Monday, November 9, 2015

New Inflation-Adjusted Thresholds for Estates and Gifts Announced by IRS for 2016

The Internal Revenue Service recently released Revenue Procedure 2015-53, which announced certain inflation-adjusted figures for 2016. A number of these items relate to estate, gift, and generation-skipping transfer (“GST”) tax amounts. Some of the more important items are highlighted below.

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Friday, August 7, 2015

New Law Revises Due Dates for Corporation and Partnership Returns

The recently enacted Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) made significant changes in the deadlines for filing many corporate and partnership tax returns. These changes will be effective for returns filed for taxable years beginning after December 31, 2015.

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FBAR Deadline Changed to April 15

As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) signed into law by President Obama on July 31, 2015, the deadline for filing Foreign Bank Account Reports (“FBARs”) has been changed from June 30 to April 15, thereby coinciding with the due date for an individual to file her or his federal income tax return.

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Tuesday, March 3, 2015

Recent Proposals on Taxing Offshore Earnings

Several recent proposals have been made for a one-time preferential corporate tax rate to encourage or, in some instances, force U.S. companies to pay tax on previously untaxed foreign income. These proposals may indicate that a legislative compromise among the proposals could be reached this year.

Under current law, U.S. multinational companies are subject to worldwide taxation but generally may receive credits for foreign taxes paid and may defer U.S. tax on active earnings of their foreign subsidiaries until these profits are paid as dividends to the U.S.

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