On January 16, 2025, the IRS published proposed regulations to implement and provide guidance regarding amendments made to section 162(m) as part of the American Rescue Plan Act of 2021 (ARPA). These proposed regulations expand the compensation deduction limitation for
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IRS Issues Ruling on Tax Treatment of Contributions and Benefits Under State Paid Family and Medical Leave Programs
The IRS issued Rev. Rul. 2025-4 on January 15, 2025, regarding the federal income and employment tax treatment and related reporting requirements of contributions to, and benefits paid under, a mandatory state paid family and medical leave (PFML) program. The ruling…
IRS Issues Final Regulations Governing Withholding on Certain Retirement Plan and Commercial Annuity Distributions Made to U.S. Taxpayers Abroad
On October 18, 2024, the IRS issued final regulations on withholding for qualified retirement plan payments made to United States taxpayers living outside of the country. The final regulations come five years after the IRS issued proposed regulations on the…
IRS Issues FAQs Addressing Tax Treatment of Work-Life Referral Services Provided to Employees
On April 16, 2024, the IRS issued fact sheet FS-2024-13 providing answers to frequently asked questions about the tax treatment of work-life referral services provided to employees under an employer’s work-life referral program. The FAQs clarify that, under certain circumstances,…
Treasury Greenbook Includes Proposal to Alter Work Opportunity Tax Credit
Administration Proposes Increased Childcare Tax Credit for Employers
As we have been discussing in recent blog posts, the Treasury Department released its Fiscal Year 2024 General Explanations of the Administration’s Revenue Proposals, commonly called the “Green Book,” on March 9, 2023. This year’s Green Book includes…
Treasury Greenbook Includes Proposal to Raise the Additional Medicare Tax Rate for High-Income Taxpayers
Treasury Reiterates Position on “On-Demand” Pay
Last week, the Treasury Department released the “Green Book,” formally known as the General Explanations of the Administration’s Revenue Proposals. For the second year in a row, the Green Book addresses the treatment of “on-demand” pay arrangements also…
IRS Repeats Cautions Regarding Aggressive Claims for Employee Retention Credit
On March 7, 2023, the IRS issued a renewed warning to employers considering an Employee Retention Credit (“ERC”) claim. While many businesses with legitimate ERC claims have already made them, a cadre of consulting firms have come forward to, in…
Supreme Court Limits Penalties for Nonwillful FBAR Failures in Bittner Decision
On February 28, 2023, the Supreme Court decided Bittner v. United States—a rare Supreme Court foray into Financial Crimes Enforcement Network or FinCEN reporting of foreign bank and financial accounts under the Bank Secrecy Act (“BSA”). The BSA is…