On Friday, July 26, 2013 we posted Are You Ready for Back-to-School Sales Tax Holidays? where we discussed that there are currently 17 states offering sales tax holidays where state sales tax chargesare temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products. This is to remind you that Florida's Sales Tax…
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Federal Courts Authorize John Doe Summonses Seeking Identities of Credit Card Use For Norweign Tax Authority!
Ten Lawsuits Initiated Pursuant to Tax Treaty Between United States and Norway; Seven Petitions Granted, Three Petitions Remain Pending The Justice Department announced July 29, 2013 that federal courts in Minnesota, Texas, Pennsylvania, Oklahoma, Virginia and California have entered orders over the past week authorizing the Internal Revenue Service (IRS) to serve John Doe…
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IRS Advice on Self Cancelling Note and The Associated Gift & Estate Tax Consequences.
On 7/26/2013 the Office of Chief Counsel issued Chief Counsel Advice (CCA) 201330033, where the IRS has addressed: ISSUES: 1. Does all or any portion of the Date 1 transfers of stock from the decedent to the grantor trusts in exchange for the notes with the self-cancelling feature constitute a gift? 2. How should the…
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Who Knew that Golf was such a Taxing Sport?
On Tuesday, March 19, 2013 we posted Professional Golfer Sergio Garcia "Whiffs" Tax Case regarding US Tax on "Image Rights" which discusses that the US Tax Court has ordered professional golfer Sergio Garcia to pay tax on endorsement income he had claimed was tax-free under the US-Switzerland tax treaty. The court decided Garcia's contract with…
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