Archive for August 2013
Virginia’s New Sales Tax Rates: What Rate Applies?
Virginia’s increased sales tax rates took effect on July 1, 2013, and complying with the new rates will not be as easy as hard coding a new rate into your sales tax compliance system. Not only will the general rate increase from 5% to 5.3% (this rate includes the local 1% tax), an additional 0.7%…
Read MoreIRS Rules that Mexican Land Trusts are Not Foreign Trusts for Tax Purposes
On June 6, 2013, the IRS issued Revenue Ruling 2013-14, in which it found that Mexican Land Trust (“MLT”) arrangements were not considered to be foreign trusts. A U.S. person that owns an interest in a foreign trust is generally required to comply with certain U.S. federal tax reporting requirements by filing the Forms 3520…
Read MoreBusinesses Can Take Advantage of R&D Credits
Consideration of Variable Interest Entities
Since the introduction of new rules for variable interest entities (VIEs) after the Enron debacle, many companies have faced somewhat complex and often times undesirable accounting results. The rules revolved around the concept of a primary beneficiary. This party was deemed to have the most at risk while potentially having an ownership interest that was disproportionate to…
Read MoreBasic Tax Tips for Negotiating a Sec 338(h)(10) Transaction
In an acquisition scenario where an S corporation is the target, it is common for the S corporation’s shareholders and the qualified acquiring entity (the purchaser must be a corporation and/or members collectively of an affiliated group of corporations acquiring 80% of the underlying stock ownership of the target measured in terms of voting shares…
Read MoreOASIS Request for Proposal Series #4: Pricing Proposal
Thank you for continuing to follow our special GSA OASIS blog series. In case you missed it, GSA released the final solicitations for both OASIS (GS00Q-13-DR-0001) and OASIS SB (GS00Q-13-DR-0002) on FedBizOpps Wednesday, July 31, 2013. Questions about the solicitation must be submitted to oasis@gsa.gov NLT August 20th at 4:00pm CDT and proposals are due…
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