In his State of the Union address, President Joseph Biden targeted tax breaks for corporations and wealthy individuals who use private jets as part of a broader goal to make big corporations and the wealthy pay “their fair...more
Effective May 28, 2024, following recent changes to US Securities and Exchange Commission and NASDAQ Stock Market rules, most standard broker-dealer securities transactions will have to be settled within one business day...more
As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more
Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to repay withholding to payor plans. If a Form...more
Some taxpayers are receiving automatically generated IRS notices of underpayments and penalties with respect to Form W-2 income tax and FICA withholdings, unemployment taxes, and backup withholding, as well as other year-end...more
Many employers are likely to find the rules for repayment of employer-share social security tax deferrals under the Coronavirus, Aid, Relief and Economic Security (CARES) Act to be confusing. Employers may also be surprised...more
The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as...more
For the 2020 tax year, the Internal Revenue Service (IRS) moved reporting of certain nonemployee compensation, including current and deferred compensation paid to independent contractors and corporate directors, from Form...more
The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing...more
9/18/2020
/ Coronavirus/COVID-19 ,
Infectious Diseases ,
IRS ,
Payroll Taxes ,
Presidential Memorandum ,
Relief Measures ,
Social Security Taxes ,
Tax Deferral ,
Tax Relief ,
Trump Administration ,
U.S. Treasury
Charitable leave-based donation programs provide employees the option of donating leave that can be converted into cash contributions to charities assisting the victims of the novel coronavirus (COVID-19) pandemic....more
The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. ...more
3/2/2020
/ 1099s ,
Child Tax Credit ,
Compensation & Benefits ,
Earned Income Credit ,
Income Taxes ,
Independent Contractors ,
IRS ,
Non-Employees ,
Protecting Americans from Tax Hikes (PATH) Act ,
Reporting Requirements ,
Tax Fraud ,
Tax Liability ,
Tax Planning
The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more
The Internal Revenue Service (IRS) has issued Notice 2018-68 (Notice) providing guidance on changes in Code Section 162(m) made by the Tax Cuts and Jobs Act of 2017 (TCJA), Public Law 115-17. The Notice has some good news and...more
Settlements with the government and those related to sexual harassment claims, as well as certain attorney’s fees, will be impacted by newly disallowed deductions....more
Fines pertaining to violations of federal securities laws and certain FINRA rules may not be deducted.
The Internal Revenue Service (IRS) in low-level advice recently announced its position that certain fines paid to...more
Congress and the IRS have expanded the availability and procedures for maximizing the income tax and FICA tax exclusion for mass transit benefits, but immediate action is required to satisfy the IRS special relief provisions...more
Notice 2013-61 provides alternative administrative procedures for reporting income and FICA tax adjustments in response to the Windsor decision and Revenue Ruling 2013-17.
On September 24, the U.S. Department of the...more
Plan sponsors will need to take prospective and, possibly, retroactive action in order to ensure compliance with the guidance.
On August 29, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)...more
Court of Federal Claims agrees with the IRS position that section 409A applies to discounted stock options; holding is important for compensatory stock option grants.
On February 27, the U.S. Court of Federal Claims...more