News & Analysis as of October 12, 2024

Interest Rates

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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 -

Ofrecimiento De Transacción: Oportunidad Para Resolver La Deuda Tributaria

Foodman CPAs & Advisors on 6/17/2024

El IRS emitió el Consejo Fiscal 2024-37, el 24 de abril de 2024, para informar a los contribuyentes que no pueden pagar su deuda tributaria completa o si pagar les causaría dificultades financieras, que deberían considerar...more

Offer In Compromise: Opportunity To Solve Tax Debt

Foodman CPAs & Advisors on 6/17/2024

IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in compromise which is a program...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

Avisos De Cobros Del IRS Se Reiniciarán En 2024

Foodman CPAs & Advisors on 1/12/2024

Avisos de Cobros del IRS se reiniciarán en 2024 así como un nuevo alivio de multas para aproximadamente 4.7 millones de personas, empresas y organizaciones exentas de impuestos a las que no se les envió un recordatorio...more

IRS Collection Notices To Re-Start In 2024

Foodman CPAs & Advisors on 1/12/2024

On 12/19/23, the IRS announced the restart of IRS collection notices as well as a new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent an automated IRS...more

¿Impuestos Adeudados Pero NO Pagados En Su Totalidad? El IRS Cobra El 8%.

Foodman CPAs & Advisors on 12/13/2023

El 8/25/23, el IRS anunció que el aumento de las tasas de interés para el cuarto trimestre del 2023 aumentaría al 8% anual para el trimestre calendario que comienza el 10/1/23 para los impuestos adeudados pero no pagados en...more

Taxes Owed But NOT Fully Paid? IRS Charging 8%.

Foodman CPAs & Advisors on 12/13/2023

On 8/25/23, the IRS announced that Interest rates increase for the fourth quarter 2023 would increase to 8% per year for the calendar quarter beginning 10/1/23 for taxes owed but not fully paid by individual taxpayers...more

Estate Planning Pitfall: You Missed the Estate Tax Filing Deadline

Adler Pollock & Sheehan P.C. on 9/21/2023

You likely don’t need to be reminded about filing your federal income tax return on time. Indeed, the tax filing deadline date of April 15 (or the next business day if the due date falls on a weekend or holiday) is probably...more

Tax Pitfalls To Avoid In Employment Litigation Settlements

Flaster Greenberg PC on 6/16/2023

By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

Weekly IRS Roundup June 5 – June 9, 2023

McDermott Will & Emery on 6/13/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 5, 2023 – June 9, 2023...more

Wealth Management Update - May 2023

Proskauer Rose LLP on 5/24/2023

May 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The May Section 7520 rate for use in estate planning techniques such as CRTs, CLTs, QPRTs and...more

Weekly IRS Roundup May 15 – May 19, 2023

McDermott Will & Emery on 5/22/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 15, 2023 – May 19, 2023. May 15, 2023: The IRS released Internal Revenue Bulletin 2023-20, which...more

The Long and Winding Road: The End of LIBOR

ArentFox Schiff on 3/9/2023

USD LIBOR is the last step in the long and winding road that has been LIBOR’s slow demise over the last several years as all other LIBOR instruments worldwide have already substantially transitioned. As taxpayers prepare...more

Weekly IRS Roundup February 13 – February 17, 2023

McDermott Will & Emery on 2/22/2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 13, 2023 – February 17, 2023. ...more

Weekly IRS Roundup August 29 – September 2, 2022

McDermott Will & Emery on 9/6/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 29, 2022 – September 2, 2022....more

Weekly IRS Roundup April 17 – April 23, 2022

McDermott Will & Emery on 4/25/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...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 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

Weekly IRS Roundup February 13 – February 19, 2022

McDermott Will & Emery on 2/22/2022

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

US IRS Releases Final Regulations Addressing IBOR Transition

Mayer Brown Free Writings + Perspectives on 1/7/2022

As the IBOR transition continues, business teams have frequently heard from their tax departments and advisors that amending existing contracts to add IBOR replacement mechanics or replacing an IBOR rate with a new rate can...more

Wealth Management Update - August 2021

Proskauer Rose LLP on 8/30/2021

Federal interest rates were largely stable in August of 2021.The August applicable federal rate ("AFR") for use with a sale to a defective grantor trust, self-canceling installment note ("SCIN") or intra-family loan with a...more

Weekly IRS Roundup July 12 – July 16, 2021

McDermott Will & Emery on 7/19/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

Weekly IRS Roundup June 14 – June 18, 2021

McDermott Will & Emery on 6/21/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 14, 2021 – June 18, 2021... June 14, 2021: The IRS issued a news release unveiling updates...more

Weekly IRS Roundup May 17 – May 21, 2021

McDermott Will & Emery on 5/24/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021... May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing...more

Weekly IRS Roundup March 1 – March 5, 2021

McDermott Will & Emery on 3/10/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 1, 2021 – March 5, 2021... March 1, 2021: The IRS issued Notice 21-20 providing guidance...more

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