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Sherica Celine
5 months ago
Legal Insights Blog
Practical Guidance
Lights, Camera, Action! Watch and Learn by Accessing our Practice Videos Resource Kit featuring 750+ Cross-Practice Area Videos in One Place
Scroll through our new Practice Videos Resource Kit and sample our vast cross-practice area video collection. Want to learn more about Section 911 issues when working abroad? Or how Section 409A applies to deferred compensation? Grab some ear buds and...
Sherica Celine
5 months ago
Legal Insights Blog
Practical Guidance
Coping with Tax Withholding: Withholding on Supplemental Wage Payments
When paying wages that supplement an employee’s standard income, such as when employers pay bonuses, commissions, awards, and even overtime pay and severance, employers can use the supplemental federal tax rate instead of wage withholding tables...
Sherica Celine
6 months ago
Legal Insights Blog
Practical Guidance
Give a Hoot! Learn About Conservation Easements
A conservation easement is a legal agreement between a landowner and an eligible entity that imposes restrictions and/or affirmative obligations on the landowner's property to retain or protect natural or historic resources for the public good. Like...
Sherica Celine
6 months ago
Legal Insights Blog
Practical Guidance
Riddle Me This? Does What We’re Doing Constitute Non-deductible Lobbying?
The tax code, Section 162(e), prohibits a tax deduction for most lobbying and political expenditures. These include expenditures paid or incurred in connection with (1) influencing legislation; (2) participating or intervening in any political campaign...
Sherica Celine
6 months ago
Legal Insights Blog
Practical Guidance
Too Soon to Say Goodbye? Sunset of Tax Cuts and Jobs Act Provisions: What’s Next?
When enacted in 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the Internal Revenue Code since the Tax Reform Act of 1986. Without Congressional action to extend them, many of the TCJA changes, which were only temporary...
Sherica Celine
6 months ago
Legal Insights Blog
Practical Guidance
I Don’t Even Recognize You! Partnership Disguised Sales
Sometimes things aren’t what they seem. Take disguised sales in partnerships and other flow-through entities. A disguised sale occurs when a partner supposedly contributes property with a built-in gain to a partnership and then immediately, or a...
Sherica Celine
6 months ago
Legal Insights Blog
Practical Guidance
Let’s Partner on That. Understanding Tax Aspects of Partnerships and other Flow-through Entities
Because partnership tax items generally flow directly to partners/LLC members, and do not remain with the entity, certain transactions at the entity level can result in tax consequences that the Internal Revenue Code never intended. Consequently, the...
Sherica Celine
7 months ago
Legal Insights Blog
Practical Guidance
Here’s Some Travel Money, but Don’t Keep the Change
Completing your employer’s business travel reimbursement form isn’t a fun task—but think of the alternatives. Failing to do so naturally means you won’t get reimbursed. But what if your employer advances you the money instead?...
Sherica Celine
7 months ago
Legal Insights Blog
Practical Guidance
Come to an Agreement: Benefits of U.S. Income Tax Treaties with Foreign Governments
The United States has signed income tax treaties/income tax conventions with nearly 70 countries. Tax treaties allow U.S. citizens (and sometimes residents) to be taxed at either reduced income tax rates or exempt from taxation altogether on specified...
Sherica Celine
7 months ago
Legal Insights Blog
Practical Guidance
Don’t Count Out Congress! Tax Dealing in the Tax Relief for American Families and Workers Act of 2024
Legislation called The Tax Relief for American Families and Workers Act of 2024 (TRAFA) is intended to spur innovation and economic growth, allowing corporate taxpayers greater deductions in research and development and interest expense. It also would...
Sherica Celine
7 months ago
Legal Insights Blog
Practical Guidance
Lookin’ Out My Back Door—Survey of State Individual Income Tax Rates
Taxes are hard to avoid! More than 40 states levy individual income taxes which, with state corporate income taxes, and sales and use taxes, comprise the major source of most state government revenues. Like the federal income tax, individuals are responsible...
Sherica Celine
8 months ago
Legal Insights Blog
Practical Guidance
Do You Have to Check Everything? IRS Adjustments to Intercompany Lending Transactions
The IRS Office of Chief Counsel recently considered consolidated group membership in determining the arm’s length rate of interest chargeable for intragroup loans and making a section 482 adjustment. Under the section 482 regulations, the arm’s...
Sherica Celine
8 months ago
Legal Insights Blog
Practical Guidance
Are You Secure About Your Tax Return Being Audit-Proof? Learning More About the Federal Tax Statutes of Limitation
Statutes of limitation provide the IRS time to review and seek redress for errors in tax returns, whether intentional or not. Under the general rule, the IRS must assess income taxes, estate taxes, and gift taxes within three years from the later of the...
Sherica Celine
8 months ago
Legal Insights Blog
Practical Guidance
Why Is There So Little Left for Me? Withholding on Supplemental Wages, like Bonuses
Where wages are paid outside ordinary salary, most employers choose to withhold at an optional flat percentage, instead of using the withholding tables. The current flat rate is 22%. Then again, special rules apply to the extent supplemental wages are...
Sherica Celine
8 months ago
Legal Insights Blog
Practical Guidance
I Owe the IRS How Much? Civil Penalties in the Internal Revenue Code and their Defenses
There are over 100 penalties in the Internal Revenue Code. Learn more about the penalties the IRS asserts most frequently, and that can apply to all types of taxpayers (individuals, corporations, partnerships, trusts and estates, etc.) and all types of...
Sherica Celine
9 months ago
Legal Insights Blog
Practical Guidance
Energy Credits for Sale? New Proposed Regs on Buying and Selling Energy Tax Credits
The Treasury Department recently proposed regulations providing guidance on the ability of taxpayers to transfer by sale certain federal income tax credits derived from investments in renewable energy projects. This article provides an overview of the...
Sherica Celine
9 months ago
Legal Insights Blog
Practical Guidance
I Want to See Your Taxable Income, But Can’t: TPSO Reporting Change Delayed (again)
The American Rescue Plan Act of 2021 (also called the COVID-19 Stimulus Package), Pub. L. No. 117-2 , raised the de minimis threshold for Form 1099-K reporting on third party settlement organizations (TPSOs), like PayPal and Venmo, under I.R.C. §...
Sherica Celine
9 months ago
Legal Insights Blog
Practical Guidance
Would a REIT by Any Other Name Smell as Sweet?
A real estate investment trust (REIT) is a tax-favored investment vehicle focused exclusively on real estate interests. The Internal Revenue Code strictly regulates REITs to ensure that the form stays true to its mission. So, if a REIT meets all of the...
Sherica Celine
9 months ago
Legal Insights Blog
Practical Guidance
Health FSA and Transportation Fringe Exclusion Maximums Rise for 2024
Closely following the IRS’s announcement of 2024 inflation-adjusted limits for retirement plans ( Notice 2023-75 ), the IRS also has announced its 2024 inflation-adjusted limits for health FSAs, qualified transportation fringes, income tax rates...
Sherica Celine
10 months ago
Legal Insights Blog
Practical Guidance
Up, Up, and Away! Inflation-Adjusted 401(k) Maximum Salary Deferral at $23,000 for 2024
The Internal Revenue Service recently announced its 2024 inflation adjustments to many retirement plan limits. For example, the amount individuals can contribute to their 401(k), 403(b), and most 457 plans will increase to $23,000 in 2024, up $500 from...
Sherica Celine
10 months ago
Legal Insights Blog
Practical Guidance
Do You Really Want to Tax Me? Compare Corporate Income Taxes Across State Jurisdictions
Corporate income taxes are levied in 44 states with rates ranging from 2.5% in North Carolina to 11.5% in New Jersey. Of the total, 11 states have top rates at or below 5%, four have rates at or above 9%, and 29 states and the District of Columbia have...
Sherica Celine
10 months ago
Legal Insights Blog
Practical Guidance
Not Everything is Free: Tackling the Taxability of Executive Fringe Benefits and Other Perquisites
The demanding aspect of the U.S. income tax system is that taxable income starts with gross income (in all its forms) unless otherwise excepted. For executives—perquisites can abound. Are they taxable? Free lunch? Not necessarily. Country club membership...
Sherica Celine
11 months ago
Legal Insights Blog
Practical Guidance
Don’t Leave Me This Way. The Ramifications of Permanently Leaving the U.S. Tax System
The exit tax implications for certain covered expatriates in choosing to permanently leave the U.S.’s worldwide taxation system are economically unpleasant. The IRC applies an exit tax to the net unrealized gains on the covered expatriate’s...
Sherica Celine
11 months ago
Legal Insights Blog
Practical Guidance
You Should Speak with the Manager—New Rules Allow Certain Dealerships to Take Credits off an EV’s Purchase Price
Section 30D of the Internal Revenue Code was enacted by Section 205(a) of the Energy Improvement and Extension Act of 2008, Division B of Public Law 110-343 (October 3, 2008), to provide a credit for purchasing and placing in service new qualified plug...
Sherica Celine
11 months ago
Legal Insights Blog
Practical Guidance
Don’t Keep the Change. Following the Accountable Plan Rules So Your Expense Programs Don’t Result in a W-2 Entry
Employers that reimburse employees for the expenses they incur as a result of travel or other business on behalf of the employer (reimbursement of personal expenses almost always being taxable) must adhere to the Internal Revenue Code’s accountable...
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