Meet the Co-chairs - TAGLAW
Williams Mullen (VA)
Meet the Co-chairs - TIAG
Mercer & Hole
Cohen & Company (Ohio)
Fineman West & Co. LLP
Contact: Voisin (Isle of Man)
Jersey’s Taxes Office has reached an agreement with the UK tax authorities at HM Revenue and Customs (‘HMRC’) on the interpretation of the residence of companies under the 1952 Jersey - UK Double Taxation Agreement (‘DTA’).
Utilising the mutual agreement provisions contained in the DTA, it has been agreed that paragraph 2(1)(f) of the DTA should be considered as a residence tie-breaker test for companies which are regarded as resident in both jurisdictions under their relevant domestic tax rules.
Tax crimes may be defined, in short, as economic crimes perpetrated against the “public treasury.” Through the commission of a criminal act, the interest of the public treasury, in a wider sense, the interest of the general public is violated. The aim of the penalty is, therefore, the timely payment of taxes due. The principles pertaining to tax crimes and penalties are regulated under the Tax Procedure Code (“TPC”). Some of the crimes and penalties stipulated under the TPC solely concern the tax law, and tax offices can directly apply these penalties without further need of a judicial decision. The acts within this scope are evaluated as “financial crimes and penalties.” On the other hand, other crimes and penalties regulated under the TPC are crimes according to criminal law, and are punishable by restricting freedom. These are determined as “criminal crimes and penalties”.
Administrative Ruling SNAT/2015/0021, issued by the Superintendent of the National Integrated Service of Customs and Tax Administration (Servicio Nacional Integrado de Administración Aduanera y Tributaria – “SENIAT”), was published in Official Gazette No. 40,744 of September 11, 2015. Said Ruling established the rules for the accounting adjustment of taxpayers that perform banking, financial, insurance and reinsurance activities, excluded from the adjustment-for-inflation system.
Contact: Joseph E. Lundy, Schnader Harrison Segal & Lewis LLP (Delaware & Pennsylvania, USA)
It has been reported that many colleges and universities have received IRS Notices assessing significant penalties for failing to provide accurate or complete information on IRS Forms 1098-T. Going forward, colleges and universities may be able to take advantage of a safe harbor included in recently enacted trade legislation to avoid penalties for failing to properly report student taxpayer ID numbers (TIN). It remains uncertain how the IRS proposes to respond to requests for abatement of penalties assessed for deficiencies in prior year filings of such forms.
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Contact: S. Eva Wolf, Mitchell Silberberg & Knupp LLP (Los Angeles, California, USA)
The laws addressing the basis of property acquired from a decedent were revised on July 31, 2015. Generally, property acquired from a decedent receives a basis equal to its fair market value at the decedent’s date of death, or if elected, the alternate valuation date. This basis adjustment is advantageous to beneficiaries receiving appreciated property, because the pre-death appreciation is not subject to capital gains tax.