On June 5, 2020, the Internal Revenue Service (IRS) issued Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors (QOF investors), and clarified previously issued relief to
Continue Reading IRS Provides COVID-19 Relief for Qualified Opportunity Funds and Their Investors
Plan sponsor employers and employees participating in 401(k) or other retirement plans should be aware of cybersecurity breaches and unauthorized plan distributions. Vigilance may be even more critical because of
Continue Reading Coping with the Increase in 401(k) Cyberattacks and Fraudulent Plan Distributions
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees
Continue Reading Employee Retention Tax Credit for Employers under the CARES Act
Frequently Asked Questions (FAQs) posted by the IRS provide additional information regarding the tax return filing and tax payment deadline relief announced by the IRS in Notice 2020-18. The IRS
Continue Reading Update: Tax Filing and Payment Extensions
On Feb. 19, 2020, the IRS released Notice 2020-12 and Revenue Procedure 2020-12 (together, the “Carbon Guidance”) which provide highly anticipated clarity on the Internal Revenue Code Section 45Q credit
Continue Reading Summary of Guidance on Section 45Q Carbon Tax Credits Under 2020 Notice and Revenue Procedure
In a unanimous decision written by Justice Neil Gorsuch (Rodriquez v. FDIC No 18-12690), the Supreme Court vacated a decision by the U.S. Court of Appeals for
Continue Reading Unanimous Supreme Court Restricts Application of Federal Common Law and Invalidates Bob Richards Doctrine in Tax Refund Disputes
Emboldened by significant victories in three Tax Court cases involving micro-captive insurance companies, on Jan. 31, 2020, the IRS announced that it is establishing 12 new examination teams to assist
Continue Reading IRS to Increase Enforcement Against Abusive Micro-Captive Insurance Transactions
The Further Consolidated Appropriations Act, 2020, signed into law Dec. 20, 2019, includes a division that is known as the SECURE Act,1 which made major changes to the required minimum
Continue Reading SECURE Act Accelerates Timing of Required Minimum Distributions to Beneficiaries Under Qualified Plans and IRAs
The Tax Cuts and Jobs Act included a provision increasing taxes on tax-exempt organizations. New Internal Revenue Code Section 512(a)(7) required that tax-exempt organizations include in computing unrelated business taxable
Continue Reading 2019 Tax Act Effects on Tax-Exempt Organizations; Required Section 501(c)(4) Notices
On Sept. 18, 2019, Governor Gavin Newsom signed Assembly Bill No. 5 (AB 5) into law in California. The landmark legislation, which came into effect Jan. 1, 2020, promises to
Continue Reading AB 5, California’s Gig-Work Law, Could Mean Inconsistent Federal and State Tax Treatment for Workers