News & Analysis as of September 19, 2024

Income Taxes › SECURE Act

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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 -

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

Weekly IRS Roundup April 29 – May 3, 2024

McDermott Will & Emery on 5/8/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29, 2024 – May 3, 2024. ...more

Weekly IRS Roundup January 22 – January 26, 2024

McDermott Will & Emery on 1/31/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 22, 2024 – January 26, 2024....more

IRS Extends Compliance Date for Roth Catch-up Contributions Until Jan. 1, 2026

Quarles & Brady LLP on 8/30/2023

Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) requires that catch-up contributions for individuals whose wages exceed $145,000 are subject to mandatory Roth tax treatment effective as of January 1, 2024. Due to the...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

Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation

McDermott Will & Emery on 6/27/2023

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires participants who earned more than $145,000 in FICA...more

Weekly IRS Roundup April 10 – April 14, 2023

McDermott Will & Emery on 4/17/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 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

Reminder: No Need to Adopt Retirement Plans, ESOPs included, by End of 2021 for Tax Deduction Purposes

Morgan Lewis - ML Benefits on 11/16/2021

Before 2020, the IRS had long taken the position that an employee stock ownership plan (ESOP), and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer...more

IRS FAQs: A Potential Shield for Taxpayers—Not a Sword for the Service

Morgan Lewis on 10/21/2021

The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as...more

Wealth Management Update - June 2021

Proskauer Rose LLP on 6/8/2021

June 2021 Interest Rates for Sales to Defective Grantor Trusts, Intra-Family Loans, Split-Interest Charitable Trusts and GRATs - The June applicable federal rate ("AFR") for use with a sale to a defective grantor trust,...more

KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!

Gerald Nowotny - Law Office of Gerald R.... on 1/12/2021

Tax Planning for 2020 in 2021, yes you can! Cares Act gives the ability to install a qualified retirement plan. Eliminate 2020 taxation associated with investment income. #taxes #qualifiedretirementplan #financialadvisors...more

KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!

Gerald Nowotny - Law Office of Gerald R.... on 1/9/2021

Nowotny On Death and Taxes podcast episode 32 Knock Yourself Out - Resuscitating Taxpayer's With Buyer's Remorse; learn how to do tax planning for 2020 in 2021; it's not too late! Eliminate all of your taxation associated...more

End-of-Year Tax Planning for High Net Worth Individuals

Foley & Lardner LLP on 12/23/2020

We are nearing the end of calendar year 2020 (thankfully!) and it is time to consider end-of-year tax planning. Due to the outcome of the election, there is significantly more certainty about the possibility of tax law...more

Weekly IRS Roundup December 7 – December 11, 2020

McDermott Will & Emery on 12/15/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 7 – December 11, 2020... December 7, 2020: The IRS released TD 9937 related to...more

Does a Qualified Charitable Distribution Make Sense This Year?

Adler Pollock & Sheehan P.C. on 12/7/2020

A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more

Planning Alert – Increased Charitable Donation Deductions Under the CARES Act

Obermayer Rebmann Maxwell & Hippel LLP on 8/19/2020

Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the limit on charitable deductions on your income tax return has been drastically increased. For individuals who itemize their deductions, you can...more

Important Retirement Account Changes Under the SECURE Act

Obermayer Rebmann Maxwell & Hippel LLP on 6/5/2020

In a spending bill passed in December 2019, Congress enacted the SECURE Act, changing several laws governing retirement plans, some of which increase your ability to save for retirement while others require an immediate...more

Estate Planning with Retirement Accounts Under the New SECURE Act

Poyner Spruill LLP on 1/21/2020

The SECURE Act has significantly altered the estate planning landscape for qualified retirement accounts, including, but not limited to, Individual Retirement Accounts (“IRAs”), 401(k)s, 403(b)s, 457(b)s, and Roth IRAs...more

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Income Taxes › SECURE Act

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