Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Features That Turn Your 401(k) Plan Into A 401(k) Disco

There is a difference between throwbacks vs. vintage clothing. A throwback is a sports uniform styled to resemble the uniforms that a team wore in the past. Vintage clothing are actual clothing garments from another era. I...more

Features That Turn Your 401(k) Plan Into A 401(k) Disco

There is a difference between throwbacks vs. vintage clothing. A throwback is a sports uniform styled to resemble the uniforms that a team wore in the past. Vintage clothing are actual clothing garments from another era. I...more

Health Coverage Providers: Deadlines for Health Coverage Providers to Report Minimum Essential Coverage are Approaching

Who Must Report? If you are a health insurance issuer, self-insured employer, or other entity that providedminimum essential coverage (MEC) during calendar year 2015, including a state government providing Medicaid or...more

FY2017 Budget Proposal Sets Its Sights on Insurance Companies

On February 9, the Obama Administration released its fiscal year 2017 budget proposal (FY2017 Budget). Many of the tax proposals included in the FY2017 Budget closely follow those included in the President’s fiscal year 2016...more

The Affordable Care Act’s Reporting Electronic Backbone—The AIR System

For the last half of 2015, we spent a good deal of time explaining the Affordable Care Act reporting requirements that applied to carriers and large employers. This post examines the how of ACA reporting. In particular, it...more

Staffing Firms, Educational Organizations, and Breaks-in-Service under the Affordable Care Act Employer Shared Responsibility...

In Q&A format, recently issued Notice 2015-87 addresses a number of pressing issues that have arisen under the Affordable Care Act (ACA), including that law’s employer shared responsibility rules, information reporting...more

So, You Think Your Corporation is not Subject to New York Tax? Think Again.

In 2014, New York State enacted sweeping reforms to its corporate tax system. For the most part, these reforms became effective for a taxpayer’s first tax year beginning in 2015. The new laws include a few provisions that are...more

Senate Passes Trade Facilitation And Trade Enforcement Act - Comprehensive Customs bill addresses several key topics

On February 11, 2016, the Senate passed the Trade Facilitation and Trade Enforcement Act of 2015 (H.R. 644) by a 75-20 vote. Today’s action constitutes acceptance by the Senate of a conference agreement reached by House and...more

The Grandpappy of All Extensions: Congress Permanently Extends the Internet Tax Freedom Act

On February 11, the United States Senate approved a permanent extension of the Internet Tax Freedom Act (ITFA) contained in the Conference Report accompanying H.R. 644, the “Trade Facilitation and Trade Enforcement Act of...more

Retroactive Tax Law Provides Tax Benefits for Victims of Wrongful Incarceration

At the end of 2015, Congress eliminated some of the uncertainty regarding the tax treatment of damages for wrongful imprisonment. Newly enacted Internal Revenue Code section 139F provides that gross income does not include...more

IRS Issues Proposed Regulations Regarding Applicability of Normal Retirement Age to Governmental Pension Plans

In a change that would impact government employers with retirement plans, the IRS has proposed a rule to address whether the normal retirement age under a governmental plan satisfies the requirements to preserve...more

Employee Benefits: IRS Issues Helpful Guidance Regarding Mid-Year Amendments To Safe Harbor Plans (2/16)

In Notice 2016-16, the Internal Revenue Service issued helpful guidance to employers that sponsor so-called safe harbor 401(k) and 403(b) plans. The guidance significantly expands the types of amendments that may be made to a...more

Form 990-N Filing Changes

The IRS recently announced that, beginning February 29, 2016, Form 990-N (also known as the “e-Postcard”) will be filed through the IRS website rather than through the Urban Institute website....more

Golden Parachute Tax Terror

Smith Anderson's tax group is now offering complimentary presentations. This webinar will provide an introduction to the tax rules related to certain payments to insiders triggered by a change in control of a corporation...more

FICA Lawsuit Settles For Over $3 Million

I have previously blogged about a lawsuit brought by participants in a nonqualified deferred compensation plan where the employer failed to report and pay FICA (social security) taxes in the most tax advantageous way. The...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 2

Is There a Standard Form of Rule 144A Representation Letter? - My file of Rule 144A representation letters has been growing fatter, and I‘m not sure why. I would have hoped that by now there would be just one great...more

Trade & Manufacturing - News of Note - February 2016

USTR Issues Report on China’s Implementation of WTO Agreements - The office of the United States Trade Representative (USTR) recently issued an annual report on China’s implementation of its obligations under the World...more

Solar Installation Boom Expected to Continue in 2016

In a press release last week, the analytics firm IHS predicted that the solar installation boom will continue in the United States in 2016 following the extension of the Investment Tax Credit (ITC) last December. ...more

Perspectives - February 2016

I Just Received Drafts of Construction Loan Documents from My Lender, Now What? I have heard the following statement many, many times over the course of my career: “Do I really need to hire an attorney to close a simple...more

Golden Parachute Tax Terror [Video]

Presented by Kimberly Swintosky with Smith Anderson Law Firm This webinar will provide an introduction to the tax rules related to certain payments to insiders triggered by a change in control of a corporation ("golden...more

Most Midyear Safe Harbor Plan Amendments Now Allowed

Many employers offering a retirement plan utilize a safe harbor 401(k) plan for the convenience and level of security afforded to the employer by its use. However, until recently, the IRS has not expressly permitted...more

European M+A News, Winter 2016

Smart Acquisition Structures For Deals In Germany And The UK - What Are the Criteria for Smart Acquisitions via Corporations? - Inbound investment structures seeking to acquire a German or UK corporation should take...more

Recent Revisions to Internal Revenue Code Affecting Alcohol Beverages

In December 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The PATH Act amends several provisions of the Internal Revenue Code of 1986 (IRC) administered by the Alcohol...more

IRS Releases FY 2017 Green Book Revenue Proposals

It’s that time of year when the President releases his annual wish list of tax revenue proposals, also known as the “Green Book”.  The 2017 Green Book includes many familiar items such as taxing Carried Interests as ordinary...more

Cupid’s Arrow Strikes Lover in the Wallet

Revenge is a dish best served cold. In a recent case, a disenchanted suitor not only sued to recover gifts he made to his former lover but also reported those gifts to the IRS as income payments! See Diane Blagaich, TC Memo...more

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