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.
Fantasy Football: The Legal Reality
Hot Topics for Waste-to-Energy Investors and Developers
It is Monday morning at your law office, and you get a telephone call from one of your smaller business clients. He is frantic to say the least. Over the weekend, his employee payroll checks bounced at the bank as well as...more
In late November, the Treasury Department and the Internal Revenue Service (“IRS”) released a Notice of Proposed Rulemaking related to the regulation of political activity by social welfare organizations, commonly known as...more
On December 4, 2013, the Treasury Department and the Internal Revenue Service (the “IRS”) released new final and proposed regulations under section 871(m) of the Internal Revenue Code regarding the imposition of US federal...more
In This Issue:
A Decade of Lessons Learned from State Tax False Claims Act Cases; Second Circuit Reaffirms Taxpayer’s Use of Protective Refund Claims; and Challenging Regulations After Mayo and Home...more
The Department of the Treasury and the Internal Revenue Service (IRS) announced today (available here) that they are delaying the implementation by two years—until January 1, 2016—of final expanded regulations governing the...more
On Wednesday November 26, 2013, the US Department of Treasury and Internal Revenue Service issued proposed guidance, subject to a comment period, that would limit the scope of permissible political activities of 501(c)(4)...more
On November 14, 2013, the Internal Revenue Service (IRS) issued final regulations, which provide guidance on permitted mid-year reductions or suspensions of safe harbor nonelective contributions. The final regulations also...more
On June 26, 2013, in United States v. Windsor, the Supreme Court held that section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. (For a discussion of the issues and holding in United States v. Windsor, please...more
On November 14, the IRS contacted many firms to let them know that the so-called REIT working group has completed its task. The IRS’s temporary hold on issuing rulings on what constitutes real property for REIT purposes is...more
On October 31, 2013, the Internal Revenue Service (IRS) released Notice 2013-71 (Notice), which modifies the "use or lose" rule for health flexible spending accounts (health FSAs) to allow a $500 annual carryover of unused...more
On October 31, the IRS issued Notice 2013-71, modifying the long-standing “use or lose” rule for health flexible spending arrangements (FSAs). Under the new rule, employers may permit health FSA participants to carry over up...more
IRS Notice 2013-71 recently modified the longstanding "use-or-lose" rule for health flexible spending arrangements (FSAs) so that covered individuals may now be permitted to carry over up to $500 in unspent funds in their...more
The US Department of Treasury and the Internal Revenue Service (IRS) issued a new rule that modifies the "use it or lose it" rule for health flexible spending accounts (FSAs) and provides clarification regarding transition...more
The IRS has released Notice 2013-69, including a draft FFI Agreement and several intended updates to the existing Treasury Regulations implementing the Foreign Account Tax Compliance Act (FATCA).
On October 29, 2013, the IRS issued Notice 2013-69 as the next step in implementing far-reaching legislation commonly known as the Foreign Account Tax Compliance Act (FATCA).
Congress enacted FATCA in 2010 as part of...more
The Internal Revenue Service will now allow an employer-sponsored health flexible spending account (FSA) program to permit the carryover of up to $500 in unused health FSA funds from one year to the next.
On October 31, 2013, the Internal Revenue Service (“IRS”) announced a modification to the “use-it-or-lose-it” rule that applies to health care Flexible Spending Arrangements (“FSAs”) under a cafeteria plan. Under the use...more
Following the lead of the U.S. Internal Revenue Service, Department of the Treasury, the U.S. Department of Labor’s Employee Benefits Security Administration has announced that it will apply the term “spouses” and “marriages”...more
The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced updated guidance permitting carryover of up to $500 of unused health flexible spending account (FSA) balances at the end of a plan year....more
In addition to imposing substantive requirements on health insurance issuers in the group and individual markets and employer-sponsored group health plans, the Patient Protection and Affordable Care Act (Act) imposes three...more
I have previously written on the “quiet disclosure” alternative for complying with U.S. offshore reporting requirements. Under this alternative, late filing taxpayers will not participate in the Offshore Voluntary Disclosure...more
Based upon an IRS determination which took effect last week, same-sex couples who enter into marriages in jurisdictions that recognize such marriages are now treated as married for federal tax purposes, regardless of whether...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
On September 13, 2013, the Department of Labor and the Treasury Department/IRS (the “Departments”) issued coordinated guidance on a handful of items relating to the implementation of the Affordable Care Act (the “Act”),...more
In the wake of the U.S. Supreme Court’s decision in U.S. v. Windsor and supplemental guidance in Revenue Ruling 2013-17, the Internal Revenue Service has issued Notice 2013-61, providing optional special administrative...more