Tax MonitorAn Update on Taxes During COVID-19 - UPDATEDMarch 18, 2020 Breaking News: U.S. Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the IRS is moving Tax Day to July 15, 2020 from April 15. Accordingly, taxpayers can now delay filing and paying taxes until July 15. Taxpayers can also still delay paying first quarter 2020 estimates until July 15. For details click here. The Treasury announced yesterday, March 17, 2020, invoking the… WHAT YOU SHOULD KNOW ABOUT HOW THE SECURE ACT AFFECTS YOU AND YOUR BENEFICIARIESJanuary 23, 2020 The SECURE Act1 makes sweeping changes to the required minimum distribution (“RMD”) rules for retirement accounts. Except for a few types of beneficiaries, it eliminates the most popular tax-advantaged planning feature - the ability of a retirement beneficiary to stretch RMDs over the beneficiary’s life expectancy. The elimination of the stretch fundamentally changes how beneficiaries are taxed… TIPS FOR THE SMALL EMPLOYER: WHAT YOU NEED TO KNOW NOW ABOUT THE SECURE ACT AND YOUR RETIREMENT PLANJanuary 23, 2020 The SECURE Act, signed into law on December 20, 2019, may help alleviate some of the burdens small employers face when providing retirement plans. Here are a few key things you need to know when evaluating what, if any, changes you should make to take advantage of this new legislation. OPEN MULTIPLE EMPLOYER PLANS While Multiple Employer Plans (or MEPs) are not new to the retirement industry, they… The Other Probate: A Guide to Ancillary Administration in West VirginiaMay 23, 2019 The Initial Probate
Most people are familiar with the concept of probating an estate upon the death of the decedent. The administration of the decedent’s estate is initiated in the county and state where the decedent lived at the time of his or her death, known as the decedent’s domicile. Depending on the state in which the decedent lived, the estate administration procedure may be different if… U.S. Supreme Court Holds That West Virginia Tax Exemption Unlawfully Discriminates Against Federal Law Enforcement RetireesApril 7, 2019 The United States Supreme Court recently put an end to West Virginia’s practice of exempting pension income of certain State law enforcement officers from the State’s income tax while disallowing the exemption for similarly situated federal retirees. At issue was a provision in the State’s tax code that exempts from West Virginia income tax pension payments received from a number of pension funds… U.S. Supreme Court Decision Clears the Way for West Virginia to Tax Internet SalesOctober 10, 2018 On June 21, 2018, in a 5-4 opinion, the United States Supreme Court overturned Quill Corp. v. North Dakota and National Bellas Hess, Inc. v. Department of Revenue of Illinois, which had previously held that a state cannot require an out-of-state seller with no physical presence in the state to collect and remit sales taxes on goods the seller ships to consumers in the state. See South Dakota v. … Estate Planning Under the 2017 Tax Cuts and Jobs ActJanuary 22, 2018 On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“Tax Act”) into law which makes significant changes to the estate, gift, and generation skipping taxes. The Tax Act doubles the estate, gift, and generation skipping tax exemptions to approximately $11.2 Million per person for 2018, which provides significant relief for high net worth individuals and families with valuable… New Claims Procedure for ERISA Plans: Providing Disability BenefitsDecember 19, 2017 New Claims Procedure for ERISA Plans: Providing Disability Benefits In December 2016, the Department of Labor published final regulations in connection with claims procedures for plans providing disability benefits. The regulations were originally scheduled to be effective for claims filed under a plan on or after January 1, 2018, but that date has been delayed until April 1, 2018. The regulations… Notes on Portability: Relief for Late Portability Elections, When to Elect Portability, and How to Maximize GST Tax Effectiveness in the Absence of Portability for GST ExemptionOctober 9, 2017 Portability Since the concept of “portability” was made permanent in the Taxpayer Relief Act of 2012, it has been an essential and beneficial estate planning tool. Portability allows a decedent to carryover his or her unused estate and gift tax exclusion amount ($5.49 million in 2017) for use by the surviving spouse’s estate. Thus, if a decedent has not used all of his or her estate… Tax Court Invalidates a Micro-Captive Insurance Arrangement; Likely to Embolden IRS in its Compliance EffortsSeptember 11, 2017 In recent years, the Internal Revenue Service (the “IRS”) has increased its audits of micro-captive insurance companies in the belief that small businesses are using them to insure against improbable risks on which they never pay claims, and which the premiums return to the business owners or heirs with little to no tax. In fact, micro-captive insurance is one of the IRS Large Business and… New Audit Rules May Require Amendments to Partnership Agreements and LLC Operating AgreementsMarch 1, 2017 Overview. Effective for tax years beginning on January 1, 2018, the IRS has a new set of rules to govern partnership audit procedures. Since the vast majority of limited liability companies (LLCs) are taxed as partnerships, these new rules may require amendments to LLC operating agreements as well as partnership agreements to ensure that the economic burden of future tax assessments are allocated… Filing Deadline Changes for Tax Year 2016December 12, 2016 Beginning with returns for tax year 2016, a new law will go into effect which revises the due dates for partnership and C corporation returns and changes the extended due dates for some returns. The new rules are summarized below. Due Dates Prior to Change Before this change, domestic corporations (including S corporations) had to file their returns by the 15th day of the third month after the end… |
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