IRS Delays New Withholding Requirement for Dispositions of Publicly Traded...
In response to public comments, the IRS today issued Notice 2018-08 that delays indefinitely withholding under new Code section 1446(f) with respect to dispositions of certain publicly traded...
View ArticleIRS Releases Withholding Guidance
Earlier today, the IRS released new percentage method withholding tables for 2018 implementing the changes to major withholding provisions following the enactment of tax reform legislation. In the...
View ArticleBipartisan Mobile Workforce Bill Would Simplify State Tax Compliance
As W.E. Hickson’s proverb goes, “if at first you don’t succeed, try, try, try again.” At the end of February, Senators John Thune (R-S.D.), Sherrod Brown (D-Ohio), and 31 Senate co-sponsors...
View ArticleBill Seeks to Provide Worker Classification Safe Harbor and Update Reporting...
On March 7, 2019, Senator John Thune (R-SD) reintroduced legislation aimed at simplifying worker classification and requiring additional wage reporting under certain circumstances. Senator Thune...
View ArticleProposed Senate Bill Would Expand Health FSA Limits
On February 14, 2019, Senator Roy Blunt (R-Mo.) introduced bill S. 503 “to provide the opportunity for responsible health savings to all American families.” The bill would increase the annual maximum...
View ArticleIRS Proposes Regulations under Section 1446(f) — Which Party is Required to...
This post is the first of three installments providing an overview of recent proposed regulations under section 1446(f) that address withholding on certain sales of partnership interests by foreign...
View ArticleIRS Proposes Regulations under Section 1446(f) — Determining the Withholding...
In our first post on the proposed regulation under section 1446(f), we discussed which party is the withholding agent and outlined the various exceptions to withholding that could apply. Sections...
View ArticleIRS Proposes Regulations under Section 1446(f) — Reporting Requirements and...
In our first post regarding the proposed section 1446(f) regulations, we addressed the rules regarding which party is the withholding agent for purposes of section 1446(f). Sections 864(c)(8) and...
View ArticleIRS Releases Updated Tax Withholding Estimator
Today, the IRS unveiled its new Tax Withholding Estimator to help employees complete the Form W-4 and ensure that withholdings are sufficient to cover their income tax liability. The new calculator...
View ArticleIRS Releases Revised Draft 2020 Form W-4
Reminiscent of Kermit’s lament, “it’s not easy to be green,” it has not been easy to be the Form W-4 since personal exemptions were eliminated by tax reform in 2017. Two days after unveiling its new...
View ArticleSignificant TCJA Guidance Due Before End of Year, Kautter Says
Treasury Assistant Secretary for Tax Policy David Kautter attended the AICPA National Tax Conference on November 13, 2019, and commented that significant TCJA-related guidance should be expected to be...
View ArticleNotice 2019-63 Delivers Relief for Providers of Minimum Essential Coverage
Holding true to its holiday tradition, the IRS yet again decided to extend the deadline by which providers of minimum essential coverage (including certain applicable large employers (“ALEs”)) must...
View ArticleProposed 162(m) Regulations are a “Lump of Coal”
To corporations hoping for a holiday reprieve from the IRS’s narrow interpretation of the grandfathering rules included in the Tax Cut and Jobs Act (“TCJA”) amendment of section 162(m), the IRS has...
View ArticleIRS Launches New Tax Withholding Estimator
Earlier this year, the IRS issued IR-2020-09, in which it announced the launch of a new and improved Tax Withholding Estimator. The Tax Withholding Estimator (the “Estimator”) is designed to help...
View ArticleIRS Releases Proposed Regulations on the Mechanics of Income Tax Withholding
Today, the IRS published proposed regulations addressing changes made by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) to how an employee instructs an employer to withhold income taxes on his or her...
View ArticleNew Treasury Regulations Ease Payroll Administration Related to...
For decades, employers and employees have been effectively precluded from using two of the handiest special valuation rules—the fleet-average and vehicle cents-per-mile valuation rules—to value...
View ArticleProposed Regulations Regarding TCJA Disallowance for Employee Commuting and...
On June 23, Proposed Treasury Regulations §§ 1.274-13 and 1.274-14 were published in the Federal Register addressing the disallowance of employer deductions for the cost of providing commuting and...
View ArticleIRS Final Regulations on Default Withholding Rates for Periodic Deferred...
The Treasury and IRS have published final regulations governing federal income tax withholding from periodic payments of deferred income made after December 31, 2020. The new regulations follow changes...
View ArticleRegulations Addressing Section 958(b)(4) Repeal Provide Relief for U.S....
On October 2, 2019, Treasury and the IRS issued proposed regulations relating to the repeal of section 958(b)(4) by the Tax Cuts and Jobs Act (“TCJA”). On September 22, 2020, Treasury and the IRS...
View ArticleFinal Regulations Address TCJA Disallowance for Meal and Entertainment Expenses
On October 9, the IRS published final Treasury Regulations addressing the deduction disallowance of expenses associated with providing entertainment, business meals, and other food and beverages in the...
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