United States: Seventh Circuit: Plaintiffs Lacked Standing To Challenge Tax Exemption For Ministerial Rental Allowances

In November 2013, the U.S. District Court for the Western District of Wisconsin declared unconstitutional Section 107(2) of the Internal Revenue Code, which excludes from gross income rental allowances paid to ministers as part of their compensation, on the grounds that it violated the Establishment Clause of the First Amendment to the Constitution of the United States.  Click here for McDermott’s analysis of the district court’s ruling.

A three-judge panel of the U.S. Court of Appeals […]

By |November 21st, 2014|

UK: The Entrepreneur Revolution – Unleashing British Business

Key recommendations to oil the wheels of innovation for UK entrepreneurship

The ‘Unleashing British Business’ forum, hosted by Smith & Williamson in conjunction with Cubitt Consulting, aimed to provide a greater understanding of the issues facing UK entrepreneurs, as well as potential solutions. Our audience of experts discussed the landscape for entrepreneurs and formulated strategic recommendations for the Government. Here is a snapshot of our white paper.
Plugging the equity gap
Key recommendations:

Plug the information gap to […]

By |November 21st, 2014|

Cyprus: Implications Of Latest Russian ‘De-Offshorisation’ Proposals

Introduction
In September 2014 the Russian Ministry of Finance published the third version of the draft law on the package of tax initiatives generally referred to as ‘de-offshorisation’. This draft differs from its predecessors in areas including the controlled foreign company (CFC) rules (particularly the parameters for classifying companies as CFCs), criteria for determining tax residence of foreign companies and penalties for non-disclosure.

Towards the end of October a draft law was presented to the Russian […]

By |November 20th, 2014|