News & Analysis as of October 12, 2024

SECURE Act

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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 -

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

Weekly IRS Roundup April 29 – May 3, 2024

McDermott Will & Emery on 5/8/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29, 2024 – May 3, 2024. ...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

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

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 April 10 – April 14, 2023

McDermott Will & Emery on 4/17/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 2023...more

Reminder: No Need to Adopt Retirement Plans, ESOPs included, by End of 2021 for Tax Deduction Purposes

Morgan Lewis - ML Benefits on 11/16/2021

Before 2020, the IRS had long taken the position that an employee stock ownership plan (ESOP), and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer...more

IRS FAQs: A Potential Shield for Taxpayers—Not a Sword for the Service

Morgan Lewis on 10/21/2021

The IRS recently issued guidance on the utility of and weight to be afforded informal “frequently asked questions” (FAQs) published on its website—clarifications that became necessary given the IRS’s heavy reliance on FAQs as...more

End-of-Year Tax Planning for High Net Worth Individuals

Foley & Lardner LLP on 12/23/2020

We are nearing the end of calendar year 2020 (thankfully!) and it is time to consider end-of-year tax planning. Due to the outcome of the election, there is significantly more certainty about the possibility of tax law...more

Weekly IRS Roundup December 7 – December 11, 2020

McDermott Will & Emery on 12/15/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 7 – December 11, 2020... December 7, 2020: The IRS released TD 9937 related to...more

Important Retirement Account Changes Under the SECURE Act

Obermayer Rebmann Maxwell & Hippel LLP on 6/5/2020

In a spending bill passed in December 2019, Congress enacted the SECURE Act, changing several laws governing retirement plans, some of which increase your ability to save for retirement while others require an immediate...more

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Income Taxes › Internal Revenue Service › SECURE Act

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