PCORI Fee Resurrected
In the summer of 2019, I wrote a short blog on the death of the PCORI fee -- Ding, Dong, the PCORI Fee is Dead!. …
Federal Tax
2020 Appropriations Act Contains Significant Retirement Provisions (Secure Act)
On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020 (the “Appropriations Act”) that includes the “Setting Every Community Up for Retirement…
Ho, Ho, Ho, ACA Reporting Relief Five Years in a Row
Since 2015, employers and health insurers have been required to report health plan coverage information to the IRS and to individuals. Why? The information is…
With Limited IRS Extension, Plan Sponsors Should Review Their 403(b) Plan Documents
Generally, a 403(b) plan is a retirement planning program whereby a public school or tax-exempt 501(c)(3) organization (including churches) makes contributions for their employees (and…
Finally, Hardship Distribution Regulations are Final
The Treasury Department and the Internal Revenue Service (collectively referred to hereafter as “IRS”) on September 23, 2019 published the final regulations on hardship distributions,…
I’m Seeking to Renew or Obtain a U.S. Passport to Travel Abroad but I owe IRS Taxes – What do I do?
The Fixing America’s Surface Transportation (FAST) Act, signed into law December 4, 2015, created new Internal Revenue Code § 7345 which requires the IRS to…
The Interaction of Section 461(l) and the Passive Activity Loss Rules
Section 461(l) of the Internal Revenue Code (“IRC” or “Code”) provides that a taxpayer other than a C corporation is not allowed to deduct “excess…
How to Get Relieved of Liability for Your Spouse’s South Carolina Tax Debt
Spouses who file a joint income tax return are both jointly and severally liable for the taxes associated with the return, both federally and at…
The “Taxpayer First Act” Becomes Law
President Trump signed the “Taxpayer First Act”, H.R. 3151, into law on July 1, 2019. The Taxpayer First Act may be one of the most…
IRS Warns Over 10,000 Virtual Currency Traders to Comply with U.S. Tax Obligations
The IRS issued guidance in 2014, through Notice 2014-21, on how to report income from virtual or “crypto” currency transactions. The IRS has since developed…