The IRS has warned taxpayers against state sponsored funds some states have designed to circumvent the new $10,000 limitation on deductions for state and local taxes (Notice 2018-54). States have [...]
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The U.S. Treasury Department (under whom the Internal Revenue Service (“IRS”) works) just issued proposed regulations to explain and govern complicated application of the exciting 20% [...]
Both the House of Representatives and the U.S. Senate are working on a tax bill which, among other changes, aims to protect taxpayers from identity theft and the tax fraud that can follow. If the [...]
Recently the IRS Office of Chief Counsel advised that taxpayers with a record of prompt filing of returns and prompt payment of (or prompt arrangement to pay) their federal income taxes for at [...]
One issue that is overlooked by some employers is whether a company severance plan is subject to ERISA. Determination of whether a plan is subject to ERISA is necessary for avoiding costs of [...]
On June 21, 2018, the United States Supreme Court decided in South Dakota v. Wayfair, Inc. that South Dakota is permitted to collect sales tax from online retailers who sell in the state and have [...]
Prior to the Tax Cuts and Jobs Act (“TCJA”), it was not clear whether “back-door” Roth IRA conversions were permitted. The TCJA was signed into law on December 22, 2017. Language in the [...]
The Tax Cuts and Jobs Act of 2017 increased the lifetime gift and estate exclusion to about $11.2 million per person (twice this for married couples who plan correctly) from the previous limit of [...]
The IRS has announced that the Offshore Voluntary Disclosure Program (ODVP) will end September 28, 2018. This marks the close of an opportunity for taxpayers who have previously not disclosed [...]
This post was written by Larry Blair. The 2017 Tax Act dramatically increased the federal, gift, and generation skipping transfer exemption to $11.18 million per person. The increased exemption [...]
