News & Analysis as of September 20, 2024

Internal Revenue Service

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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 -

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Emery on 7/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

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

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Dorsey & Whitney LLP on 2/14/2024

For an employee who is a U.S. taxpayer, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the employee’s compensation. ...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

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on 11/16/2023

What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...more

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

Fisher Phillips on 11/7/2023

Get Ready For The New Year Ahead - Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401(k) and 403(b) plans, according to an IRS announcement made on November 1. Your...more

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

Seyfarth Shaw LLP on 11/3/2023

Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...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

Malta Pension Funds

Freeman Law on 8/14/2023

Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

Weekly IRS Roundup July 24 – July 28, 2023

McDermott Will & Emery on 8/2/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 24, 2023 – July 28, 2023. July 24, 2023: The IRS released Internal Revenue Bulletin 2023-30,...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 March 13 – March 17, 2023

McDermott Will & Emery on 3/21/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2023 – March 17, 2023...more

Weekly IRS Roundup February 20 – February 24, 2023

McDermott Will & Emery on 2/28/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2023 – February 24, 2023. ...more

Weekly IRS Roundup December 12 – December 16, 2022

McDermott Will & Emery on 12/20/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022...more

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Emery on 12/14/2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more

Weekly IRS Roundup November 21 – November 25, 2022

McDermott Will & Emery on 11/29/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 21, 2022 – November 25, 2022...more

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/18/2022

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Weekly IRS Roundup November 7 – November 11, 2022

McDermott Will & Emery on 11/15/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 7, 2022 – November 11, 2022....more

Weekly IRS Roundup September 26 – September 30, 2022

McDermott Will & Emery on 10/3/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 26, 2022 – September 30, 2022....more

Weekly IRS Roundup August 1 – August 5, 2022

McDermott Will & Emery on 8/9/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 1, 2022 – August 5, 2022...more

Weekly IRS Roundup March 20 – March 26, 2022

McDermott Will & Emery on 3/29/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

Weekly IRS Roundup March 6 – March 12, 2022

McDermott Will & Emery on 3/15/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 – March 12, 2022... March 6, 2022: The IRS issued a news release reminding...more

Weekly IRS Roundup February 20 – February 26, 2022

McDermott Will & Emery on 2/28/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022... February 22, 2022: The IRS issued a correction to...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Is My Foreign Retirement Account Subject to IRS Information Return Reporting (FBAR, 3520, etc.)?

Freeman Law on 1/6/2022

United States citizens and residents[i] are subject to federal income tax on their worldwide income. For example, even if a United States citizen permanently relocates to a foreign country, he or she will generally continue...more

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