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USA - September 19 2012
The U.S. Court of Appeals for the Sixth Circuit recently held that certain dismissal payments were Supplemental Unemployment Compensation Benefits (SUB) exemptfrom FICA taxes—a clear split with the U.S. Court of Appeals for the Federal Circuit’s decision in line with an Internal Revenue Service Revenue Ruling that significantly narrowed the criteria for determining whether certain separation payments qualify as SUB pay.
USA - August 21 2012
Final Internal Revenue Service regulations have at last been issued for tax deductions in connection with the entertainment use of business aircraft
USA - July 31 2012
A recent shareholder derivative action alleges that the directors of Chesapeake Energy breached their fiduciary duties to shareholders by, among other things, misleading shareholders about the true extent and true cost of personal use of the company’s aircraft.
USA - May 3 2012
The Internal Revenue Service (IRS) has begun notifying teaching hospitals that it has completed its review of their medical resident FICA refund claims for tax periods ending before April 1, 2005.
USA - March 27 2012
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers holding foreign financial assets, including an interest under a foreign pension or deferred compensation plan and foreign equity awards, to report those interests beginning with this tax filing season.
