The National Law Forum

The Blog of the The National Law Review

Tag Archives: Tax

Attend the 50th Annual Bank and Capital Markets Tax Institute East – November 4-6, Lake Buena Visa, FL

capital markets tax bank institute

When: November 4-6, 2015 Where: Hilton Orlando Lake Buena Visa, Orlando, FL Register now! For the past 49 years Bank and Capital Markets Tax Institute (BTI) has provided bank and tax professionals from financial institutions and accounting firms in-depth analysis and practical solutions to the most pressing issues facing the industry. With cutting-edge sessions, speakers and …

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Illinois Department of Revenue Issues Proposed Amendments to Shipping and Handling Regulations

The Illinois Department of Revenue (Department) recently proposed amendments to its regulations governing the taxability of shipping and handling charges. The Proposed Amendments to 86 Ill. Admin Code §§ 130.415 and 130.410 (Proposed Amendments) are intended “to incorporate the holding of the Illinois Supreme Court in Kean v. Wal-Mart Stores, Inc., 235 Ill. 2d 351 …

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Days of Tax-Free Internet Sales May Soon Be Over With Introduction of Remote Transactions Parity Act

Computer Laptop Money Coming out of screen

The imposition of sales tax on internet transactions is a continuing topic of conversation on Capitol Hill that has recently gained even more momentum. In June, Rep. Jason Chaffetz and Rep. Steve Womack introduced the Remote Transaction Parity Act (RTPA), a bill which would require online retailers to collect sales taxes from buyers in remote …

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IRS Identifies Certain Basket Derivatives as Reportable Transactions

On July 8, 2015, the Internal Revenue Service (the “IRS”) identified as reportable transactions certain derivative contracts that reference a basket of assets. The transactions identified by the IRS are referred to by the IRS as “basket option contracts” or “basket contracts.” In these transactions, a purchaser enters into a contract that is denominated as …

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IRS Announces Major Changes to its Determination Letter Program for Individually Designed Retirement Plans

Pink piggy bank with glasses standing on books next to a blackboard with retirement savings message. Sharp focus on the piggy bank with blackboard slightly blurred.

On July 21, 2015, the Internal Revenue Service (IRS) issued Announcement 2015-19 (the Announcement), which ends the five year remedial amendment cycles for individually designed plans effective January 1, 2017.  For remedial amendment cycles beginning after 2016, plan sponsors will no longer be able to apply for determination letters on their individually designed defined contribution …

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