Topic: IRS

2012 in Review – The Most Popular Corporate Law Report Posts of the Year

What’s on your mind? Four themes in particular, if we go by what you’ve read over the past year: Legal issues related to doing business internationally Dodd-Frank regulations and other financial reforms Intellectual property Health care, including in particular HIPAA regulations and health care reform As popular as those issues were, however, there are many… Read more »

New 2.3% Medical Device Excise Tax Goes into Effect January 1, 2013

Earlier this month, the Department of the Treasury and the Internal Revenue Service issued final rules for the new 2.3% excise tax that will be imposed on medical devices as of January 1, 2013 pursuant to the Patient Protection and Affordable Care Act. For manufacturers, producers, and importers of medical devices, here’s a brief Q&A… Read more »

IRS Section 409A Relief Expires at Year End; Act Now to Avoid Penalties

Employers, take note: tax relief for nonqualified deferred compensation plans – agreements to provide payment for services in exchange for a signed release – is due to expire at the end of the year. That means that employers and employees will need to review any such arrangements, which could include equity, nonqualified retirement, and severance… Read more »

IRS Defines “Full-Time” Employees for Health Care Benefits

Earlier this month, the Internal Revenue Service issued important guidance for employers on the rules for identifying “full-time” employees for the purposes of the Affordable Care Act. It’s an important clarification, write employment attorneys Josh Bobrin and Edward Leeds (Ballard Spahr), because: “Effective January 1, 2014, employers with 50 or more full-time equivalent employees are… Read more »

Health Insurance Exchanges: A JD Supra Legal Reader

One of the key components of the Patient Protection and Affordable Care Act is the establishment of health insurance exchanges in each state, intended to function as one-stop-shopping marketplaces where individuals and small businesses can select from affordable health care options. To participate, insurers must offer qualified health plans that meet minimum standards of coverage… Read more »

5 Ongoing Legal Issues for Nonprofit Boards

According to the National Center for Charitable Statistics, there are more than 1.5 million nonprofit and tax-exempt organizations operating in the United States, from charities to industry associations to religious institutions. But whatever their structure or purpose, such organizations need to understand – and respond to – key legal and regulatory issues that are unique… Read more »

FATCA: Why It’s Still Important, New Filing Requirements, & More

We continue to see interest in the legal implications for US taxpayers and foreign financial institutions alike of the Foreign Account Tax Compliance Act, known as FATCA. For your reference, here’s a roundup of recent advisories from lawyers and law firms on JD Supra. [See also the updated 5 Takeaways from New IRS FATCA Guidance] … Read more »

5 Takeaways from New IRS FATCA Guidance

On February 8, 2012, the Internal Revenue Service issued its long-awaited proposed regulations for implementing the Foreign Account Tax Compliance Act (FATCA). The new rules lay out a step-by-step process for US account identification, information reporting, and withholding requirements for non-US financial institutions and other foreign entities. For your reference, five takeaways from the proposed… Read more »

IRS to Dual Citizens: It’s Time to Come Clean (re FATCA, FBAR and Other Foreign Tax Reporting)

Just in time for the 2011 tax season, here’s a roundup of recent legal updates that address tax reporting requirements – and penalties for non-compliance – for US dual citizens with foreign income and financial assets: IRS Issues Fact Sheet Providing Information on Federal Income Tax Return and Foreign Bank Filing Requirements – Potential Penalties… Read more »

FATCA Puts Foreign Banks on Notice…

“[The Foreign Account Tax Compliance Act] imposed a substantial withholding tax, due diligence, and reporting regime on non-U.S. entities to enlist their assistance in rooting out U.S. taxpayers who are using offshore entities and accounts to hide their assets and income. Unfortunately, the rules are lengthy, difficult to comprehend, expensive to implement, and will likely… Read more »

Employee Cell Phones: IRS Issues Tax Guidance

Employers and employees across the country breathed a collective sigh of relief last week when the Internal Revenue Service released Notice 2011-72, reversing its position on the tax treatment of employer-provided cell phones:  On September 14, 2011, the Internal Revenue Service (IRS) issued guidance indicating that employers can provide cell phones and similar telecommunications equipment… Read more »

FBAR: Foreign Bank and Financial Accounts Reporting Extensions

The Financial Crimes Enforcement Network and the Internal Revenue Service have recently issued several extensions to the reporting requirements of Foreign Bank and Financial Accounts (“FBAR”). For your reference, here’s a roundup of FBAR-related commentary and analysis from lawyers and law firms publishing their work on JD Supra: FBAR Filing Deadline for Extensions for Certain… Read more »