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Taft Tax Insights
Did You Know that you may be able to increase the amount of gain excluded on section 1202 Stock by gifting the stock to others?
By James Duffy
In a prior installment of Did You Know, I described the benefits of Section 1202 stock. That section of the Internal Revenue Code allows taxpayers to exclude gain on the…
21st Century Taxation
Reforming Treatment of Business Start-up Expenditures
Today, once a business starts carrying on business (when it is no longer getting ready, but is instead ready to serve customers), it can start amortizing its start-up expenditures as…
Taft Tax Credit Finance Insights
Recent Treasury Regulations Provide Flexibility When Monetizing Renewable Energy Tax Credits
By Taft Law
The Treasury Department finalized regulations allowing for certain unincorporated organizations making investments in certain clean energy technologies to opt out of partnership treatment for federal income tax purposes by making…
All Things HR
Employer-Provided Gifts: Taxable or Not?
By Cyndi Moore
As we approach the holiday season, many employers consider giving employees a gift as a token of appreciation. What employers may not consider is whether those gifts create taxable income…
Hall Benefits Law Blog
IRS Releases Adjustments to 2025 Maximums – Administrative, Procedural, and Miscellaneous Items
By Anne Hall
The Internal Revenue Service (IRS) has released Rev. Proc. 2024-40, which contains inflation-adjusted items for 2025 in over 60 provisions of the Internal Revenue Code. These changes will impact taxpayers…
Tax Talks
IRS Creates Standardized Form for Section 83(b) Elections
By Jesse T. Foley, Colleen Hart, Nicholas LaSpina, David B. Teigman, Kyle J. Litfin, Amanda H. Nussbaum
Earlier this month, the Internal Revenue Service (“IRS”) released Form 15620, which is an approved IRS form for making Internal Revenue Code (“Code”) Section 83(b) elections. By way of background,…
Compensation & Benefits Blog
IRS Creates Standardized Form for Section 83(b) Elections
By Jesse T. Foley, Colleen Hart, Nicholas LaSpina, David B. Teigman, Kyle J. Litfin, Amanda H. Nussbaum
Earlier this month, the Internal Revenue Service (“IRS”) released Form 15620, which is an approved IRS form for making Internal Revenue Code (“Code”) Section 83(b) elections. By way of background,…
Beneficially Yours
Guidance Issued on Contraception and Other Medical Services Under Health Plans
By Joy Sellstrom, Ameera Salem, Maria Rossi
Seyfarth Synopsis: The IRS recently published two notices which describe the tax treatment of amounts paid for condoms and expand the list of preventive care benefits permitted to be provided by…
Tax Withholding & Reporting
IRS Issues Final Regulations Governing Withholding on Certain Retirement Plan and Commercial Annuity Distributions Made to U.S. Taxpayers Abroad
By Zachary Agudelo, S. Michael Chittenden
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…
Ogletree Deakins Insights
2025 Will See COLAs for Qualified Retirement Plans Comparable to 2024
Quick Hits The elective deferral limit for 401(k) and 403(b) plans will increase to $23,500 for 2025, and the catch-up contribution limit will remain at $7,500 for most employees but…