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In January 2013, the Uniform Law Commission (ULC) authorized the appointment of a new Study Committee on Revision of or Amendments to the Uniform Unclaimed Property Act (the Study Committee) to explore revising or amending the Uniform Unclaimed Property Act (the Uniform Act).
April 19, 2013
Advisories
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This month’s advisory discusses recent IRS regulations on outbound asset transfers; a recent case where the Tax Court held that a nonresident professional athlete’s income from an endorsement deal should be allocated between personal services income and royalties for use of the taxpayer’s “image rights,” based on the facts and circumstances; and a number of President Obama’s 2014 budget proposals that would reform U.S. international tax provisions.
April 15, 2013
Advisories
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The Georgia General Assembly’s 2013 Regular Session wrapped up on March 28, 2013, but not before a number of bills that should have the effect of encouraging economic development in the state were passed. Most of these bills are currently awaiting Governor Deal’s signature, with the exception of HB 266, which has already been signed into law; we will continue to monitor their progress and provide status updates accordingly. This advisory summarizes some of the highlights of these bills.
April 8, 2013
Advisories
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Although final regulations have yet to be issued, we updated the advisory to incorporate discussions on various other rules and regulations issued since the pay or play regulations that have a direct or indirect impact on the pay or play regulations, including but not limited to the HHS’ final rules on the minimum value calculation and the definition of eligible employer sponsored plan.
In addition, we added additional discussion and clarifications regarding certain topics for which we only scratched the surface in the original advisory, such as the transition relief for fiscal year plans and the application of the break in service rules. We also added a chart that addresses the rules regarding hours of service during a paid leave of absence.
April 4, 2013
Advisories
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This advisory discusses United States v. Gary Woods, 471 Fed. Appx. 320 (5th Cir. 2012), affirming per curiam, 794 F. Supp. 2d 714 (WD Tex. 2011), which will be reviewed by the Supreme Court under its writ of certiorari issued at the request of the United States on March 25, 2013.
April 1, 2013
Advisories
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This advisory was previously published as a Law360 “Expert Analysis” column on March 14, 2013.
All 50 states and the District of Columbia have enacted, and enforce, laws providing for the reporting and remittance of unclaimed property. Over the past few years, states’ administration of their unclaimed property/escheat laws have received increased attention from the media, business and political community. Such attention is well deserved, considering the states’ aggressive posture toward the pursuit of unclaimed property—arguably with the goal of raising revenue, rather than reuniting owners with their property. Delaware’s administration and enforcement of its unclaimed property laws has been of particular interest.
March 20, 2013
Advisories
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This advisory discusses recently released Field Attorney Advice whereby the IRS reaffirmed its position that gain on the sale of a partnership interest by a nonresident alien may be subject to U.S. tax as effectively connected income (ECI). The taxpayer was also liable for annually assessed interest on the deferred tax on the sale under the installment sale rules.
March 15, 2013
Advisories
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The Administration has indicated that it will pursue fundamental tax reform; leaders on the Hill have also indicated interest in doing so. Therefore, it might happen this time. Given the dispute over the constitutionality of the health insurance tax, potential constitutional issues in tax reform perhaps should be viewed as having slightly more importance than is usually considered for tax legislation. This advisory discusses parts of the Constitution of the United States that might be relevant to fundamental tax reform.
March 1, 2013
Advisories
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Beginning in 2014, “applicable large employers” become subject to new rules prescribed in Internal Revenue Code Section 4980H (“4980H Rules”), which were added by the Patient Protection and Affordable Care Act (ACA). These new 4980H Rules impose a confiscatory excise tax on employers who fail to offer certain coverage to full-time employees if at least one full-time employee receives a premium tax credit or cost share reduction (“Premium Subsidy”) for coverage in an “Exchange” established pursuant to the new ACA rules. These new 4980H Rules are often referred to as the “employer shared responsibility requirements” or the “pay or play” requirements. Now, less than a year before these game-changing rules go into effect, the IRS has issued comprehensive proposed regulations (the “Proposed Rules”) that give much-needed substance to the new rules.
February 6, 2013
Advisories
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This advisory summarizes the recent guidance issued by the Delaware Secretary of State regarding the details of its new unclaimed property voluntary disclosure program. The new program was created pursuant to Delaware Senate Bill 258, which grants the Secretary of State (as opposed to the State Escheator) a limited three-year window to enter into voluntary disclosure agreements with holders of unclaimed property involving reduced look-back periods. Previously, only the State Escheator had the authority to enter into unclaimed property voluntary disclosure agreements. The Secretary of State’s guidance provides important details regarding various aspects of the new program, including the required VDA work plan, the nine-month window for completion, the nature of the review of holder submissions, the closing agreement and release provision, and required disclosures by the holder.
November 29, 2012
Advisories
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This advisory serves as a heads-up to review your deferred compensation plans and agreements NOW to be sure they have the “magic language” to be in compliance with Code Section 409A by year-end. Failure to make a simple document correction by December 31, 2012, could result in stiff tax penalties to unsuspecting employees.
September 20, 2012
Advisories
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This advisory discusses the two most recent decisions of the Supreme Court involving federal taxes, which illustrate how a conservative approach to statutory interpretation tends to prevail, but only with great effort, and changing constituencies.
June 1, 2012
Advisories
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"FATCA Made Easy?" Tax Management International Journal, Vol. 41, No. 5, May 11, 2012.
May 11, 2012
Publications
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"Clearing The Way For ERISA Trust Suits In 3rd Circuit," Law360, May 8, 2012.
May 8, 2012
Publications
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May 1, 2012
Advisories
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The IRS recently issued proposed regulations under the Foreign Account Tax Compliance Act (FATCA) that provide additional FATCA guidance on due diligence, withholding and reporting obligations, carve-outs and exceptions to FATCA’s applicability, and a new timeline for implementation. This advisory highlights the most relevant aspects of these proposed rules for Alston & Bird’s private fund clients.
May 01, 2012
Advisories
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As part of the Hiring Incentives to Restore Employment (HIRE) Act, the Foreign Account Tax Compliance Act established a new and distinct foreign asset disclosure regime under Section 6038D requiring specified persons that hold interests in “specified foreign financial assets” to attach Form 8938, the “Statement of Specified Foreign Financial Assets,” to the person’s annual federal tax or information return reporting certain information if the aggregate value of those assets exceeds certain threshold amounts. The new form is required to be filed in 2012 with respect to the 2011 year. Taxpayers will be required to file Form 8938 in addition to Form TD 90-22.1, the “Report of Foreign Bank and Financial Accounts” (FBAR), if required. The FBAR is used by U.S. persons to report certain financial interests in or signature or other authority over a foreign financial account maintained with a financial institution.
The new filing requirement and the new Form 8938 have been criticized as creating confusion with the FBAR form in terms of required disclosures and in creating unnecessary duplication. According to the IRS, different policy considerations apply to Form 8938 and FBAR reporting, which are reflected in the different categories of persons required to file Form 8938 and the FBAR, the different filing thresholds for Form 8938 and FBAR reporting, and the different assets (and accompanying information) required to be reported on each form. Although certain information must be reported on both Form 8938 and the FBAR, the information required by the forms is not identical in all cases, and reflects the different rules, key definitions and reporting requirements applicable to Form 8938 and FBAR reporting. Therefore, in an effort to clarify the ever more complicated reporting requirements for reporting foreign assets, the IRS recently published a chart, discussed in this advisory, to help taxpayers understand the key differences in filing Form 8938 and the FBAR.
April 16, 2012
Advisories
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During the 2012 legislative session, the Georgia General Assembly passed several bills with provisions aimed at having a positive impact on economic development in the State. These bills, highlighted in this advisory, are currently awaiting the Governor’s signature; we will continue to monitor their progress and provide status updates accordingly.
April 10, 2012
Advisories
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This advisory discusses the Treasury’s 2011-2012 Priority Guidance Plan. Under the plan’s consolidated return and corporate headings are several previously issued proposed and temporary regulations dealing with perennial detailed issues under Sections 358, 355 and 382 and consolidated return favorites that include “agent of the group” and the loss disallowance rule.
There are many items in the plan of potential interest to segments of taxpayers on the business plan, which items have a way of resulting in proposals—if not this year, then later. The problem for taxpayers interested in weighing in is knowing whether an item has any immediacy. Examples are included in the advisory.
April 1, 2012
Advisories
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March 15, 2012
Advisories
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"Dividend Distributions versus Ordinary Income Inclusions: Rodriguez v. Comr.," Tax Management International Journal, Vol. 41, No. 3, March 9, 2012.
March 9, 2012
Publications
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“Employer Stock-Drop Cases: The Second Circuit Weighs In,” Employee Benefit Plan Review, Vol. 6, No. 8 (Aspen Publishers, Feb. 2012).
February 2012
Publications
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January 24, 2012
Advisories
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January 17, 2012
Advisories
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January 12, 2012
Advisories
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January 9, 2012
Advisories
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January 03, 2012
Advisories
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December 15, 2011
Advisories
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"The Tax Basics of Outbound Domestic Liquidations Under §367(e)(2)," Tax Management International Journal, Vol. 40, No. 12, December 9, 2011.
December 9, 2011
Publications
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December 6, 2011
Advisories
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December 01, 2011
Advisories
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November 15, 2011
Advisories
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November 14, 2011
Advisories
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November 7, 2011
Advisories
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November 1, 2011
Advisories
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October 31, 2011
Advisories
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October 21, 2011
Advisories
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October 15, 2011
Advisories
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October 3, 2011
Advisories
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September 23, 2011
Publications
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September 15, 2011
Advisories
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September 14, 2011
Advisories
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September 1, 2011
Advisories
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September 1, 2011
Advisories
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August 29, 2011
Advisories
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August 25, 2011
Advisories
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August 23, 2011
Advisories
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August 22, 2011
Advisories
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August 15, 2011
Advisories
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August 2, 2011
Advisories
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August 1, 2011
Advisories
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July 15, 2011
Advisories
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July 1, 2011
Advisories
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July 2011
Publications
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June 17, 2011
Advisories
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June 15, 2011
Advisories
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June 14, 2011
Advisories
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June 1, 2011
Advisories
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May 16, 2011
Advisories
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May 15, 2011
Advisories
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May 2, 2011
Advisories
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April 15, 2011
Advisories
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April 7, 2011
Advisories
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April 4, 2011
Advisories
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1 April 2011
Advisories
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March 15, 2011
Advisories
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March 9, 2011
Advisories
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March 7, 2011
Advisories
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March 1, 2011
Advisories
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February 18, 2011
Advisories
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February 15, 2011
Advisories
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February 8, 2011
Advisories
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February 1, 2011
Advisories
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January 26, 2011
Advisories
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January 20, 2011
Advisories
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January 15, 2011
Advisories
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January 6, 2011
Advisories
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January 3, 2011
Advisories
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December 15, 2010
Advisories
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December 1, 2010
Advisories
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November 15, 2010
Advisories
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November 1, 2010
Advisories
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November 1, 2010
Advisories
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October 29, 2010
Advisories
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October 15, 2010
Advisories
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October 1, 2010
Advisories
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September 22, 2010
Advisories
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September 16, 2010
Advisories
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September 15, 2010
Advisories
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September 15, 2010
Advisories
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September 15, 2010
Advisories
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September 1, 2010
Advisories
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August 15, 2010
Advisories
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August 1, 2010
Advisories
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July 29, 2010
Advisories
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July 15, 2010
Advisories
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June 15, 2010
Advisories
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June 9, 2010
Advisories
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June 1, 2010
Advisories
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May 2010
Publications
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May 17, 2010
Advisories
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May 3, 2010
Publications
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May 1, 2010
Advisories
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April 20, 2010
Publications
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April 15, 2010
Advisories
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April 1, 2010
Advisories
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March 15, 2010
Advisories
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March 1, 2010
Advisories
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February 15, 2010
Advisories
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February 1, 2010
Advisories
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January 2010
Advisories
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January 15, 2010
Advisories
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January 1, 2010
Advisories
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December 15, 2009
Advisories
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December 7, 2009
Publications
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December 1, 2009
Advisories
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Nov./Dec. 2009
Publications
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November 16 , 2009
Advisories
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November 2, 2009
Advisories
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October 15, 2009
Advisories
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October 1, 2009
Advisories
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September 16, 2009
Advisories
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September 15, 2009
Advisories
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September 1, 2009
Advisories
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August 27, 2009
Advisories
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August 15, 2009
Advisories
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August 1, 2009
Advisories
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Summer 2009
Publications
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July 15, 2009
Advisories
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Third Qtr 2009
Publications
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July 1, 2009
Advisories
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June 30, 2009
Advisories
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June 22, 2009
Publications
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June 15, 2009
Advisories
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June 12, 2009
Advisories
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June 1, 2009
Advisories
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May 15, 2009
Advisories
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May 1, 2009
Advisories
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April 15, 2009
Advisories
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April 13, 2009
Advisories
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April 1, 2009
Advisories
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March 16, 20009
Advisories
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March 10, 2009
Advisories
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March 1, 2009
Advisories
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February 16, 2009
Advisories
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February 2, 2009
Advisories
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January 15, 2009
Advisories
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January 1, 2009
Advisories
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December 2008
Publications
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December 1, 2008
Advisories
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November 17, 2008
Publications
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2008
Publications
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November 1, 2008
Advisories
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October 1, 2008
Advisories
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1 September 2008
Advisories
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August 6, 2008
Advisories
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July/August 2008
Publications
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16 July 2008
Advisories
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8 July 2008
Advisories
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Summer 2008
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1 July 2008
Advisories