The Tax Exchange
Tax discussions for the business leader
Recently, the New York State Comptroller quietly revised the 2017 unclaimed property voluntary compliance agreement reducing the reportable period reach-back to 2007 for “general ledger” type property.
The District of Columbia has joined the growing movement towards putting an end to the “tampon tax” – a sales tax on tampons and other feminine hygiene products.
Recently the Treasury released final regulations requiring information reporting from foreign-owned domestic disregarded entities. Previously an opaque area, these new regulations demonstrate U.S. commitment to transparency and information exchange in the international tax area.
The end of the year brings holidays, reunions with friends and family and, of course, deadlines associated with the twin global reporting regimes of Foreign Account Tax Compliance Act (FATCA) and common reporting standards (CRS).
It should be easy to know where you live, but for state personal income tax purposes, the question becomes “where are you domiciled?”
Tax-exempt investors deploy a considerable amount of capital to real estate funds as a way to diversify their portfolios. In many cases, income from real estate investments is not altogether free from tax for these investors, despite their tax-exempt status.