Searching Content indexed under Income Tax by Dickinson Wright PLLC ordered by Published Date Descending.
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Year-End Tax Planning: Maximizing The Tax Benefits Of Charitable Contributions Under The TCJA
Many charities feared that the 2017 Tax Cuts and Jobs Act (TCJA) would have an adverse impact on charitable giving during 2018 and after.
United States
2 Oct 2019
F Drops: It Is Not A Profane Concept For S Corporations!
While partnership vehicles (particularly multi-member LLCs) are ordinarily the flow-through entity of choice, many businesses
United States
26 Sep 2019
New Relief Procedure For Certain Expats Who Have Relinquished, Or Intend To Relinquish, Their U.S. Citizenship
On September 6, 2019, the IRS announced procedures for certain persons who have relinquished, or intend to relinquish, their U.S. citizenship and who wish to come into compliance with their U.S.
United States
23 Sep 2019
Considerations For Plan Sponsors Who Discover Unauthorized Workers In Their Retirement Plans, Part 2: Tax Reporting, Withholding, And Missing Participants
With immigration enforcement in the news, some employers may be wondering what responsibilities they have related to their retirement plans
United States
10 Sep 2019
Transfer of Intangible Assets From US Companies To Their Foreign Affiliates
With the 9th Circuit Court of Appeal's recent decision in Inc. et al v Commissioner of Internal Revenue, upholding a U.S. Tax Court ruling rejecting a broader definition of intangible assets.
United States
4 Sep 2019
IRS Notifying Owners Of Virtual Currency To Report Transactions
The IRS has recently began sending letters to certain owners of virtual currency (e.g., Bitcoin, Ether, etc.) regarding requirements for reporting transactions involving such virtual currencies.
United States
8 Aug 2019
Compensation Of Shareholders Of Closely Held Companies: Is Yours Reasonable?
There is no one-size-fits-all answer for closely held corporations when choosing to be taxed as an S-Corp or a C-Corp.
United States
31 Jul 2019
IRS General Counsel Opinion On Deductibility Of Health Insurance Premiums Paid For Family Members Of S Corporation Shareholders
The IRS recently issued a Chief Counsel Memorandum clarifying when a family member of a 2% shareholder in an S corporation is entitled to a deduction under Section 162(l) of the Internal Revenue Code...
United States
4 Jun 2019
Canadian Federal Budget Proposes To Cap Employee Stock Option Benefit
New legislation proposed in the 2019 Federal Budget would limit the extent to which employees will be entitled to favourable Canadian income tax treatment on certain stock options.
21 May 2019
Are You My Partner?
Like the poor little bird in the Dr. Seuss book that struggled to identify its mother, it can sometimes prove difficult for partners in a partnership to identify their partners for federal income
United States
7 May 2019
IRS Announces Expanded Penalty Waiver For Individuals With Underpayment Of 2018 Estimated Income Taxes
With the 2018 deadline for filing of individual income tax returns just around the corner, taxpayers should be aware of the recent announcement by the IRS of expanded relief from penalties for individuals whose 2018...
United States
23 Apr 2019
New IRS Technical Advice Memorandum Suggests There May Not Always Be Such A Thing As A Free Lunch For Employees
For many years, the IRS has looked the other way when employers have provided their employees with free meals. A new Technical Advice Memorandum ("TAM") suggests otherwise,
United States
4 Mar 2019
Estate And Trust Planning Opportunity – The 65 Day Rule
It is not is too late to plan for 2018.
United States
22 Feb 2019
The IRS And The FICA, FUTA And Federal Income Tax Traps For Employers With Non-Resident Alien Employees
With all of the payroll complexities that employers face, it is no surprise that a special set of rules that applies to only a small category of employees is frequently overlooked.
United States
20 Feb 2019
New And Valuable Ways To Reduce Capital Gains Tax
If property is held by someone at their death, the "basis" in the property used by the seller to determine taxable gain on its sale is re-set to the fair market value at the date of death.
United States
15 Feb 2019
Why Do Any Estate Planning?
The 2017 Tax Cuts and Jobs Act raised the amount that can be sheltered from federal estate tax in 2019 to $11.4 million for an individual and double that amount, or $22.8 million, for a married couple.
United States
8 Feb 2019
Updated Voluntary Disclosure Practice Rules
On September 28, the IRS ended its 2014 Offshore Voluntary Disclosure Program
United States
22 Jan 2019
"Non-Performing Artists" Wait On IRS Final Regulations Under Section 199a
In early August, the Internal Revenue Service (IRS) issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to owners of pass-through businesses
United States
10 Jan 2019
Year End Tax Planning: Charitable Contributions
First, in order to claim a deduction for a contribution to a qualified charitable organization, a taxpayer must itemize deductions.
United States
28 Nov 2018
Restrictions On 401(k) Plan Hardship Distributions Are Eased in Proposed Regulations
The IRS has issued proposed regulations affecting hardship distributions under 401(k) plans.
United States
22 Nov 2018
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