News & Analysis as of September 26, 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 April 8 – April 12, 2024

McDermott Will & Emery on 4/16/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...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

Weekly IRS Roundup January 14 – 18, 2019

McDermott Will & Emery on 1/22/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 14 – 18, 2019. January 15, 2019: The IRS issued final regulations implementing the...more

South Carolina Tax Amnesty for 2017?

Burr & Forman on 1/7/2017

The South Carolina General Assembly approved a law in 2015 allowing the South Carolina Department of Revenue to offer an amnesty program to taxpayers in the state who have not filed tax returns and/or owe state taxes....more

All Assets Are Not Created Equal When It Comes to IRA Rollovers (PLR 201547010)

BCLP on 6/21/2016

When the taxpayer in PLR 201547010 decided to invest his IRA assets in a partnership, he forgot to check whether his IRA provider was able to hold an interest in a partnership as an investment in the IRAs for which it served...more

IRS Now Allows Caregiver Parents to Exclude Medicaid Waiver Payments From Income

Chambliss, Bahner & Stophel, P.C. on 2/7/2014

The Internal Revenue Service has reversed a long-standing policy and agreed to allow parents of people with disabilities who receive Medicaid waiver funds in return for caregiving services provided to their children to...more

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