News & Analysis as of

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

Labor and Employment Federal Regulatory Reporting and Other Requirements in the First Quarter of 2015

There are several important dates that employers should keep in mind during the first quarter of 2015. While some are long-standing requirements, others are the product of recent regulatory action by the Obama administration....more

IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers

This Client Alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to stock issued to employees (or former...more

IRS Issues Final Regulations for Charitable Hospitals

On December 29, 2014, the Internal Revenue Service and the Department of Treasury issued final regulations on requirements described in Section 501(r) for charitable hospitals exempt from federal income tax under Section...more

FATCA Update: More Guidance, IGAs, Forms Announced by Treasury and IRS

1. The United States announced the signing of two more Intergovernmental Agreements (IGAs) to implement FATCA. The latest IGAs were signed by the Netherlands and Curacao, and are dated December 18 and 16, respectively. Both...more

Should You Participate in the IRS Offshore Voluntary Disclosure Program?

2014 marked a significant increase in the enforcement efforts by the IRS and Department of Justice against non-compliant U.S. taxpayers who failed to report their off-shore bank accounts and earnings.  Grand Jury proceedings...more

Reminder to Perform Annual ISO/ESPP Reporting in January 2015

As discussed in our December 16, 2010 blog article, the IRS issued final regulations in 2009 under Section 6039 of the Internal Revenue Code (the “Code”) that require Employers to annually furnish each employee who exercised...more

Your New Year’s Resolutions Should Include Affordable Care Act Compliance

Since its enactment more than four years ago, the Affordable Care Act (ACA) has made several significant changes to health care. Provisions implemented in 2014 included state and federal exchanges, health insurance premium...more

IRS Simplifies Tax Reporting for Individuals With Canadian Retirement Plans

Under Article XVIII(7) of the United States-Canada Tax Treaty, a U.S. citizen or resident may elect to defer U.S. income taxation on income accruing under a Canadian registered retirement savings plan (RRSP) or registered...more

Cyprus and US sign FATCA IGA

On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs known as "Model 1" and "Model 2". The...more

Proposed Treasury Regulations Eliminate 36-Month Testing Period as a Trigger for Reporting COD Income - Removing the Non-Payment...

On October 15, 2014, the Internal Revenue Service (IRS) and the Department of the Treasury proposed to remove the deemed 36-month non-payment testing period from the list of identifiable events that trigger the requirement to...more

Are You Forgetting Something?

In This Issue: - Qualified Plan Administrative and Compliance Deadlines (based on calendar year plan) - Health and Welfare Benefit Plan Administrative and Compliance Deadlines - Are Your Plans Subject to...more

FATCA Update: Treasury Clarifies Obligations of Participating FFIs to Report Pre-Existing Accounts

Earlier today, Treasury and the IRS issued yet another correcting amendment to the previously-issued regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA become effective on July 1, 2014, and...more

Taxation of Convertible Virtual Currency, Part III: Reporting and Penalties for Noncompliance

When it comes to Bitcoins and other convertible virtual assets, anonymity may not be all it’s cracked up to be. For one thing, an underlying assumption is that individuals who keep their financial transactions hidden have...more

The Employment Law Authority - October/November 2014

In This Issue: - Employee Benefits. Recent IRS letter reminds employers about issues associated with offering “free” parking - State Round-Up. Learn about the latest employment law news in your state -...more

IRS and DOJ Crack Down on Cash Reporting Violations

Federal law requires that anyone engaged in a trade or business who receives more than $10,000 in U.S. currency is required to file a Form 8300 (available here) with the Internal Revenue Service. Failure to do so can subject...more

IRS to Ease Up on Civil Forfeitures for Structured Deposits

Depositors to banks who intentionally limit cash deposits to under $10,000 to avoid triggering information reporting requirements by the bank (currency transaction reports) can be committing a crime, even though they are...more

IRS Proposes Elimination of 36 Month Discharge of Indebtedness Reporting

Unless a statutory exception applies, when a debt is discharged without payment being made, the debtor will have discharge of indebtedness income under Section 108 of the Code. So that the IRS is alerted to this income,...more

New Reporting Requirements under IRS Sections 6055 and 6056

Under a new IRS reporting statute, larger employers will be required to file reports annually with the IRS and provide statements annually to employees regarding health insurance coverage they offered to employees in the...more

Section 6055 Reporting of Health Plan “Minimum Essential Coverage” for Small and Large Employers

Starting in 2016, Section 6055 of the Internal Revenue Code, which was added by the Health Care Reform Act, requires all entities providing “minimum essential coverage” (MEC) to submit information to the IRS concerning each...more

FATCA Alert

In recent years, the United States has increased initiatives to counter tax evasion committed by U.S. persons who are not reporting and paying U.S. income tax on earnings derived from foreign financial assets. The Foreign...more

IRS Modifies Offshore Filing Procedures

The IRS has issued FAQs relating to the new streamlined procedures for offshore compliance, and for Delinquent International Information Return Submission Procedures....more

Health Plan ID Requirements and Other End-of-Year Considerations

Employers and other health plan sponsors may be focused on preparing for the commencement of the employer mandate under the Affordable Care Act on January 1, 2015, but a number of other deadlines and developments are emerging...more

FATCA Notebook: Former IRS Chief, Taxpayer Advocate Criticize FATCA; Switzerland Moves Toward Greater Transparency

First, former acting IRS Commissioner Steven Miller speaks out against FATCA and suggests that the benefits of the new information reporting regime imposed by FATCA may not outweigh its costs. An article published by...more

IRS Simplifies Procedures for Favorable Tax Treatment on RRSPs and RRIFs

The IRS has finally made it much easier for taxpayers who hold interests in either of two popular Canadian retirement plans—registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs)—to get...more

132 Results
|
View per page
Page: of 6