News & Analysis as of September 20, 2024

Income Taxes › Individual Retirement Account (IRA)

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

New Option: Rollover From 529 Account to Roth IRA

Seward & Kissel LLP on 8/22/2024

Federal income tax law offers tax advantages to taxpayers that save money in specially designated accounts earmarked for future educational expenses (“529 Accounts”). In addition, federal income tax law also incentivizes...more

Wealth Management Update - June 2024

Proskauer Rose LLP on 6/12/2024

June 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The June Section 7520 rate for use in estate planning techniques such as CRTs, CLTs, QPRTs...more

Year-End Estate Planning for 2023

Seyfarth Shaw LLP on 11/30/2023

A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Year-End Charitable Giving and IRA Qualified Charitable Distributions

Bowditch & Dewey on 11/20/2023

As the 2023 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2023 tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more

Using Your IRA to Make Gifts to Charity

Rivkin Radler LLP on 11/2/2023

If you are at least 70 ½ years old and have a traditional IRA, you can give up to $100,000 from your IRA account directly to charity. This direct transfer, called a Qualified Charitable Distribution (QCD), avoids having to ...more

IRS Announces New Compliance Initiatives to Collect More Corporate Tax Using Inflation Reduction Act Funds

McDermott Will & Emery on 10/24/2023

On October 20, 2023, the Internal Revenue Service (IRS) announced new initiatives “to ensure large corporations pay taxes owed.” These initiatives leverage the substantial additional congressional funding that was given to...more

Malta Pension Funds

Freeman Law on 8/14/2023

Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

A Win-Win Situation: How Charitable Gift Annuities Provide Benefits for Both Donor and Recipient

Chambliss, Bahner & Stophel, P.C. on 7/7/2023

Are you looking for a way to decrease your income tax obligation after retirement while supporting your alma mater or a favorite charity? A charitable gift annuity may be the right answer for you....more

Tax Tips for New College Graduates

Bowditch & Dewey on 6/22/2023

As new college graduates cross the stage to receive their diplomas, many will also be heading to their first full-time jobs. There are some tax tips new graduates can implement early on that will help with savings in the long...more

Weekly IRS Roundup March 27 – March 31, 2023

McDermott Will & Emery on 4/4/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2023 – March 31, 2023...more

2023 Estate Planning Update

Verrill on 1/25/2023

This alert from Verrill’s Private Clients & Fiduciary Services Group highlights the latest changes to the income tax and transfer tax landscape. The alert addresses the SECURE ACT 2.0, federal and state transfer tax updates...more

Weekly IRS Roundup November 14 – November 18, 2022

McDermott Will & Emery on 11/22/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 14, 2022 – November 18, 2022...more

Qualified Charitable Distributions

Partridge Snow & Hahn LLP on 11/17/2022

With Giving Tuesday around the corner, nonprofit organizations should continue to communicate to its donor base the diverse ways to make a charitable gift. An IRA owner who is over the age of 70 ½ may have money...more

Qualified Charitable Distributions: Use QCDs to Transfer IRA Funds to Charity

Adler Pollock & Sheehan P.C. on 11/2/2022

After your retirement, or if you’re retiring soon, you may be more inclined to make donations to charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions....more

Weekly IRS Roundup March 20 – March 26, 2022

McDermott Will & Emery on 3/29/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

Weekly IRS Roundup March 13 – March 19, 2022

McDermott Will & Emery on 3/22/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of...more

Weekly IRS Roundup March 6 – March 12, 2022

McDermott Will & Emery on 3/15/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 – March 12, 2022... March 6, 2022: The IRS issued a news release reminding...more

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Groom Law Group, Chartered on 1/6/2022

Update (January 4, 2022) The updated 2022 Forms W-4P and W-4R have been released...more

Tax Court Addresses Self-Directed IRA

Freeman Law on 12/7/2021

The recent Tax Court opinion in McNulty v. Commissioner, 157 T.C. No. 10 (2021) addressed whether distributions from a purported self-directed IRA were taxable. The Court also took up the question of whether tax penalties...more

What's In and What's Out (For Now)

McDermott Will & Emery on 11/23/2021

After more than two months of negotiations in the US Congress, a slimmed-down version of the “Build Back Better Act” narrowly passed the US House of Representatives on November 19, 2021. All but one House Democrat voted for...more

Update on Pending Withholding Forms W-4P and W-4R

Groom Law Group, Chartered on 11/16/2021

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P...more

Year-End Charitable Giving and IRA Qualified Charitable Distributions

Bowditch & Dewey on 11/10/2021

As the 2021 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2021 tax benefits of charitable giving with a qualified charitable distribution from your IRA. If you are at least...more

Massachusetts Taxpayers Find More Complexity in Differences Between Massachusetts and Federal Tax Law

Bowditch & Dewey on 11/9/2021

It seems every year there are changes to the Internal Revenue Code (IRC). It is a challenge, even for tax pros, to keep up with the ever-changing tax code. Massachusetts taxpayers also have an added challenge in keeping up...more

Representative Neal Proposes IRA Changes

Cadwalader, Wickersham & Taft LLP on 11/2/2021

In mid-September, Chairman of the House Ways and Means Committee Richard Neal (D-Mass.) introduced an amendment to the budget reconciliation legislation that would make a number of changes to IRAs....more

Proposed Federal Tax Changes Take Aim at Wealthy Businesses and Individuals

Gould + Ratner LLP on 10/8/2021

The tax plan released last month by the Democratic-led House Ways and Means Committee would bring about extensive changes in the taxation of businesses and high-income individuals. Proposals Affecting Businesses - Key...more

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Income Taxes › Individual Retirement Account (IRA)

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