The BC Government tabled Bill 6, the Liquefied Natural Gas Income Tax Act, on October 2, 2014.
Bill 6 sets out the features of the new LNG tax regime. The LNG taxation proposals have been the subject of great public scrutiny, ongoing negotiations and political pressure since they were announced in the 2014 BC Budget. This tax is levied on any taxpayer involved in “liquefaction activities” at an LNG Facility in BC. This tax is […]
On October 23, 2014, the Internal Revenue Service announced cost of living adjustments affecting the limitations applicable to pension and other retirement plans, in IR 2014-99. Some of the limitations remain unchanged because they are indexed in $1000 or $5000 increments, but others are changing for 2015. Among the better-known limitations are:
The limitation on elective deferrals (salary reduction contributions) under 401k, 403(b), and most 457(b) plans, as well as the federal government’s Thrift Savings […]
Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections.
For taxpayers hoping to keep their works in the family, a recent 5th Circuit Court of Appeals ruling provides some promising precedent for valuation issues. In Estate of Elkins v. C.I.R.1, a deceased taxpayer had gathered an impressive collection of fine art with a fair market value (“FMV”) of […]