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Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

2018 Qualified Plan Cost of Living Increases, 2018 Social Security Taxable Wage Base

by Ruder Ware on

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. A few of the limits shown below remain unchanged from last year, but others have increased....more

The Revival of North Carolina General Assembly Special Sessions and Why They Matter

by Ward and Smith, P.A. on

Brief History of Special Sessions - In odd numbered years, after the North Carolina General Assembly adjourns its Long Session, the body typically abstains from lawmaking through the commencement of the Short Session the...more

Reminder that Nonqualified Deferred Compensation Deferral Elections for 2018 Must be Made on or Before December 31, 2017

by Snell & Wilmer on

As we approach the end of 2017, we want to remind employers and employees to take action before year end if they desire to defer compensation that will be earned during 2018...more

Boston Municipal Research Bureau 'Update' Has Me Thinking Thoughts of PILOTS

by PretiFlaherty on

I always thought that hospitals and universities owned most of the tax-exempt land in the City of Boston. Boy was I mistaken. The total area of Boston consists of 47.84 square miles. Of that total, 49 percent, or 23.44...more

What you should know about estate and gift tax 2018 inflation adjustments

by Thompson Coburn LLP on

The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift...more

Step by step Employee Benefits in the Supreme Court

In conjunction with the start of the Supreme Court’s new term, Eversheds Sutherland took a look back at the Court’s work in employee benefit cases since the enactment of ERISA. We found an astonishing 128 decisions, spanning...more

European Union adopts new Directive to better resolve double taxation disputes

by DLA Piper on

The Council of the European Union adopted the Tax Dispute Resolution Mechanism Directive on 10 October 2017. Whereas currently the scope for mandatory arbitration in dispute resolution is limited to transfer pricing...more

What REITs Need to Know About the New Partnership Audit Rules

by Goodwin on

The Bipartisan Budget Act of 2015 fundamentally changes the rules and procedures governing IRS audits of partnerships for taxable years beginning on or after January 1, 2018. These new rules are contained in new Sections...more

2018 Cost-of-Living Adjustments on IRS Benefit and Contribution Limits

On October 19, 2017, the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2018. The increase in the cost-of-living index met the statutory thresholds that...more

Possession May Be Nine-Tenths of the Law - but Watch out for the Other One-Tenth

by Charles (Chuck) Rubin on

Prudential Insurance Company of America issued a life insurance policy on the life of Russell. Russell’s wife, Sherry, was the beneficiary. The policy contained $332,000 of term life coverage and $332,000 of accidental death...more

US Persons and Financial Institutions: Beware when engaging financially with Venezuela

by Foodman CPAs & Advisors on

On 8/25/17, President Donald Trump signed an Executive Order (EO) restricting and prohibiting certain transactions between US Persons and Venezuela. The transactions that are prohibited by US Persons apply wherever a US...more

IRS Announces 2018 Estate and Gift Tax Numbers

As it does every year at this time, the Internal Revenue Service has announced updated numbers for 2018 relating to estate and gift taxes (as well as numbers on income tax and retirement plan rules). For 2018 the annual gift...more

Determining The Appropriate Fee For Services Rendered To A Related Company

by Farrell Fritz, P.C. on

This week, we return to two recurring themes of this blog: (I) related party transactions – specifically, transactions between a taxpayer and a corporation controlled by the taxpayer; and (II) what happens when a taxpayer...more

Don't Get Overtaxed: Successful Tax Assessment Challenge Shows Benefits of Apartment Owner Due Diligence

by Faegre Baker Daniels on

By statute, a variety of property types are assessed based on specific approaches to value – in some cases, at the lowest value indicated by a number of valuation approaches. Apartments are one such property type and, as...more

IRS Announces 2018 Retirement Plan Numbers

The Internal Revenue Service has just announced the limits on retirement plan contributions and benefits for 2018. The limit on 401(k) contributions will be $18,500, an increase from $18,000 per year. The catch-up...more

2018 Cost Of Living Adjustments For Retirement Plans

by Jackson Lewis P.C. on

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2018 (see IRS Notice 2017-64). Most...more

2018 Cost-of-Living Adjustments for Retirement and Other Benefit Plans

by Faegre Baker Daniels on

The IRS recently announced the 2018 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans....more

What To Avoid In Hiring Plan Providers As 401(k) Fiduciaries

by Ary Rosenbaum on

A plan sponsor has so many things to do in running a business that they often forget that as a 401(k) plan sponsor, they are also a plan fiduciary. Being a plan fiduciary requires the highest duty of care in equity and law....more

Tax Plan in Coalition Agreement Cabinet Rutte III (Dutch)

by Dentons on

Tax aspects of the 2017-2021 Government Agreement for Business - On October 10, the Cabinet Rutte III presented its government agreement for the next 4 years. Hereafter we discuss the most eye-catching fiscal aspects of...more

Is a Series LLC Right for Your Business?

by Mintz Levin on

The Series limited liability company (the “Series LLC”) is more nuanced than an ordinary limited liability company, and for the right user, it provides flexibility that will streamline administration better than other...more

Global In-House Centers in India, v2.0

GICs in India are evolving from cost-saving platforms into Innovation Centers for emerging digital technologies that can provide a competitive advantage. Recent years have seen a resurgence of interest in GICs in India...more

IRS Publishes Pension Plan Limitations for 2018

by Littler on

On October 19, 2017, the Internal Revenue Service (“IRS”) announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year. The list below details...more

Tax planning for private corporations and their shareholders - converting income into capital gains

by Dentons on

On October 19, 2017, the Department of Finance Canada issued a news release advising that it will not move ahead with proposed measures intended to target the conversion of income into capital gains. The announcement is the...more

Unified Credit for Estates & Annual Exclusions for Gifts Increased for 2018

by Tucker Arensberg, P.C. on

The IRS announced that the Unified Credit for Estates and Annual Exclusion for Gifts will be higher in 2018. Unified Credit Against Estate Tax. For an estate of any decedent dying in calendar year 2018, the basic...more

Benefit and Contribution Limits for 2018

by Williams Mullen on

The Commissioner of Internal Revenue announced the 2018 dollar limitations for benefits and contributions that apply to retirement plans. Some limits have increased while others remained the same....more

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