Applicable Federal Rates Revenue Ruling 2016-26 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of… Read More »
IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and… Read More »
Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »
IRS Announces Position on Unilateral APA Applications Involving Maquiladoras WASHINGTON –– The Internal Revenue Service today announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria (SAT) under… Read More »
Many Victims of Hurricane Matthew Qualify for Late-Filing Penalty Relief; IRS Continues to Closely Monitor As Oct. 17 Deadline Approaches WASHINGTON — The Internal Revenue Service today advised taxpayers affected by Hurricane Matthew but not yet covered by a federal disaster declaration with individual assistance that they may qualify for relief from penalties if they… Read More »
11 October 2016 Jenny Wong analyses a recent Federal Court decision regarding Australia’s rights to tax payments to an Indian company in Australia. The Full Court handed down its decision for Tech Mahindra Limited v Commissioner of Taxation [2016] FCAFC 130 (22 September 2016). The case concerns the Australia and India Treaty and whether Australia… Read More »
Foreign stamp duty surcharge The Queensland Commissioner of State Revenue (the Commissioner) has recently released three Guidelines to assist taxpayers in determining when the new Additional Foreign Acquirer Duty (AFAD) rules under the Queensland Duties Act will apply. Under the rules, from 1 October 2016, an additional 3 percent stamp duty surcharge will apply to certain… Read More »
Health Care Tax Tip HCTT 2016-73 October 12, 2016 Filing Extension Deadline Almost Here Double Check ACA Information on Your Return If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to… Read More »
IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina Now Affected; Relief for Other States Expected Soon WASHINGTON –– North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane… Read More »
IRS Grants Tax Relief Extension to Drought-Stricken Farmers, Ranchers; 37 States and Puerto Rico Affected If you are a farmer or rancher forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their… Read More »