July 15, 2021
Donald Sager
Blog Posts
0 CommentsAmerican Rescue Plan Tax Credit FAQs The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to […]
Read moreDecember 15, 2020Donald SagerBlog Posts0 Comments2021 Inflation Adjustments for Pension Plans, Retirement Accounts Released The IRS has released the 2021 cost-of-living adjustments (COLAs) for pension plan dollar limitations and other retirement-related provisions. Key Unchanged AmountsThe 2021 contribution limit remains unchanged at $19,500 for employees who take part in: 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift […]
Read moreSeptember 12, 2020Donald SagerBlog Posts0 CommentsTemporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, […]
Read moreJune 10, 2020Donald SagerBlog Posts0 CommentsExtension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak The IRS and the Employee Benefits Security Administration are extending certain timeframes during the Outbreak Period for group health plans, disability and other welfare plans, pension plans, and participants and beneficiaries of these plans during the COVID-19 National Emergency. […]
Read moreApril 10, 2020Donald SagerBlog Posts0 CommentsHSA High-Deductible Health Plans Can Cover Coronavirus Costs The IRS has provided emergency relief for health savings accounts (HSAs) and COVID-19 health plans costs. Under this relief, health plans that otherwise qualify as high-deductible health plans (HDHPs) will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 […]
Read moreNovember 10, 2019Donald SagerBlog Posts0 CommentsTax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill “A thumb goes up, a car goes by…” Tax extenders remain a top contender for “hitching a ride” on November’s must-pass government funding bill. Wolters Kluwer recently sat down with Jennifer Acuña, Principal, Federal Legislative and Regulatory Services, KPMG LLP, in […]
Read moreNovember 10, 2019Donald SagerBlog Posts0 CommentsCryptocurrency Guidance, Virtual Currency FAQs Released The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency. Under the cryptocurrency guidance: a taxpayer does not have gross income from a “hard fork” of the taxpayer’s cryptocurrency if the taxpayer does not receive units of a new cryptocurrency; and a taxpayer has ordinary […]
Read moreNovember 10, 2019Donald SagerBlog Posts0 CommentsSALT Cap Not Unconstitutionally Coercive A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes (SALT) federal deduction cap is not unconstitutionally coercive. In 2018, New York, Connecticut, Maryland, and New Jersey filed suit against the IRS and Treasury alleging that the […]
Read moreNovember 10, 2019Donald SagerBlog Posts0 CommentsFinal Regs Revert Back to Prior Partnership Disguised Sale Rules New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations: a partner’s share of a recourse liability of the partnership equals the partner’s share of the liability under the rules of Code […]
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