The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, March 25, contains a host of tax measures as part of a $2 trillion aid package designed to
Read moreOn Sept.19, 2019, the IRS issued final regulations regarding the hardship distribution requirements for 401(k) plans (T.D. 9875). The regulations are issued pursuant to provisions of the Bipartisan Budget Act of 2018 (“BBA”) that amended the hardship rules. The IRS
Read moreThe determination as to whether a rental real estate enterprise rises to the level of a trade or business under section 162 is difficult, and in many cases unclear. But, it is critical when assessing whether rental real estate activities
Read moreThe IRS announced new relief procedures from paying back taxes for certain persons who have relinquished, or intend to relinquish, their U.S. citizenship and become compliant with their U.S. income tax and reporting obligations. The “Relief Procedures for Certain Former
Read moreIn what could spark a national trend, California Gov. Gavin Newsom has signed Assembly Bill 5, dramatically changing the rules for determining when workers are considered independent contractors rather than employees. The new law provides that workers are presumed to be
Read moreFrequently, a 401(k) or other retirement plan will issue a distribution check payable to a terminated employee. The Internal Revenue Code generally requires the plan administrator (typically, the employer) to withhold income tax from the distribution and to report the
Read morePractitioners who file documents or make payments with the IRS that are required to be filed or paid by a certain date or period are familiar with section 7502(a). Simply stated, if the submission is properly addressed, it will be
Read moreIf an employer provides an employee a vehicle for personal use, generally the value of the personal use must be included as employee income. In most cases, an employer uses the general valuation rule to determine the fair market value
Read moreIn PLR 201930011, released July 26, 2019, the Service ruled that the splitting up of a business between discordant shareholders of a closely held business qualified as a tax-free transaction pursuant to sections 368(a)(1)(D) and 355 (a divisive D reorganization). This
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