IRS rules all legal same-sex marriages will be recognized for federal tax purposes
, October 2013
After weeks of speculation as to how the Internal Revenue Service would treat same-sex marriages, the U.S. Department of the Treasury and the IRS released a joint ruling which held same-sex couples, legally married in jurisdictions that recognize same-sex marriages, will be treated as married for federal tax purposes.
Tax Web site
, September 2011
Need tax research assistance? Want free help? Look no further! The Federal Tax Section of the ISBA maintains a Web site of helpful federal, state and local tax tools that go well beyond the basic links to the Internal Revenue Code and corresponding regulations. Check us out at <http://www.isba.org/sections/fedtax/links>.
Tax updates and opportunities in the current economy
, July 2009
If utilizing any of these techniques could reduce some clients’ estate tax, then now is the time to consider implementing such a plan with the current depressed market conditions and the looming possibility that legislative action may curtail the effectiveness of these techniques.
Review of 2005 Hurricane Tax Relief legislation
, April 2006
The Gulf Opportunity Zone Act of 2005 (“GOZA”) was signed on December 21, 2005. GOZA supplements the Katrina Emergency Tax Relief Act of 2005 (“KETRA”) and grants tax relief to individuals and businesses affected by Hurricanes Katrina, Rita, and Wilma. GOZA also includes technical corrections to 10 tax acts.
American Jobs Creation Act
, March 2005
The 2004 American Jobs Creation Act was signed by President Bush on October 22, 2004. Although the act purports to target U.S. manufacturing and international trade, it actually affects many other taxpayers and transactions.
The United States Virgin Islands tax incentive Programs
, March 2004
The United States Virgin Islands (USVI) offers incentives to certain qualified businesses. If a qualifying business is established in the U.S. Virgin Islands and hires a minimum number of local employees, it may be eligible for government tax incentives which will eliminate a large percentage of income taxes and local taxes for up to 10 years or more.
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