Playbook Logo

Client Login

Click to toggle search bar

Inversions Update

Taxonomy: 
Tax & Accounting
Body: 

On Monday September 22, 2014, the IRS and Treasury issued new tax rules to attempt to deter inversions. 

The first amended aspect of the rule is the IRS has removed hopscotch loans.  This will prevent inverted companies from accessing a foreign subsidiary’s earnings while deferring U.S. tax through the use of creative loans.  These loans are considered U.S. property for the purposes of applying the anti-avoidance rule. 

Resolve Your Tax Debt with State of New Jersey

Taxonomy: 
Tax & Accounting
Body: 

On September 17, 2014 the Division of Taxation launched its 2014 Fall Outreach Initiative. For a limited time businesses and individuals that have unpaid tax liabilities from tax periods 2005 through 2013 in the state of New Jersey, are being offered an easy way to request and enter into a closing agreement with the division in order to satisfy outstanding tax liabilities.

Individuals and businesses can reduce or eliminate their accumulated penalties and fees if they pay in full by November 17, 2014.

Massachusetts Cuts You a Break!

Taxonomy: 
Tax & Accounting
Body: 

On September 1st the Massachusetts Department of Revenue (DOR) began a two month period, which ends October 31, 2014, that cuts late tax payers a potentially huge break.

If you owe money to the Massachusetts DOR, as an Individual or a corporation, you may very well qualify for what they are calling a Tax Amnesty. What this Amnesty does is allow you to waive any late penalties that you have accrued on your state taxes.

Tax Identity Theft

Taxonomy: 
Tax & Accounting
Body: 

Tax identity theft happens when someone files a phony tax return using your personal information (i.e., your SSN) to get a tax refund from the IRSIt also can happen when someone uses your Social Security number to get a job or claims your child as a dependent on a tax return.

Tax identity theft is the most common form of identity theft reported to the Federal Trade Commission.  Tax identity theft is a top priority for the IRS, and the IRS has hired new staff, explored new technologies, and adopted new procedures to fight it. 

Tax Filing Reminders!

Taxonomy: 
Tax & Accounting
Body: 

As we near the end of the first week of August, we wanted to remind you of some upcoming filing deadlines.

September 15, 2014

  • 2014 third quarter estimated tax payments are due.
  • Final deadline to file 2013 Forms 1120, 1120A and 1120S—corporate tax returns.
  • Final deadline to file 2013 Form 1041—trust income tax returns.
  • Final deadline to file 2013 Form 1065—partnership tax returns.

October 1, 2014

Corporate Inversions

Taxonomy: 
Tax & Accounting
Body: 

        There has recently been a surge of U.S. companies moving their legal homes to foreign countries in order to minimize their U.S. taxes this year.  Only last week, the Chicago based AbbVie announced an agreement on a $54.7 billion merger with Britain’s Shire designed to cut its U.S.

Pages