Tax Deductions, IRS | JD Supra Law News

IRS Proposes Regulations on $500,000 Deduction Limit for Compensation Provided by Health Insurance Providers

by Kerry Halpern, John D. Martini, Ryan Meadows, Rachel Cutler Shim | Reed Smith on 4/29/2013

On April 1, 2013, the Internal Revenue Service (“IRS”) published proposed regulations clarifying the $500,000 deduction limit for compensation provided by certain health insurance providers, which is contained in section...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Executive Compensation and Benefits Report: Proposed Regulations Highlight the Complexity of the $500,000 Deduction Limit for...

by Michael R. Bergmann, Sofie Bielen, Kristin M. Davis, Berit R. Freeman, Neil M. Leff, Barbara R. Mirza, Alessandra K. Murata, Timothy Nelson, Regina Olshan, David C. Olstein, Erica Schohn, more +Joseph M. Yaffe | Skadden, Arps, Slate, Meagher & Flom LLP on 4/8/2013

On April 1, 2013, the Internal Revenue Service issued proposed regulations providing guidance on the $500,000 deduction limit for compensation paid by certain health insurance companies to their employees. Because of the...more

IRS Addresses Whether Publisher Is “Producer” Under §199

by Robin Greenhouse, Dwight Mersereau | McDermott Will & Emery on 4/5/2013

In a recently released Chief Counsel Advice, the IRS National Office concluded that a publisher’s activities in producing an “electronic” version of books that were “printed” by a third party did not constitute qualifying...more

Legal Alert: A Trend Emerging? District Court Disallows $1 Billion of Deductions

by David Cho, Thomas Cullinan, Joseph DePew, Mary Monahan, Daniel Schlueter, Jeffrey Starkey | Sutherland Asbill & Brennan LLP on 4/4/2013

Earlier this year, the United States District Court for the Middle District of Louisiana upheld the Internal Revenue Service’s disallowance of $1 billion of deductions claimed by Dow Chemical in relation to two transactions...more

Your Divorce May be Tax Deductible – At Least Parts of It

by Law Office of Steven M. Bishop on 4/3/2013

Many couples hesitate to end their marriage for a variety of reasons – most of which are financial. So it may come as a surprise to couples who have reached the conclusion that it is time to end their marriage that they may...more

Protection and Goodwill – Documenting Charitable Contributions in the Eyes of the IRS

by Deborah Tellier | Farella Braun + Martel LLP on 3/26/2013

April 15th is just around the corner, and every year clients ask us what paperwork is needed to document charitable contributions. As a reminder, the IRS allows you to deduct up to 50% of your adjusted gross income donated...more

Business Law Newsletter - March 2013

by James V. Irving | Bean, Kinney & Korman, PC on 3/18/2013

In This Issue: - Business Torts in Virginia - Virginia Non-Competition Law After Home Paramount - 2013 Mileage Rates Alert - Excerpt from 2013 Mileage Rates Alert: The Internal Revenue Service has...more

Update: IRS Continues To Use Anti-Drug Trafficking Tax Code Provision To Limit The Ability Of Marijuana Dispensaries to Deduct...

by Fuerst Ittleman David & Joseph, PL on 3/7/2013

As we have previously reported, despite the growing number of States (18 in total) that have sanctioned the use of marijuana in various forms, the federal government has continued its efforts to crack down on dispensaries....more

Adding Accrued Interest To Principal Balance Does Not Generate A Deduction

by Charles (Chuck) Rubin on 3/7/2013

Cash basis taxpayers may deduct “qualified residence interest” when paid. Qualified resident interest is generally interest on a loan taken out to purchase a qualified residence, or to refinance it within certain dollar...more

IRS Uncertain Over Tax Treatment Of OREO Costs

by Deirdre Mitacek | Cullen and Dykman LLP on 3/7/2013

The Internal Revenue Service released two internal advice memoranda this week regarding the proper treatment of expenses incurred by banks and other financial institutions in connection with “Other Real Estate Owned” (“OREO”)...more

Representations Of Future Tax Treatment To Induce Creation Of Pension Plan Are Not Actionable As A Matter Of Law

by Edwin Oster | Barger & Wolen on 2/18/2013

The California Fourth District Court of Appeal adopted the principle that it is inherently unreasonable for any person to rely on a prediction of future IRS enactment, enforcement, or non-enforcement of the law by someone...more

Delaware Supreme Court Affirms Denial of Attorneys' Fees Relating to Corporate Waste Claim Based on a Board's Decision to Forego...

by Michael D. Redondo | Holland & Knight LLP on 1/29/2013

On January 14, 2013, the Delaware Supreme Court affirmed a trial court's denial of attorneys' fees in connection with a corporate waste claim filed against corporate board members for the board's decision to pay certain...more

Trial Attorney Tax Summary for Taxation of Settlements and Damages – Part 2: Punitive Damages

by Gerald Nowotny on 1/18/2013

Overview - Part 2 of this series focuses on the payment of punitive damages. One component of the equation focuses on the receipt of punitive damages by a plaintiff. The second part of the equation focuses on the...more

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Tax Deductions › Internal Revenue Service