Page 469 - Code Section News Today

IRS Commissioner Charles Rettig estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion. While there is some debate as to how much lax reporting on cryptocurrency transactions contributes to this so-called tax gap.

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion.

The Internal Revenue Service (IRS) issued expansive proposed regulations (the Proposed Regulations) on Feb. 24, 2022, reflecting the required minimum distribution (RMD) rules as set out...

Under Pennsylvania law, a real estate lease is subject to a transfer tax if the lease is for a term of thirty or more years. It is reasoned that long-term leases are analogous to...

Taxable income with recognized losses. This item focuses on legislative developments in California, Illinois, and Kansas, as well as judicial decisions in Pennsylvania and New Jersey, that highlight imposed limitations on NOL usage.

Supplemental Paid Sick Leave for COVID is back! As anticipated, on February 9, California Gov. Gavin Newsom (D) signed into law S.B. 114, which reinstates supplemental...

With the April 15 deadline for distributing excess elective deferrals fast approaching, this post summarizes the rules for correcting excess elective deferrals made to a 401(k) plan. In...

Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to...

While things worked out for vendors who did not file a UCC-1 in the Sports Authority Chapter 11, you may not be so lucky. Never assume that it is not necessary to...

Michael H. Woolever Tax Attorney Foley & Lardner Chicago, IL focusing on executive compensation, ERISA Title I issues, ERISA class action litigation, and other employee benefit and federal income tax matters.