Articles in Tax

Don’t get stung by GDPR year two

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Last summer, the third sector was rightly caught up in a flurry of activity and concern about preparing for GDPR. Since then, things have gone quieter on the GDPR front, to the extent that some people see it as last year’s news. For any charity to think of it that way would be a huge mistake. Year two of GDPR Read More

Illinois Allows Easier Way for Remote Retailers to Collect Sales Tax

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Illinois has cleared one of the last remaining minefields for out-of-state businesses selling to Illinois residents to submit the state sales tax that they are required to collect on such sales. Starting in 2020, instead of trying to follow sometimes tricky state tax rules, these remote vendors can now use certified third-party providers to collect and remit required sales tax, Read More

USTR Creates Web Portal for Section 301 Tariff Product Exclusion Requests

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he Section 301 tariff. USTR published its much-anticipated notice in the Federal Register.1 List 3 contains nearly 6,000 tariff classifications covering imported Chinese-origin goods valued at approximately USD 200 billion annually. The new web portal process is a different approach for submitting Section 301 product exclusion requests than regulations.gov used for filing exclusion requests covered by List 1 and List 2 of Read More

Beneficiary’s Residency Not Enough for State To Tax Trust, Supreme Court Rules

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The U.S. Supreme Court ruled unanimously today that a trust beneficiary’s residence in a state by itself doesn’t give the state the right to tax the trust. More specifically, the justices decided that North Carolina couldn’t tax trust income that (a) has not been distributed to the resident beneficiary, (b) the resident beneficiary has no right to demand and (c) Read More

New Opportunity Zones Guidance from IRS Clarifies Key Provisions of Program

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From its recent inception, the Qualified Opportunity Zone program has generated a lot of interest from potential investors, but many have waited until receiving further guidance from the Internal Revenue Service about how, exactly, a variety of aspects of the program will be handled. As of April 17, 2019, the waiting is over, with the second – and apparently final Read More

GDPR ONE YEAR ON – AN IRISH PERSPECTIVE

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25th May 2019 marked the first anniversary of [General Data Protection Regulation (EU) 2016/679] (the “GDPR”).   The GDPR governs the processing of personal data of EU data subjects.  It modernised and sought to harmonise the collection of previous data protection laws in Europe in a way which enhances a data subject’s rights and at the same time emphasises transparency, security Read More

Telecom Tax Ceilings in NYS – Inventory Filing Deadline Is April 30, 2019

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Further to our client alert from January, regarding the Court of Appeals’ decision in the T-Mobile case, it has come to our attention that the NYS Office of Real Property Tax Services (ORPTS) has begun to issue telecom ceiling determinations which include certain telecom assets (including fiber) that are now considered taxable real property as a result of that decision. ORPTS has also notified Read More

Section 301 Tariffs Might Extend Beyond China to the EU

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On April 12, 2019, the Office of the United States Trade Representative (USTR) published in the Federal Register a notice, Initiation of Investigation; Notice of Hearing and Request for Public Comments: Enforcement of U.S. WTO Rights in Large Civil Aircraft Dispute.1 The investigation could lead to the U.S. imposing tariffs on new, non-military helicopters, fuselages, undercarriages and civil aircraft parts from France, Germany, Read More

Opportunity Zone Update: New Proposed Regulations Released

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The United States Treasury Department released on Wednesday long-awaited new proposed regulations (“New Regulations”) to the Opportunity Zone Program, a tax incentive program created by the Tax Cuts and Jobs Act of 2017. The Opportunity Zone Program was designed to increase investment in certain economically distressed communities designated as “Opportunity Zones” by providing tax incentives to investors that reinvest gains Read More

Opportunity Zone Program Offers Attractive Tax Benefits for Long-Term Investors

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The Opportunity Zone program was created as a provision of the Tax Cuts and Jobs Act of December 2017. The program was developed with the intent to help encourage investment in economically distressed communities – called qualified opportunity zones (QOZs) – by allowing taxpayers to invest realized capital gains in qualified opportunity funds (QOFs). Investors in QOFs are granted both Read More