Internal Revenue Service

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
News & Analysis as of

The Law is an Ass

The law is an ass, or so says Charles Dickens. After reading the IRS’ latest missive on sales of marijuana, I think I agree. The tension between federal and state law on the sale of marijuana carries over to federal income...more

"Challenging the IRS Anti-Inversion Notice: A Hollow Threat"

On September 22, 2014, Treasury and the IRS issued Notice 2014-52, 2014-42 I.R.B. 712 (the Notice), announcing their intention to issue regulations aimed at blunting certain of the benefits from so-called inversion...more

February 2, 2015 Deadlines for Reporting 2014 ISO Exercises and ESPP Transfers

Employers should be sure they are ready to comply with the fast-approaching deadlines for reporting 2014 incentive stock option (ISO) exercises and certain employee stock purchase plan (ESPP) transfers under Section 6039 of...more

Annual Reporting Requirements for Incentive Stock Options and Employee Stock Purchase Plans

Annual Information Statements and IRS Returns - Requirement to Report - For (1) any exercise of an incentive stock option (ISO) during 2014 or (2) transfer during 2014 of a share previously purchased pursuant to...more

"United States: International Cooperation, Anti-Corruption and Tax Remain Key Issues for Enforcement Authorities"

U.S. authorities continue to aggressively pursue cross-border investigations and to scrutinize closely the compliance programs of multinational corporations. Investigative activity by U.S. authorities in 2014 was particularly...more

Manatt on Health Reform: Weekly Highlights #4

This week, the IRS announces relief for some taxpayers who received excess advanced premium tax credits; Indiana and Arkansas make major announcements on Medicaid expansion and Iowa’s Governor announces a shift towards...more

FinCEN Again Extends Deadline for Certain FBAR Filers

Certain individuals who have only signature authority over foreign financial accounts now have until June 30, 2016 to file the Report of Foreign Bank and Financial Accounts....more

IRS Updates Determination Letter Procedures Regarding Incomplete Applications

The IRS recently issued new guidance on how it will process determination letters starting February 1, 2015. Specifically, once the IRS receives a determination letter application, it will review that application to determine...more

The Affordable Care Act and Staffing: One Size Does Not Fit All

Since its enactment in 2010, the Affordable Care Act (ACA) has generated debate and questions about the law's impact on third-party staffing arrangements. With the effective date of the ACA's "pay-or-play" employer mandate...more

IRS Issues 2014 Cumulative List of Plan Changes

Plan sponsors that are scheduled to file determination letter applications with the IRS for their qualified retirement plans between February 1, 2015 and January 31, 2016, (Cycle E sponsors), should be aware that the IRS...more

Still Waiting For Guidance on Material Participation

In March 2014, I commented on the US Tax Court decision in the Frank Aragona Trust case. In that case, the tax court disagreed with the Internal Revenue Service’s arguments that a trust was incapable of providing “personal...more

IRS Treats U.S. Fund Manager as Agent of Foreign Investor – Subjecting Investor to US Trade or Business Taxation

In CCA 201501013, the IRS found that an offshore fund making loans to U.S. borrowers was engaged in a U.S. trade or business where multiple loans owned by the fund were originated by an agent of the fund. This conclusion is...more

London Mayor Agrees to Pay IRS

According to Tax Notes Today (January 23, 2015) Boris Johnson the Mayor of London has settled tax claims of the IRS. The claim arose because Johnson who holds U.S and U.K. citizenship sold his residence at a gain and failed...more

Alert: Reminder Alert: Incentive Stock Options and Employee Stock Purchase Plans—IRS Information Statements and Information...

This Alert serves as a reminder of certain year-end reporting requirements imposed under Section 6039 of the Internal Revenue Code of 1986, as amended, with respect to incentive stock option exercises and transfers of stock...more

Deadline Approaching for Reporting 2014 ISO Exercises and ESPP Transfers

Section 6039 of the Internal Revenue Code requires corporations to provide information statements to employees (including former employees) and information filings to the IRS regarding exercises of incentive stock options...more

Caution: Big Penalties for Reimbursing Health Care Premiums

Even if you are a small employer who is not required to provide your employees with health insurance under the Affordable Care Act (ACA), if you reimburse your employees for health insurance premiums, you run the risk of...more

Internal Revenue Code Section 162(m) Compliance Alert

As we start the New Year, publicly traded corporations should begin reviewing their compensation plans/arrangements to ensure that compensation that is intended to qualify as performance-based compensation satisfies the...more

IRS Finalizes Regulations Under Section 501(r)

On December 29, 2014, the Internal Revenue Service issued final regulations under Section 501(r) of the Internal Revenue Code clarifying certain requirements applicable to charitable tax-exempt hospitals. ...more

IRS Interim Guidance Creates New Category of Permissible Arrangements - Public Comments Due January 22, 2015

On October 24, 2014, the IRS issued Announcement 2014-67, which “amplifies” Rev. Proc. 97-13 regarding certain management contracts that do not result in private business use. Prior to this Announcement, Rev. Proc. 97-13...more

IRS Publishes Final Regulations Regarding Section 501(r) Requirements for Charitable Hospitals

On December 31, 2014, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury Department) published final regulations (Final Regulations) that provide guidance to hospitals regarding compliance with...more

Administration Issues Proposed Rules on ACA Summary of Benefits and Coverage, Excepted Benefits/Wraparound Coverage

On December 30, 2014, the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA), and the Centers for Medicare & Medicaid Services (CMS) published a proposed rule that would revise Affordable...more

IRS Issues Additional ACA Requirements for Tax-Exempt Hospitals

On December 31, 2014, the IRS published final regulations providing guidance on the community health needs assessment and financial assistance policy requirements for charitable hospitals under the ACA. ...more

IRS Issues Long-Awaited Final Regulations for Charitable Hospitals

In This Issue: - What You Should Do - Background - Final Regulations - Hospital Facilities and Organizations - Failures to Satisfy the Requirements of Section 501(r) - Community...more

Federal Law Changed to Allow Financial Institutions to Offer Savings Promotion Giveaways

Recent federal legislation paves the way for financial institutions in New York State to start offering promotions on savings accounts beginning September 23, 2015....more

IRS Issues Final Regulations on Requirements for Charitable Hospital Organizations

On December 29, 2014, Final Regulations providing guidance regarding the requirements for charitable hospital organizations were issued by the Internal Revenue Service (IRS). The ACA, enacted March 23, 2010, added new...more

2,094 Results
|
View per page
Page: of 84