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Morris, Manning & Martin, LLP

IRS Issues New Form 15620 for Section 83(b) Elections

Many people make Section 83(b) elections, named for the subsection of the Internal Revenue Code of 1986 that authorizes them. Simply put, a Section 83(b) election allows taxpayers to include in their gross income the fair...more

Eversheds Sutherland (US) LLP

IRS provides additional transition relief for third party settlement organizations reporting on Form 1099-K

On November 26, 2024, the IRS issued Notice 2024-85, providing a revised timeline for the transition to the $600 threshold in section 6050W(e), as amended by the American Rescue Plan Act of 2021, for third-party settlement...more

Bowditch & Dewey

2024 Year-End Charitable Giving and IRA Qualified Charitable Distributions

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As the 2024 tax year comes to a close, owners of individual retirement accounts (IRAs) might consider combining the tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more

Foster Garvey PC

What Is Likely the Last Chapter in the Wild Journey of the Washington State Capital Gains Tax Occurred on November 5, 2024, With...

Foster Garvey PC on

The Wild Journey - I am taking time out from my multi-part series on Subchapter S to report on the Washington capital gains tax. As you know, I have reported in several prior blog posts on the numerous challenges...more

A&O Shearman

Key takeaways from the Joint Ventures and Pillar Two in Practice webinar

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We recently hosted a webinar on Pillar Two and its practical impact on joint ventures (JVs). Our key takeaways are set out below. Introduction to Pillar Two - Pillar Two, also known as the global minimum tax, is an...more

Jones Day

Final Regulations Expand Access to "Direct Pay" Elections for Energy Credits

Jones Day on

The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations allowing tax-exempt entities that are partners in clean energy projects to elect to receive energy tax credits in cash....more

Bracewell LLP

Treasury and IRS Issue Final and Proposed Regulations Expanding Applicable Entities’ Ability to Elect Direct Pay in Connection...

Bracewell LLP on

On November 19, 2024, the Treasury Department and the Internal Revenue Service issued final regulations under Internal Revenue Code (Code) Section 761 (the Final Regulations) enabling certain entities to make a direct pay...more

Stark & Stark

Navigating Gift Treatment in Divorce: Key Considerations

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The end of the year is upon us, and often parents or other individuals make gifts to their children for the maximum amount allowable to avoid federal and state gift taxes. In the absence of marital bliss, how these gifts are...more

Miller Canfield

The Gift and Estate Tax Exclusion: Lock It In or Let it Ride?

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The Gift and Estate Tax Exclusion is currently scheduled to be reduced by approximately 50% in about 13 months. Without action from Congress, on January 1, 2026, the Exclusion will go from almost $14 million to about $7...more

Cozen O'Connor

Pennsylvania Enacts Significant Changes to Tax Appeal Processes

Cozen O'Connor on

Pennsylvania altered its tax appeal process at its two administrative boards — the Board of Appeals (BOA) and the Board of Finance and Revenue (BF&R) — to make changes favorable to taxpayers. Act No. 123, S.B. 1051, Oct. 29,...more

Ballard Spahr LLP

New IRS Form 15620 Standardization Simplifies Section 83(b) Elections

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The Internal Revenue Service (IRS) recently released IRS Form 15620, Section 83(b) Election (Form 15620), an approved form for taxpayers to use to make a Section 83(b) election. A taxpayer is not required to use Form 15620 to...more

Proskauer Rose LLP

UK Tax Round Up - November 2024

Proskauer Rose LLP on

Welcome to the November 2024 edition of our UK Tax Round Up. This month has seen publication of the Finance Bill 2024-25 and interesting cases on the loan relationship unallowable purpose test and the extent that tax applies...more

White and Williams LLP

The 12 Days of Year-End Estate Planning

White and Williams LLP on

As the end of 2024 draws near, it’s a great time to review your finances and prepare for a prosperous new year. Whether you’re cozying up by the fire or decorating with family, a little year-end financial planning can help...more

King & Spalding

November Employment Law Alert: A Hair-Raising Harassment Case, and Other Updates

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November saw several significant developments in employment law through the courts and following the Labour Government’s Autumn Budget, announced on 30 October 2024....more

McDermott Will & Emery

Weekly IRS Roundup November 18 – November 22, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18, 2024 – November 22, 2024. ...more

Buckingham, Doolittle & Burroughs, LLC

Challenges Businesses Face with Ohio State and Local Taxes

From understanding how businesses are taxed to navigating changes in Ohio tax regulations, it’s important to be aware of potential tax hurdles and how to proactively avoid them. This article from Buckingham, Doolittle &...more

A&O Shearman

Contractual conundrum: variation or replacement?

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Have you amended a contract recently? The UK Supreme Court in Cobalt v HMRC has said that whether a contract has been varied, or replaced, depends on the parties’ common intention, objectively ascertained. So if you are...more

A&O Shearman

Pensions: what's new this week December 2, 2024

A&O Shearman on

Welcome to your weekly update from the A&O Shearman pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. DB Funding code: Fast Track submission tests and conditions...more

Hogan Lovells

Summaries of the most significant Luxembourg draft laws in 2024

Hogan Lovells on

The below summary deals with the most relevant Luxembourg corporate and individual tax measures proposed in 2024, which cover, among others, the decrease of the corporate income tax rate, the introduction of a subscription...more

Jackson Lewis P.C.

Potential Shifts in Employee Benefits: A Guide for Employers Under Trump

Jackson Lewis P.C. on

As we prepare for another change in Administration in the White House, it is crucial for employers and plan sponsors to stay informed and prepared. While much of what lies ahead is speculative, understanding these possible...more

Rodemer Kane Attorneys at Law

Tax Fraud: Simple Mistake or Serious Crime?

Taxes. Except for maybe the CPAs and tax professionals, the word alone elicits groans and sighs from even the most cheerful among us. While the necessity of taxes is rarely disputed, navigating the complex world of tax...more

Kilpatrick

New Form Section 83(b) Election Released by IRS

Kilpatrick on

On November 7, 2024, the IRS released Form 15620, which can be used by taxpayers to file Section 83(b) elections in connection with transfers of property that are subject to a substantial risk of forfeiture when transferred...more

Saiber LLC

What Is Estate Administration and How Long Does It Last?

Saiber LLC on

When an individual passes away, their assets must be distributed to their named heirs or beneficiaries. The beneficiaries may be designated as a co-owner or a beneficiary, or the assets will pass to the estate to be...more

Foodman CPAs & Advisors

BOI Reporting Relief for Hurricane Victims

On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief...more

Pillsbury Winthrop Shaw Pittman LLP

Treasury Department and IRS Issue Final Regulations on the Advanced Manufacturing Production Credit Under Section 45X of the...

Under the final regulations, taxpayers are permitted to produce eligible components using recycled materials. Components which are sold and then later become defective will not be considered defective components for...more

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