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11 Mar 2019, 10:48 am by Kevin Kaufman
Certainly, business taxes are fully deductible, but the Internal Revenue Code regards all income from pass-through businesses to be subject to the individual income tax and imposes the $10,000 cap on all “state and local, and foreign, income, war profits, and excess profits taxes,” among other taxes. [read post]
11 Mar 2019, 9:33 am by Kevin Kaufman
While the Internal Revenue Service does not maintain data using a $250,000 inflection point, we know that more than 93 percent of all pass-through income is on returns claiming more than $200,000 in pass-through income.[8] (See table below.) [read post]
Gulf Coast, where PdVSA’s steady supply of heavy crude has long been a sizable staple feedstock—was fairly immediate, and appears to have had the intended effect of isolating PdVSA, impairing its production capabilities and reducing its cash revenues. [read post]
10 Mar 2019, 9:00 pm
On March 6, the Internal Revenue Service (IRS) issued Notice 2019-18, which would allow sponsors of defined benefit pension plans to offer retirees in pay status the opportunity to elect a lump sum payment in lieu of continued annuity payments. [read post]
8 Mar 2019, 4:07 pm by Tamar Rosenberg and Martin Smith
Background Tax-exempt employers such as public schools, churches and other §501(c)(3) organizations are permitted to operate tax-advantaged retirement plans under Section 403(b) of the Internal Revenue Code. [read post]
8 Mar 2019, 6:34 am by Goldstein Law Firm
Assuming your franchisor is within its rights to conduct the audit, your next order of business should be to conduct an internal audit of your own. [read post]
8 Mar 2019, 5:00 am by Brian Corcoran
Their argument cited ongoing litigation in Mondelez International, Inc. v. [read post]
7 Mar 2019, 11:34 am by Kevin Kaufman
The chart below uses data from the Internal Revenue Service to examine who claimed itemized deductions in 2016. [read post]
6 Mar 2019, 1:53 pm by admin
By William Colgin and John Ludlum William Colgin Internal Revenue Code Section 119 (Code Section 119) allows employees to exclude from income the value of any meals furnished by or on behalf of their employer if the meals are furnished on the employer’s business premises for the convenience of the employer. [read post]
6 Mar 2019, 9:13 am by Daniel Shaviro
Yesterday at the Tax Policy Colloquium, Richard Reinhold presented Does the Parsonage Exemption in Internal Revenue Code Section 107 Violate the Establishment Clause of the 1st Amendment? [read post]
6 Mar 2019, 4:04 am by Edith Roberts
” At Law360 (subscription required), Edward Zelinsky maintains that in North Carolina Dept of Revenue v. [read post]
5 Mar 2019, 9:00 pm
Under Section 409A of the Internal Revenue Code, if deferred compensation is paid to a specified employee of a publicly traded company on account of separation from service, the commencement of the payment must be delayed for six months, except in the event of death. [read post]
5 Mar 2019, 12:48 pm by Paul Caron
at NYU today as part of its Tax Policy Colloquium Series hosted by Lily Batchelder and Daniel Shaviro: Internal Revenue... [read post]
5 Mar 2019, 8:09 am by Daniel Shaviro
This article evaluates these two alternative instruments, focusing on recent proposals by the European Commission and the International Monetary Fund. [read post]
5 Mar 2019, 5:37 am by Robert Brammer
H.R.1263 To amend the Internal Revenue Code of 1986 to subject to the requirements of the National Firearms Act any semiautomatic rifle that has the capacity to accept a detachable magazine. 10. [read post]
4 Mar 2019, 7:00 pm by Matthew D. Lee
With the 2018 tax filing season in full swing, the Internal Revenue Service today kicked off its annual countdown of the twelve most prevalent tax scams facing taxpayers. [read post]
4 Mar 2019, 3:25 pm by Daniel Hemel
The answer for federal income tax purposes is clear: Compensatory damages for physical injuries are excluded from gross income under Section 104 of the Internal Revenue Code. [read post]
4 Mar 2019, 3:22 pm by Jonathan H. Adler
In addition to challenging the majority's interpretation of the relevant statutes, Justice Gorsuch took the opportunity to renew his criticism of the Chevron doctrine, while noting his relief that no justice saw the need to defer to the opinion of the Internal Revenue Service as to how to resolve this case. [read post]
4 Mar 2019, 2:10 pm by Kevin Kaufman
The OECD should work to evaluate policies like the DST to determine whether they will fit with the new international system that will result from the OECD process. [read post]