the Federal Register on July 29th, 2013, providing a Revised Timeline for the implementation of the Foreign Account Tax Compliance Act (FATCA), and additional guidance relevant to its operation. Read the full update at the above link. For reference, see Notice 2013-43.
WeiserMazars LLP Tax Alert: Affordable Care Act Breaking News and DOMA Decision
July 3, 2013
The United States Supreme Court has struck down section 3 of the Defense of Marriage Act (DOMA), which had defined marriage for federal law purposes as a union between one man and one woman. In this United States v. Windsor ruling, the Court found that DOMA's definition of marriage violated the Fifth Amendment's Due Process Clause.
WeiserMazars LLP: The Affordable Care Act
May 29, 2013
Will you be in compliance with the Affordable Care Act of 2014? Employer shared responsibility penalties will take effect on January 1, 2014 and new reporting laws and mandates will enter into effect in 2013. View our alert to see what steps you should be taking now!
WeiserMazars LLP Tax Alert: The Marketplace Fairness Act of 2013
May 16, 2013
On May 6, 2013 the US Senate passed the Marketplace Fairness Act of 2013 (the “Act”) , which would authorize states to require “remote” sellers to collect sales tax on taxable sales to customers, whether or not the seller has a physical presence in that state. We summarize the Act’s provisions and its potential implications here!
WeiserMazars LLP Tax Alert: U.S. Customs & Immigration Services Issues New Form I-9
May 8, 2013
United States Customs and Immigration Services published a revised Form I-9 (Employment Eligibility Verification) on March 8, 2013. The new form contains three major revisions and must be completed and retained by every employer, in conjunction with each newly hired employee.
WeiserMazars LLP Tax Alert: Significant Tax Reform Targeted in FY 2014 Budget Plan
April 22, 2013
On April 10, 2013 President Obama released his budget proposal for fiscal year 2014. Central to the budget are numerous tax-related items designed to simplify the tax code, close down perceived abuses, raise revenue, and stimulate the economy. These provisions could have significant consequences for many taxpayers – see how they could affect you!
WeiserMazars LLP Tax Alert: FATCA & International Compliance Updates
April 16, 2013
In this month’s Tax Alert, we discuss the ongoing impact of FATCA including efforts in the UK, France, and Europe to combat tax evasion followed by an in-depth discussion of the different categories of Deemed Compliant Entities under the upcoming regulations.
WeiserMazars LLP Tax Alert: Gaied v. New York State, Tax Court Denies Foreign Tax Credit for Transactions Lacking Economic Substance
March 19, 2013
In this month’s Alert, we discuss the aggressive new precedent in the application of statutory resident rules set by Gaied v. New York State and the U.S. Tax Court’s determination in Bank of N.Y. Mellon Corporation v. Commissioner that a taxpayer was not entitled to claim foreign tax credits arising from a transaction that lacks economic substance.
WeiserMazars LLP Tax Alert: Treasury and IRS Issue Final FATCA Regulations
January 18, 2013
On January 17, 2013, the U.S. Treasury and IRS published the final Foreign Account Tax Compliance Act (FATCA) regulations, implemented in order to combat offshore tax evasion. Read our alert to learn more.
WeiserMazars LLP Tax Alert: Wage Theft Prevention Act Notices Due
January 17, 2013
Are you in compliance with the 2011 Wage Theft Prevention Act? Read our alert to see our discussion of the act’s provisions and what you need to do to ensure your compliance.
WeiserMazars LLP Tax Alert: Congress Passes Legislation to Avoid Fiscal Cliff
January 3, 2013
The recent Congressional deal to avoid the fiscal cliff holds a number of important tax and exemption charges that all taxpayers should review in light of the looming end of fiscal year. Read our alert to see how the fiscal cliff deal affects you.
Tax Relief for Victim's of Hurricane Sandy: Effect on 1031 Exchanges in Progress
December 20, 2012
As a result of Hurricane Sandy, the Internal Revenue Service announced that it is extending certain deadlines, including deadlines related to the completion of a like-kind-exchange under section 1031 of the Internal Revenue Code.
WeiserMazars LLP's 2012 Year End Guide for Controllers
December 19, 2012
Controllers are presented with many tasks at the end of the calendar year. This memo is intended to provide guidance, reminders, and tips about certain responsibilities that will need your attention in the next few weeks, and includes an update of rates and limits for 2013.
WeiserMazars LLP Year-End Tax Planning Alert: Part II
December 11, 2012
Our Year-End Tax Planning Alert, Part II, features articles for year-end tax planning including The Patient Protection Act and New Medicare Taxes and Retirement Plans, IRAs, Health Plans, and other Compensation Matters.
WeiserMazars LLP Year-End Tax Planning Alert: Part I
December 10, 2012
Our Year-End Tax Planning Alert, Part I, features articles for year-end tax planning including Gift and Estate Planning and 2012 Year-End Income Tax Planning Guide.
Private Client Services Alert - Superstorm Sandy, First Steps Toward Recovery
November 6, 2012
Now that Hurricane Sandy's destruction has passed, our thoughts turn toward recovery. Read WeiserMazars' checklist of things you can do to help get you and your business back to normal.
November Tax Alert 2012 - The Fiscal Cliff, Quality Stores, Inc. Decision & 2013 IRS Limits Announced
November 1, 2012
In "The Fiscal Cliff," our professionals review what issues are faced by today's divided Congress and President Obama. The proper handling of severance payments and the recent announcement of 2013 IRS Limits are also discussed in this alert.
October Tax Alert 2012 - Metropolitan Commuter Transportation Mobility Tax Found Unconsitutional
October 18, 2012
On August 22, 2012, a Nassau County Supreme Court found the Metropolitan Commuter Transportation Mobility Tax unconstitutional. And while New York State is challenging the ruling, if the ruling is upheld, taxpayers may be entitled to refunds of any Commuter Tax previously paid. Read more in our alert about how to file your protective refund claim.
October Tax Alert 2012 - FATCA Model Intergovernmental Agreement Released
October 5, 2012
With the recent issuance if the FATCA Intergovernmental Agreement (IGA), the U.S. Treasury and IRS have provided insight into what the industry will be required to implement and by when in order to meet compliance. Our professionals' review of IGA identifies both welcome changes and areas of concern for the industry.
August Alert 2012 - PCAOB Releases Interim Inspection
August 23, 2012
On August 10th, the PCAOB released a temporary inspection of broker and dealer audits, which identified “deficiencies in all of the audits” that were examined. The audit profession must now wait for a final conclusion to be drawn from further inspections.
Financial Trends Review - 2012 Tax Election to Discount P&C Loss Reserves
August 20, 2012
In our August Financial Trends Review, learn about how choosing company or industry payment patterns can provide P&C insurers with a uniquely proactive tax planning opportunity for cash flow tax savings and financial statement benefits.
August Tax Alert 2012 - Pending Tax Issues Face Congress This Fall
August 15, 2012
Members of Congress recently headed home for the August recess leaving behind several pending tax bills, which are likely to remain unresolved until after the November 6, 2012 election. Our August tax alert examines some of the many issues that will be discussed upon Congress' return.
July Tax Alert 2012 - Senate Passes Tax Bill Extending Bush Tax Cuts
July 30, 2012
On July 25, 2012, the Senate passed the Middle Class Tax Act of 2012, which extends the 2001 and 2003 "Bush tax cuts" for joint taxpayers with income less than $250,000. Read more about "the Act" as well as the IRS' new focus on in-house tax advisors and the impact of new repair regulations on businesses.
July Tax Alert 2012 - Supreme Court Health Care Ruling
July 2, 2012
On June 28, 2012, the Supreme Court made several ground-breaking decisions regarding health care coverage in the United States. Learn more about the decisions and the details of the court’s ruling in our July Tax Alert.
June Tax Alert 2012 - Issue 2
June 8, 2012
In Issue 2 of our June Tax Alert, learn more about the Department of Labor’s final regulations on the ERISA service provider disclosures as well as the fiduciary issues surrounding qualified retirement plans.
June Tax Alert 2012 - Issue 1
June 8, 2012
This alert contains a variety of discussions concerning recent tax planning and compliance topics. Articles include the Supreme Court’s recent six-year statute rule clarification and the soon-to-be finalized limited partnership IRS regulations.
February Tax Alert 2012 - Reduced Payroll Tax Extended
February 29, 2012
On February 22, the Middle Class Tax Relief and Job Creation Act was passed and signed, extending the payroll tax cut through 2012. In this alert, learn more about the “Act” as well as IRS information return penalties and expiring federal tax provisions.
2011 Year-End Guide For Controllers
February 22, 2012
Each year-end, controllers face many challenging tasks and changing situations. This alert is intended to provide guidance, reminders and tips to help controllers navigate the end of 2011 and the start of 2012.
Real Estate Insights - FASB Proposed Accounting Standards Update
February 15, 2012
This alert discusses the "Real Estate - Investment Property Entities" update proposed by the Financial Accounting Standards Board (FASB) on October 21, 2011. The update is expected to change the accounting processes of many real estate entities.
February Tax Alert 2012 - FATCA to Significantly Alter Tax Reporting
February 8, 2012
On February 8, 2012, the IRS proposed regulations to the Foreign Account Tax Compliance Act (FACTA). FATCA will go into effect on January 1, 2013 and will have a major impact on the way corporations worldwide interact with entities in the United States.
January Tax Alert 2012 - Expenditures of Tangible Property Costs
January 25, 2012
This alert contains articles on tangible property cost expenditures, new individual income tax return requirements and IRS conduit financing regulations. Plus, learn the details behind Michigan's new Corporate Income Tax, or CIT.
January Tax Alert 2012 - Wage Theft Prevention Act
January 11, 2012
As mandated by the Wage Theft Prevention Act, employers must provide a yearly notice of basic payment and company information to employees between January 1st and February 1st of 2012. Read here for further details.
January Tax Alert 2012 - Reduced Payroll Tax Rate
January 5, 2012
Learn more about the details behind the 60 day extension of the reduced payroll tax rate as well as expiring tax relief provisions affecting individual taxpayers.