News & Analysis as of November 15, 2024

Individual Retirement Account (IRA)

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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 -

Hurricane Helene and Milton IRS Relief

Foodman CPAs & Advisors on 10/30/2024

On 10/11/24, the IRS announced that it is ready to provide tax assistance for taxpayers affected by Hurricane Helene and Milton that devastated Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of...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

Year-End Estate Planning for 2023

Seyfarth Shaw LLP on 11/30/2023

A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

IRS Announces New Compliance Initiatives to Collect More Corporate Tax Using Inflation Reduction Act Funds

McDermott Will & Emery on 10/24/2023

On October 20, 2023, the Internal Revenue Service (IRS) announced new initiatives “to ensure large corporations pay taxes owed.” These initiatives leverage the substantial additional congressional funding that was given to...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 March 27 – March 31, 2023

McDermott Will & Emery on 4/4/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2023 – March 31, 2023...more

Weekly IRS Roundup November 14 – November 18, 2022

McDermott Will & Emery on 11/22/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 14, 2022 – November 18, 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 13 – March 19, 2022

McDermott Will & Emery on 3/22/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of...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

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Groom Law Group, Chartered on 1/6/2022

Update (January 4, 2022) The updated 2022 Forms W-4P and W-4R have been released...more

Tax Court Addresses Self-Directed IRA

Freeman Law on 12/7/2021

The recent Tax Court opinion in McNulty v. Commissioner, 157 T.C. No. 10 (2021) addressed whether distributions from a purported self-directed IRA were taxable. The Court also took up the question of whether tax penalties...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Your [es]cheating heart … might be useful to retirement plans dealing with missing participants

Holland & Hart - The Benefits Dial on 10/30/2020

Retirement plan administrators have for years sung the sad lament of what to do with missing participants. Ol’ Hank Williams himself could have written a hit song about the problem. Recent guidance from the IRS may have the...more

IRS FAQs Provide Additional COVID-19 Related Tax Deadline Guidance

Ballard Spahr LLP on 3/27/2020

The IRS released FAQs addressing the Treasury’s decision to move Tax Day (for both filing and payment) from April 15 to July 15, 2020....more

The IRS has Changed the Tax-Filing Deadline. What is the Last Date to Make Your 2019 Contribution to Your IRA or Health Savings...

Pullman & Comley - Labor, Employment and... on 3/25/2020

The simple and safe answer to the question posed is “April 15, 2020.” Contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) must be made no later than “the time...more

Still Tax, Even Without the Distributed Cash

McDermott Will & Emery on 10/22/2019

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on 5/7/2019

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Insight on Estate Planning - April/May 2019: Estate Planning Pitfall - The 60-day IRA rollover deadline has passed

Adler Pollock & Sheehan P.C. on 4/6/2019

Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more

2019 Estate and Tax Planning Newsletter

Blank Rome LLP on 1/9/2019

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2019 by our clients and friends. 1. Transfer Taxes. The major changes made in 2010 in...more

IRS Extends Transition Relief for New Escheated IRA Tax Withholding, Reporting Rules

Morgan Lewis on 12/6/2018

In Notice 2018-90, the Internal Revenue Service extends the transition relief period for the new escheated IRA federal income tax withholding and reporting rules by one year. Specifically, the extended transition relief...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Personal Planning Strategies - December 2018

Proskauer Rose LLP on 11/29/2018

Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer...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

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Transportation, Ports and Maritime Industry?

Schwabe, Williamson & Wyatt PC on 1/12/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

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Income Taxes › Internal Revenue Service › Individual Retirement Account (IRA)

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