Tax Law

Applicable U.S. Federal Rates For January 2017

The United States Internal Revenue Code prescribes minimum imputed interest rates and time-value-of-money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly and the full list can be found at the IRS webpage “Determination of Issue Price in the

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Family Assets: How To Assure Fair Use For All Members

The holiday season is a good time to reflect upon shared family time. Families with shared assets – such as vacation homes passed down from parents – may suffer friction or confusion in the use of the asset in the absence of clear mandates as to how the asset is to be shared. For instance,

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Do You Know How The Law Will Treat Your Estate After Death?

Dying without a will is called dying “intestate.” Where this occurs, the local, regional, or federal law (not you or your family) determines who is entitled to your assets, based on your survivors’ relationship to you.These are known as the intestacy laws, and they vary greatly from one country to the next, and even from

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Is The “Delaware Advantage” Right For Your Nonprofit?

Although most U.S. nonprofits are formed under the laws of their home state, it is common for experienced nonprofit attorneys to recommend a Delaware entity. Most U.S. and international practitioners are aware that a large number of U.S. incorporations take place in Delaware: as of last year, 66 percent of Fortune 500 companies were incorporated in

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U.S. Government Issues 2017 Cost-Of-Living Adjustments

Since 1975 the United States Social Security Administration’s general benefit increases have been based on increases in the cost of living, as measured by the U.S. Consumer Price Index. Prior to 1975 the benefit increases were set by legislation. These increases are called Cost-Of-Living Adjustments, or COLAs, and allow Social Security and Supplemental Security Income

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Australia’s New Foreign Resident Capital Gains Tax Creates Obligations

From 1 July 2016, purchasers who acquire ”indirect interests” in Australian land from a foreign resident may be required to withhold an amount equivalent to 10% of the purchase price and remit it to the Australian Taxation Office (ATO). This mandate is required under the new foreign resident capital gains tax withholding regime (CGT Regime).

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Britain Increases Measures To Tackle Offshore Tax Evasion

Her Majesty’s Revenue and Customs (HMRC) department of the British government intends to introduce a new “Requirement to Correct” (RTC) obligation in the Finance Bill 2017, which places an additional obligation on those who have undeclared UK liabilities relating to offshore interests to put their past affairs in order by September 2018. Those who do

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Should Your Partnership Elect Out Of The New Partnership Audit Rules?

Among its many provisions, the United States Bipartisan Budget Act of 2015, signed into law last week, imposes a new audit regime on tax partnerships and certain limited liability companies. Under the new regime, unless a partnership is eligible to elect out and does so timely, effective after 2017 the IRS can collect tax due on partnership

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Determining Company Liability For Employee Expenses: You May Be Surprised

The scope of an employer’s liability for expense reimbursement is a subject of debate in many jurisdictions. Often the requirement for reimbursement depends upon the status of an employee: almost always a company must reimburse all employees for business-related travel expenses, but what about personal PDA use by a senior manager?  Further, is reimbursement necessary

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Malta: The Binary Option Destination For Your Business

Furthering its status as a reputable financial services hub, Malta is becoming a domicile for binary option businesses. The combination of the Maltese legal framework and the governance of the Maltese regulator of financial services provides a comprehensive licensing and regulatory regime for binary option businesses, providing certainty as to process and legal requirements . This summer the

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