News & Analysis as of September 24, 2024

Income Taxes › Loans

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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 -

UK Tax Round Up - April 2024

Proskauer Rose LLP on 5/9/2024

Welcome to April’s edition of our UK Tax Round Up. This month has seen a number of interesting decisions covering the application of the transfer pricing rules and the unallowable purpose test to an intragroup financing...more

Weekly IRS Roundup March 25 – March 29, 2024

McDermott Will & Emery on 4/3/2024

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

UK Tax Round Up - March 2023

Proskauer Rose LLP on 3/20/2023

Welcome to February’s edition of our UK Tax Round Up. The month has seen interesting cases on the “entitlement” to income and the single and multiple supply tests for VAT as well as announcement of the publication date for...more

Generating Tax Losses as a Hobby

Rivkin Radler LLP on 1/13/2023

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

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

Rivkin Radler LLP on 4/26/2021

“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

2020 End of Year Tax Planning for Individuals

Bowditch & Dewey on 10/29/2020

As the 2020 year draws to a close, families should review with their tax advisers the CARES Act tax-related provisions in their tax and financial planning. Tax provisions that apply to individuals include the following: ...more

THE WONDER YEARS WEBINAR

Gerald Nowotny - Law Office of Gerald R.... on 10/7/2020

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

HEAVEN CAN WAIT

Gerald Nowotny - Law Office of Gerald R.... on 10/5/2020

Nowotny On Death and Taxes podcast episode #24, discusses using the Loan Method of Split Dollar in the After-Life!...more

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

Bowditch & Dewey on 9/25/2020

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

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

Foley & Lardner LLP on 6/30/2020

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

Business Resources and Recovery (UPDATED)

Farrell Fritz, P.C. on 4/14/2020

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

Recapitalizing Debt To Defer Payment Of The Estate Tax – Good Idea?

Farrell Fritz, P.C. on 3/17/2020

Estate Planning 101- A basic precept of effective estate planning is for a member of an older generation to transfer[i] property to a family member of a younger generation – for example, stock in a closely held corporation...more

Old loans can come back to bite you in an audit

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on 10/7/2019

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

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

Verrill on 5/7/2019

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

New Tax Rates Applicable to Bond and Sukuk Income, Tier II loans and securitizations

White & Case LLP on 4/5/2019

Withholding tax rates on income derived from Eurobonds and lease certificates issued outside of Turkey, on interest payments of Tier II loans and securitization financings; as well as BITT applicable to securitizations backed...more

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

Holland & Knight LLP on 2/22/2018

• 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