Tax Strategies

The fate of the Defense of Marriage Act, also referred to as DOMA, currently sits in the hands of the Supreme Court. In 2011, the Obama administration deemed parts of the Act unconstitutional because it doesn’t acknowledge same-sex marriages. The Supreme Court is expected to announce its ruling by the end of June. Marcum LLP’s LGBT Practice leaders, Nanette Lee Miller and Janis Cowhey McDonagh, sat down with Accounting Today to discuss what would happen if DOMA is struck down and what would happen with tax preparation for same-sex couples if it isn’t.

The leaders of Congress’s two main tax committee teamed up Thursday to launch a new Web site and Twitter feed, with the goal of getting input from the American public on tax reform.

CCH has released a new analysis of the Internet sales tax legislation approved by the Senate this week.

Sen. Rand Paul, R-Ken., has introduced legislation to repeal provisions of the Foreign Account Tax Compliance Act, or FATCA, that he contends undermine the privacy of U.S. citizens.

The Senate has approved legislation requiring online retailers to collect sales taxes from Internet sales, even if they don’t have a physical presence in the state where the customer resides.

Congress’s Joint Committee on Taxation has released a report summarizing various provisions of the Tax Code and suggestions that were sent to House Ways and Means Committee working groups tasked with various aspects of tax reform.

When Oklahoma energy billionaire George Kaiser opened the Northeast Gateway liquid natural gas terminal in 2008, the floating depot’s first delivery was shipped on the Excellence, a 909-foot supertanker that holds 138,000 cubic meters of LNG—enough gas to meet more than 4 percent of daily U.S. demand.

It’s become an annual rite of spring, at least for me—the release of Bloomberg BNA’s Survey of state tax departments. The survey, Bloomberg BNA’s 13th annual survey, asks questions aimed at clarifying each state’s position on the gray areas of corporate income and sales and use tax administration. Although nexus isn’t the only topic, it has been one of the main emphases of the survey.

The research and advocacy organization Global Financial Integrity is urging Sen. Rand Paul, R-Ky., to allow the Senate to vote on agreements negotiated by the Treasury Department with Switzerland, Luxembourg, Hungary and other countries to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to ferret out tax evaders.

You receive a call from a very excited client: your lawyer client settled a large case. Or your client won a large judgment. Or your client won the lottery. Now your client is about to receive a very large check: $1,000,000. $5,000,000. More? That’s the good news.