News & Analysis as of

Income Taxes Internal Revenue Service

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... more +
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 -

Practical Insights on Tax Reform: Impact on Individuals

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits

by Ropes & Gray LLP on

In this Ropes & Gray podcast, tax counsel Morey Ward is joined by tax partner Kendi Ozmon and tax counsel Gil Ghatan to discuss one of the key provisions for tax-exempt organizations from the Tax Cuts and Jobs Act (TCJA) –...more

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

IRS Computer Problems Give Taxpayers Extra Day to File 2017 Tax Returns and to Pay Taxes

by McNair Law Firm, P.A. on

The IRS announced on April 17, 2018 that, due to IRS computer problems, all taxpayers are being given an extra day to file their 2017 tax returns and to pay any taxes owed (see IR-2018-100, April 17, 2018). The IRS apparently...more

IRS Extends Tax Filing Deadline One Day Due To “Systems Issues”

by Fox Rothschild LLP on

The Internal Revenue Service announced today that it is providing taxpayers an additional day to file their tax returns following a computer problem that arose early in the morning on April 17, the tax filing deadline....more

Bracewell Tax Report: April 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Tax Reform Could Increase Employer Relocation Costs

by Steptoe & Johnson PLLC on

The costs associated with employee relocation reimbursements may increase as a result of the Tax Cuts and Jobs Act (“Act”). This change affects both for-profit and nonprofit employers...more

IRS Provides Some Relief for Post-Divorce Grantor Trust Rule Issues

by Charles (Chuck) Rubin on

During happy days, one spouse (call him or her the “Donor Spouse”) sets up an irrevocable trust for the benefit of the other spouse (call him or her the “Donee Spouse”)....more

On The Eve Of Tax Day, A Recap Of The IRS “Dirty Dozen” For 2018

by Fox Rothschild LLP on

Tomorrow is the annual deadline for the filing of individual income tax returns for calendar year 2017. The Internal Revenue Service expects to receive approximately 32 million returns in the final days leading up to April...more

With Tax Day Looming, Don’t Overlook Reporting Of Cryptocurrency Transactions

by Fox Rothschild LLP on

With the April 17 deadline for filing individual tax returns just around the corner, individuals who engaged in cryptocurrency transactions during 2017 must take care to properly report them on their tax returns. As we have...more

The 2018 IRS Dirty Dozen,Part IV: Tax Return Preparer Fraud

by Moskowitz LLP on

Tax return preparer fraud gets its own place on the IRS Dirty Dozen nearly every year, but as noted in our previous blogs in this series, it is a key component of many of the tax scams on each year’s list....more

IRS Withdraws D.C. Circuit Appeal of Tax Whistleblower Victory on Scope of Recoverable Awards – But Have Whistleblowers Won the...

The IRS recently withdrew its appeal of a 2016 Tax Court ruling, Whistleblower 21276-13W v. Commissioner, 147 T.C. 4 (2016), which held that a husband-and-wife team of tax whistleblowers were entitled to recover a share of...more

Internal Revenue Service Reminds Taxpayers To Report Offshore Bank Accounts On FBAR Form

by Fox Rothschild LLP on

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts...more

The New York State Budget: New Tax Code and Record Funding for Education

by Harris Beach PLLC on

The recent passage of the state’s budget, which took effect on April 1, 2018, aims to provide relief to the middle class to combat the change in federal tax law. New York is making a concerted effort to protect...more

The 2018 IRS Dirty Dozen,Part III: Abusive Tax Shelters, Offshore Tax Schemes, and Frivolous Tax Arguments

by Moskowitz LLP on

In this post we continue our coverage of tax evasion schemes with three that make it to the IRS Dirty Dozen list every year: Abusive tax shelters, offshore tax schemes, and frivolous tax arguments....more

What’s in Your Health Savings Account?

by Thompson Coburn LLP on

According to an Employee Benefits Research Institute (EBRI) issue brief, approximately 20 million individuals maintained health savings accounts (HSAs) in 2016. Of the 5.5 million HSA accounts represented in EBRI’s HSA...more

IRS releases Notice 2018-26 - retroactively disregarding certain accounting method changes and entity classification elections

The Treasury Department and the Internal Revenue Service (IRS) issued Notice 2018-26, which provides guidance under section 965 of the Internal Revenue Code regarding the “transition tax.” Section 965 imposes a transition tax...more

IRS Notice 2018-26: Important New Guidance on the Mandatory Repatriation Tax

by Fenwick & West LLP on

This document discusses Notice 2018-26, the third IRS Notice providing guidance on the new mandatory repatriation tax under § 965. Most importantly, the Notice sets forth extensive anti-avoidance rules in respect of...more

Is It Debt Or Equity? Is It A Dividend Or Compensation? It Must Be A Closely Held Business

by Farrell Fritz, P.C. on

I had a call a couple of weeks ago from the owner of a business. His brother, who owned half of the business, owed some money to someone in connection with a venture that was unrelated to the business. The brother didn’t have...more

IRS Guidance Issued on New Interest Stripping Rules

by Charles (Chuck) Rubin on

The Tax Cuts and Jobs Act substantially modified the interest stripping rules of Code §163(j). In a recent IRS notice, the IRS provided guidance on some of the provisions of the revised limitation and what new regulations...more

RMDs: Another Concern for 403(b) Plans

by McNair Law Firm, P.A. on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

The 2018 IRS Dirty Dozen,Part II: Padding Deductions, Claiming Undeserved Business Credits, Falsifying Income, Inflating Refunds

by Moskowitz LLP on

In our last post, we covered four schemes aimed at taking advantage of well-meaning taxpayers. The next four items on the IRS Dirty Dozen for this year involve illegal actions taken by taxpayers to either reduce their taxable...more

IRS Issues Guidance on the Business Interest Expense Limitation

by Clark Hill PLC on

On April 2, the Treasury and the IRS issued Notice 2018-28 which provides guidance concerning the business interest expense limitation enacted as part of tax reform. The guidance includes the application of the rules to...more

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

Bonus Depreciation: What You Need to Know for Your Business

by Bowditch & Dewey on

Since 2002, bonus depreciation under the Job Creation and Worker Assistance Act has been allowed in some form. Bonus depreciation allows for more current expensing for eligible property than allowed under the current...more

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