In his State of the Union address, President Joseph Biden targeted tax breaks for corporations and wealthy individuals who use private jets as part of a broader goal to make big corporations and the wealthy pay “their fair...more
Effective May 28, 2024, following recent changes to US Securities and Exchange Commission and NASDAQ Stock Market rules, most standard broker-dealer securities transactions will have to be settled within one business day...more
As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more
Some taxpayers are receiving automatically generated IRS notices of underpayments and penalties with respect to Form W-2 income tax and FICA withholdings, unemployment taxes, and backup withholding, as well as other year-end...more
Many employers are likely to find the rules for repayment of employer-share social security tax deferrals under the Coronavirus, Aid, Relief and Economic Security (CARES) Act to be confusing. Employers may also be surprised...more
The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as...more
For the 2020 tax year, the Internal Revenue Service (IRS) moved reporting of certain nonemployee compensation, including current and deferred compensation paid to independent contractors and corporate directors, from Form...more
The Consolidated Appropriations Act, 2021, which became law on December 27, 2020, contains two provisions that extend and expand the employee retention credit for employers. ...more
The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing...more
9/18/2020
/ Coronavirus/COVID-19 ,
Infectious Diseases ,
IRS ,
Payroll Taxes ,
Presidential Memorandum ,
Relief Measures ,
Social Security Taxes ,
Tax Deferral ,
Tax Relief ,
Trump Administration ,
U.S. Treasury
US President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the Act) on June 5, modifying certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). ...more
With broad bipartisan support, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or Act), signed into law by the president on March 27, provides a $2 trillion economic stimulus and contains numerous and...more
4/7/2020
/ CARES Act ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Payroll Taxes ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Relief
The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. ...more
3/2/2020
/ 1099s ,
Child Tax Credit ,
Compensation & Benefits ,
Earned Income Credit ,
Income Taxes ,
Independent Contractors ,
IRS ,
Non-Employees ,
Protecting Americans from Tax Hikes (PATH) Act ,
Reporting Requirements ,
Tax Fraud ,
Tax Liability ,
Tax Planning
Tax laws have long required that qualified retirement plans timely adopt written plan documents and amendments. But what evidence must a plan sponsor provide to an IRS auditor to prove that they have timely adopted a written...more
1/30/2020
/ Contract Amendments ,
Corporate Counsel ,
Corrective Actions ,
Determination Letter ,
Disqualification ,
Employee Benefits ,
EPCRS ,
ESOP ,
Extraordinary Circumstances Exception ,
Failure to Produce ,
IRS ,
Plan Documents ,
Policies and Procedures ,
Qualified Retirement Plans ,
Retirement ,
Retirement Plan ,
Risk Management ,
Signatures ,
Tax Court ,
Tax Qualified Plans
In final regulations set to take effect for 2020 Forms W-2, the IRS gives employers the option of using truncated Social Security numbers (SSNs) on employee Forms W-2 issued after December 31, 2020. The new rules are an...more
The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more
Recent US tax reform legislation P.L. 115-97, commonly known as the Tax Cuts and Jobs Act, made sweeping changes to when and how a taxpayer will be able to deduct payments made to settle claims of particular acts of...more
Little-noticed changes in the 2015 PATH Act accelerated form filing deadlines and waived retroactive corrections for small-dollar errors, effective 2017.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was...more
The U.S. Supreme Court clarifies what is necessary to challenge a summons issued by the IRS for an improper purpose.
On June 19, in United States v. Clarke, the U.S. Supreme Court held that a taxpayer is entitled to...more