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Venable LLP

2025 Dollar Limits on Compensation and Benefits

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The Internal Revenue Service (IRS) has announced 2025 dollar limits on benefits, contributions, and compensation. The Internal Revenue Code (Code) affords tax benefits for employers that sponsor qualified plans and for...more

Groom Law Group, Chartered

The IRS Issues Two Notices Regarding Preventive Care and Medical Care

On October 17, 2024, the IRS issued two Notices: one regarding preventive care services that an HSA-compatible high deductible health plan (“HDHP”) can cover on a pre-deductible basis and another allowing the cost of condoms...more

Kilpatrick

5 Key Takeaways - State Tax Litigation

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Kilpatrick partner Jordan Goodman recently participated in a presentation on state tax litigation at the 31st Annual Paul J. Hartman State and Local Tax Forum in Nashville, Tennessee....more

Vinson & Elkins LLP

CAMT and Partnerships: A Taxing Relationship Explained

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On September 12, 2024, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service issued long-awaited proposed regulations (89 FR 75062) (the “Proposed Regulations”) on the application of the corporate...more

Stikeman Elliott LLP

GST/HST Input Tax Credits for Dentists: Canada Revenue Agency Revokes Administrative Arrangement

Stikeman Elliott LLP on

New GST/HST Notice 339, published on October 25, 2024, provides that as of the first day of the fiscal year that begins on or after January 1, 2025, dentists will no longer be able to claim GST/HST input tax credits (“ITCs”)...more

Baker Botts L.L.P.

The Corporate Transparency Act: January 1, 2025 Deadline Approaching Fast

Baker Botts L.L.P. on

The Corporate Transparency Act (the “CTA”) took effect in the United States on January 1, 2024, resulting in significant new beneficial ownership reporting requirements. These requirements have a sweeping effect, as many...more

Walkers

Jersey-registered Limited Liability Companies LLCs in financing transactions

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Limited Liability Companies ("LLCs") offer flexibility and familiarity to investment fund, corporate and finance industry participants, particularly those in the US market. US federal tax 'check-the-box' treatment is...more

K&L Gates LLP

Corporate Transparency Act Requires Action by Year End: Your Estate Plan Could Be Impacted

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If you manage or own an interest in a limited liability company (LLC) or another type of entity that does not already have a public filing requirement (a Reporting Company), you may be subject to a reporting requirement under...more

K&L Gates LLP

Update: Economic Substance Regulations Filings Cancelled

K&L Gates LLP on

Changes to the Economic Substance Regulations - The UAE Ministry of Finance (MOF) announced on 14 October 2024 the cancellation of the requirement for Licensees conducting one or more Relevant Activities and generating...more

Kilpatrick

2025 Retirement Plan Limits

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The IRS has announced inflation-adjusted limits for retirement plans in Notice 2024-80. The 2025 retirement plan limits are summarized here....more

Wilson Sonsini Goodrich & Rosati

Treasury and IRS Release Final Regulations on Section 45X Advanced Manufacturing Credit

On October 24, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) regarding the advanced manufacturing production credit under Section...more

Locke Lord LLP

IRS Announces 2025 Retirement Plan Limits: Modest Increases

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The Internal Revenue Service announced the 2025 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more

Allen Matkins

Will This Effluence Ever End? One More Public Company Proposes To Leave Delaware For Nevada

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Gaxos.ai Inc. lists its corporate headquarters as Roseland, New Jersey, but like many companies it is incorporated in Delaware.  Last week, it joined several other companies that are proposing to reincorporate in Nevada.  In...more

Williams Mullen

Benefit and Contribution Limits for 2025

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The Commissioner of Internal Revenue announced the 2025 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more

Bricker Graydon LLP

Retirement Plan Limit and Catch-up Contribution Modifications for 2025

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The IRS released its annual update for the cost-of-living adjustments for 2025. Similar to the adjustments made last year, there are widespread increases for 2025....more

McDermott Will & Emery

Weekly IRS Roundup October 28 – November 1, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 28, 2024 – November 1, 2024....more

Mayer Brown

Autumn Budget 2024 – pensions-related announcements

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The Autumn Budget contained the following key announcements affecting occupational pension schemes...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, November/December 2024

Loan or gift? Handle intrafamily transfers with care - If you’re like most people, an important goal of estate planning is to provide financial assistance to your children or other loved ones, ideally at the lowest...more

Carey Olsen

Cayman Islands private client structures and beneficial ownership - changes of note

Carey Olsen on

On 31 July 2024, the Cayman Islands Beneficial Ownership Transparency Act, 2023 (“BO Act”) and the accompanying Beneficial Ownership Transparency Regulations, 2024 (“BO Regulations”) were brought into force. At the same time,...more

Verrill

Retirement Plan Overpayment Corrections Continue to Evolve

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For over twenty years, the IRS has provided guidance on correcting overpayments from retirement plans through its correction program, the Employee Plans Compliance Resolution System, currently set forth in Revenue Procedure...more

A&O Shearman

Autumn 2024: A substantial Labour Budget

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Chancellor of the Exchequer Rachel Reeves delivered Labour’s first Budget since 2010 this week. She made a mark – it was a substantial Budget, effecting tax rises, alongside borrowing and spending commitments, all on a large...more

A&O Shearman

Pensions: what's new this week November 4, 2024

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Autumn Budget 2024: bringing pensions into the scope of IHT - The Chancellor announced in her Budget Speech that from April 6, 2027, unused pension funds and death benefits will be included within a member’s estate for...more

McDermott Will & Emery

Government Announces 2025 Employee Benefit Plan Limits

McDermott Will & Emery on

The Internal Revenue Service (IRS) has announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2025. Most of the dollar limits that are...more

Akin Gump Strauss Hauer & Feld LLP

Labouring Over the Loophole: The Labour Government’s Proposed Reform of Carried Interest Taxation

The Chancellor’s announcement on Wednesday that the UK’s capital gains tax (CGT) rate for carried interest would be increased by only a few percentage points from 28% to 32%, effective April 2025, was welcome news to many....more

Ruder Ware

2025 Qualified Plan Cost of Living Increases, 2025 Social Security Taxable Wage Base

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On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year....more

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