News & Analysis as of

Internal Revenue Code (IRC) Good Faith

Jackson Lewis P.C.

IRS Interim Guidance Under Secure 2.0 On “Inadvertent Benefit Overpayments”

Jackson Lewis P.C. on

Among the provisions of SECURE 2.0 (effective December 29, 2022) welcomed by plan sponsors were the additions to the Internal Revenue Code that allow qualified plans to refrain from trying to recoup an “inadvertent benefit...more

Verrill

Elimination of Good Faith Relief for ACA Reporting

Verrill on

On November 22, 2021, the Internal Revenue Service (IRS) published proposed regulations that codify, among other things, an automatic extension of the deadline for furnishing IRS Forms 1095-C to employees. IRS Forms 1095-C...more

Gray Reed

Recent Tax Court Case Outlines Factors Taxpayers can use to Avoid Negligence Penalties

Gray Reed on

The IRS is vigorously litigating cases involving conservation easements they believe are abusive.  One such case was Plateau Holdings, LLC v. Comm’r, T.C. Memo 2020-93 (Plateau I). In that case the Tax Court denied the entire...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

McDermott Will & Emery

Timely Actions – Highly Compensated Excise Tax Deadline Imminent

McDermott Will & Emery on

As an update on an important matter that we raised during McDermott’s May 8 Tax Symposium, it is critical to promptly assess whether to report any excise taxes imposed under Section 4960 as the deadline for filing Form 4720...more

McDermott Will & Emery

Extension for Good-Faith Reporting and 2016 Forms 1095-C and 1094-C

McDermott Will & Emery on

On November 18, 2016, the Internal Revenue Service issued Notice 2016-70, extending both the due date for furnishing individuals with Forms 1095-C and 1095-B, in addition to certain good-faith transition relief to the 2016...more

Cooley LLP

Blog: Court Gives Energy Transfer the Right to Walk Based on its Counsel’s Inability to Deliver the Required Tax Opinion

Cooley LLP on

In a rare decision involving unusual facts, the Delaware Court of Chancery held that a buyer (Energy Transfer Equity, L.P.) had the right to terminate a signed merger agreement with its target (The Williams Companies, Inc.)...more

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