On February 23, 2011, IOGA hosted a comprehensive day-long informational and training seminar on the United States Environmental Protection Agency’s (“USEPA”) mandatory greenhouse gas (“GHG”) reporting rule for the oil and gas industry, Subpart W of 40 C.F.R ...
Recently, the Exempt Organizations Office (“EO”) of the IRS released a list of 2011 initiatives, including international activities and compliance. The following are just a few of the items on the IRS’s radar for the coming year. Employment Tax Examinations. In 2011, the EO plans to conduct full examinations of 500 exempt organizations to determine compliance with employment tax rules as part of a project reviewing employment tax practices of both taxable and tax-exempt organizations ...
On February 8, 2011, the IRS announced a second voluntary disclosure program that will allow U.S. taxpayers to disclose offshore accounts that were previously kept secret from the IRS. U.S. citizens and resident foreign nationals are required to pay U.S. federal income tax on their worldwide income. The objective of this initiative is to bring taxpayers that have used undisclosed foreign accounts to avoid or evade taxes into compliance with United States tax laws ...
Renewable energy in the form of utility scale wind and solar are best sited in the areas where the load profile is best - the solar belt for solar generation, and areas with high capacity factors for wind generation. The best areas for development of these resources are remote areas that lack access to transmission ...
The last minute compromise which averted the expiration of the Bush tax cuts included a two-year modification of the estate, gift, and generation-skipping taxes. For 2011 and 2012, every individual will have a $5 million gift tax exemption. For individuals dying in 2011 or 2012, the estate tax exemption is also $5 million, and the generation-skipping transfer (“GST”) tax exemption for transfers during life or at death is $5 million ...
In prior years, certain tax-exempt organizations whose gross receipts did not normally exceed $25,000 were exempt from filing the standard Form 990. Now, this threshold is $50,000, and for tax years beginning on or after January 1, 2010, such organizations must submit a Form 990-N “e-Postcard” annually (rather than the Form 990-EZ or Form 990 required of larger organizations). Private foundations and supporting organizations may not file the Form 990-N ...
Marriage has become as globalized as business today. If one spouse is a non-citizen, there are some minor challenges in drafting estate planning documents to minimize United States estate taxes, and we recommend consulting with counsel in the non-citizen’s home country. If the non-citizen’s family has substantial wealth, there are opportunities to reduce, or even eliminate, U.S. estate and gift tax on transfers to that individual ...
The United States Environmental Protection Agency (“EPA”) finalized reporting requirements for the petroleum and natural gas industry sector under its Mandatory Greenhouse Gas (“GHG”) Reporting Rule, which are located in Subpart W of 40 C.F.R. Part 98 (“Subpart W”) on November 8, 2010 ...
By Vitas Vasiliauskas, Associate Partner of the law firm LAWIN Lideika, Petrauskas, Valiûnas ir partneriai In December 2010, the most important legislative acts on taxation to be enacted in 2011 were publicised ...
On Friday December 17, 2010, the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”). Many taxpayers were keeping an eye on this legislation because of the possible impact it might have on year-end tax planning. Specifically, taxpayers were keen to find out if certain favorable tax laws would be extended. Many of the tax laws that were scheduled to sunset were extended for an additional two years ...
Contents* Limited Partners: a Closer Look at Your Liability * Voluntary Disclosure: Is It Still a Worthwhile Option for Repenting Taxpayers? * The Court of Appeal Recognizes the Right to Claim Legal Fees from a Defaulting Debtor * The Superior Court’s Decision in Chambre des notaires du Québec v ...
If the generation-skipping transfer tax (“GST tax”) provisions of the proposed Tax Bill from December 9 remain unchanged, the most significant year-end tax planning opportunity is the ability to make gifts to trusts for grandchildren and great-grandchildren without imposition of the GST tax and without utilizing any of your GST tax exemption ...
Here are the most significant estate, gift, and generation-skipping tax features of the Tax Bill introduced in the Senate yesterday: The estate of an individual who died in 2010 can elect the 2011 rules ($5,000,000 exemption and top estate tax rate of 35%) or the "repeal" provisions (no estate tax but special rules for limited increase in the income tax basis of the assets of the decedent) ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportion
Those who have filed – or at least reviewed – the “new” Form 990 since it was revised in 2008 are well aware of its comprehensive nature. For everyone else, suffice it to say that the form requires substantially more information than its predecessor and can compel an organization to implement additional record-keeping or information-gathering procedures ...
by Andrew B. McCallister, as published in IOGA of West Virginia newsletter, November 2010Over the past two years the Environmental and Safety Committee has spent considerable time monitoring and advocating IOGA members’ interests with respect to various state and federal efforts to create new regulations or modify existing regulations of oil and gas development activities ...
First, the good news: No estate tax on individuals who die during 2010; No generation-skipping transfer (“GST”) tax on “transfers” during 2010; Tax rate on gifts during 2010 is 35% (rather than 45%); and Congress appears less likely to take any action to retroactively change these rules ...
Last March, we informed you that the Business Corporations Act (Quebec) (the “Bill”) had been adopted by Quebec’s National Assembly and summarily described certain features of this new legislation, which will replace the Companies Act (Quebec) (the “CAQ”). In this special edition of Ratio, we provide an overview of certain aspects of the Bill that are of interest to professionals in the areas of accounting, management and finance ...
In response to the current state of the economy, Congress has passed some tax legislation amending the Internal Revenue Code (the “Code”). Although it is up for debate, some would say that Congress has not been busy enough. As we near the end of the year, many taxpayers and their advisers are going through their usual year-end tax planning checklist ...
As part of the ongoing rulemaking initiatives contemplated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Securities and Exchange Commission (“SEC”) recently released a proposed rule defining “family offices” for purposes of an exemption from registration under the Investment Advisers Act of 1940 (the “Advisers Act”) ...
* New Developments Concerning Insider Reporting Requirements. * Revenu Québec Bares its Teeth at Restaurant Owners* Planning for the Unavoidable: The Usefulness of Reviewing a Shareholder Agreement's Redemption Provisions in Case of Death* Speech is Silver, Silence is Golden.. ...
The TCEQ will hold an informational meeting today (August 31) from 9:30 A.M. until 3:00 P.M. (CST) to discuss the proposed changes to the air quality permit by rule and standard permit for oil and gas production facilities. TCEQ has proposed significant changes to both of these expedited air quality permitting authorizations that will make it more difficult to qualify for, and more complicated to comply with, the authorization ...
If you are a U.S. business with international operations, here are four questions you should consider: Does your company have more than two foreign subsidiaries, at least one of which is profitable? Do you have a profitable foreign subsidiary that guarantees any U.S. debt? Are you considering the purchase of a company located outside the U.S.? Does your U.S ...
On 23 March 2010, Indonesia and Hong Kong signed a new agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (“Tax Treaty”). To date, the Tax Treaty has not yet been ratified by either country. It is expected that the Tax Treaty will come into force in early 2011 following its ratification ...
