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Income Taxes › Internal Revenue Service › Loans

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 -
McDermott Will & Emery

Weekly IRS Roundup March 25 – March 29, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 25, 2024 – March 29, 2024....more

Rivkin Radler LLP

Generating Tax Losses as a Hobby

Rivkin Radler LLP on

Every now and then, some well-meaning colleague will ask how I spend my free time. I usually pause before responding – to gather my thoughts – which prompts them to restate their question with what they believe is greater...more

Rivkin Radler LLP

Biden’s Proposed Income Tax Increases And The Sale Of The Baby Boomer Business

Rivkin Radler LLP on

“Yeah, I’m the Tax Man” Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more

Gerald Nowotny - Law Office of Gerald R....

THE WONDER YEARS WEBINAR

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Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

Bowditch & Dewey

Can I Withdraw Funds From My Retirement Account During COVID-19?

Bowditch & Dewey on

The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more

Foley & Lardner LLP

IRS Provides Additional Guidance for CARES Act Retirement Plan Loans and Distributions

Foley & Lardner LLP on

On June 19, 2020, the IRS issued Notice 2020-50 (the “Notice”), which provides additional guidance regarding coronavirus distributions and loans from qualified retirement plans under the Coronavirus Aid, Relief, and Economic...more

Farrell Fritz, P.C.

Business Resources and Recovery (UPDATED)

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Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Old loans can come back to bite you in an audit

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

There is nothing wrong with offering loans with your 401(k) plan. What will be wrong is if the program isn’t administered properly and you don’t have the backup to prove you administered it correctly....more

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

Bradley Arant Boult Cummings LLP

Intra-Family Loans: An Estate Planning Strategy in a Low-Interest Rate Environment

Bradley Arant Boult Cummings LLP on

In the current economic environment, IRS-prescribed monthly interest rates for certain intra-family transactions are at historic lows. As a result, an excellent opportunity exists to transfer wealth to lower generation family...more

Coblentz Patch Duffy & Bass

Thinking of Crowdfunding Your Project? Beware – the Taxman Cometh

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The IRS Office of Chief Counsel recently released Information Letter 2016-0036 in response to questions regarding the taxation of crowdfunding revenue. In it the IRS concluded that crowdfunding revenue is taxable to the...more

Morgan Lewis

IRS Delays Effective Date for New Regulations on Embedded Loans in Swaps

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The Treasury and the IRS have delayed implementation of the recently announced rule change that treats certain types of upfront payments on swaps as loans for federal income tax purposes (including for purposes of the...more

Bilzin Sumberg

No Good Deed Goes Untaxed – The IRS May Recharacterize Loans As Gifts

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Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses. One need look no further than the growth of Miami’s skyline through debt-financed...more

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