Update on Second Class of Stock Issues for S Corporations
Panelists at an American Bar Association (ABA) Tax Section webinar updated tax professionals on second class of stock issues for S corporations on June 24,…
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New IRS National Taxpayer Advocate Issues First Report to Congress
Erin M. Collins, the third and newest IRS National Taxpayer Advocate (NTA), has issued her first annual report to Congress. Generally, within the report Collins…
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Coronavirus Distributions: Adverse Financial Consequences and Recontributions
Thanks to the IRS, people whose adverse financial consequences count for getting a coronavirus-related distribution now include spouses and other household members. The IRS has…
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NYU Tax Webinar Explores Coronavirus Pandemic Impact on Real Estate Leases
The New York University Federal Real Estate and Partnerships Tax Conference on June 26, 2020, offered a wide-ranging discussion of challenges that the coronavirus (COVID-19)…
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Interest Rate for Wynne Refunds Held Constitutional
The Maryland Court of Appeals affirmed that the state’s interest rate for personal income tax refunds under the Wynne case was constitutional. Background on Wynne…
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ABA Tax Section Webinar Covers Section 162(f) Proposed Regulations
Proposed IRC §162(f) regulations were a highlight of discussion at an American Bar Association (ABA) Tax Section webinar on June 17, 2020. Released in early…
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SECURE Act: Lifetime Income Stream Disclosure
The Setting Every Community Up for Retirement Enhancement (SECURE) Act requires 401(k) and other account-based plans to disclose the lifetime income stream employees can expect…
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Practitioners’ Corner: Wolters Kluwer Interview Provides Outlook on Ever-Evolving Paycheck Protection Program
“If you can look into the seeds of time, and say, which grain will grow and which will not; speak then to me.” – William…
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IRS & Congress Offer Tax Relief Relating to Federal Disasters & National Emergencies
Relief aimed at helping impacted taxpayers It’s been a busy year already for federal disaster and national emergency declarations. Following the declaration of a national…
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Coronavirus Response Includes Insurance and Coverage Changes for HDHPs, HSAs, FSAs and HRAs
The Coronavirus Aid, Relief and Economic Security (CARES) Act was intended to provide relief in response to the COVID-19 (Coronavirus) crisis. However, some non-COVID related…
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