Proposed regulations: Updated life expectancy, distribution period tables for retirement plans (Nov. 8, 2019)

The U.S. Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-132210-18) to update the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts (IRAs) and annuities, and certain other tax-favored employer-provided retirement arrangements. The proposed regulations [PDF 432 KB] … Continue reading Proposed regulations: Updated life expectancy, distribution period tables for retirement plans (Nov. 8, 2019)

Benyamini, Tax-exempt trusts: New guidance on Sec. 199A deduction, The AICPA Tax Adviser (Nov. 1, 2019)

Nanaz Benyamini has published his article, Tax-exempt trusts: New guidance on Sec. 199A deduction in The AICPA Tax Adviser (Nov. 1, 2019). The Abstract is as follows: The IRS has posted informal guidance to explain how trusts that file Form 990-T, Exempt Organization Business Income Tax Return, and have unrelated business income, can claim the qualified … Continue reading Benyamini, Tax-exempt trusts: New guidance on Sec. 199A deduction, The AICPA Tax Adviser (Nov. 1, 2019)

Troy K. Lewis et al., The Taxation of Collectibles, The AICPA Tax Adviser (Nov. 1, 2019)

Troy K. Lewis, CPA, CGMA; Brian C. Spilker, CPA (inactive), Ph.D.; and Kamri S. Call, have published their article, The Taxation of Collectibles in The AICPA Tax Adviser (Nov. 1, 2019). The Abstract is as follows: The tax rate on collectibles is 28%, higher than on other capital gains. Find out what property is defined … Continue reading Troy K. Lewis et al., The Taxation of Collectibles, The AICPA Tax Adviser (Nov. 1, 2019)

Zhao: New rule on nonresident aliens in an S corporation, The AICPA Tax Adviser (Nov. 1, 2019)

Fei Zhao, CPA, has published his article in the AICPA Tax Adviser, New rule on nonresident aliens in an S corporation. The Abstract is as follows: The new tax law provides a way to avoid the unexpected termination of the S election when a nonresident alien becomes a potential current beneficiary of an electing small … Continue reading Zhao: New rule on nonresident aliens in an S corporation, The AICPA Tax Adviser (Nov. 1, 2019)

Viswanathan: The Qualified Small Business Stock Exclusion — How Startup Shareholders Get $10 Million (Or More) Tax-Free, Virginia Tax Review (2020).

Manoj Viswanathan, UC-Hastings, has made available for download his article, The Qualified Small Business Stock Exclusion: How Startup Shareholders Get $10 Million (Or More) Tax-Free, 119 Colum. L. Rev. F. ___ (2019). The Abstract is as follows: The IPO parade of 2019 is making the early shareholders of technology startups such as Uber, Lyft, Slack, … Continue reading Viswanathan: The Qualified Small Business Stock Exclusion — How Startup Shareholders Get $10 Million (Or More) Tax-Free, Virginia Tax Review (2020).

Rosenberg v. Commissioner: IRA distribution, made after a couple divorced, taxable & subject to the 10% additional tax

The Tax Court, in Rosenberg v. Commissioner, T.C. Memo 2019-124, held that an IRA distribution, made after a couple divorced, was taxable and subject to the 10% additional tax because there was no exception to the 10% additional tax applicable and because there was no equitable exception to the distribution being taxable. To see full opinion, click, … Continue reading Rosenberg v. Commissioner: IRA distribution, made after a couple divorced, taxable & subject to the 10% additional tax

KPMG Report: Nonresident state income tax withholding, cross-border business travelers (Oct. 1, 2019)

According to KPMG, the role of U.S.-based cross-border business traveler is growing with today’s increasingly mobile business environment. Consequently, the ability of multistate employers and their third-party providers to proactively manage the overall compliance issues associated with domestic, state-to-state, and short-term travel is vital to bringing together both business and regulatory demands. Add to the … Continue reading KPMG Report: Nonresident state income tax withholding, cross-border business travelers (Oct. 1, 2019)