TD 9447 contains final regulations relating to automatic contribution arrangements. These regulations affect administrators of, employers maintaining, participants in, and beneficiaries of section 401(k) plans and other eligible plans that include an automatic contribution arrangement.Posted by Min Young Choi, Associate Editor, Wealth...
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New withholding tables are available on IRS.gov. The tables will result in more take-home pay this spring for millions of American workers.The new withholding tables, along with other instructions related to the new tax law, will be incorporated in new Publication...
IRS Tax Tip 2009-34 reminds taxpayers that gambling winnings are always taxable. Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog...
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In PLR 200908003, the IRS ruled that the terminating distributions from a trust, under applicable state laws and a court order, will not be subject to the generation-skipping transfer tax.Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal....
In PLR 200908002, the IRS granted an extension to sever a trust into generation-skipping transfer tax exempt and nonexempt trusts, to make a reverse qualified terminable interest property election for the GSTT exempt trust, and to allocate the decedent's remaining...
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Join Holland & Knight policy experts in a discussion about The American Recovery and Reinvestment Act and its impact on the transportation, water, and energy sectors of the economy. Distinguished panelist will discuss how funds will flow and strategies for...
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Register now for a live audio webcast featuring a distinguished panel of academics and practitioners discussing the recent Third Circuit decision in Swallows Holding v. Commissioner, 515 F.3d 162 (3rd Cir. 2008) regarding the ability of courts to review and...
Revenue Ruling 2009-08 provides various prescribed rates for federal income taxpurposes for March 2009 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate....
In FIN 2008-R011, the FinCEN (Financial Crimes Enforcement Network) ruled whether a company that engages in microfinance is a money services business. According to the ruling, FinCEN:Defines money services businesses to include check cashers; currency dealers and exchangers; issuers, sellers,...
In FIN 2008-R010, the FinCEN (Financial Crimes Enforcement Network) ruled whether a company that engages in certain operations as an authorized agent for collection of social security and veteran benefits is a money services business. According to the ruling, FinCEN:Provides...
Notice 2009-19 invites public comments regarding guidance to be provided persons who will be required to file information returns under IRC Section 6050W. Section 6050W requires information returns to be made for each calendar year by merchant acquiring entities and...
The Tax Court, in Diana M. Price Skore et vir v. Commissioner, TC Summary Opinion 2009-22 (Feb. 18, 2009), held that a couple cannot reduce passed-through income received from a trust by expenses they paid on behalf of the trust...
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Steve Akers, Associate Fiduciary Counsel, Bessemer Trust, provides the following comments re the 43rd Heckerling Institute.Steve R. Akers, Associate Fiduciary CounselAkers@bessemer.comFebruary 10, 2009The 43rd Annual Philip E. Heckerling Institute on Estate Planning the week of January 12, 2009 was excellent....
TD 9444 provides final and temporary regulations under sections 367(a), 367(b) and 1248(a) of the Internal Revenue Code (Code).The final regulations under section 367 revise existing final regulations and add cross-references. The final regulations under section 1248 update an...
Register now for the Reznick Group's special edition webcast on February 17 at 11:30AM EST. Reznick Group practice leaders from affordable housing, tax and renewable energy will discuss the intricacies and potential ramifications of the $789 billion economic stimulus package....
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IRS Tax Tip 2009-30 informs you, the tax payer, about education tax credits that can help offset the costs of higher education for yourself or a dependent. These tax credits, The Hope Credit and the Lifetime Learning Credit, are...
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The University of Alabama School of Law has an online Tax LL.M. program geared toward working professionals. Students experience real-time interaction with professors and fellow students via audio, video and chat, are able to download course materials, and review video...
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REG-147636-08 provide rules under section 367(a) and (b) that apply to certain transfers of stock by a United States person to a foreign corporation described in section 304(a)(1). The temporary regulations under section 1248(a) provide that, for purposes of section...
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2008 IRS Research Bulletin Now Available -The 2008 IRS Research Bulletin features selected papers from the latest IRS Research Conference, held at the Georgetown University School of Law in Washington, DC, on June 11-12, 2008. The IRS Research Conference highlighted...
Notice 2009-18 provides supplements to the actuarial tables prescribed under § 7520 of the Internal Revenue Code. Recently, the § 7520 interest rate fell below 2.2%. This notice furnishes extensions to the existing tables for interest rates below 2.2%. Notice...
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Deloitte will have the following special edition webcast at 2:00PM EST on February 20: Tax Implications of the 2009 American Recovery and Reinvestment Act Congress is expected to approve the American Recovery and Reinvestment Act of 2009, a nearly $800...
Revenue Procedure 2009-18 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) the nationwide average purchase price for residences located...
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REG-138326-07 contains proposed regulations under section 6231 of the Internal Revenue Code that allow the IRS to convert partnership items to nonpartnership items when the application of the unified partnership audit and litigation procedures of sections 6221 through 6234 (TEFRA...
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The IRS Tax Tip 2009-29 informs tax payers how to correctly claim the recover rebate credit on their 2008 return. Here are six tips for finding how much you received and correctly claiming the credit on your return: 1. Get...
IRS Notice 2009-18 provides supplements to the actuarial tables prescribed under § 7520 of the Internal Revenue Code. Recently, the § 7520 interest rate fell below 2.2%. This notice furnishes extensions to the existing tables for interest rates below 2.2%....
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Read answers to questions posed by audience members during the Tax Talk Today presentation, Preparing to File the New Form 990. If you missed the live presentation, you may also view the archived program and related resources online at http://www.taxtalktoday.tv/index.cfm?page=10.54....
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Introductory one-day workshops, designed for administrators or volunteers responsible for an organization's tax compliance, will be held in Los Angeles, CA (March 3, 4, and 5), Minneapolis, MN (April 28, 29, and 30), and Boston, MA (June 9, 10, and...
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The following is a quarterly update of economic conditions and investment strategy provided by Chevy Chase Trust.Economic ConditionsThird quarter, 2008 GDP decreased at an annualized rate of .5%. We expect the fourth quarter to show a much sharper decrease to...
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Tax Notes has published an article by Richard Malamud, professor at the California State University. The article questions the premise of the estate tax article by Lily L. Batchelder that the law requires taxing intergenerational transfers of wealth. See Richard...
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Tax Notes has published an article by Wendy C. Gerzog, professor at the University of Baltimore College of Law. The article examines Hurford, a case that, according to Gerzog, offers useful tips on estate planning for family limited partnerships. See...
In the Feb. 5 Federal Register, the IRS has issued a Notice and Request for comments on information collections under final regulations (T.D. 8791) on charitable remainder trusts under section 664 and special valuation rules for transfers of interests in...
In ECC 200906050, the IRS provided guidance on substantial omissions relating to gift and estate taxes, application of section 6501(c)(9) and 6501(e)(2), and the statute of limitations applicable to gifts made before October 8, 1990. Posted by Min Young Choi, Associate Editor,...
In PLR 200906023, the IRS granted an extension to allocate GSTT (generation-skipping transfer tax) extensions. According to the ruling, the IRS has granted a couple an extension to allocate their available generation-skipping transfer for tax exemptions to transfer to a...
In PLR 200906008, the IRS ruled that a trust distribution qualifies for charitable contribution deduction. According to the ruling, the distribution of gross income from a trust to one or more charitable organizations will qualify for the charitable contribution deduction...
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IRS Tax Tip 2009-26 informs tax payers about several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. Listed below are several tax credits and other benefits available if you...
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Announcement 2009-06 addressed new section 6050W of the Internal Revenue Code that requires information reporting for payment card and third party payment network transactions, effective for returns for calendar years beginning after December 31, 2010. Entities required to report must...
The 2006 Corporation Source Book is now available in two formats: a Comma Separated Value (.csv) file and Excel tables. The purpose of the .CSV file, which contains only numeric characters, is to provide an easy way to download the...
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Notice 2009-17 invites public comments regarding guidance to be provided to brokers, transferors, issuers, customers, and other affected persons concerning new requirements with respect to the reporting of a customer's basis in securities transactions and new rules for determining the...
IRS Tax Tip 2009-25 informs taxpayers of the different kinds of income that is partially taxable or not taxable at all. Examples of non-taxable income include:Adoption Expense Reimbursements for qualifying expenses Child support payments Gifts, bequests and inheritances Workers' compensation...
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IRS Tax Tip 2009-23 offers advice on special charitable contributions for certain IRA owners. Specifically, it advises taxpayers to keep in mind the following ten points:1. The IRA owner must be age 70 ½ or older. 2. The donor must...
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According to IR 2009-012, the Internal Revenue Service is accepting applications to fill vacancies on the Electronic Tax Administration Advisory Committee. Applicants should submit a resume and complete an application form by April 3, 2009. A notice in the Federal...
IRS Tax Tip 2009-21 suggests eight reasons to try filing your tax returns electronically: 1. It's easy. 2. It's accurate. 3. No more second-guessing yourself. 4. You'll get your return faster. 5. There are more payment options. 6. It's fast. 7....
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In IRS Tax Tip 2009-22, the IRS answers the "what if" questions of an economic downturn. The tax tip covers several job, debt, and tax related questions such as: Job RelatedWhat if I lose my job?What if I receive unemployment compensation?What...
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IRS Tax Tip 2009-24 informs taxpayers of five important changes:1. Expiring tax breaks renewed2. Standard deduction increased for most taxpayers3. Contribution limits rise for IRAs and other retirement plans4. Standard mileage rates adjusted for 20085. Kiddie tax revisedPosted by Min Young...
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Notice 2009-16 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve...
The Internal Revenue Service issued a letter ruling that a trust is granted extension to take charitable deduction. According to the ruling, a trust is granted an extension to elect a section 642(c) charitable deduction for a particular tax year...
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The Internal Revenue Service issued a letter ruling that the issuance of endowment shares to trust will not create UBTI (section 512 - unrelated business taxable income). According to the ruling, the issuance of endowment shares by an exempt...
The Internal Revenue Service issued a latter ruling that the contribution of decedent's retirement plan benefits to the IRA is a valid rollover. According to the ruling, a surviving spouse is eligible to contribute amounts distributed from her husband's retirement...
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In "The American Option: A Jobs Plan That Works," Senator Jim DeMint, Republican Senator of South Carolina, criticized House stimulus and promoted his own plan. The speech was given at the Heritage Foundation, a conservative think tank, on January 29,...
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The Internal Revenue Service issued a ruling that charitable beneficiary designation of deferred compensation does not preclude corporate deduction. According to the ruling, naming a section 501(c)(3) organization as the designated beneficiary of an employee's deferred compensation if the employee's...
Notice 2009-14 expands, clarifies, and supersedes previously issued Notice 2008-100, 2008-44 I.R.B. 1081. It will provide guidance relating to new programs established under the Emergency Economic Stabilization Act of 2008, P.L. 110-343, after Notice 2008-100 was published. Notice 2009-14...
Tax Notes has published an article by Lily L. Batchelder, professor of law and public policy at New York University School of Law. The article makes a number of suggestions to improve the estate tax system, such as adopting a...
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Tax Notes has published an article by Roberton Williams, who is with the Urban Institute and Tax Policy Center. The article examines President Barack Obama's tax plans, including their effects on federal revenues, the deficit, marginal tax rates, work effort, and savings....
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Tax Notes has published an article by John R. Luckey, legislative attorney at the Congressional Research Service. The article reports the January 16 Congressional Research Service update on a report of the history of estate, gift, and generation skipping taxes to reflect...
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In PLR 200905027, the IRS ruled that a trust is granted an extension to elect a section 642(c) charitable deduction for a particular tax year even though the gift was made during another tax year.Posted by Min Young Choi, Associate Editor, Wealth...
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In PLRs 2000905030 and 200905031, the IRS ruled that the issuance of endowment shares by an exempt educational organization to a charitable remainder unitrust of which it is the trustee, making or receiving of payments regarding the shares, and holding...
In PLR 200905016, the IRS ruled that naming a section 501(c)(3) organization as the designated beneficiary of an employee's deferred compensation if the employee's spouse makes a qualified disclaimer of the deferred compensation or predeceases the employee will not preclude...
In PLR 20090504, the IRS ruled that a surviving spouse was eligible to contribute amounts distributed from her husband's retirement plan to an individual retirement account and that the contribution constituted a valid rollover under section 402.s */ @font-face {font-family:Courier;...
IRS News 2009-9 announces that free tax help is available nationwide. Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax...
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According to IRS Tax Stats 2009-01, the Statistics of Income Division has released four tables which contain information from the Top 400 Individual Income Tax Returns for each of tax years 1992 through 2006. Table 1 contains frequencies, money amounts,...
According to IR-2009-7, the Internal Revenue Service announced taxpayers in Delaware, Illinois, New York and Rhode Island who file paper income tax returns will send them to different processing centers this year. Taxpayers in Delaware, New York and Rhode Island...
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