Income Taxes, Employment Tax

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Dorsey & Whitney LLP on 2/14/2024

For an employee who is a U.S. taxpayer, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the employee’s compensation. ...more

Limited Partners May Be Subject to Self-Employment Tax

Cooley LLP on 12/28/2023

On November 28, 2023, in Soroban Capital Partners LP v. Commissioner, the US Tax Court denied the taxpayer’s motion for summary judgment, holding that whether a limited partner in a state law limited partnership qualifies for...more

Tax Court Holds That Active Limited Partners of State Law Limited Partnerships May Subject to Self-Employment Tax

Proskauer - Tax Talks on 12/8/2023

Section 1402(a)(13) of the Internal Revenue Code provides that the distributive share of “limited partners, as such” from a partnership is not subject to self-employment tax.[1] Managers of private equity and hedge funds are...more

Impactful Tax Court Decision May Now Subject “Limited Partners” to New Self-Employment Tax Burden

Obermayer Rebmann Maxwell & Hippel LLP on 12/6/2023

A U.S. Tax Court ruled on November 28, 2023, that limited partners in a partnership may be obligated to remit self-employment tax if they are not actually “limited” with respect to their involvement and relationship to a...more

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

DarrowEverett LLP on 10/19/2023

In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

[Virtual Half-Day Seminar] Real Estate Startup - April 18th, 9:00 am - 12:15 pm CST

Winstead PC on 4/7/2023

On April 18, join Winstead attorneys Trip Dyer, Ben Gehlbach, Daniel Bell-Garcia, Jacob Loehr, Matt Dzura, and Cole Gearhart, along with Whitley Penn Partner Shea Krachek, for our Real Estate Startup half-day virtual seminar....more

US Tax Court Will Weigh In on Self-Employment Tax for Limited Partners

Morgan Lewis on 3/13/2023

Private equity, hedge fund, and other investment fund sponsors should be aware that there continue to be significant developments in the Internal Revenue Service's (IRS’s) audit campaign with respect to the potential...more

Establishing A Business Entity In Lithuania (Updated)

International Lawyers Network on 3/10/2023

1. Types of Business Entities - Investors may choose from the following types of business entities: • Private limited liability company • Public limited liability company • Individual enterprise • Limited...more

UK Mini-Budget - Helpful for Asset Managers

Akin Gump Strauss Hauer & Feld LLP on 9/29/2022

The government’s 2022 Growth Plan, deceptively referred to as the “mini-budget,” has brought in notable changes likely to impact the funds industry. In particular, a number of the changes will help ensure the continued...more

Germany’s Energy Price Allowance Payments for Employees - What Employers Need to Know

Ogletree, Deakins, Nash, Smoak & Stewart,... on 7/1/2022

Under the new German Tax Relief Act 2022, as of September 1, 2022, employees subject to income tax are entitled to a one-time lump-sum energy price allowance in the amount of €300. The allowance is intended to mitigate the...more

Disregarded Entities Under the Check-the-Box Regulations Are Not Disregarded for All Tax Purposes

Foster Garvey PC on 6/17/2022

More than 25 years ago, effective January 1, 1997, Treasury issued what have been called the “Check-the-Box” regulations (the “Regulations”). The Regulations ended decades of battles between taxpayers and the IRS over entity...more

Exempt Payments to Non-Resident Aliens and Federal Withholding

Freeman Law on 6/8/2022

Exempt Payments to Non-Resident Aliens and Federal Withholding - Wages paid to U.S. citizens and residents by a U.S. person are generally subject to federal withholding, subject to certain exceptions. Wages paid to...more

Section 530 and IRS Employment Tax Audits: Worker Classification and Relief

Freeman Law on 5/31/2022

Worker Classification and Section 530 Relief - Employers are required to pay employment taxes to the IRS. Generally, these payments consist of two portions: the employee’s portion of FICA and income taxes and the employer’s...more

Tax Court in Brief | Treece Financial Services Group v. Comm’r/Treece Investment Advisory Corp. v. Comm’r | VCSP and IRS...

Freeman Law on 4/29/2022

Work From Home – SOS! Post-Pandemic Legal Hazards

Akerman LLP - HR Defense on 4/27/2022

The pandemic has revolutionized the workplaces and remote workforces will almost certainly survive the end of the pandemic. A Gallup poll last fall indicated that 61 percent of workers expect to work remotely at least part of...more

Tax Court in Brief | Pediatric Impressions Home Health, Inv. v. Comm’r | Common Law Employees, Section 530 Relief, and Penalties

Freeman Law on 4/19/2022

Income Taxes › Employment Tax

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Limited Partners May Be Subject to Self-Employment Tax

Tax Court Holds That Active Limited Partners of State Law Limited Partnerships May Subject to Self-Employment Tax

Impactful Tax Court Decision May Now Subject “Limited Partners” to New Self-Employment Tax Burden

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

[Virtual Half-Day Seminar] Real Estate Startup - April 18th, 9:00 am - 12:15 pm CST

US Tax Court Will Weigh In on Self-Employment Tax for Limited Partners

Establishing A Business Entity In Lithuania (Updated)

UK Mini-Budget - Helpful for Asset Managers

Germany’s Energy Price Allowance Payments for Employees - What Employers Need to Know

Disregarded Entities Under the Check-the-Box Regulations Are Not Disregarded for All Tax Purposes

Exempt Payments to Non-Resident Aliens and Federal Withholding

Section 530 and IRS Employment Tax Audits: Worker Classification and Relief

Tax Court in Brief | Treece Financial Services Group v. Comm’r/Treece Investment Advisory Corp. v. Comm’r | VCSP and IRS...

Work From Home – SOS! Post-Pandemic Legal Hazards

Tax Court in Brief | Pediatric Impressions Home Health, Inv. v. Comm’r | Common Law Employees, Section 530 Relief, and Penalties

The Tax Court in Brief - September 2021 #3

“Sure, You Can Work Remote”...These Words May Have a Huge Cost...

Are The Feds Getting Ready To Kick Your “S”?

The Death of S Corporations?

Employee-Shareholders, Reasonable Compensation And Employment Taxes

Reporting Cash Tips to the IRS [More with McGlinchey, Ep. 24]

Weekly IRS Roundup March 8 – March 12, 2021

Weekly IRS Roundup February 1 – February 5, 2021

The Federal Tax Law and Lawyers

Income Taxes › Employment Tax

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