Notice 2012-20 provides guidance relating to the portfolio interest exception, the short term debt exception under section 1.6049-5(b)(10), and the excise tax under section 4701 in connection with the repeal of section 163(f)(2)(B)(the bearer debt repeal). Notice 2012-20 will be published in the Internal Revenue Bulletin 2012-13, dated March 26, 2012. Issuers of debt obligations that…
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Tax on Foreign Business With One Telecommuter Affirmed by New Jersey Appeals Court
Applying the New Jersey Corporation Business Tax Act to a foreign corporation that employs one employee to telecommute full-time from her New Jersey residence does not violate the federal Constitution, the Superior Court of New Jersey Appellate Division held March 2 (Telebright Corp. Inc. v. Director, New Jersey Division of Taxation, N.J. Super. Ct. App.…
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Senate Accepts Levin Tax Havens Measure to Combat Offshore Tax Abuses
The Senate adopted an amendment to the surface transportation bill (S. 1813) by voice vote March 8 that would prohibit foreign financial institutions from having access to the U.S. financial system if they are found to be aiding tax evasion. Under Section 311 of the Patriot Act, Treasury can take a range of measures against…
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Success of Florida Boat Sales/Use Tax Cap
Florida took in nearly 10 times as much sales tax revenue on sales of tax-capped boats as the state projected in the first year of implementation of the Maritime Full Employment Act, which was signed in 2010. That’s according to a study released by the Florida Yacht Brokers Association and the Marine Industries Association of…
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