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

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

Ruling Demonstrates Potential for Inversion Rules to Apply in Inbound Structures

In Private Letter Ruling 201432002 (the “PLR”), the IRS ruled that a foreign-to-foreign “F” reorganization did not implicate the Section 7874 anti-inversion rules. As a result, a foreign corporation (that was 100 percent...more

The World Wide Tax Web: FATCA Data Sharing Goes Online

The IRS has unveiled a secure web application, the International Data Exchange Service (IDES), for cross-border data sharing. IDES will allow Foreign Financial Institutions (FFIs) and tax authorities from other countries to...more

Latest Scoop From New Jersey on Independent Contractor Misclassification May Cause Employers Brain Freeze

An ice cream parlor in Dania Beach, Florida, features The Original Kitchen Sink Sundae, which contains up to 30 scoops, plus chocolate syrup, marshmallows, nuts, whipped cream, and a variety of berries. Customers can choose...more

Changes to IRS Form for Qualified Adoption Expenses

The Internal Revenue Service (IRS) has released the 2014 version of Form 8839 (Qualified Adoption Expenses), as well as updated instructions. Taxpayers use Form 8839 to claim the adoption credit, an exclusion for...more

Business Law Newsletter - January 2015

In This Issue: - FirstPay Decision: IRS Bests Trustee in Local Tax Case - Privacy Policies for Mobile Apps: One Size Does Not Fit All - Trademark Fees are Decreasing - Excerpt from Trademark Fees are...more

No Private Letter Rulings in These Estate Planning Areas

Taxpayers who have questions about the applicability of tax law can submit a Private Letter Ruling request to the IRS. If the IRS rules, then the taxpayer can rely on the ruling as to how the law applies to their situation...more

FirstPay Decision: IRS Bests Trustee in Local Tax Case

A decision last month from the U.S. Court of Appeals for the Fourth Circuit marks a disappointing end to a decade-long tax case affecting many Washington-area businesses. The case, Wolff v. United States of America, Adversary...more

IRS Releases Guidance on Performance and Quality Standards for Small Wind Energy Property

The IRS recently released Notice 2015-4 (the Notice), which provides performance and quality standards that small wind energy property (defined under section 48(c)(4) of the Code as property utilizing a “qualifying small wind...more

Should You Consider Making a Domestic Voluntary Disclosure?

Voluntary Disclosures take two forms, Offshore and Domestic. There has been a great deal of attention paid to Offshore Voluntary Disclosure Programs, but little attention has been paid to the Domestic program....more

ISO and ESPP Annual Reporting Deadlines Are Approaching

As a reminder, annual deadlines are approaching for certain reporting and filing requirements in connection with incentive stock option (ISO) exercises and employee stock purchase plan (ESPP) transfers that occurred in 2014....more

IRS Interim Guidance Creates New Category of Permissible Arrangements

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

How to get the IRS to pay your legal fees

What can you do when the IRS is misbehaving and it directly affects you? You will have to fight them, but the law allows you to recover your litigation costs if you win. As many know, the IRS has had a very...more

IRS Specifies Performance and Quality Standards for Small Wind Turbines

On January 13, the Internal Revenue Service (IRS) released Notice 2015-4 which specifies the performance and quality standards that small wind turbines must meet in order to qualify for the 30 percent investment tax credit...more

Immediate Action Required to Maximize Tax Savings for Mass Transit

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

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