Closely following the IRS’s announcement of 2024 inflation-adjusted limits for retirement plans ( Notice 2023-75 ), the IRS also has announced its 2024 inflation-adjusted limits for health FSAs, qualified transportation fringes, income tax rates, and other...
The Internal Revenue Service recently announced its 2024 inflation adjustments to many retirement plan limits. For example, the amount individuals can contribute to their 401(k), 403(b), and most 457 plans will increase to $23,000 in 2024, up $500 from the 2023...
Corporate income taxes are levied in 44 states with rates ranging from 2.5% in North Carolina to 11.5% in New Jersey. Of the total, 11 states have top rates at or below 5%, four have rates at or above 9%, and 29 states and the District of Columbia have single-rate...
The demanding aspect of the U.S. income tax system is that taxable income starts with gross income (in all its forms) unless otherwise excepted. For executives—perquisites can abound. Are they taxable? Free lunch? Not necessarily. Country club membership...
The exit tax implications for certain covered expatriates in choosing to permanently leave the U.S.’s worldwide taxation system are economically unpleasant. The IRC applies an exit tax to the net unrealized gains on the covered expatriate’s worldwide...
Section 30D of the Internal Revenue Code was enacted by Section 205(a) of the Energy Improvement and Extension Act of 2008, Division B of Public Law 110-343 (October 3, 2008), to provide a credit for purchasing and placing in service new qualified plug-in electric...
Employers that reimburse employees for the expenses they incur as a result of travel or other business on behalf of the employer (reimbursement of personal expenses almost always being taxable) must adhere to the Internal Revenue Code’s accountable plan rules...
Complying with the return filing and payment deadlines imposed by different states is one of the most challenging tasks faced by taxpayers and their accountants/counsel. The sheer volume of returns and potentially large number of payments to be made, coupled with...
According to recent U.S. Census Bureau statistics released by the U.S. Department of Commerce, 41.6% of total U.S. imports and exports were between related parties in 2022. Each of these transactions involve some transfer pricing (TP) analysis. With intercompany...
The Inflation Reduction Act, enacted in 2022, provided IRS with an $80 billion funding boost, since reduced by approximately $21 billion, through this year’s Fiscal Responsibility Act. Over the next decade the new law translates to about 200 projects for...
Creating a financial technology (fintech) firm comes with a host of tax considerations and implications. Decisions about the business's structure, along with the location of both the business itself as well as its employees, can affect the entity's tax...
Although many of the benefits for employers can be found in the Internal Revenue Code’s tax provisions (e.g., the Disabled Access Credit, at I.R.C. § 44 ), some states provide incentives, too, for hiring individuals with disabilities and for enhancing...
Employee stock ownership plans (ESOPs) can be a wonderful tool. They allow employees to share in the employer’s stock growth, put employer stock in (presumably) friendly hands, permit tax-advantaged payback of an ESOP loan and ESOP distributions, and allow...
The IRS formally proposed rules targeting a type of monetized installment sale as a potential tax avoidance deal that would require participants and material advisers to provide additional reporting under the threat of penalty. The IRS says that the sole economic...
IRS recently issued guidance concerning the stock repurchase excise tax, or "buyback tax," introduced under the Inflation Reduction Act ( Pub. L. No. 117-169 ) and set forth under Section 4501 of the Internal Revenue Code . The guidance, appearing in...