- a $5000 payroll tax credit for companies that hire long unemployed workers
- a one year extension of the increased current expensing of capital expenditures (section 179 extension)
- an expansion of the Build American Bonds program
- a 2 year deferral of the worldwide interest allocation provisions
- the 30 % withholding tax on foreign banks, trusts, and corporations that fail to identify U.S. account holders (see prior coverage of the Foreign Account Tax Compliance Act and related provisions).
Thursday, February 25, 2010
Senate Passes the HIRE Act
Thursday, February 18, 2010
Real Estate Revitalization Act of 2010
A relatively obscure piece of proposed legislation could have a dramatic impact on foreign investment in
Non-U.S. persons are not generally subject to tax on
The Real Estate Revitalization Act would exempt a sale of the stock of a
In addition, dividends and liquidating distributions paid by REITs that are attributable to gains derived by the REIT from the sale of US real property would no longer be subject to U.S. federal income tax (or the U.S. federal branch profits tax applicable to non-U.S. corporations) under FIRPTA.
Thus, as currently proposed, the Act would provide significant benefits to non-U.S. persons who invest in
It is unclear whether this Act will be enacted into law. It does not appear in the most recent Reid Bill.
Accounting Firm Tied to Rothstein Slams Suit as Smear Campaign
Should all professional advisers be concerned about trying to detect financial fraud during the course of rendering their professional services?
Wednesday, February 17, 2010
Virginia Doctor Pleads Guilty to Conspiracy Involving Undeclared Swiss Bank Account
Many investor clients of private equity firms have had to deal with foreign account issues recently. In this climate of active criminal prosecution, it may be prudent to refer all such clients to legal counsel, even where the facts are seemingly very benign.
Tuesday, February 16, 2010
The Reid Jobs Bill
The Reid bill would:
- Fund highway and transit programs through 2010
- Exempt employers from Social Security payroll taxes on new hires who were previously unemployed
- Extend (section 179 expensing) tax break for businesses that spend money on capital investments
- Expand the use of the Build America Bonds program
- Extending the deadline to file for federal unemployment insurance
- The subsidy for Cobra health insurance, which expires Feb. 28
- The biodiesel provisions