JONES DAY TALKS®: Hard Forks and Airdrops: The IRS Issues Cryptocurrency Tax Guidance
Throughout 2025 and into early 2026, Treasury took a markedly narrower approach to corporate and partnership tax regulation following the issuance of Executive Orders 14192 and 14219, which directed federal agencies to...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for February 17, 2026 – February 27, 2026....more
The IRS issued Revenue Procedure 2026-13, providing discount factors for insurance companies to compute Section 846 discounted unpaid losses and recoverable Section 832 discounted estimated salvage for the 2025 accident year....more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for January 13, 2026 – January 20, 2026....more
In late December 2025, the Tennessee Department of Revenue (the Department) posted Revenue Ruling #25-10, which concluded that the Tennessee business tax does not apply to Bitcoin teller machines, citing Business Tax...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for December 12, 2025 – January 12, 2026....more
The Massachusetts Department of Family and Medical Leave (DFML) recently issued a memo concerning how the implementation of an IRS Revenue Ruling (Ruling) on the taxation and tax reporting of benefits received under state...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for November 7, 2025 – November 24, 2025. The IRS released Internal Revenue Bulletin No. 2025-46, which includes proposed...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 – October 23, 2025. October 7, 2025: The IRS issued Notice 2025-55, providing guidance on relief from...more
This week, a federal district court issued an important ruling in a case that could significantly alter limits on the political campaign activities of 501(c)(4) organizations and how those activities are defined....more
Retirement plan administrators regularly face the problem of uncashed distribution checks, which can arise, for example, when required minimum distributions (RMDs) begin, when small accounts are cashed out, or when...more
In its ongoing crusade against so-called “basis-shifting” transactions, the Internal Revenue Service has created widespread uncertainty regarding the tax treatment of routine transactions. For example, last year, the IRS...more
The IRS just dropped Revenue Ruling 2025-15, and while it’s not revolutionary, it’s a reminder that when it comes to uncashed distribution checks, constructive receipt still rules the day....more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for July 12, 2025 – July 29, 2025. July 15, 2025: The IRS issued Revenue Ruling 2025-14, providing prescribed rates for...more
In a release that was fairly unsurprising in content, the Internal Revenue Service issued Revenue Ruling 2025-15 to address a payor’s tax withholding and reporting obligations with respect to stale and reissued retirement...more
A terminated employee moves and doesn’t tell you and the check for the small benefit forced out of your retirement plan gets returned. A participant requests a distribution and the check gets delivered, but it is never...more
When an employer (or the proper withholding agent, like a plan administrator) issues a retirement benefit, there is generally an obligation to withhold income tax on the payment and to report the payment on Form 1099-R....more
Revenue Ruling 2025‑15 (available here) provides guidance on withholding and reporting obligations when a plan participant or beneficiary fails to cash a distribution check and a replacement check is issued. As discussed...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for May 15, 2025 – June 2, 2025....more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for May 2, 2025 – May 13, 2025. IRS GUIDANCE - May 2, 2025: The IRS issued Revenue Procedure 2025-20, providing...more
Earlier this year, the Internal Revenue Service issued long awaited guidance on the taxation of paid family medical leave. The revenue ruling is effective for payments received on or after January 1, 2025....more
On April 17, 2025, the U.S. Internal Revenue Service (the “IRS”) issued Notice 2025-23 (the “Notice”), announcing its intention to withdraw the recently released final regulations final regulationsthat classify certain...more
The South Carolina Department of Revenue (SCDOR) has had an active start to the year, issuing new administrative guidance that impacts a variety of businesses operating in the state. Each year, the department issues advisory...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for March 15, 2025 – March 28, 2025. IRS GUIDANCE - March 17, 2025: The IRS issued Revenue Ruling 2025-8, providing...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for November 25, 2024 – December 13, 2024....more