Tax Law News. Crime Stories, Law on News and Legal Publications in June, 2016

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Thai Cabinet approves law amendment attracting investment
ThaiVisa NewsJune 1, 2016

BANGKOK, 1 June 2016 (NNT) – The Cabinet has approved a proposal from the Ministry of Finance to amend some laws related to securities investment in order to increase investor confidence, says spokesman. The Government Spokesman Maj Gen ...more »

Court Documents Reveal How Trump University Staffers Sold the Brand
NBCNews.comJune 1, 2016

Trump University salespeople were instructed to play to peoples' emotions and suggest that potential customers rely heavily on credit card debt or retirement funds to pay for the classes, according to documents unsealed by a federal judge Tuesday. "You ...more »

Tax Law News and Stories

Audit Defence
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Asheville's YMI: A neglected dream?
Asheville Citizen-TimesJune 4, 2016

An audit performed in December 2012 by Williamson, CPA in Bryson City raised “substantial doubt about (the YMI's) ability to continue as a growing concern” due to reductions in revenue and deficiency in net assets — a problem recent tax data indicates ...more »

Irs Filing & Compliance
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As Affordable Care Act Enforcement Looms, Some Lessons Learned From Massachusetts
JD Supra (press release)June 8, 2016

Meanwhile, US citizens have filed or are finishing up their personal tax filings and, in some cases, have requested health care subsidies. Now it's the IRS' turn to review all of this information, root out noncompliance, and enforce ... On the one hand ...more »

Business Audit Defence
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Doing Damage: Committee Says IRS Failure To Update Church Audit Procedures Is Harming The Agency
Americans United (blog)June 14, 2016

The IRS must revise rules that govern church audits so it can get back to endorcing the law. Church audits are very rare. When they do happen, they are supposed to be approved by a high-ranking IRS official. Regional commissioners were originally ...more »

Personal Irs Disputes
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Treasury's Inversion Scythe
Wall Street JournalJune 21, 2016

But Treasury aims to solve this alleged problem by overturning decades-old interpretations of tax law and forcing many loans between related businesses to be treated as equity instead of debt. Businesses commonly pool the cash from various subsidiaries ...more »

Property Taxes
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St. Tammany agencies considering $1.8 million in tax increases
NOLA.comJune 16, 2016

Ten St. Tammany Parish fire protection and recreation districts are poised to raise property taxes by a total of $1.8 million, Assessor Louis Fitzmorris said. He sounded the alarm in a news release and newspaper advertisements, alerting property owners ...more »

Corporate Income Taxes
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Gov't not introducing new taxes – Mahama
GhanaWebJune 2, 2016

The public uproar over the issue heightened Wednesday following an assertion by the Finance Minister Seth Terkper that allowances and pensions are being taxed under the new income tax law, Act 896, 2015, because they are all forms of income no matter ...more »

Sales Tax & Use Tax
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Haslam pushes for internet sales tax collection
Nashville Post (subscription)June 27, 2016

Tennessee has a 7 percent sales and use tax (5 percent on retail food sales). Local governments can levy up to 2.75 percent on top of that. Sales taxes account for 55 cents of every tax dollar Tennessee collects. The e-commerce industry vehemently ...more »

Estate Taxes & Gift Taxes
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Ghana Tax Law: Seth Terkper justifies 20% tax on pensions
Pulse.com.ghJune 1, 2016

Pensions are incomes too and hence must be taxed, this is Finance Minister Seth Terkper's explanation of government's decision to tax pensions under the new tax law. Conceding that the new tax law Act 896, 2015 has taken to unconventional means in ...more »

Tax Evasion Defence
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Fuelex boss to be charged with tax evasion
New VisionJune 5, 2016

The proprietor of Fuelex Filling station John Imaniraguha, who was arrested on Sunday over purported fuel smuggling at Entebbe International Airport, is to be charged with offences relating to tax evasion. The Uganda Revenue Authority (URA) assistant ...more »

International Taxation
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The proof that HMRC does see itself as above the law
Telegraph.co.ukJune 6, 2016

The second is the inclusion of tax planning, which is not defined but is usually taken to include such innocuous stratagems as taking out an Isa, giving away assets in the expectation of living long enough for them to fall out of your estate and ...more »

Tax Planning
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Cottage tax planning is no vacation: Advisors
Wealth Professional (blog)June 17, 2016

It's an issue that requires careful tax and estate planning from the get-go, says Christine Van Cauwenberghe, vice president of Tax and Estate Planning at Investors Group. “I think the question we get most frequently is, 'How can I pass the cottage on ...more »

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