Beware of being shortsighted. Last week, our Federal Tax Group takes the long view for borrowers and their creditors seeking to use short sales to extricate themselves from nonrecourse debt. What is a short sale?Is the short sale one integrated transaction or two separate ones?Two federal court cases tell the story Read the full advisory here. … [Continue reading] about Borrowers Beware: Short Sales of Distressed Assets May Have Unfavorable Tax Consequences
Top Unclaimed Property Regulatory and Enforcement Challenges in 2021
State governments’ quest for revenue in the wake of the pandemic will only heighten their focus on unclaimed property. Our Unclaimed Property Team highlights the consumer protection and privacy risks facing companies when states use third-party … [Continue reading] about Top Unclaimed Property Regulatory and Enforcement Challenges in 2021
If at First You Don’t Succeed, Try, Try Again to Enact the Nation’s First Digital Advertising Services Tax
Maryland has enacted a tax on revenues derived from digital advertising services, effective this year. Our State & Local Tax Team breaks down how the tax will be applied but questions whether it can survive legal challenges. What are “digital … [Continue reading] about If at First You Don’t Succeed, Try, Try Again to Enact the Nation’s First Digital Advertising Services Tax
Digital Services Taxes and Nexus for Foreign Tax Credit Purposes
Our International Tax Group reviews Treasury’s proposed regulations that would add a jurisdictional nexus requirement to the analysis used to determine whether a foreign tax is an income tax for foreign tax credit purposes. What is the new … [Continue reading] about Digital Services Taxes and Nexus for Foreign Tax Credit Purposes
FAQs on Unclaimed Property Aspects of Retirement Assets
Our Unclaimed Property Team has created FAQs to stimulate review of the numerous challenges associated with the potential escheatment of traditional IRAs and other tax-advantaged retirement assets. How does ERISA play a part?Why would a custodian … [Continue reading] about FAQs on Unclaimed Property Aspects of Retirement Assets