News & Analysis as of September 24, 2024

Tax Returns

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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 -

Taxpayers That Paid The Net Investment Income Tax Or The Additional Medicare Tax Should Consider Filing Protective Claims For...

McCarter & English, LLP on 7/13/2020

Individuals, estates, and trusts that paid significant amounts of the 3.8% net investment income tax or the 0.9% additional Medicare tax in 2016 or later years should consider filing protective claims for refund of those...more

Treasury Delivers Some More Good News – Notice 2020-20

Foster Garvey PC on 3/30/2020

On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

COVID-19 Tax Update: Tax Return Filing and Tax Payment Relief

Bracewell LLP on 3/24/2020

Last week, in a pair of notices released under President Trump’s March 13, 2020 Emergency Declaration relating to the coronavirus pandemic, the IRS and the Treasury Department offered relief for tax return filing and tax...more

Treasury Delivers Some Good News in a Time When Good News Is Rare

Foster Garvey PC on 3/20/2020

On March 13, 2020, President Trump issued an emergency declaration, which in part instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

E-Filing Now Mandatory for All Exempt Organizations

Holland & Knight LLP on 7/17/2019

• The Taxpayer First Act, which was signed into law by President Donald Trump on July 1, 2019, changed the requirements for tax-exempt organizations to require electronic filing of all returns in the Form 990 series and Form...more

Hurricane Florence: Federal and South Carolina Tax Return Filings and Payments

Burr & Forman on 9/14/2018

Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning...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