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

Swiss Bank Settlements-What's Next for U.S. Taxpayer's?

The Department of Justice has released the signed Non-Prosecution Agreement NPA) with Swiss bank BSI SA. The Non-Prosecution Agreement is likely the precursor to enhanced enforcement efforts by the DOJ and IRS against those...more

The ERISA Litigation Newsletter - April 2015

Editor's Overview - In this month's Newsletter, Robert Rachal discusses recent "church plan" rulings where some federal judges have declined to give deference to long-standing, consistent guidance from the Internal...more

High Net Worth Family Tax Report, Vol. 10, No. 1

Recent Case Illustrates Importance of Keeping Legal Entities in Good Standing - A recent United States Tax Court case illustrates the importance of keeping legal entities in good standing. In Medical Weight Control...more

IRS Publishes Final Regulations Under Section 162(m)

On March 31, 2015, final regulations of Internal Revenue Code Section 162(m) were published. The final regulations clarify exceptions to the US$1 million annual limit on deductions allowable to publicly held corporations for...more

IRS Addresses Interaction of Performance Compensation and $1M Compensation Deduction Cap

The IRS recently issued final regulations under Section 162(m), which limits a public company’s deduction of executive compensation in excess of $1M.  The Section 162(m) limits do not apply to performance-based compensation...more

Effect of a Check Notation: Void After 90 Days

On April 2, 2015, the IRS issued Rev. Proc. 2015-28, which provides new safe harbor correction methods for errors relating to automatic contribution features, including automatic enrollment and automatic escalation of...more

IRS Traded in Your Chevy for a “Cadillac (ac-ac-ac-ac-ac) Tax”: Agency Issues First Guidance on the Implementation Code Section...

On February 23, 2015, the Internal Revenue Service (IRS) issued the first piece of guidance that discusses the excise tax, better known as the “Cadillac Tax,” imposed by Section 4980I of the Internal Revenue Code of 1986, as...more

IRS Issues Notice Addressing Impact of the Tribal General Welfare Exclusion Act of 2014 on Existing IRS Guidance

On April 16, 2015, the IRS released Notice 2015-34 clarifying the effect of the Tribal General Welfare Exclusion Act of 2014, Pub. L. No. 113-168, 128 Stat. 1883 (2014) (the “Act”), which added new Section 139E to the...more

The Worthlessness Of The 401(k) Fiduciary Warranty

I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of that is wrong. Some of the biggest disappointments in my life is when I was sold a bill of goods that...more

DOL Reproposes Expanded ERISA Fiduciary Definition and Revised Complex of Exemptions

On April 14, 2015, after 43 months in development, the U.S. Department of Labor (DOL) released its reproposal to expand the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974,...more

Limited Relief for Certain Employer Health Plan Premium Payments or Reimbursements

Under so-called “employer payment plans” (“EPPs”), an employer pays or reimburses an employee for substantiated premium costs under individual health plan insurance coverage (i.e., nonemployer individual health plan...more

IRS Issues Guidance on Tribal General Welfare Exclusion and Safe Harbors - Notice 2015-34 Provides Instruction on the Tribal...

On April 16, 2015, the Internal Revenue Service ("IRS") released Notice 2015-34, its first guidance on general welfare since President Obama signed the Tribal General Welfare Exclusion Act (the "Act") into law in September...more

IRS Extends Temporary Coverage/Nondiscrimination Testing Relief for Closed Defined Benefit Plans

Under guidance issued in Notice 2015-28, the IRS extended relief from certain coverage/nondiscrimination testing requirements for defined benefit plans that have been closed to new participants but provide ongoing accruals...more

IRS Releases Clarifying 162(m) Regulations

The IRS recently released final regulations clarifying two aspects of the “performance-based compensation” exception to the $1,000,000 limit on deductible compensation paid to covered employees under Section 162(m) of the...more

EPCRS Updates: New Guidance Eases Administration of Plan Corrections

The Internal Revenue Service (IRS) has released two Revenue Procedures providing guidance under the Employee Plans Compliance Resolution System (EPCRS) that will facilitate the correction of certain retirement plan defects....more

"MassMutual Victory May Pave the Way for Earlier Deductions"

Earlier this month, Massachusetts Mutual Life Insurance Company (MassMutual), represented by Skadden, won a federal appeal permitting the company to deduct policyholder dividends in the year the dividends were declared, even...more

Taxpayer Advocate Recommends Ways for IRS to Simplify Foreign Asset Reporting

The National Taxpayer Advocate made three specific recommendations to the IRS to try to simplify the process for reporting foreign assets. For several years the National Taxpayer Advocate has complained that the disclosure...more

IRS Modifies its Voluntary Retirement Plan Correction Procedures (EPCRS)

Under the IRS’s Employee Plans Compliance Resolution System (EPCRS), retirement plan sponsors may voluntarily request that the IRS approve certain corrections to a variety of plan administration errors before those errors are...more

Five Things to Know about New Jersey’s Taxation of Convertible Virtual Currency

On March 10, 2015, the New Jersey Division of Taxation issued Technical Advisory Memorandum TAM-2015-1, explaining its policy regarding convertible virtual currency. - The IRS has held that convertible virtual currency...more

Executive Compensation Alert: IRS Releases Final Section 162(m) Regulations

Background - Section 162(m) of the Internal Revenue Code (the “Code”) denies a tax deduction to a public company if the compensation paid to its chief executive officer and three other highest compensated officers...more

A Phantom Menace for IPO Companies - US Tax Regulations Restrict the Use of Restricted Stock Units

Section 162(m) of the Internal Revenue Code (“Section 162(m)”) provides for a $1 million dollar limitation on the amount of compensation paid to each of certain named executive officers that public companies may deduct in any...more

Locke Lord QuickStudy: IRS Changes Retirement Plan Correction Program (EPCRS)

The Internal Revenue Service (IRS) recently issued two revenue procedures that modify the Employee Plans Compliance Resolution System (EPCRS). EPCRS sets forth the various correction programs and correction methodologies for...more

Plan Sponsors should invest in a scanner

Being a plan sponsor is a tough job and the amount of paperwork that goes with it can be overwhelming. The paperwork includes plan documents, summary plan descriptions, amendment, valuations, trusts statements, and payroll....more

IRS Warns Plan Sponsors About Hardship Withdrawal Documentation

In a recent Employee Plans Newsletter, the Internal Revenue Service (IRS) warned plan sponsors that they must obtain and keep documentation related to hardship withdrawals, particularly the documentation necessary to...more

Tax Cheats Can Go Wild In Dallas Texas

The Washington Post published an article on April 8, 2015 titled “In Dallas, the IRS says it can’t chase tax cheats who owe less than $1 million.” Here is a section of the article...more

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