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It’s Not Just the U.S.: EU to Vote on Financial Transaction Tax

According to a January 22 release from Sen. Tom Harkin (D-Iowa) and Rep. Peter A. DeFazio (D-Ore.), a looming vote by EU finance ministers to allow European governments to impose a financial transaction tax might bolster an effort to impose the same tax here in the States. What the what?  An Obamacare tax, higher capital […]
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Show me! Missouri, international taxation and the Constitution

In an era of cloud transactions and electronic wallets, it’s sometimes easy to forget that familiar brick-and-mortar concepts typically govern the rules of taxation. Case in point: recently published Missouri Department of Revenue letter ruling 7933 (August 10, 2012), in which the state determined automotive parts sold to a foreign customer were subject to sales […]
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Fiscal cliff fallout: Did you survive?

For roughly 24 hours we dangled – no, fell – off the dreaded “Fiscal Cliff.”  Then Congress saved us.  Well, saved us from uncertainty at any rate. While Cliff coverage focused primarily on individual tax rates, two very important tax provisions for multinational firms were extended for another year. First, the “active financing exception,” which […]
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Google’s Irish Sandwich Explained

In our last entry I promised to explain how Google’s infamous “Double Irish” sandwich creates some serious US tax savings for the giant search engine.  Now, it’s recipe time. In the best plain English I can manage, here is how the epicurean structure works: Step One (the ingredients):  A US firm with valuable intellectual property […]
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Close Offshore Loopholes to Ease Fiscal Cliff?

The best part of writing about taxes is that there is no shortage of current events to chew on. So I completely missed writing about Romney’s offshore carried interests.  That election is so Fall, 2012.  Mitt who?  What people really want to know about is the Fiscal Cliff!  (Cue ominous musical score). The “Fiscal Cliff” […]
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IRS slooooowwwlllly acknowledging electronic docs; Supreme Court takes on windfall tax circuit split

“Can you just scan that to me?” If you’re like me, a “no” response to the above question generates nothing short incredulity, animosity, and exasperation.  At times, it can seem there is no logic as to which institutions will get you information easily and which will not. For example: My bank once required that I […]
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Too soon to catch Olympic Fever?

For Brazilian business, it’s right on time. Last week, Brazil published MEDIDA PROVISÓRIA No 584 (“Provisional Measure 584/2012”), granting a number of tax incentives for businesses supporting the Rio de Janeiro 2016 Summer Olympic and Paralympic Games. The measure includes tax breaks for: Imports of tangible goods and services used and consumed in Olympic-related activities; […]
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Iraq reconstruction legacy: Kickback conspiracies and tax crimes

This past Wednesday, Assistant Attorney General Lanny A. Breuer of the Criminal Division and U.S. Attorney for the Northern District of Alabama Joyce White Vance announced the sentencing of two former Parsons Company employees for their participation in a kickback conspiracy in Iraq and related tax crimes. According to court documents, Gaines R. Newell Jr […]
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An unpleasant surprise for expat family members: A look at Section 2801

Are you a family member or friend of an expat?  Get ready to be surprised! I always hated surprises. Actually, that’s not quite right.  I love being truly surprised.  Its terrific when someone actually keeps something totally secret and then drops it on me.  Especially when its good news.  In fact, that’s pretty much exactly […]
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Planning on “pleading the Fifth”? Not when it comes to offshore banking

I have never actually heard someone take the Fifth.  Not as an advocate.  Not as opposing counsel.  Heck, not even as a juror. Three years of law school and nearly 15 years of practice and I’ve never actually heard those magic words: “on advice of counsel, I respectfully refuse to answer on the grounds that […]
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